Civic Intelligence

Trinity Valley Electric Cooperative Inc

990 • Fiscal year 2017 • EIN 75-2701263

Jan 01, 2017 to Dec 31, 2017 • Filed on May 02, 2018

Organization Profilewww.tvec.net

View Organization Page

PO Box 888Kaufman, TX 75142

(972) 932-2214

Siviq Scores

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

Liabilities / Assets

50th percentile

0.60x

Higher debt load relative to assets than 50% of similar nonprofits.

2017 filings • 501(c)12 • $250M-$1B nonprofits • Source year 2017

Liabilities / Revenue

56th percentile

1.45x

Higher debt load relative to revenue than 56% of similar nonprofits.

2017 filings • 501(c)12 • $250M-$1B nonprofits • Source year 2017

Net Margin

51st percentile

0.2%

Higher net margin than 51% of similar nonprofits.

2017 filings • 501(c)12 • $250M-$1B nonprofits • Source year 2017

Top Officer Pay

31st percentile

$416,710

Higher top officer pay than 31% of similar nonprofits.

Top officer pay equals 0.3% of source-year revenue.

2017 filings • 501(c)12 • $250M-$1B nonprofits • Source year 2017

Asset Growth

51st percentile

2.5%

Faster asset growth than 51% of similar nonprofits.

2017 filings • 501(c)12 • $250M-$1B nonprofits • Annualized from 2016 to 2017

Revenue Growth

20th percentile

-1.6%

Faster revenue growth than 20% of similar nonprofits.

2017 filings • 501(c)12 • $250M-$1B nonprofits • Annualized from 2016 to 2017

Balance Sheet
Liabilities / Assets50th percentile

Assets

Up

$348,165,558

Up $8,640,541 (+2.5%) from 2016

Net Assets

Down

$140,258,373

Down $2,282,550 (-1.6%) from 2016

Liabilities

Up

$207,907,185

Up $10,923,091 (+5.5%) from 2016

Revenue And Expenses
Liabilities / Revenue56th percentileNet Margin51st percentile

Revenue

Down

$143,240,079

Down $2,379,903 (-1.6%) from 2016

Expenses

Down

$142,971,635

Down $2,465,874 (-1.7%) from 2016

Net Income

Up

$268,444

Up $85,971 (+47%) from 2016

Historical Trend

Balance Sheet Trend

Asset Growth51st percentile

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

$600M$400M$200M$0Assets 2010: $273,493,899Liabilities 2010: $186,509,738Net Assets 2010: $86,984,1612010Assets 2011: $285,103,670Liabilities 2011: $189,760,554Net Assets 2011: $95,343,1162011Assets 2012: $307,241,706Liabilities 2012: $201,483,356Net Assets 2012: $105,758,3502012Assets 2013: $331,011,471Liabilities 2013: $206,124,774Net Assets 2013: $124,886,6972013Assets 2014: $328,249,629Liabilities 2014: $199,564,881Net Assets 2014: $128,684,7482014Assets 2015: $328,155,561Liabilities 2015: $192,651,129Net Assets 2015: $135,504,4322015Assets 2016: $339,525,017Liabilities 2016: $196,984,094Net Assets 2016: $142,540,9232016Assets 2017: $348,165,558Liabilities 2017: $207,907,185Net Assets 2017: $140,258,3732017Assets 2018: $344,002,224Liabilities 2018: $194,019,462Net Assets 2018: $149,982,7622018Assets 2019: $355,952,024Liabilities 2019: $193,957,441Net Assets 2019: $161,994,5832019Assets 2020: $367,655,761Liabilities 2020: $206,624,418Net Assets 2020: $161,031,3432020Assets 2021: $385,021,756Liabilities 2021: $217,276,255Net Assets 2021: $167,745,5012021Assets 2022: $421,037,619Liabilities 2022: $232,631,218Net Assets 2022: $188,406,4012022Assets 2023: $429,806,254Liabilities 2023: $240,157,589Net Assets 2023: $189,648,6652023Assets 2024: $481,165,027Liabilities 2024: $286,767,038Net Assets 2024: $194,397,9892024

