SOUTH PLAINS ELECTRIC COOPERATIVE INC (EIN 750569260) - 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

1943

Legal Domicile

Principal Officer

DALE ANCELL

Phone

8067757732

Tax Period

2023-01-01 to 2023-12-31

SOUTH PLAINS ELECTRIC COOPERATIVE INC, founded in 1943, is a major nonprofit that reported $191.2M in total revenue in fiscal year 2023. Revenue decreased 8% compared to the prior year.

Mission

TO PROVIDE ELECTRIC ENERGY TO MEMBERS AT COST ON A COOPERATIVE BASIS.

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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 $192,461,578

Investment Income $-1,693,988

Other Revenue $438,705

TOTAL REVENUE $191,206,295

Expense Breakdown

Grants Paid $233,463

Salaries & Benefits $16,449,373

Fundraising Expenses $0

Other Expenses $151,831,468

TOTAL EXPENSES $192,742,795

Year-over-Year Comparison

	2023	2022	Change
Revenue	$191,206,295	$208,235,314	-0.1%
Expenses	$192,742,795	$209,462,049	-0.1%
Net Income	$-1,536,500	$-1,226,735	+0.3%

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

203

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

$1,460,875

Total Directors

$365,354

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
LLOYD ARTHUR	DIRECTOR	12.20	Director	$33,500	$0	$33,500
DAVID GOSSETT	DIRECTOR	11.00	Director	$27,600	$0	$27,600
RD MCCALLISTER	DIRECTOR	10.60	Director	$27,000	$0	$27,000
JOE MCFERRIN	DIRECTOR	12.10	Director	$30,104	$0	$30,104
BENNY NIXON	DIRECTOR	11.40	Director	$28,600	$0	$28,600
BOBBY RICHEY	PRESIDENT	19.20	Officer Director	$29,400	$0	$29,400
DANNY STANTON	VICE PRESIDENT	16.50	Officer Director	$31,200	$0	$31,200
RYNN TRUETT	ASSISTANT SECRETARY/TREASU	13.30	Officer Director	$30,400	$0	$30,400
GLEN JONES	DIRECTOR (JAN-AUG)	12.80	Director	$18,350	$0	$18,350
SCOTT MARTIN	SECRETARY/TREASURER	14.60	Officer Director	$32,100	$0	$32,100
JAMIE MCNEILL	DIRECTOR (AUG-DEC)	14.90	Director	$12,200	$0	$12,200
LARRY BROWNING	DIRECTOR	11.50	Director	$30,800	$0	$30,800
BRENT WHITAKER	DIRECTOR	11.60	Director	$34,100	$0	$34,100
LARRY DALE ANCELL	EXECUTIVE VP/GENERAL MANAGER	41.00	Officer	$381,186	$89,437	$470,623
JOHN RANDAL BAILEY	ASSISTANT GENERAL MANAGER	42.00	Officer	$315,781	$254,752	$570,533
SHANE ADAMS	CHIEF FINANCIAL OFFICER	45.00	Officer	$224,212	$72,407	$296,619
STEVEN LATHAM	MANAGER OF INFORMATION TECHNOLOGY	40.00	Highest	$194,480	$59,893	$254,373
JOE SALINAS	OPERATIONS SUPERINTENDENT	40.00	Highest	$197,439	$45,663	$243,102
LYNN SIMMONS	DIRECTOR OF COMMUNICATIONS	40.00	Highest	$210,429	$55,979	$266,408
TAHNEE TRUITT	DIRECTOR OF HUMAN RESOURCES	40.00	Highest	$216,674	$49,838	$266,512
JON HENSON	LUBBOCK DIVISION MANAGER	40.00	Highest	$195,983	$63,466	$259,449

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	$191,206,295	$192,742,795	$528,128,446	$-1,536,500
2022	$208,235,314	$209,462,049	$486,202,083	$-1,226,735
2021	$159,722,811	$161,612,173	$469,943,205	$-1,889,362
2020	$149,006,332	$149,125,880	$427,369,484	$-119,548
2019	$150,898,523	$151,423,757	$405,294,131	$-525,234
2018	$156,780,979	$156,350,710	$373,423,724	$430,269

SOUTH PLAINS ELECTRIC COOPERATIVE INC