It’s a Bright Idea to Be a Co-op Member
Wells Rural Electric Company shares 2022 financial highlights
By Garrett Hylton
Wells Rural Electric Company’s mission is to improve the quality of life in the communities it serves, and provide safe, reliable, affordable and environmentally responsible electricity to its members.
One of the key functions in accomplishing that mission is making sure the cooperative operates in a consistent, financially responsible manner. For the sake of transparency, WREC is publishing key 2022 financial information on this page and a comparison from the previous years.
Each year, WREC undergoes an independent audit to ensure the cooperative and its employees are fulfilling financial obligations. After a thorough review of last year’s financial records, the cooperative’s auditing firm—Bolinger, Segars, Gilbert & Moss, based in Lubbock, Texas— reported a flawless audit to WREC’s Board of Directors. The yearly audit is an essential part of making sure your cooperative is following the right processes and procedures to manage its operations and resources.
As a not-for-profit cooperative, WREC is not driven by returning money to investors. However, it is important the company’s rates and revenues perform well enough to produce a healthy margin necessary to operate the company.
When WREC does well, the board returns margins to members in the form of capital credits. The board approved returning capital credits again this year, continuing a streak of returning capital credits to members that spans more than 3 decades.
WREC’s performance in 2022 was similar to 2021 and 2020. Despite hard times brought on by the COVID-19 pandemic, WREC has kept its year-over-year consistency.
A lot of decisions and planning are required to maintain the cooperative’s financial health. The yearly audit and year-over- year comparison are 2 great signs WREC remains on the right track.
Margins – $3,517,464
Assets – $65,706,155
Income – $44,850,504
Liabilities – $65,706,155
Expenses – $41,333,040