South Plains Electric Cooperative

Legal name: South Plains Electric Cooperative Inc

Nonprofit profile at a glance

EIN
750569260
IRS 990 coverage
2010–2024
Official website data refreshed
Aug 2026
Forms available
Form 990 2024
Location
Lubbock, TX, USA
Phone
(806) 775-7766
Rating confidence
Limited

Official website

Reported finances

Revenue
$167,567,520
Expenses
$169,150,958
Assets
$563,842,361
Liabilities
$333,380,160

Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.

Leadership & pay

21 people listed

Executive titles in this filing

  • DANNY STANTON (VICE PRESIDENT)
  • BOBBY RICHEY (PRESIDENT)

Highest reported compensation

  • JOHN RANDAL BAILEY (ASSISTANT GENERAL MANAGER): $645,771 total reported compensation
  • LARRY DALE ANCELL (EXECUTIVE VP/GENERAL MANAG): $557,291 total reported compensation
  • SHANE ADAMS (CHIEF FINANCIAL OFFICER): $347,270 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

We provide safe, reliable electric service at the lowest possible cost, but more importantly, we are committed to making life better the cooperative way!

What it reported doing in 2024

Sales of electric energy to our members at cost on a cooperative basis through the allocation of patronage capital. There were 75,399 active services at year end.

Operating model

Revenue model
Earned-program. 99% 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: 61
  • Accountability: 91
  • Sustainability: 43
  • Growth: 60

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: Limited
  • Program expense ratio: Limited
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 90%; rating input score 90; 4th 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: 23.3%; rating input score 23; 7th percentile among comparable filings
  • Major donor itemization: Limited
  • Related-party transparency: Yes; rating input score 100

Accountability

  • Independent voting board: 91.7%; rating input score 92; 40th 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: Fail
    • 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: -0.9%; rating input score 22; 22nd percentile among comparable filings
  • Total-asset coverage ratio: 3.33; rating input score 78; 78th percentile among comparable filings
  • Liabilities to assets ratio: 0.59; rating input score 29; 29th percentile among comparable filings
  • Officer compensation ratio: 2%; rating input score 56; 56th percentile among comparable filings

Growth

  • Program expense growth: Limited
  • Revenue growth: 2.9% per year; rating input score 100; 21st percentile among comparable filings
  • Asset growth: 5.8% per year; rating input score 100; 43rd percentile among comparable filings

Details

  • What they do: 4 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: 11 of 12 board members independent · 8 of 9 filing controls reported
  • Programs: 1 filed program accomplishment
  • Leadership: top reported pay $646K · 21 people listed · 2 of 6 pay-setting controls reported
  • Highest-paid contractors: 5 contractors listed · $17.3M reported
  • Consistency: 11 of 12 current checks pass · 1 finding to review
  • Schedules: 6 filed schedules · includes grants, executive pay, and related organizations
  • Filing history: 14 filing years from 2010 to 2024
  • Contacts: How to reach this organization
  • Money network: 26 filed money-flow records
  • Related organizations: 7 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.

  • High — Transparency & Controls: Grant itemization coverage scored 23/100.
  • High — Sustainability: Operating margin scored 22/100.
  • Review — Transparency & Controls: Domestic grant itemization did not reconcile in the filed values.
  • Review — Accountability: Governance controls: Document-retention policy not reported.
  • High — Sustainability: Liabilities to assets ratio scored 29/100.
  • Review — Sustainability: Officer compensation ratio scored 56/100.