Golden Spread Electric Cooperative
Legal name: Golden Spread Electric Cooperative Inc
Nonprofit profile at a glance
- EIN
- 751941060
- IRS 990 coverage
- 2010–2024
- Official website data refreshed
- Sep 2026
- Forms available
- Form 990 2024
- Location
- Amarillo, Texas, US
- Phone
- 8063797766
- Rating confidence
- Limited
Reported finances
- Revenue
- $545,165,927
- Expenses
- $545,165,927
- Assets
- $1,366,174,653
- Liabilities
- $885,051,794
Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.
Leadership & pay
42 people listed
Executive titles in this filing
- KARI HOLLANDSWORTH (PRESIDENT & CHIEF EXECUTIVE OFFICER)
Highest reported compensation
- KARI HOLLANDSWORTH (PRESIDENT & CHIEF EXECUTIVE OFFICER): $1,358,943 total reported compensation
- JAMES GUY (GEN COUNSEL & CHIEF LEGAL/COMPLIANCE OFFICER): $522,139 total reported compensation
- JOHN EICHELMANN (VP - MEMBER SVCS & POWER DELIVERY): $514,573 total reported compensation
Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.
Overview
Mission
To provide low-cost reliable electric power and energy to its 16 Member cooperatives.
What it reported doing in 2024
The organization provides wholesale electric energy under long-term power purchase agreements with its 16 electric distribution cooperative members. Wholesale power is provided on a cooperative basis through the allocation of patronage capital.
Operating model
- Revenue model
- Earned-program. 97% 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: 76
- Accountability: 100
- Sustainability: 45
- Growth: 60
Detailed rating inputs
Financial Efficiency
- Mission deployment rate: Limited
- Program expense ratio: Limited
- Fundraising efficiency: Limited
Transparency & Controls
- Consistency checks: 91.7%; rating input score 92; 8th percentile among comparable filings
- Pay-setting controls: 5 of 6 controls in place; rating input score 83
- Compensation committee: Pass
- 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: 51.1%; rating input score 51; 10th 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: 9 of 9 controls in place; rating input score 100
- 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: Pass
- Independent financial-statement audit: Pass
Sustainability
- Operating margin: 0%; rating input score 29; 29th percentile among comparable filings
- Total-asset coverage ratio: 2.51; rating input score 70; 70th percentile among comparable filings
- Liabilities to assets ratio: 0.65; rating input score 25; 25th percentile among comparable filings
- Officer compensation ratio: 1.2%; rating input score 70; 70th percentile among comparable filings
Growth
- Program expense growth: Limited
- Revenue growth: 11.5% per year; rating input score 100; 82nd percentile among comparable filings
- Asset growth: 3.9% per year; rating input score 100; 27th percentile among comparable filings
Details
- What they do: 3 programs and campaigns described on the official site · 4 operating locations identified
- Where the money goes: Financial trends and filed revenue, expense, asset, and liability detail
- Governance: 31 of 31 board members independent · 9 of 9 filing controls reported
- Programs: 1 filed program accomplishment
- Leadership: top reported pay $1.4M · 42 people listed · 5 of 6 pay-setting controls reported
- Highest-paid contractors: 5 contractors listed · $31.6M reported
- Consistency: 12 of 13 current checks pass · 1 finding to review
- Schedules: 6 filed schedules · includes grants and executive pay
- Filing history: 12 filing years from 2010 to 2024
- Contacts: How to reach this organization
- Money network: 46 filed money-flow records
- Related organizations: 5 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.
- Review — Transparency & Controls: Grant itemization coverage scored 51/100.
- High — Sustainability: Operating margin scored 29/100.
- Review — Transparency & Controls: Domestic grant itemization did not reconcile in the filed values.
- High — Sustainability: Liabilities to assets ratio scored 25/100.