Civic Intelligence

Verdigris Valley Electric

990 • Fiscal year 2020 • EIN 73-0495962

Jan 01, 2020 to Dec 31, 2020 • Filed on Jun 02, 2021

Organization ProfileWWW.VVEC.COM

View Organization Page

PO Box 219Collinsville, OK 74021

(918) 371-2584

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

66th percentile

0.59x

Higher debt load relative to assets than 66% of similar nonprofits.

2020 filings • 501(c)12 • $100M-$250M nonprofits • Source year 2020

Liabilities / Revenue

59th percentile

1.55x

Higher debt load relative to revenue than 59% of similar nonprofits.

2020 filings • 501(c)12 • $100M-$250M nonprofits • Source year 2020

Net Margin

53rd percentile

0.0%

Higher net margin than 53% of similar nonprofits.

2020 filings • 501(c)12 • $100M-$250M nonprofits • Source year 2020

Top Officer Pay

72nd percentile

$394,521

Higher top officer pay than 72% of similar nonprofits.

Top officer pay equals 0.5% of source-year revenue.

2020 filings • 501(c)12 • $100M-$250M nonprofits • Source year 2020

Asset Growth

21st percentile

1.6%

Faster asset growth than 21% of similar nonprofits.

2020 filings • 501(c)12 • $100M-$250M nonprofits • Annualized from 2019 to 2020

Revenue Growth

49th percentile

-1.9%

Faster revenue growth than 49% of similar nonprofits.

2020 filings • 501(c)12 • $100M-$250M nonprofits • Annualized from 2019 to 2020

Balance Sheet
Liabilities / Assets66th percentile

Assets

Up

$193,782,218

Up $3,057,281 (+1.6%) from 2019

Net Assets

Up

$79,315,476

Up $3,645,288 (+4.8%) from 2019

Liabilities

Down

$114,466,742

Down $588,007 (-0.5%) from 2019

Revenue And Expenses
Liabilities / Revenue59th percentileNet Margin53rd percentile

Revenue

Down

$74,041,688

Down $1,442,464 (-1.9%) from 2019

Expenses

Up

$74,041,688

Up $3,101,419 (+4.4%) from 2019

Net Income

Down

$0

Down $4,543,883 (-100%) from 2019

Historical Trend

Balance Sheet Trend

Asset Growth21st percentile

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$300M$200M$100M$0Assets 2011: $122,852,188Liabilities 2011: $74,996,694Net Assets 2011: $47,855,4942011Assets 2012: $133,751,504Liabilities 2012: $83,164,990Net Assets 2012: $50,586,5142012Assets 2013: $143,073,869Liabilities 2013: $86,393,061Net Assets 2013: $56,680,8082013Assets 2014: $151,359,085Liabilities 2014: $92,061,511Net Assets 2014: $59,297,5742014Assets 2015: $155,430,688Liabilities 2015: $93,917,966Net Assets 2015: $61,512,7222015Assets 2016: $163,705,896Liabilities 2016: $99,620,068Net Assets 2016: $64,085,8282016Assets 2017: $171,296,167Liabilities 2017: $104,184,869Net Assets 2017: $67,111,2982017Assets 2018: $178,113,093Liabilities 2018: $106,587,040Net Assets 2018: $71,526,0532018Assets 2019: $190,724,937Liabilities 2019: $115,054,749Net Assets 2019: $75,670,1882019Assets 2020: $193,782,218Liabilities 2020: $114,466,742Net Assets 2020: $79,315,4762020Assets 2021: $207,857,115Liabilities 2021: $122,988,884Net Assets 2021: $84,868,2312021Assets 2022: $210,911,514Liabilities 2022: $121,308,264Net Assets 2022: $89,603,2502022Assets 2023: $225,034,975Liabilities 2023: $128,348,194Net Assets 2023: $96,686,7812023Assets 2024: $238,499,583Liabilities 2024: $133,537,188Net Assets 2024: $104,962,3952024

Highlighted filing

2020

Assets$193,782,218
Liabilities$114,466,742
Net Assets$79,315,476
Open 2020 Filing

