Civic Intelligence

Tri-County Electric Cooperative Inc

990 • Fiscal year 2013 • EIN 73-0539914

Jan 01, 2013 to Dec 31, 2013 • Filed on Nov 13, 2014

Organization ProfileWWW.TRI-COUNTYELECTRIC.COOP
PO Box 880Suite73945-0880

(580) 652-2418

Siviq Scores

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

Liabilities / Assets

87th percentile

0.68x

Higher debt load relative to assets than 87% of similar nonprofits.

2013 filings • 501(c)12 • $100M-$250M nonprofits • Source year 2013

Liabilities / Revenue

70th percentile

1.56x

Higher debt load relative to revenue than 70% of similar nonprofits.

2013 filings • 501(c)12 • $100M-$250M nonprofits • Source year 2013

Net Margin

46th percentile

0.0%

Higher net margin than 46% of similar nonprofits.

2013 filings • 501(c)12 • $100M-$250M nonprofits • Source year 2013

Top Officer Pay

92nd percentile

$441,741

Higher top officer pay than 92% of similar nonprofits.

Top officer pay equals 0.4% of source-year revenue.

2013 filings • 501(c)12 • $100M-$250M nonprofits • Source year 2013

Asset Growth

87th percentile

11%

Faster asset growth than 87% of similar nonprofits.

2013 filings • 501(c)12 • $100M-$250M nonprofits • Annualized from 2012 to 2013

Revenue Growth

95th percentile

12%

Faster revenue growth than 95% of similar nonprofits.

2013 filings • 501(c)12 • $100M-$250M nonprofits • Annualized from 2012 to 2013

Balance Sheet
Liabilities / Assets87th percentile

Assets

Up

$233,751,851

Up $23,304,037 (+11%) from 2012

Net Assets

Up

$73,912,563

Up $11,637,104 (+19%) from 2012

Liabilities

Up

$159,839,288

Up $11,666,933 (+7.9%) from 2012

Revenue And Expenses
Liabilities / Revenue70th percentileNet Margin46th percentile

Revenue

Up

$102,348,211

Up $11,141,645 (+12%) from 2012

Expenses

Up

$102,348,211

Up $23,476,558 (+30%) from 2012

Net Income

Down

$0

Down $12,334,913 (-100%) from 2012

Historical Trend

Balance Sheet Trend

Asset Growth87th percentile

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

$400M$300M$200M$100M$0Assets 2011: $198,217,618Liabilities 2011: $148,277,072Net Assets 2011: $49,940,5462011Assets 2012: $210,447,814Liabilities 2012: $148,172,355Net Assets 2012: $62,275,4592012Assets 2013: $233,751,851Liabilities 2013: $159,839,288Net Assets 2013: $73,912,5632013Assets 2014: $290,074,694Liabilities 2014: $212,101,001Net Assets 2014: $77,973,6932014Assets 2015: $321,910,496Liabilities 2015: $243,849,379Net Assets 2015: $78,061,1172015Assets 2016: $301,436,798Liabilities 2016: $232,983,345Net Assets 2016: $68,453,4532016Assets 2017: $317,321,210Liabilities 2017: $245,263,604Net Assets 2017: $72,057,6062017Assets 2018: $313,842,450Liabilities 2018: $231,429,991Net Assets 2018: $82,412,4592018Assets 2019: $314,155,261Liabilities 2019: $229,156,713Net Assets 2019: $84,998,5482019Assets 2020: $316,923,605Liabilities 2020: $222,136,028Net Assets 2020: $94,787,5772020Assets 2021: $321,398,945Liabilities 2021: $224,932,132Net Assets 2021: $96,466,8132021Assets 2022: $350,241,237Liabilities 2022: $250,702,494Net Assets 2022: $99,538,7432022Assets 2023: $360,987,800Liabilities 2023: $245,978,421Net Assets 2023: $115,009,3792023Assets 2024: $359,179,891Liabilities 2024: $239,466,951Net Assets 2024: $119,712,9402024

Highlighted filing

2013

Assets$233,751,851
Liabilities$159,839,288
Net Assets$73,912,563
Open 2013 Filing

