FIRST ELECTRIC COOPERATIVE CORPORATION (EIN 710056715) - Form 990 Financial Analysis & Trantor Score

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Tuckman-Chang Vulnerability Assessment

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

1937

Legal Domicile

Principal Officer

MARK SNOWDEN

Phone

5019824545

Tax Period

2023-01-01 to 2023-12-31

FIRST ELECTRIC COOPERATIVE CORPORATION, founded in 1937, is a major nonprofit that reported $202.3M in total revenue in fiscal year 2018.

Mission

TO PROVIDE QUALITY, RELIABLE AND AFFORDABLE ELECTRIC SERVICE TO MEMBERS OF THE 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%)

Financial Overview (2023)

Revenue Breakdown

Contributions & Grants $0

Program Service Revenue $211,777,684

Investment Income $4,950,476

Other Revenue $16,839,562

TOTAL REVENUE $233,567,722

Expense Breakdown

Grants Paid $29,360

Salaries & Benefits $27,118,944

Fundraising Expenses $0

Other Expenses $197,531,298

TOTAL EXPENSES $237,053,577

Year-over-Year Comparison

	2023	2022	Change
Revenue	$233,567,722	$273,232,530	-0.1%
Expenses	$237,053,577	$276,779,380	-0.1%
Net Income	$-3,485,855	$-3,546,850	0.0%

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

284

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

$2,167,124

Total Directors

$356,133

Key Employees

$929,484

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
THOMAS HASTY JR	DIRECTOR (JAN-JUNE)	1.70	Director	$34,191	$0	$34,191
BROCK BREWER	DIRECTOR (JUNE-DEC)	2.90	Director	$21,285	$0	$21,285
TRACY HUDSPETH	CHAIRMAN	7.70	Officer Director	$38,971	$0	$38,971
DAVID LUEBKE	DIRECTOR	6.90	Director	$42,571	$0	$42,571
RICK LOVE	DIRECTOR	10.40	Director	$43,771	$0	$43,771
ROBERT MAERTENS	DIRECTOR	9.20	Director	$19,774	$0	$19,774
KARISSA RUSHING	SECRETARY/TREASURER	9.40	Officer Director	$36,571	$0	$36,571
LARRY WOOD	DIRECTOR	5.70	Director	$42,257	$0	$42,257
TODD PROTHRO	VICE CHAIRMAN	7.50	Officer Director	$37,771	$0	$37,771
JOHN ROLAND	DIRECTOR	8.60	Director	$38,971	$0	$38,971
DON CRABBE	CEO (JAN-MAY)	45.00	Officer	$677,977	$7,972	$685,949
MARK SNOWDEN	CEO (JUNE-DEC)	45.00	Officer	$335,039	$60,531	$395,570
MELISSA WOOD	CFO	45.00	Officer	$243,142	$33,378	$276,520
ASHLEY GARRINGER	COO	45.00	Officer	$217,421	$78,107	$295,528
RANDY EVERETT	CIO	45.00	Officer	$227,221	$173,023	$400,244
JERRY DRISKILL	VP - OPERATIONS	45.00	Key Emp	$229,632	$103,773	$333,405
DANIEL RIEDEL	VP - ENGINEERING	45.00	Key Emp	$235,894	$119,233	$355,127
TONYA SEXTON	VP - MARKETING	45.00	Key Emp	$211,287	$29,665	$240,952
THEODORE DEWEESE JR	SERVICEMAN	69.00	Highest	$212,266	$61,581	$273,847
JAMES BRANSCUM	MEMBER SERVICE DIRECTOR	42.00	Highest	$159,561	$104,448	$264,009
DAVID JONES	FIELD ENGINEER SUPERVISOR	40.00	Highest	$159,480	$51,776	$211,256
LLOYD SCIFRES	SERVICEMAN	56.00	Highest	$167,195	$58,416	$225,611
JOHN HAWKINS	CREW CHIEF	54.00	Highest	$160,324	$40,099	$200,423

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	$233,567,722	$237,053,577	$748,223,131	$-3,485,855
2022	$273,232,530	$276,779,380	$665,270,338	$-3,546,850
2021	$234,356,715	$234,850,185	$572,577,962	$-493,470
2020	$188,001,291	$188,001,291	$519,016,940	No data
2019	$194,484,232	$194,484,232	$498,593,823	No data
2018	$202,342,608	$202,342,608	$494,344,521	No data

FIRST ELECTRIC COOPERATIVE CORPORATION