BARC Electric Cooperative

Nonprofit profile at a glance

EIN
540130127
IRS 990 coverage
2010–2022
Official website data refreshed
Sep 2026
Forms available
Form 990 2022
Location
Millboro, VA, USA
Phone
800-846-2272
Rating
46
Verdict
MIXED
Rating confidence
Moderate

Official website

Reported finances

Revenue
$38,312,606
Expenses
$37,239,068
Assets
$171,302,086
Liabilities
$134,588,653

Source: IRS Form 990. Selected filing: tax year 2022. Amounts in USD.

Leadership & pay

15 people listed

Executive titles in this filing

  • WILLIAM BUCHANAN (CEO)
  • KEITH L SWISHER (PRESIDENT)

Highest reported compensation

  • WILLIAM BUCHANAN (CEO): $296,577 total reported compensation
  • CHRIS BOTULINSKI (COO): $229,880 total reported compensation
  • COURTNEY PERDUE (CFO): $170,696 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2022. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

To improve the quality of life in the community it serves through energy and technology innovation.

What it reported doing in 2022

The three largest program services related to the cooperative's mission, as measured by expenses, were as follows: cost of power 14,421,015 fiber lease expenses 6,921,999 barconnect expenses 6,380,662

Operating model

Revenue model
Earned-program. 72% of the money available for current operations came from fees and other program revenue.
Distribution model
Cannot be determined from the filing. The filing does not provide enough consistent spending detail to tell whether the nonprofit works directly or through others.

The verdict

MIXED - The filed numbers largely add up and most voting board members are independent. A relatively small share of available resources goes toward mission work and a relatively small share of total spending goes to programs.

Rating breakdown

  • Financial Efficiency: 0
  • Transparency & Controls: 71
  • Accountability: 95
  • Sustainability: 55
  • Growth: 60

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 0%; rating input score 0
  • Program expense ratio: 0%; rating input score 0
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
  • Pay-setting controls: 2 of 6 controls in place; rating input score 33
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Pass
    • Board or committee approval: Pass
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 66th percentile among comparable filings
  • Governance controls: 8 of 9 controls in place; rating input score 89
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • Other executive compensation review process: Pass
    • Form 990 shared with the board: Fail
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 2.8%; rating input score 47; 47th percentile among comparable filings
  • Total-asset coverage ratio: 4.6; rating input score 85; 85th percentile among comparable filings
  • Liabilities to assets ratio: 0.79; rating input score 15; 15th percentile among comparable filings
  • Officer compensation ratio: 4.1%; rating input score 55; 55th percentile among comparable filings

Growth

  • Program expense growth: Limited
  • Revenue growth: 4.4% per year; rating input score 100; 42nd percentile among comparable filings
  • Asset growth: 10.4% per year; rating input score 100; 66th percentile among comparable filings

Details

  • What they do: 11 programs and campaigns described on the official site · 2 operating locations identified
  • Where the money goes: 0% of revenue deployed · 0% of spending went to programs
  • Governance: 7 of 7 board members independent · 8 of 9 filing controls reported
  • Programs: 1 filed program accomplishment
  • Leadership: top reported pay $297K · 15 people listed · 2 of 6 pay-setting controls reported
  • Highest-paid contractors: 5 contractors listed · $21.5M reported
  • Consistency: 11 of 12 current checks pass · 1 finding to review
  • Schedules: 5 filed schedules · includes executive pay
  • Filing history: 10 filing years from 2010 to 2022
  • Contacts: How to reach this organization
  • Money network: 15 filed money-flow records
  • Related organizations: 2 filed related-organization links
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

Grant-readiness screening is separate from the live rating, not a measure of program quality. Review the source records before making a grant decision.

  • High — Financial Efficiency: Mission deployment rate scored 0/100.
  • High — Financial Efficiency: Program expense ratio scored 0/100.
  • Moderate — Transparency & Controls: Functional expense sum did not reconcile in the filed values.
  • Moderate — Sustainability: Operating margin scored 47/100.
  • Review — Accountability: Governance controls: Form 990 shared with the board not reported.
  • High — Sustainability: Liabilities to assets ratio scored 15/100.
  • Review — Sustainability: Officer compensation ratio scored 55/100.
  • High — Grant Readiness: Automatic revocation: this organization had its federal tax-exempt status automatically revoked.