Steuben Rural Electric Cooperative Inc
- Assets
- $38.5m
- Revenue
- $11.4m
- Investments
- $1.2m
- Employees
- 33
- Location
- Bath, NY
- Founding
- 12/1945
- Data as of
- 12/2021
- EIN
- 16-0650108
Organization Overview
Steuben Rural Electric Cooperative Inc is located in Bath, NY. The organization was established in 1945. According to its NTEE Classification (W80) the organization is classified as: Public Utilities, under the broad grouping of Public & Societal Benefit and related organizations. As of 12/2021, Steuben Rural Electric Cooperative Inc employed 33 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Steuben Rural Electric Cooperative Inc is a 501(c)(12) and as such, is described as a "Benevolent Life Insurance Association, Mutual Ditch or Irrigation Company, Mutual or Cooperative Telephone Company" by the IRS.
For the year ending 12/2021, Steuben Rural Electric Cooperative Inc generated $11.4m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 0.8% each year. All expenses for the organization totaled $10.7m during the year ending 12/2021. While expenses have increased by 0.9% per year over the past 7 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
THE MISSION OF STEUBEN RURAL ELECTRIC COOPERATIVE IS TO IMPROVE THE QUALITY OF RURAL LIFE BY PROVIDING OUR MEMBERS WITH LOW COST, RELIABLE ELECTRICITY AND RELATED SERVICES IN A SAFE MANNER.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDING RELIABLE ELECTRICITY AND RELATED SERVICES TO OUR MEMBERS IN A SAFE MANNER. STEUBEN RURAL ELECTRIC COOPERATIVE, INC. SERVES OVER 6,400 METERS THROUGHOUT FOUR COUNTIES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Bryant Dillon General Manager | Officer | 50.78 | $109,319 |
Joshua Gauss Operations Manager | 52.1 | $101,311 | |
Wade Nelson Foreman | 43.78 | $101,012 | |
James R Mccormick President | OfficerTrustee | 3.13 | $7,840 |
Randy Stankey Director | Trustee | 2.2 | $7,800 |
Robert V Nichols Vice President | OfficerTrustee | 2.15 | $7,320 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Asplundh Tree Expert Vegetation Management | 12/30/21 | $234,562 |
Strauss Tree Service Inc Vegetation Management | 12/30/21 | $518,608 |
Bnf Powerline Construction Powerline Construction | 12/30/21 | $1,027,102 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $11,263,700 |
| Investment income | $85,024 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $749 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $11,402,118 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $385,138 |
| Compensation of current officers, directors, key employees. | $199,115 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $642,433 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,315,823 |
| Insurance | $0 |
| All other expenses | $734,959 |
| Total functional expenses | $10,741,330 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $535,569 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $2,209,418 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $452,198 |
| Prepaid expenses and deferred charges | $183,704 |
| Net Land, buildings, and equipment | $32,490,595 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $1,237,030 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,358,689 |
| Total assets | $38,467,203 |
| Accounts payable and accrued expenses | $751,361 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $19,453,679 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $263,931 |
| Total liabilities | $20,468,971 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $17,998,232 |
| Total liabilities and net assets/fund balances | $38,467,203 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Tri-County Rural Electric Cooperative Inc Mansfield, PA | $151,909,574 | $33,038,928 |
United Electric Cooperative Inc Du BOIS, PA | $114,867,848 | $31,031,818 |
Central Electric Cooperative Inc Parker, PA | $123,976,880 | $28,207,685 |
Somerset Rural Electric Cooperative Inc Somerset, PA | $44,691,676 | $24,950,814 |
Sussex Rural Electric Cooperative Inc Sussex, NJ | $50,512,661 | $23,931,586 |
Tm Forum Parsippany, NJ | $17,539,747 | $22,734,515 |
School And Municipal Energy Cooperative Of Western New York West Seneca, NY | $5,155,004 | $20,423,578 |
Rea Energy Cooperative Inc Indiana, PA | $139,260,164 | $26,641,958 |
Claverack Rural Electric Cooperative Inc Wysox, PA | $106,788,216 | $23,056,414 |
Northwestern Rural Electric Cooperative Association Inc Cambridge Springs, PA | $114,436,291 | $21,945,807 |
Valley Rural Electric Cooperative Inc Huntingdon, PA | $99,255,907 | $22,053,014 |
Bedford Rural Electric Cooperative Inc Bedford, PA | $56,175,004 | $11,935,648 |