Highlighted filing

2017

Assets$348,165,558
Liabilities$207,907,185
Net Assets$140,258,373
Open 2017 Filing

Operations Trend

Revenue Growth20th percentile

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

$300M$200M$100M$0Expenses 2010: $124,502,3872010Expenses 2011: $135,054,3072011Revenue 2012: $126,121,311Expenses 2012: $125,064,949Net Income 2012: $1,056,3622012Revenue 2013: $146,913,084Expenses 2013: $145,914,211Net Income 2013: $998,8732013Revenue 2014: $152,116,432Expenses 2014: $151,582,350Net Income 2014: $534,0822014Revenue 2015: $149,235,230Expenses 2015: $149,042,230Net Income 2015: $193,0002015Revenue 2016: $145,619,982Expenses 2016: $145,437,509Net Income 2016: $182,4732016Revenue 2017: $143,240,079Expenses 2017: $142,971,635Net Income 2017: $268,4442017Revenue 2018: $161,731,170Expenses 2018: $161,459,976Net Income 2018: $271,1942018Revenue 2019: $157,141,570Expenses 2019: $156,972,407Net Income 2019: $169,1632019Revenue 2020: $147,957,625Expenses 2020: $147,879,398Net Income 2020: $78,2272020Revenue 2021: $162,953,403Expenses 2021: $162,760,208Net Income 2021: $193,1952021Revenue 2022: $236,177,875Expenses 2022: $234,659,350Net Income 2022: $1,518,5252022Revenue 2023: $201,369,793Expenses 2023: $200,552,254Net Income 2023: $817,5392023Revenue 2024: $197,727,488Expenses 2024: $197,263,529Net Income 2024: $463,9592024

Highlighted filing

2017

Revenue$143,240,079
Expenses$142,971,635
Net Income$268,444
Open 2017 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2017 to Dec 31, 2017
Signed
May 2, 2018
Return Version
2017v2.3
Gross Receipts
$143,244,932
Mission and Program Overview

Mission

To provide electric service at a retail level to a designated six county rural service area at cost, on a cooperative basis.

Trinity Valley Electric Cooperative Inc is committed to deliver safe and reliable electric power at a competitive price

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$274,635,151$286,349,086▲ $11,713,935
Rtn Earn Endowment Incm Other Fnds$141,958,643$139,665,533▼ $2,293,110
Investments Program Related$43,432,421$43,858,734▲ $426,313
Accounts Receivable$6,840,464$7,501,292▲ $660,828
Cash and Non-Interest-Bearing Accounts$6,405,687$2,610,898▼ $3,794,789
Prepaid Expenses and Deferred Charges$2,910,348$2,502,243▼ $408,105
Inventories for Sale or Use$1,207,587$1,140,195▼ $67,392
Other Notes and Loans Receivable, Net$775,551$694,288▼ $81,263
Cap Stk Tr Prin Current Funds$582,280$592,840▲ $10,560
Savings and Temporary Cash Investments$512,502$562,516▲ $50,014
Total Assets$339,525,017$348,165,558▲ $8,640,541
Other Assets Total$2,805,306$2,946,306▲ $141,000
Liabilities
Mortgage Notes Payable Secured by Investment Property$147,498,919$151,555,338▲ $4,056,419
Other Liabilities$31,134,051$35,892,484▲ $4,758,433
Accounts Payable and Accrued Expenses$18,351,124$20,459,363▲ $2,108,239
Total Liabilities$196,984,094$207,907,185▲ $10,923,091
Net Assets / Fund Balance
Total Net Assets Fund Balance$142,540,923$140,258,373▼ $2,282,550
Total Liabilities and Net Assets / Fund Balance$339,525,017$348,165,558▲ $8,640,541

