GOLDEN SPREAD ELECTRIC COOPERATIVE INC (EIN 751941060) - 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

1984

Legal Domicile

Principal Officer

KARI HOLLANDSWORTH

Phone

8063797766

Tax Period

2022-01-01 to 2022-12-31

GOLDEN SPREAD ELECTRIC COOPERATIVE INC, founded in 1984, is a major nonprofit that reported $772.3M in total revenue in fiscal year 2022. Revenue grew 10% year-over-year, indicating healthy expansion.

Mission

THE ORGANIZATION IS A CONSUMER-OWNED WHOLESALE ELECTRIC POWER SUPPLIER COOPERATIVE.

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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 (2022)

Revenue Breakdown

Contributions & Grants $0

Program Service Revenue $767,542,523

Investment Income $4,970,033

Other Revenue $-174,281

TOTAL REVENUE $772,338,275

Expense Breakdown

Grants Paid $253,778

Salaries & Benefits $23,893,879

Fundraising Expenses $0

Other Expenses $714,944,377

TOTAL EXPENSES $760,503,573

Year-over-Year Comparison

	2022	2021	Change
Revenue	$772,338,275	$703,244,105	+0.1%
Expenses	$760,503,573	$720,095,326	+0.1%
Net Income	$11,834,702	$-16,851,221	-1.7%

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

103

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

$2,824,358

Total Directors

$1,224,920

Key Employees

$995,007

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
ALBERT DANIEL	DIRECTOR	4.20	Director	$45,824	$0	$45,824
BEN FRANKLIN	DIRECTOR	3.70	Director	$39,193	$0	$39,193
BENNY DEAN NIXON	DIRECTOR	2.20	Director	$31,327	$0	$31,327
RICHARD BLAKE MOORE	DIRECTOR	6.30	Director	$33,486	$0	$33,486
BOBBY FUCHS	DIRECTOR	5.60	Director	$32,794	$0	$32,794
BRENT WHEELER	DIRECTOR	8.90	Director	$44,251	$0	$44,251
CECIL DAVIS	DIRECTOR	3.70	Director	$31,825	$0	$31,825
DALE ANCELL	DIRECTOR	8.50	Director	$57,283	$0	$57,283
DANNY HELMS	DIRECTOR	5.20	Director	$38,954	$10,250	$49,204
DAVID MARRICLE	DIRECTOR	5.20	Director	$38,718	$0	$38,718
DAVID SELL	DIRECTOR	7.50	Director	$53,093	$0	$53,093
DWAIN STRANGE	DIRECTOR	2.30	Director	$26,751	$0	$26,751
DAVID TIPTON	DIRECTOR	5.70	Director	$36,140	$7,800	$43,940
GREG HENLEY	VICE CHAIRMAN	7.00	Officer Director	$30,675	$0	$30,675
JAMES BATTON	DIRECTOR (JAN-MAY)	7.50	Director	$10,570	$0	$10,570
JEFF COPELAND	DIRECTOR	4.80	Director	$32,354	$0	$32,354
ANDREW KEITH HICKS	DIRECTOR	4.30	Director	$38,968	$0	$38,968
KELLY LANKFORD	CHAIRMAN	6.90	Officer Director	$44,114	$0	$44,114
KEVIN HUMPHREYS	DIRECTOR	3.70	Director	$26,475	$0	$26,475
MARK APPLING	DIRECTOR	3.80	Director	$41,905	$0	$41,905
DAVID MCCLAIN	SECRETARY/TREASURER	9.30	Officer Director	$40,572	$0	$40,572
MICHAEL SOUDER	DIRECTOR (JUNE-DEC)	1.90	Director	$21,442	$0	$21,442
PAT JACKSON	DIRECTOR	6.30	Director	$33,434	$0	$33,434
RANDY MAHANNAH	DIRECTOR	4.90	Director	$31,972	$0	$31,972
RANDY WHITE	DIRECTOR (JUNE-DEC)	5.00	Director	$40,446	$0	$40,446
RYAN BARTLETT	DIRECTOR	7.90	Director	$39,774	$0	$39,774
SHAD MCDANIEL	DIRECTOR	8.50	Director	$44,504	$9,900	$54,404
SHAWN MARTINEZ	DIRECTOR	13.80	Director	$39,132	$0	$39,132
SYNDA SMITH	DIRECTOR	5.50	Director	$35,465	$0	$35,465
TIMOTHY J BURKHALTER	DIRECTOR	6.50	Director	$34,289	$0	$34,289
VICK CHRISTIAN	DIRECTOR	4.60	Director	$32,348	$0	$32,348
WILLIAM WHITTEN	DIRECTOR	3.90	Director	$32,798	$0	$32,798
ZAC PERKINS	DIRECTOR	6.40	Director	$36,094	$0	$36,094
KARI HOLLANDSWORTH	PRESIDENT & CEO	45.00	Officer	$840,114	$557,319	$1,397,433
JAMES GUY	GENERAL COUNSEL	46.00	Officer	$370,639	$139,449	$510,088
ROBERT M LOWE	CFO & ASSISTANT TREASURER	37.00	Officer	$359,984	$141,906	$501,890
WILLIAM HARRELSON	GENERAL COUNSEL	48.00	Officer	$195,541	$104,045	$299,586
JOHN EICHELMANN	VP - MEMBER SVCS & POWER DELIVERY	45.00	Key Emp	$363,648	$132,118	$495,766
MATTHEW MOORE	VP - COMMERICAL & ASSETS OPS	45.00	Key Emp	$333,261	$165,980	$499,241
MICHAEL WISE	SENIOR VP - REG/MKT STRATEGY	50.00	Highest	$370,609	$177,046	$547,655
STEPHEN CROSS	DIR - POWER SUPPLY	40.00	Highest	$330,095	$146,815	$476,910
NATASHA HENDERSON	DIR - COMPLIANCE MKT/REG AFFAIRS	46.00	Highest	$284,844	$111,202	$396,046
ROBERT MCMINN	DIR - POWER DELIVERY	42.00	Highest	$245,860	$151,434	$397,294
CLIFTON USLETON	EXECUTIVE IT DIRECTOR	45.00	Highest	$237,468	$91,147	$328,615

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
2022	$772,338,275	$760,503,573	$1,273,810,870	$11,834,702
2021	$703,244,105	$720,095,326	$1,251,228,427	$-16,851,221
2020	$445,564,974	$447,291,036	$1,169,444,657	$-1,726,062
2018	$342,796,786	$299,662,664	$1,105,215,137	$43,134,122

GOLDEN SPREAD ELECTRIC COOPERATIVE INC