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← FIRST ELECTRIC COOPERATIVE CORPORATION

Form 990 for tax year 2024

Filed by FIRST ELECTRIC COOPERATIVE CORPORATION.

Totals

Total revenue
$270,275,280
Total expenses
$273,516,735
Contributions and grants received
$0
Grants paid
$21,370
Program service revenue
$239,683,782
Investment income
$3,378,011
Other revenue
$27,213,487
Total assets, end of year
$842,440,929
Total liabilities, end of year
$522,142,357
Net assets or fund balances, end of year
$320,298,572
Program services expenses (Part IX)
not reported
Management and general expenses
not reported
Fundraising expenses
not reported
Program service expenses (Part III)
not reported

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 2a · Program service revenue: SALES OF ELECTRICITY

    total $225,383,772 · related or exempt $225,383,772

  • 2b · Program service revenue: PATRONAGE DIVIDENDS

    total $12,505,146 · related or exempt $12,505,146

  • 2c · Program service revenue: SERVICE FEES

    total $1,720,756 · related or exempt $1,720,756

  • 2d · Program service revenue: OTHER PROGRAM REVENUE

    total $74,048 · related or exempt $74,048

  • 2e · Program service revenue: SURGE PROTECTOR REVENUE

    total $60 · related or exempt $60

  • 3 · Investment income

    total $3,356,730 · excluded $3,356,730

  • 5 · Royalties

    total $1,133 · excluded $1,133

  • 6a · Gross rents

    personal property $711

  • 6b · Less rental expenses

    personal property $0

  • 6c · Rental income or loss

    personal property $711

  • 6d · Net rental income or loss

    total $711 · unrelated business $711

  • 7a · Gross sales of assets other than inventory

    other assets $499,450

  • 7b · Less cost or other basis and sales expenses

    other assets $478,169

  • 7c · Gain or loss

    other assets $21,281

  • 7d · Net gain or loss

    total $21,281 · related or exempt $21,281

  • 10a · Gross sales of inventory

    $90,773

  • 10b · Cost of goods sold

    $65,078

  • 10c · Net income from sales of inventory

    total $25,695 · related or exempt $25,695

  • 11a · Other revenue: INTERNET SERVICES

    total $26,222,487 · unrelated business $26,222,487

  • 11b · Other revenue: POLE ATTACHMENT INCOME

    total $1,443,794 · excluded $1,443,794

  • 11c · Other revenue: BROADBAND P'SHIP LOSS

    total -$480,333 · unrelated business -$480,333

  • 11e · Other revenue, total

    $27,185,948

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $21,370

  • 4 · Benefits paid to or for members

    total $13,759,026

  • 5 · Compensation of officers, directors and key employees

    total $3,050,585

  • 7 · Other salaries and wages

    total $18,149,567

  • 8 · Pension plan contributions

    total $3,679,339

  • 9 · Other employee benefits

    total $3,549,446

  • 10 · Payroll taxes

    total $1,603,666

  • 20 · Interest

    total $21,491,338

  • 22 · Depreciation, depletion and amortization

    total $25,166,876

  • 24a · Other expenses: PURCHASED POWER

    total $133,216,103

  • 24b · Other expenses: DISTRIBUTION EXPENSE

    total $24,448,728

  • 24c · Other expenses: CONSUMER EXPENSE

    total $16,885,029

  • 24d · Other expenses: ADMIN & GENERAL EXPENSE

    total $9,587,110

  • 24e · All other expenses

    total -$1,091,448

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $10,956,421 · end of year $14,610,515

