Boone Electric Cooperative

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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

1936

Legal Domicile

Principal Officer

Todd Culley

Phone

5734494181

Tax Period

2025-01-01 to 2025-12-31

Boone Electric Cooperative, founded in 1936, is a mid-sized nonprofit that reported $81.1M in total revenue in fiscal year 2025. Expenses of $76.4M left a modest 6% surplus.

Mission

The mission of Boone Electric Cooperative is to be responsive to our members' needs by providing a dependable supply of electric energy and other services at the lowest possible cost consistent with sound business practices and cooperative principles.

Program Service Accomplishments

Program 1

Expenses: $76,402,072 Revenue: $81,103,577

Retail sale of electricity to members, owners and consumers

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

Financial Overview (2025)

Revenue Breakdown

Contributions & Grants $0

Program Service Revenue $80,923,551

Investment Income $180,026

Other Revenue $0

TOTAL REVENUE $81,103,577

Expense Breakdown

Grants Paid $227,663

Salaries & Benefits $1,069,280

Fundraising Expenses $0

Program Expenses $76,402,072

Other Expenses $71,788,213

TOTAL EXPENSES $76,402,072

Year-over-Year Comparison

	2025	2024	Change
Revenue	$81,103,577	$76,383,296	+0.1%
Expenses	$76,402,072	$72,595,520	+0.1%
Net Income	$4,701,505	$3,787,776	+0.2%

Key Indicators

✓ Grants to Organizations ✗ Grants to Individuals ✗ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✗ Schedule B Required

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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

Independent Members

Employees

104

Volunteers

N/A

Governance Policies

✓ Conflict of Interest Policy

✓ Whistleblower Policy

✓ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School

✗ Operated a Hospital

✗ Provided First Class Travel

✗ Reported Conflict of Interest

✗ Reported Asset Diversion

✗ Excess Benefit Transaction

✗ Made Political Expenditures

✗ Engaged in Lobbying

✗ Operated Donor Advised Fund

✗ Maintained Art Collections

✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers

$1,089,300

Total Directors

$251,382

Key Employees

$1,879,409

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
Todd Culley	CEO	50.00	Officer	$437,369	$205,637	$643,006
Vicki Kemna	Assistant Manager	50.00	Key Emp	$257,740	$193,965	$451,705
Ryan Euliss	CFO/Manager of Finance	50.00	Officer	$224,363	$132,906	$357,269
Andrew Petri	Manager of Engineering and	42.00	Key Emp	$218,810	$128,189	$346,999
James Goodnight	Operations Manager	42.00	Key Emp	$204,140	$157,904	$362,044
Laura Baker	Mgr Member Svcs	45.00	Key Emp	$180,682	$138,947	$319,629
Paul Karsten	Journeyman Lineman	53.00	Key Emp	$157,909	$43,442	$201,351
Travis Meyers	Line Foreman	47.00	Key Emp	$151,772	$45,909	$197,681
Scott Douglas	System Engineer	40.00	Highest	$143,671	$32,312	$175,983
Scott Thieret	Mgr Env Health/Safety	40.00	Highest	$142,549	$53,842	$196,391
Jacob Mebruer	Lead Lineman	46.00	Highest	$141,751	$34,318	$176,069
Adams Bauer	Line Foreman	45.00	Highest	$139,933	$36,021	$175,954
James Flenoid II	IT Supervisor	40.00	Highest	$138,757	$105,863	$244,620
Darin Schnarre	Director	2.00	Director	$50,077	$0	$50,077
Caroline Andriano	Director	3.00	Director	$48,539	$0	$48,539
John Bullard	Treasurer	3.00	Officer Director	$35,618	$0	$35,618
Andrew Stanton	Director	4.00	Director	$32,447	$0	$32,447
Kimberly Ponder	President	10.00	Officer Director	$24,582	$0	$24,582
Michelle Motley	Secretary	5.00	Officer Director	$15,262	$0	$15,262
Wayne Wilcox	Vice President	5.00	Officer Director	$13,563	$0	$13,563
Joel Bullard	Director	10.00	Director	$13,450	$0	$13,450
Teresa Voeller	Director	5.00	Director	$11,119	$0	$11,119
Frank Glenn	Director	6.00	Director	$6,725	$0	$6,725

Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year	Revenue	Expenses	Assets	Net Income
2025	$81,103,577	$76,402,072	$230,016,251	$4,701,505
2024	No data	No data	No data	No data
2023	$72,698,018	$68,204,910	$219,609,893	$4,493,108
2022	$67,889,675	$62,821,254	$214,466,398	$5,068,421
2021	$65,114,805	$59,198,437	$200,825,736	$5,916,368
2020	$65,495,242	$61,728,930	$181,862,194	$3,766,312
2019	$64,344,021	$61,257,754	$169,146,759	$3,086,267
2018	$66,286,722	$61,755,963	$160,350,392	$4,530,759