South Plains Electric Cooperative Inc
501(c)(12)
Only null% goes to programs Strong reserves
South Plains Electric Cooperative Inc is a 501(c)(12) organization based in Lubbock, Texas, registered in 1943, with $167,567,520 in FY2024 revenue. CharityIndex grades it A.
Po Box 1830, Lubbock, TX, 79408 EIN 75-0569260 Since 1943
Revenue (FY2024)
$167.6M
▼ 12.4% vs prior year
Expenses (FY2024)
$169.2M
Net assets
$230.5M
Employees
205
CharityIndex rating
One independent A+ to F grade from four published criteria, each scored separately from IRS filings and combined by weight.
A
—Program efficiency40% of the ratingNo expense breakdown in filings
Measures how much of every dollar spent actually reaches programs, plus what it costs to raise $100 of donations. The worse of the two measures sets the letter (85%+ to programs is an A; under $15 to raise $100 is an A), averaged over the three most recent filings. Not scored for South Plains Electric Cooperative Inc— this filing type doesn't report it, and the rating simply skips it (never counts it against the organization). See the exact thresholds →
AFinancial health25% of the rating16 mo reserves · -1% margin
Measures whether the organization is built to last: how many months its reserves would cover expenses (3+ months earns an A-range score, but hoarding 5+ years of budget is capped) and whether it runs a surplus or a deficit. For South Plains Electric Cooperative Inc: 16 mo reserves · -1% margin earns a A on this criterion. See the exact thresholds →
AGovernance25% of the rating5 of 6 checks met
Checks how the organization is run, from its own Form 990: an independent board majority, a board of five or more, conflict-of-interest, whistleblower and document-retention policies, and independently audited financials. The share of disclosed checks that pass sets the letter. For South Plains Electric Cooperative Inc: 5 of 6 checks met earns a A on this criterion. See the exact thresholds →
BTransparency10% of the rating3 of 5 disclosure signals
Counts five disclosure signals: a recent filing, a mission statement, program descriptions, a listed website, and the full expense breakdown. More disclosure, better letter. For South Plains Electric Cooperative Inc: 3 of 5 disclosure signals earns a B on this criterion. See the exact thresholds →
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Mission
To provide electric energy to members at cost on a cooperative basis.
Contact & location
Financial trends
Revenue grew from $138.2M (FY2013) to $167.6M (FY2024) across 12 reported years.
Financial snapshot
Financial health & position (FY2024)
Liabilities $333.4MNet assets $230.5M
Operating margin
-0.9%
Spent more than it raised in the latest fiscal year.
Total assets
$563.8M
Total liabilities
$333.4M
Net assets
$230.5M
Salaries & benefits
$20.4M
12% of expenses
Board members
12
11 independent
Financials by year
| Fiscal year | Revenue | Expenses | Net assets | Total assets | Form |
|---|---|---|---|---|---|
| 2024 | $167,567,520▼12.4% | $169,150,958▼12.2% | $230,462,201▲0.8% | $563,842,361▲6.8% | 990 |
| 2023 | $191,206,295▼8.2% | $192,742,795▼8.0% | $228,554,235▲9.6% | $528,128,446▲8.6% | 990 |
| 2022 | $208,235,314▲30.4% | $209,462,049▲29.6% | $208,537,138▲3.9% | $486,202,083▲3.5% | 990 |
| 2021 | $159,722,811▲7.2% | $161,612,173▲8.4% | $200,771,398 | $469,943,205▲10.0% | 990 |
| 2020 | $149,006,332▼1.3% | $149,125,880▼1.5% | $200,708,985▲7.7% | $427,369,484▲5.4% | 990 |
| 2019 | $150,898,523▼3.8% | $151,423,757▼3.2% | $186,434,845▲10.5% | $405,294,131▲8.5% | 990 |
| 2018 | $156,780,979▲16.9% | $156,350,710▲12.8% | $168,759,504▲10.4% | $373,423,724▲3.7% | 990 |
| 2017 | $134,070,625▲2.4% | $138,655,346▲6.0% | $152,851,969▲3.7% | $360,226,115▲0.8% | 990 |
| 2016 | $130,873,692▼4.4% | $130,831,933▼1.1% | $147,465,364▲6.4% | $357,300,764▲6.5% | 990 |
| 2015 | $136,936,908▼9.2% | $132,307,638▼12.3% | $138,590,603▲8.2% | $335,539,013▲5.0% | 990 |
| 2014 | $150,837,656▲9.1% | $150,798,312▲9.2% | $128,064,034▲3.2% | $319,503,923▲6.5% | 990 |
| 2013 | $138,197,017 | $138,060,444▲12.1% | $124,098,872▲13.4% | $300,054,861▲8.1% | 990 |
| 2012 | — | $123,159,020▼12.1% | $109,474,518▲8.1% | $277,449,273▲6.6% | 990 |
| 2011 | — | $140,119,276▲22.6% | $101,302,416▲14.8% | $260,330,519▲9.3% | 990 |
| 2010 | — | $114,285,339 | $88,240,774 | $238,179,056 | 990 |
Original Form 990 PDFs (the Form column) are served by ProPublica Nonprofit Explorer, as filed with the IRS. Create a free account to download the CSV report.
