Overview
What is South Plains Electric Cooperative Inc?
South Plains Electric Cooperative Inc is a cooperative that supplies electric energy to its 66,578 active members at cost. Based on the given information, their primary objective is to function as the preferred electric utility provider within their service area by delivering value-based services to their membership. The cooperative achieves this by allocating patronage capital, which allows them to sell electricity to their members. Through this cooperative approach, they aim to maintain a strong connection with their members and meet their energy needs effectively.
Official website here: www.spec.coop
Is South Plains Electric Cooperative Inc legitimate?
South Plains Electric Cooperative Inc is a legitimate nonprofit organization registered as a 501(c)(12) entity. South Plains Electric Cooperative Inc 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: $1,645,163
Professional Fundraising Fees: $0
Other Salaries and Wages: $9,063,951
For more financial information, click here
Official website here: www.spec.coop
What is the mission statement of South Plains Electric Cooperative Inc?
South Plains Electric Cooperative is dedicated to delivering electric energy to its members at a cost-effective price, functioning under a cooperative business model. Its mission is to be the preferred electric utility provider by catering to the desired services of its membership. The cooperative allocates patronage capital to sell electricity to approximately 66,000 active services at the end of the year. By focusing on providing value-based services to its members, South Plains Electric Cooperative strives to maintain a strong and reliable energy supply within its community.
Official website here: www.spec.coop
Who is the CEO of South Plains Electric Cooperative Inc?
Dale Ancell is the Director of South Plains Electric Cooperative Inc.
Official website here: www.spec.coop
What is the revenue of South Plains Electric Cooperative Inc?
South Plains Electric Cooperative Inc's revenue in 2022 was $208,235,314.
Official website here: www.spec.coop
Who are the executives of South Plains Electric Cooperative Inc and what are their salaries?
The average compensation at South Plains Electric Cooperative Inc during 2022 was $50,996. There are 210 employees at South Plains Electric Cooperative Inc.
Here are 20 key members and their salaries:
- Compensation: $34,605
- Related: $0
- Other: $0
- Compensation: $29,902
- Related: $0
- Other: $0
- Compensation: $30,260
- Related: $0
- Other: $0
- Compensation: $26,418
- Related: $0
- Other: $0
- Compensation: $27,758
- Related: $0
- Other: $0
- Compensation: $30,194
- Related: $0
- Other: $0
- Compensation: $32,666
- Related: $0
- Other: $0
- Compensation: $28,122
- Related: $0
- Other: $0
- Compensation: $37,168
- Related: $0
- Other: $0
- Compensation: $28,405
- Related: $0
- Other: $0
- Compensation: $29,470
- Related: $0
- Other: $0
- Compensation: $33,358
- Related: $0
- Other: $0
- Compensation: $341,446
- Related: $0
- Other: $93,508
- Compensation: $296,237
- Related: $0
- Other: $261,267
- Compensation: $201,111
- Related: $0
- Other: $83,268
- Compensation: $180,769
- Related: $0
- Other: $68,374
- Compensation: $183,581
- Related: $0
- Other: $51,873
- Compensation: $194,687
- Related: $0
- Other: $62,132
- Compensation: $202,157
- Related: $0
- Other: $58,555
- Compensation: $182,142
- Related: $0
- Other: $65,321
Official website here: www.spec.coop
Where can I find the form 990 for South Plains Electric Cooperative Inc?
South Plains Electric Cooperative Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.spec.coop
Learn more at the official website: www.spec.coop
Mission Statement of South Plains Electric Cooperative Inc
South Plains Electric Cooperative, a leading electric utility provider, is dedicated to delivering cost-effective electric energy to its members on a cooperative basis. This mission-driven cooperative prioritizes being the preferred choice for its membership by offering value-added services that cater to the needs and expectations of its customers.
Through the cooperative business model, South Plains Electric Cooperative allocates patronage capital and sells electric energy to its 66,578 active services. By focusing on affordability and value, the cooperative strives to provide reliable and essential electric energy to its members, fostering strong community connections and ensuring the long-term success and satisfaction of its customer base.
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Impact
October, 2024
South Plains Electric Cooperative Inc plays a pivotal role in delivering electric energy to its 66,578 active members in the Lubbock, TX area. By operating on a cooperative basis, it ensures that energy is provided at cost, prioritizing affordability and value for its members. The organization’s mission emphasizes not just the supply of electricity but also a commitment to being the preferred utility provider by offering services that meet the community's needs.
The cooperative accomplishes this through the allocation of patronage capital, which reflects its dedication to returning value to its members. This approach fosters a sense of community and collaboration, allowing members to benefit directly from the cooperative's operations. The focus on providing appropriate, value-based services enhances the quality of life for many residents, making a significant impact in the region.
Furthermore, South Plains Electric Cooperative’s efforts contribute to the sustainability of the local economy by supporting energy needs essential for residential, agricultural, and commercial activities. Overall, its impact extends beyond just electricity provision, reinforcing a commitment to serving the community's best interests and enhancing the overall well-being of its members.
This information is meant to be a general summary of South Plains Electric Cooperative Inc. 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.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2022.
- Investment Income: -$1,517,952
- Program Service Revenue: $209,185,784
- Gross Receipts: $210,617,727
Assets and Liabilities:
- Total Assets: $486,202,083
- Total Liabilities: $277,664,945
- Net Assets: $208,537,138
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
SALES OF ELECTRICITY
Revenue
$204,304,036
PATRONAGE DIVIDENDS
Revenue
$4,881,748
Organization Details
Founding Year
1943
Phone
(806) 775-7732Principal Officer
Dale Ancell
Main Address
PO BOX 1830, LUBBOCK, TX, 79408
Website
www.spec.coopNTEE Category
Code: W80 - Public benefit
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