Operations Trend

Revenue Growth49th percentile

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$100M$50M$0Revenue 2011: $64,426,816Expenses 2011: $60,223,992Net Income 2011: $4,202,8242011Revenue 2012: $63,908,996Expenses 2012: $60,889,148Net Income 2012: $3,019,8482012Revenue 2013: $65,316,683Expenses 2013: $63,583,809Net Income 2013: $1,732,8742013Revenue 2014: $67,863,332Expenses 2014: $64,681,584Net Income 2014: $3,181,7482014Revenue 2015: $67,137,060Expenses 2015: $64,939,262Net Income 2015: $2,197,7982015Revenue 2016: $71,619,266Expenses 2016: $69,142,679Net Income 2016: $2,476,5872016Revenue 2017: $70,575,484Expenses 2017: $67,100,295Net Income 2017: $3,475,1892017Revenue 2018: $76,760,197Expenses 2018: $72,247,243Net Income 2018: $4,512,9542018Revenue 2019: $75,484,152Expenses 2019: $70,940,269Net Income 2019: $4,543,8832019Revenue 2020: $74,041,688Expenses 2020: $74,041,688Net Income 2020: $02020Revenue 2021: $78,783,085Expenses 2021: $78,783,085Net Income 2021: $02021Revenue 2022: $80,766,147Expenses 2022: $80,766,147Net Income 2022: $02022Revenue 2023: $86,227,186Expenses 2023: $86,227,186Net Income 2023: $02023Revenue 2024: $93,576,277Expenses 2024: $93,576,277Net Income 2024: $02024

Highlighted filing

2020

Revenue$74,041,688
Expenses$74,041,688
Net Income$0
Open 2020 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2020 to Dec 31, 2020
Signed
Jun 2, 2021
Return Version
2020v4.0
Gross Receipts
$74,041,688
Mission and Program Overview

Mission

To provide reliable electric service to the members/owners at a reasonable cost

To provide reliable electric service to the member/owners at a reasonable cost.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$136,545,024$141,417,693▲ $4,872,669
Rtn Earn Endowment Incm Other Fnds$70,380,120$73,662,531▲ $3,282,411
Investments Program Related$38,042,747$40,344,600▲ $2,301,853
Accounts Receivable$6,484,277$6,789,515▲ $305,238
Pd in Cap Srpls Land Bldg Eqp Fund$4,414,343$4,770,865▲ $356,522
Savings and Temporary Cash Investments$7,017,878$2,622,881▼ $4,394,997
Inventories for Sale or Use$948,600$976,168▲ $27,568
Prepaid Expenses and Deferred Charges$1,343,728$935,425▼ $408,303
Cap Stk Tr Prin Current Funds$875,725$882,080▲ $6,355
Cash and Non-Interest-Bearing Accounts$70,616$531,351▲ $460,735
Total Assets$190,724,937$193,782,218▲ $3,057,281
Other Assets Total$272,067$164,585▼ $107,482
Liabilities
Mortgage Notes Payable Secured by Investment Property$92,317,615$88,882,164▼ $3,435,451
Accounts Payable and Accrued Expenses$15,030,153$16,747,336▲ $1,717,183
Other Liabilities$7,706,981$8,837,242▲ $1,130,261
Total Liabilities$115,054,749$114,466,742▼ $588,007
Net Assets / Fund Balance
Total Net Assets Fund Balance$75,670,188$79,315,476▲ $3,645,288
Total Liabilities and Net Assets / Fund Balance$190,724,937$193,782,218▲ $3,057,281

