Concho Valley Electric Cooperative
Legal name: Concho Valley Electric Cooperative Inc
Nonprofit profile at a glance
- EIN
- 750204684
- IRS 990 coverage
- 2010–2024
- Official website data refreshed
- Aug 2026
- Forms available
- Form 990 2024
- Location
- San Angelo, TX, US
- Phone
- 325-655-6957
- Rating confidence
- Limited
Reported finances
- Revenue
- $51,588,376
- Expenses
- $51,588,376
- Assets
- $162,168,376
- Liabilities
- $96,458,085
Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.
Leadership & pay
14 people listed
Executive titles in this filing
- JEFF COPELAND (PRESIDENT)
- LARRY W KLATTENHOFF (VICE-PRESIDENT)
- KELLY LANKFORD (EXECUTIVE VP/CEO)
Highest reported compensation
- KELLY LANKFORD (EXECUTIVE VP/CEO): $501,424 total reported compensation
- DAVID WATSON (DIR OF FINANCE & OFFICE SERVICES): $239,806 total reported compensation
- DUSTIN BROWN (DIR OF ENGINEERING & OPERATIONS): $220,537 total reported compensation
Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.
Overview
Mission
As a non-profit, consumer-owned cooperative, CVEC is governed by a member-elected board of directors. The board, which meets monthly, is responsible for helping to set guidelines for our operation, oversee the costs and spending at the cooperative, and to help plan our future direction.
What it reported doing in 2024
Broadband division: sales of fiber based broadband internet services to members on a cooperative basis. When cumulative net margins derived from member sales of broadband internet services exceed cumulative net losses from such sales, the cooperative will allocate patronage capital to the member subscribers of this division. There were 310 broadband subscribers at year end.
Operating model
- Revenue model
- Earned-program. 100% 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
- The available evidence is not sufficient to produce an overall rating for this filing. This is not a warning sign.
Rating breakdown
- Financial Efficiency: NotEnoughData
- Transparency & Controls: 69
- Accountability: 91
- Sustainability: 44
- Growth: 60
Detailed rating inputs
Financial Efficiency
- Mission deployment rate: Limited
- Program expense ratio: Limited
- Fundraising efficiency: Limited
Transparency & Controls
- Consistency checks: 88.9%; rating input score 89; 3rd percentile among comparable filings
- Pay-setting controls: 4 of 6 controls in place; rating input score 67
- Compensation committee: Missing
- Independent consultant: Pass
- Other Form 990s reviewed: Pass
- Written employment contract: Missing
- Compensation survey or study: Pass
- Board or committee approval: Pass
- Foreign activity oversight: Limited
- Grant itemization coverage: 42.6%; rating input score 43; 9th percentile among comparable filings
- Major donor itemization: Limited
- Related-party transparency: Limited
Accountability
- Independent voting board: 100%; rating input score 100; 77th percentile among comparable filings
- Governance controls: 7 of 9 controls in place; rating input score 78
- 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: Pass
- Board meeting minutes documented: Pass
- Audit committee oversight: Missing
- Independent financial-statement audit: Fail
Sustainability
- Operating margin: 0%; rating input score 29; 29th percentile among comparable filings
- Total-asset coverage ratio: 3.14; rating input score 77; 77th percentile among comparable filings
- Liabilities to assets ratio: 0.59; rating input score 29; 29th percentile among comparable filings
- Officer compensation ratio: 3.4%; rating input score 33; 33rd percentile among comparable filings
Growth
- Program expense growth: Limited
- Revenue growth: 5% per year; rating input score 100; 43rd percentile among comparable filings
- Asset growth: 6.2% per year; rating input score 100; 46th percentile among comparable filings
Details
- What they do: 11 programs and campaigns described on the official site · 1 operating location identified
- Where the money goes: Financial trends and filed revenue, expense, asset, and liability detail
- Governance: 7 of 7 board members independent · 7 of 9 filing controls reported
- Programs: 2 filed program accomplishments
- Leadership: top reported pay $501K · 14 people listed · 4 of 6 pay-setting controls reported
- Highest-paid contractors: 5 contractors listed · $7M reported
- Consistency: 10 of 11 current checks pass · 1 finding to review
- Schedules: 4 filed schedules · includes grants and executive pay
- Filing history: 14 filing years from 2010 to 2024
- Contacts: How to reach this organization
- Money network: 15 filed money-flow records
- Related organizations: 1 filed related-organization link
- 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.
- Staff and benefit plans: Retirement and health plans the organization files with the Department of Labor, and the people in them.
Key Signals
Signals prioritize questions for review. They are not findings of misconduct.
- Moderate — Transparency & Controls: Grant itemization coverage scored 43/100.
- High — Sustainability: Operating margin scored 29/100.
- Review — Transparency & Controls: Domestic grant itemization did not reconcile in the filed values.
- Review — Accountability: Governance controls: Independent financial-statement audit not reported.
- High — Sustainability: Liabilities to assets ratio scored 29/100.
- Moderate — Sustainability: Officer compensation ratio scored 33/100.