Operations Trend

Revenue Growth95th percentile

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

$150M$100M$50M$0-$50MRevenue 2011: $91,213,227Expenses 2011: $77,848,109Net Income 2011: $13,365,1182011Revenue 2012: $91,206,566Expenses 2012: $78,871,653Net Income 2012: $12,334,9132012Revenue 2013: $102,348,211Expenses 2013: $102,348,211Net Income 2013: $02013Revenue 2014: $104,836,380Expenses 2014: $104,836,380Net Income 2014: $02014Revenue 2015: $98,512,493Expenses 2015: $98,512,493Net Income 2015: $02015Revenue 2016: $83,023,588Expenses 2016: $83,023,588Net Income 2016: $02016Revenue 2017: $92,601,384Expenses 2017: $92,601,384Net Income 2017: $02017Revenue 2018: $98,028,479Expenses 2018: $98,028,479Net Income 2018: $02018Revenue 2019: $85,235,592Expenses 2019: $85,235,592Net Income 2019: $02019Revenue 2020: $99,727,160Expenses 2020: $99,727,160Net Income 2020: $02020Revenue 2021: $100,998,279Expenses 2021: $100,998,281Net Income 2021: -$22021Revenue 2022: $111,738,263Expenses 2022: $111,738,263Net Income 2022: $02022Revenue 2023: $116,415,035Expenses 2023: $116,415,034Net Income 2023: $12023Revenue 2024: $103,833,770Expenses 2024: $103,833,770Net Income 2024: $02024

Highlighted filing

2013

Revenue$102,348,211
Expenses$102,348,211
Net Income$0
Open 2013 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2013 to Dec 31, 2013
Signed
Nov 13, 2014
Return Version
2013v3.1
Gross Receipts
$102,348,211
Mission and Program Overview

Mission

The cooperative is dedicated to providing members with safe and reliable electrical service at the lowest practical price. As a cooperative, we are proud to be owned and controlled by those we serve and we are committed to enhancing the quality of life for all of our member-owners.

To provide quality and reliable electric service to members of the cooperative.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$163,825,973$179,123,125▲ $15,297,152
Rtn Earn Endowment Incm Other Fnds$62,275,459$73,912,563▲ $11,637,104
Investments Program Related$34,064,130$36,646,368▲ $2,582,238
Accounts Receivable$5,395,675$6,964,899▲ $1,569,224
Cash and Non-Interest-Bearing Accounts$1,257,243$2,700,705▲ $1,443,462
Prepaid Expenses and Deferred Charges$1,751,193$1,490,726▼ $260,467
Inventories for Sale or Use$31,147$16,735▼ $14,412
Savings and Temporary Cash Investments$0$0→ $0
Other Notes and Loans Receivable, Net$0$0→ $0
Pledges and Grants Receivable$0$0→ $0
Receivable From Disqualified Prsn$0$0→ $0
Receivables From Officers Etc$0$0→ $0
Investments Other Securities$0$0→ $0
Investments in Publicly Traded Securities$0$0→ $0
Pd in Cap Srpls Land Bldg Eqp Fund$0$0→ $0
Cap Stk Tr Prin Current Funds$0$0→ $0
Intangible Assets$0$0→ $0
Loans From Officers Directors$0$0→ $0
Total Assets$210,447,814$233,751,851▲ $23,304,037
Other Assets Total$4,122,453$6,809,293▲ $2,686,840
Liabilities
Mortgage Notes Payable Secured by Investment Property$141,446,781$152,149,790▲ $10,703,009
Accounts Payable and Accrued Expenses$4,606,328$5,515,955▲ $909,627
Other Liabilities$1,630,672$1,739,255▲ $108,583
Deferred Revenue$488,574$434,288▼ $54,286
Grants Payable$0$0→ $0
Unsecured Notes Loans Payable$0$0→ $0
Escrow Account Liability$0$0→ $0
Tax Exempt Bond Liabilities$0$0→ $0
Total Liabilities$148,172,355$159,839,288▲ $11,666,933
Net Assets / Fund Balance
Total Net Assets Fund Balance$62,275,459$73,912,563▲ $11,637,104
Total Liabilities and Net Assets / Fund Balance$210,447,814$233,751,851▲ $23,304,037

