- National Rural Utilities Cooperative Finance Corporation
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National Rural Utilities Cooperative Finance Corporation (CFC) Type Non-governmental organization Industry Financial Services, Electric Utilities Headquarters Herndon, Virginia, USA Products Loans, investments Employees 232 (2009) Website nrucfc.org The National Rural Utilities Cooperative Finance Corporation (CFC) is a privately owned, non-governmental organization that provides financial products to American electric cooperatives.[1] NRUCFC was established as a source of private financing for rural electric cooperatives to supplement the loan programs of the U.S. Department of Agriculture’s (USDA) Rural Utilities Service (RUS).
While CFC is not a government-sponsored enterprise (GSE), it (along with its telephone affiliate, RTFC), has forged an effective public-private partnership with RUS. This partnership enables NRUCFC's utility borrowers to access an array of financing options including those provided by the federal government.[2]
CFC's consolidated membership was 1,522 as of May 31, 2009. Member organizations in 49 states, the District of Columbia and two U.S. territories included 897 electric utility systems, 498 telecommunications organizations, 66 statewide and regional service organizations and 61 associates. Of the 897 electric utility systems, 829 are distribution systems and 68 are generation-and-transmission (G&T or "power supply") systems.[3]
Rural electric systems serve 12 percent of all consumers of electricity in the United States and its territories[1], account for approximately 10 percent of total sales of electricity [4] and own about 5 percent of electric generation capacity.[4]
At the end of FY2009 (May 31, 2009), CFC's total gross loans and guarantees outstanding were $21.5 billion, and its owners had invested $4.3 billion in CFC securities.[3] About 65 percent of CFC’s loan portfolio was with distribution cooperatives, 24 percent with generation and transmission (G&T) cooperatives and 8 percent in the telecommunications sector.[3]
Contents
Organizational structure
Overall policy for CFC is set by a 23-member Board of Directors, representing 10 geographic districts and the National Rural Electric Cooperative Association (NRECA), the network's national trade association, and one At-Large member who serves as the Audit Committee Financial Expert.[5] CFC's Board is democratically elected and consists of both cooperative utility directors and managers. CFC operates from its corporate headquarters in Herndon, Virginia, with a staff of 232 employees, including 16 regional representatives located throughout the country.[3][5]
Stock Symbols
Cooperative Finance Corporation (NRUCFC) is traded on the New York Stock Exchange. The company’s symbols are NRU, NRC and NRN.
Affiliate Organizations
CFC manages and funds the Rural Telephone Finance Cooperative (RTFC)[6], an organization that provides financing to the rural telecommunications industry. CFC also manages and funds the National Cooperative Services Corporation (NCSC)[7], an organization that provides electric cooperatives with specialized financing services that supplement the financial services of CFC.
References
- ^ a b Cooperative Finance Corporation: About Us
- ^ FINANCE/NEW ISSUES; Arkansas Electric Sells $147.7 Million of Bonds. The New York Times. 12 July 1985.
- ^ a b c d United States Securities Exchange Commission, Form 10-K: CFC
- ^ a b Electric Cooperatives and Energy Efficiency: A Snapshot
- ^ a b About Cooperative Finance Corporation: How We Operate
- ^ Rural Telephone Finance Cooperative: Our Affiliate, Cooperative Finance Corporation [1]
- ^ National Cooperative Services Corporation: About NCSC
External links
Categories:- Electric cooperatives of the United States
- Organizations established in 1969
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