Asset Categories

AssetBook ValueDepreciationBasis
Other Land Buildings$137,200,375$41,487,330$178,687,705
Equipment$2,566,783$6,256,381$8,823,164
Buildings$1,068,770$2,326,760$3,395,530
Land$581,765-$581,765
Investment Program Related Org$9,217--
Compensation and Service Providers
Top Officer Pay72nd percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Alice HoustonGeneral ManaFT$302,109$92,412$394,521
Alice HoustonGeneral Manager-$287,802$106,719$394,521
Clyde WillardDirector of FinanFT$233,359$134,414$367,773
Clyde WillardDirector of Finance-$221,701$146,072$367,773
Mike HallChief Oper/aFT$257,759$96,794$354,553
Mike HallChief Oper/admin Off-$240,279$114,274$354,553
Randy RiddleDirector Oper/tecFT$186,786$126,194$312,980
Randy RiddleDirector Oper/tech Svcs-$180,021$132,959$312,980
Boyd SchultheissMgr Oper/tecFT$144,560$155,542$300,102
Boyd SchultheissMgr Oper/tech Svcs-$137,048$163,054$300,102
Karl KeetonEngineerFT$150,856$108,240$259,096
Marlin BarnhartPurchasing aFT$145,204$108,566$253,770
Marlin BarnhartPurchasing Agent-$143,621$110,149$253,770
Gary YarbroughGis SpecialiFT$124,693$126,640$251,333
Gary YarbroughGis Specialist-$122,807$128,526$251,333
Daniel LemkeMaintenanceFT$158,187$88,475$246,662
Daniel LemkeMaintenance Lineman-$155,662$91,000$246,662
John HibdonTrusteePT$41,969-$41,969
Vernon LewisTrusteePT$40,726-$40,726
Jimmy BrackettTrusteePT$40,169-$40,169
Jack BogartVice-presidePT$40,169-$40,169
Jimmy LambertPresidentPT$40,169-$40,169
Dennis LenoxTrusteePT$40,151-$40,151
Ken HowardTreasurerPT$23,692-$23,692
Charles HuerterTrusteePT$22,744-$22,744
Buddy MccartyTrusteePT$10,233-$10,233

Highest Paid Contractors

ContractorServicesLocationCompensation
Hardin Tree ServiceRow ClearingPO BOX 310, Oologah, OK 74053$2,899,626
Mid-con Energy Services INCPower Line ConsPO BOX 2648, Ponca City, OK 74602$689,374
NiscData ProcessingPO BOX 1147, Manda, ND 58554$376,469
Varnell'sPower Line ConsPO BOX 236, Sayre, OK 73662$374,304
Baker TrenchingTrenchingPO BOX 52, Owasso, OK 74055$234,634
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$73,221,052
Investment Income
$603,407
Other Revenue
$217,229
Change in Net Assets
$0

Audited Revenue Reconciliation

Revenue per Audited Statements
$74,041,688
Total Revenue per Audited Statements
$74,041,688
Total Revenue per Form 990
$74,041,688
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$58,633,706
Salaries, Compensation, and Employee Benefits$11,022,578
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Depreciation Depletion---$6,274,614
Other Salaries and Wages---$5,599,177
Benefits to Members---$4,385,404
Interest---$2,781,330
Other Employee Benefits---$1,958,344
Pension Plan Contributions---$1,553,844
Current Officers, Directors, Trustees, and Key Employees---$1,402,299
Other Expenses---$676,857
Office Expenses---$522,085
Payroll Taxes---$508,914
All Other Expenses---$391,626
Information Technology---$332,721
Insurance---$268,918
Payments to Affiliates---$233,795
Fees for Services Other---$187,123
Advertising---$116,337
Occupancy---$52,228
Fees for Services Legal---$36,190
Travel---$25,892
Fees for Services Accounting---$17,956
Total Functional Expenses$0$0$0$74,041,688

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$74,041,688
Expenses per Audited Statements$69,656,284
Total Expenses per Audited Statements$69,656,284
Expenses Not Reported on Financial Statements$4,385,404
Other Expense Adjustments$4,385,404
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Accrued Post Retirement Benefit Liab$7,720,940
Electric Bill Prepayments$959,657
Other Deferred Credits$111,095
Contribution in Aid$45,550
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
Yes
Business relationship with 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
Yes
Management duties delegated
No

Governance Explanations

Form 990, Page 6, Part VI, Line 2

“Alica houston trustees gm trustees both serve on kamo board”

Form 990, Page 6, Part VI, Line 6

“MEMBERS”

Form 990, Page 6, Part VI, Line 7A

“Membership elects nine board members to a three year term. Elections are held each year for three.”

