CLAY ELECTRIC COOPERATIVE INC (EIN 590196695) - Form 990 Financial Analysis & Trantor Score

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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

1937

Legal Domicile

Principal Officer

RICHARD K DAVIS

Phone

3524738000

Tax Period

2023-01-01 to 2023-12-31

CLAY ELECTRIC COOPERATIVE INC, founded in 1937, is a major nonprofit in the Public & Societal Benefit sector that reported $424.7M in total revenue in fiscal year 2023. Revenue decreased 11% compared to the prior year.

Mission

TO EXCEED THE EXPECTATIONS OF OUR MEMBERS BY PROVIDING EXCELLENT CUSTOMER SERVICE AND RELIABLE ELECTRIC SERVICES AT COMPETITIVE RATES WHILE MAINTAINING THE FINANCIAL STABILITY OF THE COOPERATIVE.

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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 (2023)

Revenue Breakdown

Contributions & Grants $0

Program Service Revenue $424,149,024

Investment Income $230,959

Other Revenue $300,499

TOTAL REVENUE $424,680,482

Expense Breakdown

Grants Paid $0

Salaries & Benefits $9,519,285

Fundraising Expenses $0

Program Expenses $424,680,482

Other Expenses $396,319,233

TOTAL EXPENSES $424,680,482

Year-over-Year Comparison

	2023	2022	Change
Revenue	$424,680,482	$477,827,474	-0.1%
Expenses	$424,680,482	$477,827,474	-0.1%
Net Income	$0	$0	N/A

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

522

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

$1,360,859

Total Directors

$297,497

Key Employees

$2,309,157

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
CLYDE D HERSEY	TRUSTEE - TREASURER	12.00	Officer Director	$23,100	$0	$23,100
JOANN R SMITH	TRUSTEE	12.00	Director	$23,493	$0	$23,493
JOHN H WHITEHEAD	TRUSTEE	12.00	Director	$42,331	$0	$42,331
CYNTHIA LOOSE	TRUSTEE	5.00	Director	$31,044	$0	$31,044
KELLEY R SMITH JR	TRUSTEE - SECRETARY	12.00	Officer Director	$46,798	$0	$46,798
SUSAN S REEVES	TRUSTEE	16.00	Director	$29,232	$0	$29,232
JOSEPH C MALPHURS	TRUSTEE - PRESIDENT	12.00	Officer Director	$35,202	$0	$35,202
JAMES D WILSON	TRUSTEE	10.00	Director	$30,438	$0	$30,438
KAREN HASTINGS	TRUSTEE - VICE PRESIDENT	12.00	Officer Director	$35,859	$0	$35,859
RICHARD K DAVIS	GENERAL MANAGER/CEO	41.00	Officer	$773,130	$117,465	$890,595
SANFORD M MAXWELL	CHIEF FINANCIAL OFFICER	42.00	Officer	$223,935	$105,370	$329,305
WILLIAM D HEMBREE	DISTRICT MANAGER-PK/SS	40.00	Key Emp	$192,651	$63,609	$256,260
LOUIE A CHAFF	DISTRICT MANAGER-OP	45.00	Key Emp	$202,811	$65,183	$267,994
TROY ADAMS	DISTRICT MANAGER-GV/LC	45.00	Key Emp	$207,461	$72,558	$280,019
DERICK THOMAS	CHIEF PUBLIC RELATIONS OFF	45.00	Key Emp	$268,572	$118,085	$386,657
DONALD J WILLIAMS	CHIEF OFFICER CORP SVCS	50.00	Key Emp	$236,186	$208,028	$444,214
CHRISTOPHER E BRYAN	DIRECTOR OF ENGINEERING	40.00	Key Emp	$252,676	$85,226	$337,902
DANIEL B GUNTER	DIRECTOR OF OPERATIONS	45.00	Key Emp	$252,709	$83,402	$336,111
JOSEPH JOHNSON	DIVISION MANAGER - ENGINEERING	42.00	Highest	$195,127	$60,237	$255,364
MICHAEL GRANTHAM	DIVISION MANAGER-OPERATIONS	50.00	Highest	$204,026	$70,891	$274,917
MARK A TOWNSEND	DIVISION MANAGER-T&D CONST	46.00	Highest	$199,535	$86,721	$286,256
CHERYL ROGERS	CHIEF AUDIT OFFICER	50.00	Highest	$202,504	$62,328	$264,832
BRENT RICHARDSON	CHIEF INFORMATION OFFICER	45.00	Highest	$201,612	$58,873	$260,485

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
2024	No data	No data	No data	No data
2023	$424,680,482	$424,680,482	$915,334,309	No data
2022	$477,827,474	$477,827,474	$862,101,039	No data
2021	$374,561,378	$374,561,378	$801,967,548	No data
2020	$379,786,896	$379,786,896	$775,188,816	No data
2019	$377,488,353	$377,488,353	$746,522,898	No data
2018	$381,355,614	$381,355,614	$703,472,874	No data

CLAY ELECTRIC COOPERATIVE INC