Farmers Electric Cooperative Corporation

Learn about this cause: Is it Legit? Do I like the mission? What is the CEO's salary?

EIN: 710054405 ✦ Newport, AR ✦ Designated as a 501(c)(12)

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Overview

What is Farmers Electric Cooperative Corporation?

Farmers Electric Cooperative Corporation is a nonprofit organization based in Newport, Arkansas. With approximately 5,000 members, they provide affordable electric energy to the community, ensuring a balance between economic viability and effective management. A notable investment of $3,750 was made toward a Fiber Ethernet 10G circuit for one customer. Their mission is to make electric energy accessible to their members at the most affordable price.

Is Farmers Electric Cooperative Corporation legitimate?

Farmers Electric Cooperative Corporation is a legitimate nonprofit organization registered as a 501(c)(12) entity. Farmers Electric Cooperative Corporation submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.


Heare are some key statistics you may want to consider:

Executive Compensation: $132,279
Professional Fundraising Fees: $0
Other Salaries and Wages: $0

For more financial information, click here

What is the mission statement of Farmers Electric Cooperative Corporation?

Farmers Electric Cooperative Corporation is dedicated to providing affordable electric energy to its members. This commitment is balanced with sound economic principles and good management practices. The corporation's mission is to make electric energy accessible at the most reasonable cost for its collective membership. The sale of low-cost electricity serves approximately 5,000 individuals. In addition to this core objective, the corporation has invested in advanced technology by purchasing a Fiber Ethernet 10G circuit for one client.

Who is the CEO of Farmers Electric Cooperative Corporation?

Brian Lindsey is the General Manager of Farmers Electric Cooperative Corporation.

What is the revenue of Farmers Electric Cooperative Corporation?

Farmers Electric Cooperative Corporation's revenue in 2022 was $12,597,163.

Who are the executives of Farmers Electric Cooperative Corporation and what are their salaries?

The average compensation at Farmers Electric Cooperative Corporation during 2022 was $5,291. There are 25 employees at Farmers Electric Cooperative Corporation.


Here are 8 key members and their salaries:


Larry Bright (General Manager)
  • Compensation: $153,500
  • Related: $0
  • Other: $0
Kenny Falwell (Director)
  • Compensation: $19,647
  • Related: $0
  • Other: $0
Scott Foushee (Director)
  • Compensation: $3,518
  • Related: $0
  • Other: $0
Michael Honey (Director)
  • Compensation: $21,402
  • Related: $0
  • Other: $0
Darrell Houston (Director)
  • Compensation: $21,449
  • Related: $0
  • Other: $0
Buddy Hulett (Director)
  • Compensation: $3,364
  • Related: $0
  • Other: $0
Scott Mears (Director)
  • Compensation: $26,466
  • Related: $0
  • Other: $0
Candace Shirley (Director)
  • Compensation: $28,271
  • Related: $0
  • Other: $0
Where can I find the form 990 for Farmers Electric Cooperative Corporation?

Farmers Electric Cooperative Corporation's most recent form 990 was submitted in 2022 and can be accessed here.

Mission Statement of Farmers Electric Cooperative Corporation

Farmers Electric Cooperative Corporation, a nonprofit organization, is committed to making electric energy accessible to its members at the most affordable price, consistent with sound economic practices and effective management. In pursuit of this mission, the cooperative aims to provide its approximately 5,000 members with dependable and economical electricity. In doing so, Farmers Electric Cooperative Corporation prioritizes both the well-being of its customer base and the long-term sustainability of its operations.

To achieve this objective, the corporation invests in crucial infrastructure, such as the recent purchase of a Fiber Ethernet 10G circuit for one of its clients, totaling $3,750. This investment underlines the cooperative's dedication to delivering high-quality services and ensuring its members have access to modern technological solutions. By prioritizing both affordability and innovation, Farmers Electric Cooperative Corporation continues to strengthen its position as a trusted energy provider for its members.

In striving to make electric energy available at the lowest cost, Farmers Electric Cooperative Corporation also upholds the principles of sound economy and good management. This approach not only benefits its members but also ensures the organization remains financially responsible and efficient in its operations. As a result, the cooperative is able to provide reliable electricity services while maintaining a strong financial foundation.

In summary, Farmers Electric Cooperative Corporation is a mission-driven organization dedicated to providing its members with affordable electric energy, while adhering to sound economic principles and effective management practices. Through its commitment to affordability, investment in essential infrastructure, and focus on financial responsibility, the cooperative continues to make a positive impact on the lives of its members.

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Impact




October, 2024

Farmers Electric Cooperative Corporation significantly enhances the lives of its members by providing affordable electric energy while maintaining sound economic practices and effective management. Serving approximately 5,000 members, the cooperative prioritizes cost efficiency, ensuring that electricity remains accessible and affordable for the community. Additionally, it supports technological advancements, exemplified by its provision of a Fiber Ethernet 10G circuit to a customer for $3,750, further contributing to local connectivity and infrastructure development. Through these efforts, Farmers Electric Cooperative plays a vital role in fostering community growth and stability in Newport, Arkansas.




This information is meant to be a general summary of Farmers Electric Cooperative Corporation. Please take the time to review official sources before making any decisions based upon the content provided here.


Financials

This financial information is from Propublica.

Revenue
$12,597,163 (2022)
Expenses
$11,982,556 (2022)
Efficiency

Other financial information:

This information is from the most recently submitted tax form from this organization, which was in 2022.

  • Investment Income: $35,320
  • Program Service Revenue: $11,999,632
  • Gross Receipts: $12,597,163

Assets and Liabilities:

  • Total Assets: $43,340,153
  • Total Liabilities: $23,377,437
  • Net Assets: $19,962,716

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Programs

Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.

Operating Revenue

Revenue

$11,999,632

Organization Details

Founding Year

1937

Principal Officer

Brian Lindsey

Main Address

300 Highway 367 N, Newport, AR, 72112

NTEE Category

Code: W80 - Public benefit

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