  • 2 · Savings and temporary cash investments

    beginning of year $699,584 · end of year $1,265,019

  • 4 · Accounts receivable

    beginning of year $17,715,627 · end of year $24,386,372

  • 8 · Inventories for sale or use

    beginning of year $1,417,137 · end of year $2,052,954

  • 9 · Prepaid expenses and deferred charges

    beginning of year $13,114,045 · end of year $15,830,851

  • 10a · Land, buildings and equipment: cost or other basis

    $926,418,038

  • 10b · Land, buildings and equipment: accumulated depreciation

    $244,327,965

  • 10c · Land, buildings and equipment, net

    beginning of year $607,681,930 · end of year $682,090,073

  • 13 · Investments: program-related

    beginning of year $85,035,928 · end of year $92,088,923

  • 14 · Intangible assets

    beginning of year $139,764 · end of year $139,764

  • 15 · Other assets

    beginning of year $11,462,695 · end of year $9,976,458

  • 17 · Accounts payable and accrued expenses

    beginning of year $27,330,928 · end of year $30,683,271

  • 23 · Secured mortgages and notes payable

    beginning of year $371,058,499 · end of year $455,936,835

  • 25 · Other liabilities

    beginning of year $35,573,723 · end of year $35,522,251

  • 29 · Capital stock, trust principal or current funds

    beginning of year $819,745 · end of year $832,175

  • 30 · Paid-in or capital surplus, or land, building or equipment fund

    beginning of year $0 · end of year $0

  • 31 · Retained earnings, endowment or other funds

    beginning of year $313,440,236 · end of year $319,466,397

Mission and programs · 2024

Mission

FIRST ELECTRIC, IMPROVING QUALITY OF LIFE.

Activities or mission (Part I)

TO PROVIDE QUALITY, RELIABLE AND AFFORDABLE ELECTRIC SERVICE TO MEMBERS OF THE COOPERATIVE.

  • PROVIDING ELECTRIC ENERGY TO OUR MEMBERS ON A COOPERATIVE BASIS THROUGH THE ALLOCATION OF PATRONAGE CAPITAL. THERE WERE 104,296 ACTIVE SERVICES AT YEAR END.

As filed on the 2024 return.

Listed in Part VII

  • Brock Brewer

    DIRECTOR

    Total calculated
    $42,544
    From this org
    $42,544
    From related orgs
    $0
    Other
    $0
    Hours/week
    7.2 + 1 related

  • Tracy Hudspeth

    CHAIRMAN

    Total calculated
    $40,144
    From this org
    $40,144
    From related orgs
    $0
    Other
    $0
    Hours/week
    7.3 + 1 related

  • David Luebke

    DIRECTOR

    Total calculated
    $42,544
    From this org
    $42,544
    From related orgs
    $0
    Other
    $0
    Hours/week
    6 + 1 related

  • Rick Love

    DIRECTOR

    Total calculated
    $42,544
    From this org
    $42,544
    From related orgs
    $0
    Other
    $0
    Hours/week
    9.7 + 1 related

  • Robert Maertens

    DIRECTOR

    Total calculated
    $19,261
    From this org
    $19,261
    From related orgs
    $0
    Other
    $0
    Hours/week
    5.9 + 1 related

  • Karissa Rushing

    SECRETARY/TREASURER

    Total calculated
    $36,544
    From this org
    $36,544
    From related orgs
    $0
    Other
    $0
    Hours/week
    8.1 + 1 related

  • Larry Wood

    DIRECTOR

    Total calculated
    $42,245
    From this org
    $42,245
    From related orgs
    $0
    Other
    $0
    Hours/week
    6.4 + 1 related

  • Todd Prothro

    VICE CHAIRMAN

    Total calculated
    $37,744
    From this org
    $37,744
    From related orgs
    $0
    Other
    $0
    Hours/week
    9.5 + 1 related

  • John Roland

    DIRECTOR

    Total calculated
    $38,944
    From this org
    $38,944
    From related orgs
    $0
    Other
    $0
    Hours/week
    5.9 + 1 related

  • Mark Snowden

    CEO

    Total calculated
    $620,895
    From this org
    $534,001
    From related orgs
    $0
    Other
    $86,894
    Hours/week
    45 + 1 related

    Schedule J breakdown matched by us

    Base
    $462,015
    Bonus
    $0
    Other
    $71,986
    Deferred
    $57,808
    Nontaxable benefits
    $29,086
    Filer's total
    $620,895

  • Ashley Garringer

    COO

    Total calculated
    $323,923
    From this org
    $258,473
    From related orgs
    $0
    Other
    $65,450
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $247,499
    Bonus
    $877
    Other
    $10,097
    Deferred
    $48,538
    Nontaxable benefits
    $16,912
    Filer's total
    $323,923

  • Melissa Felty

    CFO

    Total calculated
    $330,120
    From this org
    $268,789
    From related orgs
    $0
    Other
    $61,331
    Hours/week
    45 + 1 related

    Schedule J breakdown matched by us

    Base
    $246,523
    Bonus
    $773
    Other
    $21,493
    Deferred
    $51,927
    Nontaxable benefits
    $9,404
    Filer's total
    $330,120

  • Randy Everett

    CBO

    Total calculated
    $423,899
    From this org
    $257,201
    From related orgs
    $0
    Other
    $166,698
    Hours/week
    45 + 1 related