Asset Categories

AssetBook ValueDepreciationBasis
Other Land Buildings$269,181,781$90,266,218$359,447,999
Equipment$4,636,745$7,383,840$12,020,585
Buildings$4,841,361$3,248,321$8,089,682
Land$7,689,199-$7,689,199
Investment Program Related Org$244,130--
Other Assets Org$21,955--
Compensation and Service Providers
Top Officer Pay31st percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Jerry B BozeGeneral ManagerCEOFT$317,331$99,379$416,710
Bryan a WoodCFOFT$168,068$66,904$234,972
Jeff LaneCCOFT$157,613$71,290$228,903
Tony WatsonCOOFT$159,259$63,733$222,992
Jerry WoolstonManager of TechnologyFT$126,516$43,933$170,449
Gary SherrardSub Trans ManagerFT$107,698$58,304$166,002
Timothy CraigEngineering ManagerFT$118,304$40,198$158,502
Rodney WesleyOperations ManagerFT$116,144$41,535$157,679
Donna HindmanHuman Resource ManagerFT$113,669$34,807$148,476
Paul WeatherfordDirectorPT$28,140-$28,140
Jerry PriestDirectorPT$27,090-$27,090
Tom AtwoodFormer DirectorPT$15,919-$15,919
Howard TillisonBoard ChairmanPT$13,650-$13,650
Joann HanstromBoard SecretaryPT$13,500-$13,500
Carolyn MinorBoard ViceChairmanPT$13,350-$13,350
Edward ReeveDirectorPT$12,600-$12,600
David LangDirector-$10,050-$10,050

Highest Paid Contractors

ContractorServicesLocationCompensation
J&L Utility Service CorpOverhead Contractor15891 US-80, Edgewood, TX 75117$2,070,475
Ramirez Tree ServiceROW ContractorPO BOX 1975, Athens, TX 75751$1,870,886
CS Tree ServiceROW Contractor319 McArthur St, Athens, TX 75751$1,830,242
Mission Site ServicesUnderground Contractor416 Interchange St, Mckinney, TX 75071$1,019,882
Saber Power ServicesSubstation Contractor9841 Saber Power Lane, Rosharon, TX 77583$829,711
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$141,307,356
Investment Income
$1,451,887
Other Revenue
$480,836
Change in Net Assets
$268,444

Audited Revenue Reconciliation

Revenue per Audited Statements
$143,240,079
Total Revenue per Audited Statements
$143,240,079
Total Revenue per Form 990
$143,240,079
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$136,617,986
Salaries, Compensation, and Employee Benefits$1,221,957
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Depreciation Depletion---$12,369,227
Interest---$6,745,680
Other Expenses---$5,966,869
Benefits to Members---$5,131,692
Current Officers, Directors, Trustees, and Key Employees---$1,221,957
All Other Expenses---$37,411
Total Functional Expenses$0$0$0$142,971,635

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$142,971,635
Expenses per Audited Statements$137,839,943
Total Expenses per Audited Statements$137,839,943
Expenses Not Reported on Financial Statements$5,131,692
Other Expense Adjustments$5,131,692
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
Lobbying activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Provision for PRBO$30,725,380
Consumer Deposits$3,461,663
Other Deferred Credits$1,515,164
Unamort Gain on Debt$177,712
Aid to Construction$12,565
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
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

Part VI Line 6

“Trinity Valley Electric Cooperative, Inc. is organized as a not-for-profit”

Part VI Line 6

“corporation owned by its members whom elect the Cooperative governing body.”

Part VI Line 7A

“The members of the Cooperative vote on the Board of Directors and elections”

Part VI Line 7A

“are done on a one vote per member basis.”

Part VI Line 7B

“1) Dissolution of the Cooperative, 2) Merger with another Cooperative”

Part VI Line 7B

“3) Disposal of substantial assets, 4) Amendment to Articles of Incorp.”

Part VI Line 11B

“The Cooperative's Form 990 is provided to each officer and director prior”

Part VI Line 11B

“to the regularly scheduled board meeting preceding the filing.”

Part VI Line 12C

“The conflict of interest policy is designed to help directors, officers, -”

Part VI Line 12C

“and employees to identify and avoid situations that present conflict.”