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$157,920,472$33,512,524$191,432,996
Buildings$9,836,758$2,087,472$11,924,230
Other Land Buildings$8,791,824-$8,791,824
Land$2,574,071-$2,574,071
Investment Program Related Org$0--
Compensation and Service Providers
Top Officer Pay92nd percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Jack L PerkinsChief Executive OfficerFT$242,224$199,517$441,741
Mike SwearingenManager Nerc ComplianceFT$149,235$132,339$268,196
Michael PeacockManager Accounting & FinanceFT$132,412$133,319$265,731
Zac PerkinsVP Corporate ServicesFT$154,057$95,451$255,035
Barbara PritchardVP Administrative ServiceFT$141,025$108,100$249,125
Rick WaymanManager ConstructionFT$119,895$82,711$207,058
Lyle MathisManager MaintenanceFT$108,268$95,855$204,561
Neal GrubbsRelay TechnicianFT$114,150$65,738$182,849
Cletus CarterTrustee-$36,947-$36,947
Ronny WhiteVice President-$31,458-$31,458
Larry DunnTrustee-$30,708-$30,708
Shawn MartinezSecretary-$30,458-$30,458
Joe MayerPresident-$29,708-$29,708
Larry HodgesTrusteePT$29,190-$29,190
Erwin ElmsTrustee-$28,958-$28,958
Cj MouserTrustee-$22,054-$22,054
Jimmie L DraperTrustee-$15,579-$15,579

Highest Paid Contractors

ContractorServicesLocationCompensation
Powerline INCConstruction-$3,524,828
T R Tower And Power LLCConstruction-$2,714,939
Alpha Omega Wireless INCRadio System-$2,410,015
Re-con Company INCConstruction-$1,827,471
Guernsey CoFacilities Architect-$712,381
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$101,655,226
Investment Income
$570,238
Other Revenue
$122,747
Change in Net Assets
$0

Audited Revenue Reconciliation

Revenue per Audited Statements
$102,348,211
Total Revenue per Audited Statements
$102,348,211
Total Revenue per Form 990
$102,348,211
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$79,696,041
Salaries, Compensation, and Employee Benefits$6,560,704
Grants and Similar Amounts Paid$253,394
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Benefits to Members---$15,838,072
Interest---$8,799,540
Depreciation Depletion---$6,911,562
Other Salaries and Wages---$5,491,265
All Other Expenses---$1,740,046
Other Expenses---$1,068,915
Current Officers, Directors, Trustees, and Key Employees---$1,011,727
Office Expenses---$703,627
Grants to Domestic Orgs---$253,394
Advertising---$115,433
Other Employee Benefits---$57,712
Total Functional Expenses$0$0$0$102,348,211

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$102,348,211
Total Expenses per Audited Statements$102,348,211
Total Expenses per Form 990$102,348,211
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
73-6021299--General Funding$15,000
73-1019001--Scholarships$9,600
48-0720067--General Funding$5,325
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
Insider Transactions and Loans

Interested-Person Transactions

Interested PartyRelationshipDescriptionShared RevenueAmount
Zac PerkinsSee Part VEmployment-see Sch J, Part IINo$255,036

Loans and Receivables

Line ItemBeginningEndChange
Loans from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Receivables from Disqualified Persons$0$0→ $0
Receivables from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Accrued Payroll$650,044
Consumer Deposits$396,255
Accrued Taxes$364,463
Other Liabilities$327,783
Overbilled Power Cost$710
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 family members
Yes
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, Part VI, Line 6

“The cooperative was formed by the members to provide electric service at cost on a cooperative basis.”

Form 990, Part VI, Line 7A

“The members of the cooperative vote on the board of trustees. Elections are done on a one member one vote basis per district.”

Form 990, Part VI, Line 7B

“The following acts require approval of the members of the cooperative: 1. Dissolution/liquidation of the cooperative. 2. Merger or consolidation of the cooperative with another organization. 3. The disposal of a substantial portion of the cooperative's assets.”

