COVINGTON ELECTRIC COOPERATIVE INC

EIN: 630462077

ANDALUSIA, AL

Total Revenue
$71,225,741
Total Expenses
$65,563,167
Total Assets
$243,525,069
Net Assets
$96,980,935
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Tuckman-Chang Vulnerability Assessment

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Financial Trends

Organization Details

Formation Year
1944
Legal Domicile
AL
Principal Officer
MARK G PARKER
Phone
3342224121
Tax Period
2024-01-01 to 2024-12-31

COVINGTON ELECTRIC COOPERATIVE INC, founded in 1944, is a mid-sized nonprofit that reported $56.9M in total revenue in fiscal year 2018. Expenses of $53.8M left a modest 5% surplus.

Mission

THE COOPERATIVE OPERATES AS AN ELECTRIC DISTRIBUTION COOPERATIVE.

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Trantor Score

Financial Health & Payment Capacity Assessment (FICO Scale: 300–850)

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

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Financial Overview (2024)

Revenue Breakdown

Contributions & Grants $0
Program Service Revenue $65,750,848
Investment Income $1,564,570
Other Revenue $3,910,323
TOTAL REVENUE $71,225,741

Expense Breakdown

Grants Paid $0
Salaries & Benefits $1,358,695
Fundraising Expenses $0
Other Expenses $63,599,392
TOTAL EXPENSES $65,563,167

Year-over-Year Comparison

2024 2023 Change
Revenue $71,225,741 $67,323,003 +0.1%
Expenses $65,563,167 $61,179,217 +0.1%
Net Income $5,662,574 $6,143,786 -0.1%
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

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Governance

Voting Members
6
Independent Members
6
Employees
94
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
5
$852,605
Total Directors
6
$157,124
Key Employees
1
$274,925
Highest Compensated
2
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
MARK G PARKER PRESIDENT & 60.00
Officer
$336,651 $119,198 $455,849
KIMBERLY M CARTER VP FINANCE 55.00
Officer
$202,313 $115,206 $317,519
BERT L CHAMPION VP OPERATION 50.00
$201,731 $75,872 $277,603
FRANCIS M CHIRICO DIRECTOR EN 40.00
Key Emp
$170,261 $104,664 $274,925
RANDALL HELMS OPERATIONS M 45.00
Highest
$143,006 $75,184 $218,190
ANTHONY WILLIS DIRECTOR TEL 60.00
Highest
$147,609 $41,935 $189,544
PATRICIA C JANASKY SECRETARY/TR 5.00
Officer Director
$28,212 $0 $28,212
JAMES F MARTIN JR TRUSTEE 4.00
Director
$26,863 $0 $26,863
WILLIE B SMITH JR CHAIRMAN 5.00
Officer Director
$26,862 $0 $26,862
CHARLES GRACE TRUSTEE 5.00
Director
$25,962 $0 $25,962
WILLIAM G KING JR ASSISTANT SE 6.20
Director
$25,062 $0 $25,062
C HEFLIN SMITH VICE CHAIRMA 2.00
Officer Director
$24,163 $0 $24,163
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 $71,225,741 $65,563,167 $243,525,069 $5,662,574
2023 $67,323,003 $61,179,217 $245,434,365 $6,143,786
2022 $63,715,088 $59,825,928 $215,289,876 $3,889,160
2021 $57,592,182 $54,275,475 $180,159,805 $3,316,707
2020 $56,187,543 $52,948,907 $177,899,412 $3,238,636
2019 $57,779,280 $54,352,198 $177,644,857 $3,427,082
2018 $56,928,436 $53,848,882 $156,545,617 $3,079,554
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