Part VI Line 15A or B

“The Cooperative utilizes an independent consulting firm and compensation”

Part VI Line 15A or B

“surveys when recommending compensation with all employees.”

Part VI Line 19

“The Form 990 is available at www.guidestar.org. Copies of the Form 990,”

Part VI Line 19

“audited financials, by-laws and tariffs are available at each office.”

Filing and Contact Details

Filer

Filer Name
Trinity Valley Electric Cooperative Inc
EIN
75-2701263
In Care Of
% Bryan A Wood
Phone
9729322214
Address
PO Box 888, Kaufman, TX 75142

Signing Officer

Name
Bryan a Wood
Title
CFO
Phone
9729322214
Signed
2018-05-02

Organization Details

Principal Officer
Jerry B Boze
Formed
1997
Legal Domicile
TX
Voting Board Members
7
Independent Board Members
7
Employees
167
Supplemental Narrative

Additional Explanations

Part IX Line 24E

“Other Total expenses - $37411.00 Program service expenses - $0.00 Mgmt and general expenses - $0.00 Fundraising expenses - $0.00”

Part XI Line 9

“Changes in equity not reflected in current period”

Part XI Line 9

“earnings of (-2,550,994) include the retirement of”

Part XI Line 9

“patronage capital credits to the Cooperative members”

Part XI Line 9

“of (-4,020,395), annual adjustment to the Cooperative's”

Part XI Line 9

“provision for post-retirement benefits as determined by”

Part XI Line 9

“an actuary in accordance with SFAS 158 (-3,672,851), 2017”

Part XI Line 9

“margins allocated to Patronage Capital (5,131,692), and an”

Part XI Line 9

“increase in membership (10,560).”

Financial Statement Notes

P12, Ln 4B

“2017 Allocated Patronage of $5,131,692 is included in”

P12, Ln 4B

“functional expenses on Form 990, but is not”

P12, Ln 4B

“considered an expense in the 2017 audited”

P12, Ln 4B

“financial statements.”

