Morgan County REA

Legal name: Morgan County Rural Electric Association

Nonprofit profile at a glance

EIN
840271515
IRS 990 coverage
2019–2025
Official website data refreshed
Jul 2026
Forms available
Form 990 2025
Location
Fort Morgan, CO, United States
Phone
(970) 867-5688
Rating
84
Verdict
STRONG
Rating confidence
Moderate

Official website

Reported finances

Revenue
$64,559,004
Expenses
$64,559,004
Assets
$123,737,752
Liabilities
$62,707,807

Source: IRS Form 990. Selected filing: tax year 2025. Amounts in USD.

Leadership & pay

16 people listed

Highest reported compensation

  • David Frick (General Manager): $396,618 total reported compensation
  • Robb Shaver (CFO): $257,114 total reported compensation
  • Alan Mason (Manager of Operations): $238,123 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2025. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

Morgan County REA, a member-owned cooperative, is dedicated to serving our members by providing safe, reliable energy with a strong tradition and vision for the future.

What it reported doing in 2025

Provided electrical power to 9,778 meters and delivered and sold 562,956,109 kWh to our member-owners.

Operating model

Revenue model
Other-operating. 99% of the money available for current operations came from other operating revenue.
Distribution model
Direct operator. The filing allocates 86% of reported program-service expenses outside its grant, affiliate-payment, and member-benefit lines. This expense classification does not rule out separately announced grant awards.

The verdict

STRONG - A large share of available resources goes toward mission work and the filed numbers largely add up. Expenses are high relative to revenue and some filing-based governance responses are negative or unanswered.

Rating breakdown

  • Financial Efficiency: 89
  • Transparency & Controls: 77
  • Accountability: 95
  • Sustainability: 34
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 100%; rating input score 100
  • Program expense ratio: 100%; rating input score 100
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 66th percentile among comparable filings
  • Pay-setting controls: 3 of 6 controls in place; rating input score 50
    • Compensation committee: Pass
    • 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; 65th 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: 0%; rating input score 23; 23rd percentile among comparable filings
  • Total-asset coverage ratio: 1.92; rating input score 46; 46th percentile among comparable filings
  • Liabilities to assets ratio: 0.51; rating input score 41; 41st percentile among comparable filings
  • Officer compensation ratio: 3%; rating input score 44; 44th percentile among comparable filings

Growth

  • Program expense growth: 5.9% per year; rating input score 100; 48th percentile among comparable filings
  • Revenue growth: 5.9% per year; rating input score 100; 49th percentile among comparable filings
  • Asset growth: 3.4% per year; rating input score 100; 21st percentile among comparable filings

Details

  • What they do: 1 operating location identified
  • Where the money goes: 100% of revenue deployed · 100% of spending went to programs
  • Governance: 9 of 9 board members independent · 8 of 9 filing controls reported
  • Programs: 3 filed program accomplishments
  • Leadership: top reported pay $397K · 16 people listed · 3 of 6 pay-setting controls reported
  • Highest-paid contractors: 5 contractors listed · $3.4M reported
  • Consistency: 43 of 43 current checks pass
  • Schedules: 3 filed schedules · includes executive pay
  • Filing history: 7 filing years from 2019 to 2025
  • Contacts: How to reach this organization
  • Money network: 16 filed money-flow records
  • Related organizations: Filed and resolved organization relationships.
  • 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.

  • High — Sustainability: Operating margin scored 23/100.
  • Review — Accountability: Governance controls: Form 990 shared with the board not reported.
  • Moderate — Sustainability: Total-asset coverage ratio scored 46/100.
  • Moderate — Sustainability: Liabilities to assets ratio scored 41/100.
  • Moderate — Sustainability: Officer compensation ratio scored 44/100.