    Schedule J breakdown matched by us

    Base
    $238,335
    Bonus
    $947
    Other
    $17,919
    Deferred
    $145,406
    Nontaxable benefits
    $21,292
    Filer's total
    $423,899

  • Jerry Driskill

    VP - OPERATIONS

    Total calculated
    $352,009
    From this org
    $243,645
    From related orgs
    $0
    Other
    $108,364
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $222,827
    Bonus
    $1,097
    Other
    $19,721
    Deferred
    $79,663
    Nontaxable benefits
    $28,701
    Filer's total
    $352,009

  • Daniel Riedel

    VP - ENGINEERING

    Total calculated
    $371,912
    From this org
    $253,654
    From related orgs
    $0
    Other
    $118,258
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $236,452
    Bonus
    $947
    Other
    $16,255
    Deferred
    $109,490
    Nontaxable benefits
    $8,768
    Filer's total
    $371,912

  • Tonya Sexton

    VP - MARKETING

    Total calculated
    $285,313
    From this org
    $233,875
    From related orgs
    $0
    Other
    $51,438
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $219,361
    Bonus
    $773
    Other
    $13,741
    Deferred
    $41,425
    Nontaxable benefits
    $10,013
    Filer's total
    $285,313

  • Theodore Deweese

    SERVICEMAN

    Total calculated
    $271,820
    From this org
    $198,795
    From related orgs
    $0
    Other
    $73,025
    Hours/week
    64

    Schedule J breakdown matched by us

    Base
    $187,189
    Bonus
    $2,421
    Other
    $9,185
    Deferred
    $42,529
    Nontaxable benefits
    $30,496
    Filer's total
    $271,820

  • David Jones

    FIELD ENGINEER SUPERVISOR

    Total calculated
    $222,957
    From this org
    $168,868
    From related orgs
    $0
    Other
    $54,089
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $154,500
    Bonus
    $752
    Other
    $13,616
    Deferred
    $45,402
    Nontaxable benefits
    $8,687
    Filer's total
    $222,957

  • John Hawkins

    CREW CHIEF

    Total calculated
    $207,475
    From this org
    $162,486
    From related orgs
    $0
    Other
    $44,989
    Hours/week
    53

    Schedule J breakdown matched by us

    Base
    $154,010
    Bonus
    $2,957
    Other
    $5,519
    Deferred
    $26,985
    Nontaxable benefits
    $18,004
    Filer's total
    $207,475

  • Lloyd Scifres

    FIELD SERVICES COORDINATOR

    Total calculated
    $228,245
    From this org
    $161,568
    From related orgs
    $0
    Other
    $66,677
    Hours/week
    53

    Schedule J breakdown matched by us

    Base
    $150,830
    Bonus
    $2,130
    Other
    $8,608
    Deferred
    $39,672
    Nontaxable benefits
    $27,005
    Filer's total
    $228,245

  • Nicholas Pflasterer

    SERVICEMAN

    Total calculated
    $190,217
    From this org
    $159,934
    From related orgs
    $0
    Other
    $30,283
    Hours/week
    57

    Schedule J breakdown matched by us

    Base
    $157,232
    Bonus
    $2,382
    Other
    $320
    Deferred
    $6,897
    Nontaxable benefits
    $23,386
    Filer's total
    $190,217

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement

The filer's explanations (Part III)