Form 990, Part VI, Line 11

“The form 990 is prepared by an outside accounting firm. The return is reviewed internally by management prior to filing with the irs.”

Form 990, Part VI, Line 12C

“Cooperative's legal counsel must annually review this policy with all officials. The minutes of all board meetings should record all disclosure, votes, authorizations, and other actions taken under this policy. Each official must annually complete and sign the conflict of interest certification and disclosure form attached to this policy and deliver the completed and signed form to the president or ceo. If an official discovers any information or fact that could impact another official's compliance with this policy, then the official must disclose the information or fact to the president or ceo immediately.”

Form 990, Part VI, Line 15A

“The ceo's compensation is determined by a compensation committee and is approved by the board.”

Form 990, Part VI, Line 15B

“The trustees and the ceo use the expertise of an independent compensation consultant and a compensation survey when determining the compensation of the cooperative's other employees meeting the definition of officer and key employees, if any. The survey includes salaries from similar cooperatives throughout oklahoma and the nation.”

Form 990, Part VI, Line 19

“The organization will make its governing documents, conflict of interest policy, and financial statements available to the public upon request.”

Form 990, Part VI, Section A, Line 2

“Jack perkins and zac perkins are family members.”

Filing and Contact Details

Filer

EIN
73-0539914
In Care Of
% JACK PERKINS
Phone
5806522418

Signing Officer

Name
Jack L Perkins
Title
Officer
Phone
5806522418
Signed
2014-11-13
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Jack L Perkins
Formed
1945
Legal Domicile
Ok
Voting Board Members
9
Independent Board Members
9
Employees
101
Volunteers
0

Preparer

Preparer
Anne M Adams
Phone
5806522418
Supplemental Narrative

Additional Explanations

Form 990, Part XI, Line 9

“Before patronage assigned: $15,838,076 retirement of capital credits: ($4,200,972) --------------- total change in net assets: $11,637,104”

Financial Statement Notes

Schedule D, Part X, Line 2

“The cooperative is exempt from federal income tax under internal revenue service (irs) section 501 (c)(12). The state of oklahoma recognizes this exemption for state income tax purposes. The cooperative files income tax returns in the federal and state jurisdictions. The cooperative is no longer subject to federal and state income tax examinations by tax authorities for years before 2010.”

