RICH MOUNTAIN ELECTRIC COOPERATIVE INC (EIN 710207627) - 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

1945

Legal Domicile

Principal Officer

BRAD CASTOR

Phone

4793944140

Tax Period

2023-01-01 to 2023-12-31

Rich Mountain Electric Cooperative Inc, founded in 1945, is a mid-sized nonprofit that reported $17.3M in total revenue in fiscal year 2018. Revenue grew 10% year-over-year, indicating healthy expansion. Expenses of $15.7M left a modest 9% surplus.

Mission

RICH MOUNTAIN ELECTRIC COOPERATIVE INC. IS A MEMBER OWNED ELECTRIC DISTRIBUTION COOPERATIVE ESTABLISHED TO PROVIDE ELECTRIC SERVICE TO ITS MEMBERS AT THE LOWEST POSSIBLE COST. THIS INCLUDES ASSISTING ITS MEMBERS IN FINDING WAYS TO IMPROVE ENERGY EFFICIENCY AT THEIR HOME OR BUSINESS.

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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 $20,422,336

Investment Income $987,615

Other Revenue $501,979

TOTAL REVENUE $21,911,930

Expense Breakdown

Grants Paid $0

Salaries & Benefits $1,719,438

Fundraising Expenses $0

Program Expenses $18,944,672

Other Expenses $16,925,234

TOTAL EXPENSES $18,944,672

Year-over-Year Comparison

	2023	2022	Change
Revenue	$21,911,930	$23,041,846	0.0%
Expenses	$18,944,672	$22,263,972	-0.1%
Net Income	$2,967,258	$777,874	+2.8%

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

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

$620,610

Total Directors

$361,137

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
BUDDY NEWBOLT	CHAIRMAN	14.00	Officer Director	$31,384	$0	$31,384
MARK ROBBINS	TREASURER	14.00	Officer Director	$50,446	$0	$50,446
DANNY HANSBROUGH	DIRECTOR	14.00	Director	$34,296	$0	$34,296
LARRY DUNAWAY	VICE CHAIRMAN	14.00	Officer Director	$37,210	$0	$37,210
HERSHEL BELL	DIRECTOR	14.00	Director	$40,523	$0	$40,523
KYLE CANNON	DIRECTOR	14.00	Director	$45,484	$0	$45,484
BETTY SMITH	DIRECTOR	14.00	Director	$30,274	$0	$30,274
GARY BEARDEN	DIRECTOR	14.00	Director	$48,792	$0	$48,792
TOMMY MILLER	DIRECTOR	14.00	Director	$42,728	$0	$42,728
CHRIS PARKER	CFO/OFFICE MGR	40.00	Officer	$137,365	$59,657	$197,022
BRAD CASTOR	CEO	40.00	Officer	$217,887	$86,661	$304,548
BRIAN DIXON	EMPLOYEE	40.00	Highest	$134,234	$64,189	$198,423
JASON HARRIS	EMPLOYEE	40.00	Highest	$134,828	$57,435	$192,263
ROBERT TODD	EMPLOYEE	40.00	Highest	$124,071	$54,306	$178,377
JASON ONEAL	EMPLOYEE	40.00	Highest	$136,160	$55,021	$191,181
CORY THOMPSON	EMPLOYEE	40.00	Highest	$129,988	$54,230	$184,218

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	$21,911,930	$18,944,672	$90,461,275	$2,967,258
2022	$23,041,846	$22,263,972	$85,801,717	$777,874
2021	$20,751,481	$20,073,580	$79,572,118	$677,901
2020	$17,249,861	$16,076,180	$77,447,823	$1,173,681
2019	$17,300,960	$16,403,114	$73,856,381	$897,846
2018	$17,308,822	$15,713,874	$70,254,335	$1,594,948

RICH MOUNTAIN ELECTRIC COOPERATIVE INC