Form 990, Page 6, Part VI, Line 7B

“YES”

Form 990, Page 6, Part VI, Line 11B

“Review and/or approval by board.”

Form 990, Page 6, Part VI, Line 12C

“Board of trustees, management, and key employees disclose and sign an annual conflict of interest statement.”

Form 990, Page 6, Part VI, Line 15A

“General manager is reviewed annually with an overview provided to the board of annual activities, current and projected financial position and goals for the upcoming year. Salary information obtained from oklahoma association of electric cooperatives annual salary and benefits survey.”

Form 990, Page 6, Part VI, Line 15B

“YES”

Form 990, Page 6, Part VI, Line 19

“The cooperative makes conflict of interest policy and financial statements available to the public upon request.”

Filing and Contact Details

Filer

Filer Name
Verdigris Valley Electric
EIN
73-0495962
Phone
9183712584
Address
PO BOX 219, COLLINSVILLE, OK 74021

Signing Officer

Name
Alice Houston
Title
General Manager
Phone
9183712584
Signed
2021-06-02
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Alice Houston
Formed
1938
Legal Domicile
Ok
Voting Board Members
9
Independent Board Members
9
Employees
99

Preparer

Firm
Briscoe Burke & Grigsby Llp
Address
4120 E 51ST STREET, TULSA, OK 74135-3639
Preparer
Personal
Phone
9187498337
Supplemental Narrative

Additional Explanations

Form 990, Part X

“For the audited financial statements, the amount of patronage dividends paid or allocated to the members is reported as an increase in equity and not as an expense. Therefore, net income per the audited financial statements is reported gross of the amount of patronage dividends that are either allocated or to be allocated at the time the audted financial statements are prepared. However, because the allocation of patronage dividends is one aspect of how the cooperative fulfills its tax exempt purpose of operating on a cooperative basis, the amount of patronage dividends either allocated or to be allocated to the members is reported on form 990, part ix, line 4 as "benefits paid to members." patronage dividends are allocated on a patronage basis and done so pursuant to a pre-existing obligation as provided for in the "non-profit operation" artical of the cooperative's bylaws.”

Form 990, Part XI, Line 9

“Increases in memberships 6,355 checks drawn and retired capital credit gain 276,795 forfeited non-refundable membership accounts 58,425 patronage dividend allocation 4,385,404 other comprehensive income -581,691 retirement of capital credits -500,000 total 3,645,288”

Financial Statement Notes

Schedule D, Page 3, Part X

“Management has considered whether the cooperative has any uncertain tax positions, embedded or otherwise, that would materially impact the financial statement, management believes no such material uncertainties exist, therefore no provision is provided.”

Schedule D, Page 4, Part XII, Line 4B

“Patronage dividend allocation 4,385,404”

