GREENBELT ELECTRIC COOPERATIVE INC

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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

1938

Legal Domicile

Principal Officer

RANDY WHITE

Phone

8064472536

Tax Period

2023-01-01 to 2023-12-31

GREENBELT ELECTRIC COOPERATIVE INC, founded in 1938, is a mid-sized nonprofit that reported $25.9M in total revenue in fiscal year 2023. Revenue decreased 7% compared to the prior year.

Mission

THE COOPERATIVE'S RESPONSIBILITY AND AIM IS TO PROVIDE EXCELLENT AND INNOVATIVE CUSTOMER SERVICE AS REFLECTED IN TOP QUALITY ELECTRIC SERVICE RELIABILITY, AFFORDABLE RATES, EMPLOYEE TEAMWORK AND THE HIGHEST DEGREE OF INTEGRITY IN ALL COOPERATIVE ENDEAVORS.

Program Service Accomplishments

Program 1

PROVIDING ELECTRIC POWER TO OUR MEMBERS ON A COOPERATIVE BASIS THROUGH THE ALLOCATION OF PATRONAGE CAPITAL. THERE WERE 5,671 SERVICES AT YEAR END.

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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 $25,088,569

Investment Income $733,669

Other Revenue $50,563

TOTAL REVENUE $25,872,801

Expense Breakdown

Grants Paid $29,391

Salaries & Benefits $3,365,385

Fundraising Expenses $0

Other Expenses $18,088,405

TOTAL EXPENSES $25,846,706

Year-over-Year Comparison

	2023	2022	Change
Revenue	$25,872,801	$27,737,736	-0.1%
Expenses	$25,846,706	$27,749,657	-0.1%
Net Income	$26,095	$-11,921	-3.2%

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

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

$574,376

Total Directors

$211,520

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
MICHAEL SOUDER	PRESIDENT	5.00	Officer Director	$36,195	$0	$36,195
STAN SHELTON	VICE PRESIDENT	2.00	Officer Director	$33,745	$0	$33,745
STEVE MATHEWS	SECRETARY/TREASURER	2.00	Officer Director	$33,745	$0	$33,745
JIMMIE TAYLOR	DIRECTOR	2.00	Director	$37,237	$0	$37,237
BILLY CONNER	DIRECTOR	1.00	Director	$33,737	$0	$33,737
STEPHEN MARTIN	DIRECTOR	2.50	Director	$2,916	$0	$2,916
BRETT BUCKINGHAM	DIRECTOR	2.00	Director	$33,945	$0	$33,945
RANDY WHITE	GENERAL MANAGER/CEO	55.00	Officer	$193,892	$133,013	$326,905
CARLY WARD	CHIEF FINANCIAL OFFICER	40.00	Officer	$120,876	$22,910	$143,786
RICKY BOND	OPERATIONS MANAGER	40.00	Highest	$139,980	$61,736	$201,716
MARK LEMONS	ENGINEER	40.00	Highest	$128,299	$35,477	$163,776
DAVE JOHNSON	AREA SERVICEMAN	48.00	Highest	$118,760	$35,413	$154,173
KEVIN MCANEAR	AREA SERVICEMAN	46.00	Highest	$113,557	$32,074	$145,631
JONATHAN KILLIAN	AREA SERVICEMAN	45.00	Highest	$110,787	$36,080	$146,867

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	$25,872,801	$25,846,706	$68,042,483	$26,095
2022	$27,737,736	$27,749,657	$63,303,175	$-11,921
2021	$23,569,133	$23,546,571	$62,079,454	$22,562
2020	$23,613,102	$23,607,232	$60,359,053	$5,870
2019	$22,810,312	$22,874,409	$56,679,433	$-64,097
2018	$23,720,842	$23,861,633	$52,954,132	$-140,791