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IRS990/Form990PartVIISectionAGrp/TitleTxt1TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt2TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt3TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt4PRESIDENT
IRS990/Form990PartVIISectionAGrp/TitleTxt5TRUSTEE
IRS990/Form990PartVIISectionAGrp/TitleTxt6VICE PRESIDENT
IRS990/Form990PartVIISectionAGrp/TitleTxt7SECRETARY
IRS990/Form990PartVIISectionAGrp/TitleTxt8Trustee
IRS990/Form990PartVIISectionAGrp/TitleTxt9CHIEF EXECUTIVE OFFICER
IRS990/Form990PartVIISectionAGrp/TitleTxt10MANAGER ACCOUNTING & FINANCE
IRS990/Form990PartVIISectionAGrp/TitleTxt11VP ADMINISTRATIVE SERVICE
IRS990/Form990PartVIISectionAGrp/TitleTxt12VP CORPORATE SERVICES
IRS990/Form990PartVIISectionAGrp/TitleTxt13MANAGER NERC COMPLIANCE
IRS990/Form990PartVIISectionAGrp/TitleTxt14MANAGER CONSTRUCTION
IRS990/Form990PartVIISectionAGrp/TitleTxt15RELAY TECHNICIAN
IRS990/Form990PartVIISectionAGrp/TitleTxt16MANAGER MAINTENANCE
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IRS990/GamingActivitiesInd0false
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IRS990/GrantsToOrganizationsInd0true
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IRS990/InfoInScheduleOPartVIInd0X
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IRS990/InvestmentsPubTradedSecGrp/BOYAmt00
IRS990/InvestmentsPubTradedSecGrp/EOYAmt00
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IRS990/MembersOrStockholdersInd0true
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IRS990/MissionDesc0THE COOPERATIVE IS DEDICATED TO PROVIDING MEMBERS WITH SAFE AND RELIABLE ELECTRICAL SERVICE AT THE LOWEST PRACTICAL PRICE. AS A COOPERATIVE, WE ARE PROUD TO BE OWNED AND CONTROLLED BY THOSE WE SERVE AND WE ARE COMMITTED TO ENHANCING THE QUALITY OF LIFE FOR ALL OF OUR MEMBER-OWNERS.
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IRS990/MortgNotesPyblScrdInvstPropGrp/EOYAmt0152149790
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IRS990/NetIncmFromFundraisingEvtGrp/TotalRevenueColumnAmt00
IRS990/NetIncomeFromGamingGrp/TotalRevenueColumnAmt00
IRS990/NetIncomeOrLossGrp/TotalRevenueColumnAmt00
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IRS990/NetRentalIncomeOrLossGrp/UnrelatedBusinessRevenueAmt042145
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IRS990/OfficeExpensesGrp/TotalAmt0703627
IRS990/OfficerMailingAddressInd0false
IRS990/OperateHospitalInd0false
IRS990/Organization501cInd0X
IRS990/OrgDoesNotFollowSFAS117Ind0X
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IRS990/OtherAssetsTotalGrp/EOYAmt06809293
IRS990/OtherChangesInNetAssetsAmt011637104
IRS990/OtherEmployeeBenefitsGrp/TotalAmt057712
IRS990/OtherExpensesGrp/Desc0PURCHASED POWER
IRS990/OtherExpensesGrp/Desc1DISTRIBUTION EXPENSE
IRS990/OtherExpensesGrp/Desc2TAXES - OTHER
IRS990/OtherExpensesGrp/Desc3ADMIN & GENERAL EXPENSE
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IRS990/OtherExpensesGrp/TotalAmt13128593
IRS990/OtherExpensesGrp/TotalAmt22919206
IRS990/OtherExpensesGrp/TotalAmt31068915
IRS990/OtherLiabilitiesGrp/BOYAmt01630672
IRS990/OtherLiabilitiesGrp/EOYAmt01739255
IRS990/OtherRevenueTotalAmt00
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IRS990/OtherSourcesGrossIncomeAmt0692985
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IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt01490726
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IRS990/RtnEarnEndowmentIncmOthFndsGrp/EOYAmt073912563
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IRS990/SavingsAndTempCashInvstGrp/EOYAmt00
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IRS990ScheduleD/BuildingsGrp/BookValueAmt09836758

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

2013 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$233,751,851
Liabilities
$159,839,288
Net assets
$73,912,563
Revenue
$102,348,211
Expenses
$102,348,211
Net income
$0
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$359$239$120$104$104$0.00
2023Detailed filing. Detailed filing data is available for this year.$361$246$115$116$116$0.00
2022Detailed filing. Detailed filing data is available for this year.$350$251$99.5$112$112$0.00
2021Detailed filing. Detailed filing data is available for this year.$321$225$96.5$101$101$0.00
2020Detailed filing. Detailed filing data is available for this year.$317$222$94.8$99.7$99.7$0.00
2019Detailed filing. Detailed filing data is available for this year.$314$229$85.0$85.2$85.2$0.00
2018Detailed filing. Detailed filing data is available for this year.$314$231$82.4$98.0$98.0$0.00
2017Detailed filing. Detailed filing data is available for this year.$317$245$72.1$92.6$92.6$0.00
2016Detailed filing. Detailed filing data is available for this year.$301$233$68.5$83.0$83.0$0.00
2015Detailed filing. Detailed filing data is available for this year.$322$244$78.1$98.5$98.5$0.00
2014Detailed filing. Detailed filing data is available for this year.$290$212$78.0$105$105$0.00
2013Detailed filing. Detailed filing data is available for this year.$234$160$73.9$102$102$0.00
2012Summary only. Only limited summary data is available for this year.$210$148$62.3$91.2$78.9$12.3
2011Summary only. Only limited summary data is available for this year.$198$148$49.9$91.2$77.8$13.4