Raw XML AppendixShowing 400 of 647 raw XML fields

This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990/Form990PartVIISectionAGrp/TitleTxt1VICE-PRESIDE
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IRS990/Form990PartVIISectionAGrp/TitleTxt4TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt5TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt6TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt7TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt8TRUSTEE
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IRS990/Form990PartVIISectionAGrp/TitleTxt10CHIEF OPER/A
IRS990/Form990PartVIISectionAGrp/TitleTxt11DIR OF FINAN
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IRS990/Form990PartVIISectionAGrp/TitleTxt13MGR OPER/TEC
IRS990/Form990PartVIISectionAGrp/TitleTxt14ENGINEER
IRS990/Form990PartVIISectionAGrp/TitleTxt15PURCHASING A
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IRS990/GrantsToOrganizationsInd0false
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IRS990/GrossReceiptsAmt074041688
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IRS990/IncludeFIN48FootnoteInd0true
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IRS990/IndoorTanningServicesInd0false
IRS990/InfoInScheduleOPartVIInd0X
IRS990/InfoInScheduleOPartXIInd0X
IRS990/InfoInScheduleOPartXInd0X
IRS990/InformationTechnologyGrp/TotalAmt0332721
IRS990/InsuranceGrp/TotalAmt0268918
IRS990/InterestGrp/TotalAmt02781330
IRS990/InventoriesForSaleOrUseGrp/BOYAmt0948600
IRS990/InventoriesForSaleOrUseGrp/EOYAmt0976168
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IRS990/MinutesOfCommitteesInd0true
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IRS990/MoreThan5000KToOrgInd0false
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IRS990/NetAssetsOrFundBalancesEOYAmt079315476
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IRS990/NetIncomeOrLossGrp/TotalRevenueColumnAmt044902
IRS990/NetRentalIncomeOrLossGrp/ExclusionAmt0172740
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IRS990/OfficerMailingAddressInd0false
IRS990/OperateHospitalInd0false
IRS990/Organization501cInd0X
IRS990/OrgDoesNotFollowFASB117Ind0X
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IRS990/OtherEmployeeBenefitsGrp/TotalAmt01958344
IRS990/OtherExpensesGrp/Desc0COST OF POWER
IRS990/OtherExpensesGrp/Desc1CONTRACTOR MAINTENANCE EX
IRS990/OtherExpensesGrp/Desc2GROSS RECEIPTS AND OTHER
IRS990/OtherExpensesGrp/Desc3FLEET AND MISC EXPENSES
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IRS990/OtherExpensesGrp/TotalAmt21372707
IRS990/OtherExpensesGrp/TotalAmt3676857
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IRS990/OtherLiabilitiesGrp/EOYAmt08837242
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IRS990/PayrollTaxesGrp/TotalAmt0508914
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IRS990ScheduleD/InvstProgramRelatedOrgGrp/Desc1LOAN AND SUBSCRIPTION COOP TERM CERT
IRS990ScheduleD/InvstProgramRelatedOrgGrp/Desc2RESTRICTED CASH ACCOUNT
IRS990ScheduleD/InvstProgramRelatedOrgGrp/Desc3INVESTMENT IN VVEC SUBSIDIARY
IRS990ScheduleD/InvstProgramRelatedOrgGrp/Desc4GENERAL FUND INV. - ASSOC ORGAN.
IRS990ScheduleD/InvstProgramRelatedOrgGrp/MethodValuationCd0C
IRS990ScheduleD/InvstProgramRelatedOrgGrp/MethodValuationCd1C
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IRS990ScheduleD/OtherLandBuildingsGrp/OtherCostOrOtherBasisAmt0178687705

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Filings

Displayed year

2020 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$193,782,218
Liabilities
$114,466,742
Net assets
$79,315,476
Revenue
$74,041,688
Expenses
$74,041,688
Net income
$0
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$238$134$105$93.6$93.6$0.00
2023XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$225$128$96.7$86.2$86.2$0.00
2022XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$211$121$89.6$80.8$80.8$0.00
2021XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$208$123$84.9$78.8$78.8$0.00
2020Detailed filing. Detailed filing data is available for this year.$194$114$79.3$74.0$74.0$0.00
2019Summary only. Only limited summary data is available for this year.$191$115$75.7$75.5$70.9$4.54
2018Summary only. Only limited summary data is available for this year.$178$107$71.5$76.8$72.2$4.51
2017Summary only. Only limited summary data is available for this year.$171$104$67.1$70.6$67.1$3.48
2016Summary only. Only limited summary data is available for this year.$164$99.6$64.1$71.6$69.1$2.48
2015Summary only. Only limited summary data is available for this year.$155$93.9$61.5$67.1$64.9$2.20
2014Summary only. Only limited summary data is available for this year.$151$92.1$59.3$67.9$64.7$3.18
2013Summary only. Only limited summary data is available for this year.$143$86.4$56.7$65.3$63.6$1.73
2012Summary only. Only limited summary data is available for this year.$134$83.2$50.6$63.9$60.9$3.02
2011Summary only. Only limited summary data is available for this year.$123$75.0$47.9$64.4$60.2$4.20