PART II, COLUMN C:
INCLUDED IN THIS AMOUNT IS THE INCREASE IN ACTUARIAL VALUE OF BENEFITS PAYABLE UNDER A DEFINED BENEFIT RETIREMENT PLAN. THE CONTRIBUTION RATE FOR PARTICIPANTS IN THE NRECA R&S DEFINED BENEFIT PENSION PLAN ARE THE SAME FOR ALL INDIVIDUALS IN THIS MULTI-EMPLOYER PLAN. THE CHANGE IN ACTUARIAL VALUE FOR EACH PARTICIPANT, HOWEVER, VARIES WITH AGE, YEARS OF SERVICE AND THE CURRENT INTEREST RATE ENVIORNMENT. IN OTHER WORDS, THE OLDER A PLAN PARTICIPANT IS, THE GREATER THE INCREASE IN THAT INDIVIDUAL'S CHANGE IN ACTUARIAL VALUE, ALL OTHER THINGS BEING EQUAL. BECAUSE THIS RELATES TO A MULTI-EMPLOYER PLAN, CASH CONTRIBUTION TO THE PLAN IN LIEU OF THE ACTUARIAL INCREASE ARE EXPENSED IN THE FINANCIAL STATEMENTS. MARK SNOWDEN: ACTUARIAL INCREASE IN DEFERRED BENEFIT PLAN $ 48,360 EMPLOYER CONTRIBUTION TO 401(K) 9,448 TOTAL REPORTED IN COLUMN C $ 57,808 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (48,360) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 104,535 EXPENSE TO THE COOPERATIVE $ 113,983 RANDY EVERETT: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 140,511 EMPLOYER CONTRIBUTION TO 401(K) PLAN 4,895 TOTAL REPORTED IN COLUMN C $ 145,406 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (140,511) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 71,910 EXPENSE TO THE COOPERATIVE $ 76,805 DANIEL RIEDEL: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 104,742 EMPLOYER CONTRIBUTION TO 401(K) PLAN 4,748 TOTAL REPORTED IN COLUMN C $ 109,490 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (104,742) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 69,566 EXPENSE TO THE COOPERATIVE $ 74,314 JERRY DRISKEL: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 75,006 EMPLOYER CONTRIBUTION TO 401(K) PLAN 4,657 TOTAL REPORTED IN COLUMN C $ 79,663 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (75,006) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 68,413 EXPENSE TO THE COOPERATIVE $ 73,070 MELISSA FELTY: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 46,965 EMPLOYER CONTRIBUTION TO 401(K) PLAN 4,962 TOTAL REPORTED IN COLUMN C $ 51,927 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (46,965) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 55,421 EXPENSE TO THE COOPERATIVE $ 60,383 ASHLEY GARRINGER: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 43,512 EMPLOYER CONTRIBUTION TO 401(K) PLAN 5,026 TOTAL REPORTED IN COLUMN C $ 48,538 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (43,512) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 66,314 EXPENSE TO THE COOPERATIVE $ 71,340 TONYA SEXTON: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 36,994 EMPLOYER CONTRIBUTION TO 401(K) PLAN 4,431 TOTAL REPORTED IN COLUMN C $ 41,425 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (36,994) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 49,058 EXPENSE TO THE COOPERATIVE $ 53,489 THEODORE DEWEESE: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 40,240 EMPLOYER CONTRIBUTION TO 401(K) PLAN 2,289 TOTAL REPORTED IN COLUMN C $ 42,529 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (40,240) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 33,623 EXPENSE TO THE COOPERATIVE $ 35,912 LLOYD SCIFRES: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 37,339 EMPLOYER CONTRIBUTION TO 401(K) PLAN 2,333 TOTAL REPORTED IN COLUMN C $ 39,672 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (37,339) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 33,623 EXPENSE TO THE COOPERATIVE $ 35,956 DAVID JONES: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 42,304 EMPLOYER CONTRIBUTION TO 401(K) PLAN 3,098 TOTAL REPORTED IN COLUMN C $ 45,402 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (42,304) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 45,510 EXPENSE TO THE COOPERATIVE $ 48,608 JOHN HAWKINS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 24,687 EMPLOYER CONTRIBUTION TO 401(K) PLAN 2,298 TOTAL REPORTED IN COLUMN C $ 26,985 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (24,687) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 33,756 EXPENSE TO THE COOPERATIVE $ 36,054 NICHOLAS PFLASTERER: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 4,841 EMPLOYER CONTRIBUTION TO 401(K) PLAN 2,056 TOTAL REPORTED IN COLUMN C $ 6,897 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (4,841) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 22,762 EXPENSE TO THE COOPERATIVE $ 24,818

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

  • FIRST ELECTRIC TRUST

    501(C)(3) · DISBURSEMENT OF FUNDS FOR CHARITABLE PURPOSES IN THE COOP'S SERVICE AREA · AR · controlled entity

    Directly controlled by FIRST ELECTRIC COOPERATIVE CORPORATION

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

  • CONNECT2FIRST LLC

    INTERNET SERVICE PROVIDER · AR · income $26,222,487 · assets $55,851,179

    Directly controlled by FIRST ELECTRIC COOPERATIVE CORPORATION

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

  • FIRST ENERGY SERVICES OF ARKANSAS INC

    C · INACTIVE · AR · 100% owned · controlled entity

    Directly controlled by FIRST ELECTRIC COOPERATIVE CORPORATION

Provenance

Return type
form_990
Tax year
2024
Filed
14 November 2025
IRS schema version
2024v5.2
Source object
202533229349301313

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