Leadership & compensation (FY2024)
Highest-paid: Larry Dale Ancell — $440,456 (0.26% of total expenses)
| Name | Title | Hours/week | Compensation |
|---|---|---|---|
| Larry Dale Ancell | Executive Vp/general Manag | 42 | $440,456 |
| John Randal Bailey | Assistant General Manager | 42 | $372,088 |
| Shane Adams | Chief Financial Officer | 45 | $264,336 |
| Randy Mcgee | Manager of Member Services | 40 | $249,586 |
| Jamey Phillips | General Counsel/director Corp Affairs | 40 | $244,644 |
| Tahnee Truitt | Director of Human Resource | 40 | $231,585 |
| Lynn Simmons | Director of Communications | 40 | $228,228 |
| Jon Henson | Lubbock Division Manager | 40 | $212,641 |
| Lloyd Arthur | Director | 14.8 | $33,692 |
| Danny Stanton | Vice President | 19.9 | $33,000 |
| Brent Whitaker | Director | 13.7 | $32,892 |
| Larry Browning | Director | 13.7 | $30,600 |
| Joe Mcferrin | Director | 15.8 | $29,800 |
| Scott Martin | Secretary/treasurer | 14.7 | $29,692 |
| Rynn Truett | Assistant Secretary/treasu | 15.5 | $29,540 |
| Jamie Mcneill | Director | 13.5 | $29,000 |
| David Gossett | Director | 14.4 | $27,400 |
| Bobby Richey | President | 21.4 | $27,000 |
| Benny Nixon | Director | 12.7 | $26,800 |
| Rd Mccallister | Director (jan-aug) | 12.9 | $17,000 |
Top vendors & contractors (FY2024)
| Contractor | Services | Paid |
|---|---|---|
| Primary Utility Services LLC | Construction Contractor | $7,650,111 |
| Siegel Construction Inc | Construction Contractor | $3,866,883 |
| Teinert Construction | Construction Contractor | $3,115,125 |
| Meridian Cooperative Inc | Software & Technology | $1,776,506 |
| Echo Powerline LLC | Construction Contractor | $887,093 |
Grants made · $69K in FY2024
5 grants totaling $69K in FY2024. All grants made by South Plains Electric Cooperative Inc →
| Recipient | Purpose | Amount |
|---|---|---|
| American Cancer Society Inc | Cattle baron's ball | $28,337 |
| Texas Electric Cooperatives | Contract material - tec utility | $11,555 |
| Inside Out Foundation | Community agencies | $11,160 |
| Lubbock Area United Way Inc | Sponsor donations | $10,300 |
| Lubbock Chamber of Commerce | Chamber support | $7,725 |
Frequently asked questions
- Is South Plains Electric Cooperative Inc a legitimate nonprofit?
- Yes. South Plains Electric Cooperative Inc is a 501(c)(12) organization registered with the U.S. Internal Revenue Service under EIN 75-0569260, based in Lubbock, Texas.
- What is South Plains Electric Cooperative Inc's EIN?
- South Plains Electric Cooperative Inc's Employer Identification Number (EIN) is 75-0569260.
- How much revenue does South Plains Electric Cooperative Inc report?
- South Plains Electric Cooperative Inc reported $167,567,520 in total revenue on its fiscal year 2024 IRS Form 990 filing.
- What financial grade does South Plains Electric Cooperative Inc have?
- CharityIndex grades South Plains Electric Cooperative Inc A, based on financial health (reserves and operating margin).
- How much does South Plains Electric Cooperative Inc's highest-paid employee make?
- The highest reported compensation on South Plains Electric Cooperative Inc's latest Form 990 is $440,456, paid to Larry Dale Ancell (Executive Vp/general Manag).
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Data for South Plains Electric Cooperative Inc (EIN 75-0569260) comes from the IRS Business Master File and e-filed Form 990 returns, via CharityIndex. Figures reflect what the organization reported to the IRS for each fiscal year.