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IRS990/Form990PartVIISectionAGrp/PersonNm2TONY WATSON
IRS990/Form990PartVIISectionAGrp/PersonNm3JEFF LANE
IRS990/Form990PartVIISectionAGrp/PersonNm4JERRY WOOLSTON
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IRS990/Form990PartVIISectionAGrp/PersonNm14EDWARD REEVE
IRS990/Form990PartVIISectionAGrp/PersonNm15PAUL WEATHERFORD
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IRS990/Form990PartVIISectionAGrp/TitleTxt1CFO
IRS990/Form990PartVIISectionAGrp/TitleTxt2COO
IRS990/Form990PartVIISectionAGrp/TitleTxt3CCO
IRS990/Form990PartVIISectionAGrp/TitleTxt4Manager of Technology
IRS990/Form990PartVIISectionAGrp/TitleTxt5Operations Manager
IRS990/Form990PartVIISectionAGrp/TitleTxt6Engineering Manager
IRS990/Form990PartVIISectionAGrp/TitleTxt7Sub Trans Manager
IRS990/Form990PartVIISectionAGrp/TitleTxt8Human Resource Manager
IRS990/Form990PartVIISectionAGrp/TitleTxt9Former Director
IRS990/Form990PartVIISectionAGrp/TitleTxt10Board Chairman
IRS990/Form990PartVIISectionAGrp/TitleTxt11Board ViceChairman
IRS990/Form990PartVIISectionAGrp/TitleTxt12Board Secretary
IRS990/Form990PartVIISectionAGrp/TitleTxt13Director
IRS990/Form990PartVIISectionAGrp/TitleTxt14Director
IRS990/Form990PartVIISectionAGrp/TitleTxt15Director
IRS990/Form990PartVIISectionAGrp/TitleTxt16Director
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IRS990/OfficerMailingAddressInd0false
IRS990/OperateHospitalInd0false
IRS990/Organization501cInd0X
IRS990/OrgDoesNotFollowSFAS117Ind0X
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IRS990/OtherChangesInNetAssetsAmt0-2550994
IRS990/OtherExpensesGrp/Desc0Purchased Power
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IRS990/OtherExpensesGrp/Desc2Customer Accounts Expense
IRS990/OtherExpensesGrp/Desc3General & Administrative
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IRS990/OtherExpensesGrp/TotalAmt112446521
IRS990/OtherExpensesGrp/TotalAmt25198436
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IRS990/OthNotesLoansReceivableNetGrp/EOYAmt0694288
IRS990/PartialLiquidationInd0false
IRS990/PoliticalCampaignActyInd0false
IRS990/PrepaidExpensesDefrdChargesGrp/BOYAmt02910348
IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt02502243
IRS990/PrincipalOfficerNm0JERRY B BOZE
IRS990/ProfessionalFundraisingInd0false
IRS990/ProgramServiceRevenueGrp/BusinessCd0221000
IRS990/ProgramServiceRevenueGrp/BusinessCd1221000
IRS990/ProgramServiceRevenueGrp/Desc0Sale of Electric Power
IRS990/ProgramServiceRevenueGrp/Desc1Electricity Wheeling
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IRS990ScheduleD/InvstProgramRelatedOrgGrp/Desc1NRUCFC Capital Term Certificates
IRS990ScheduleD/InvstProgramRelatedOrgGrp/Desc2NonUtility Property
IRS990ScheduleD/InvstProgramRelatedOrgGrp/Desc3Other
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IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt121955
IRS990ScheduleD/OtherAssetsOrgGrp/Desc0Unbilled Revenue
IRS990ScheduleD/OtherAssetsOrgGrp/Desc1Interest Dividend Receivable
IRS990ScheduleD/OtherExpensesNotIncludedAmt05131692
IRS990ScheduleD/OtherLandBuildingsGrp/BookValueAmt0269181781
IRS990ScheduleD/OtherLandBuildingsGrp/DepreciationAmt090266218
IRS990ScheduleD/OtherLandBuildingsGrp/OtherCostOrOtherBasisAmt0359447999
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt03461663
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt130725380
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt2177712
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt312565
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt41515164
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0Consumer Deposits
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc1Provision for PRBO
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc2Unamort Gain on Debt
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc3Aid to Construction
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc4Other Deferred Credits
IRS990ScheduleD/RevenueSubtotalAmt0143240079
IRS990ScheduleD/Section170hRqrStsfdInd0false
IRS990ScheduleD/SolicitedAssetsSaleInd0false
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt02017 Allocated Patronage of $5,131,692 is included in

Document Assets

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Filings

Displayed year

2017 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$348,165,558
Liabilities
$207,907,185
Net assets
$140,258,373
Revenue
$143,240,079
Expenses
$142,971,635
Net income
$268,444
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$481$287$194$198$197$0.46
2023Detailed filing. Detailed filing data is available for this year.$430$240$190$201$201$0.82
2022Detailed filing. Detailed filing data is available for this year.$421$233$188$236$235$1.52
2021Detailed filing. Detailed filing data is available for this year.$385$217$168$163$163$0.19
2020Detailed filing. Detailed filing data is available for this year.$368$207$161$148$148$0.08
2019Detailed filing. Detailed filing data is available for this year.$356$194$162$157$157$0.17
2018Detailed filing. Detailed filing data is available for this year.$344$194$150$162$161$0.27
2017Detailed filing. Detailed filing data is available for this year.$348$208$140$143$143$0.27
2016Detailed filing. Detailed filing data is available for this year.$340$197$143$146$145$0.18
2015Detailed filing. Detailed filing data is available for this year.$328$193$136$149$149$0.19
2014Detailed filing. Detailed filing data is available for this year.$328$200$129$152$152$0.53
2013Detailed filing. Detailed filing data is available for this year.$331$206$125$147$146$1.00
2012Summary only. Only limited summary data is available for this year.$307$201$106$126$125$1.06
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$285$190$95.3$135
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$273$187$87.0$125