Adams Electric Cooperative Inc
- Assets
- $218.3m
- Revenue
- $70.9m
- Investments
- $0.0
- Employees
- 80
- Location
- Gettysburg, PA
- Founding
- 03/1942
- Data as of
- 12/2021
- EIN
- 23-0329885
Organization Overview
Adams Electric Cooperative Inc is located in Gettysburg, PA. The organization was established in 1942. 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, Adams Electric Cooperative Inc employed 80 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Adams 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, Adams Electric Cooperative Inc generated $70.9m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 1.2% each year. All expenses for the organization totaled $74.9m during the year ending 12/2021. While expenses have increased by 2.1% 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
ADAMS ELECTRIC COOPERATIVE PROVIDES SAFE AND EFFECTIVE DISTRIBUTION OF ELECTRICITY TO OUR MEMBERS
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE SALE AND DISTRIBUTION OF ELECTRICITY TO MEMBERS OF ADAMS ELECTRIC COOPERATIVE. THE THREE LARGEST PROGRAM SERVICES, AS MEASURED BY EXPENSES ARE AS FOLLOWS: COST OF POWER 35,595,822 BENEFITS PAID TO MEMBERS 12,217,368 SALARIES AND WAGES 8,325,775
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Steven Rasmussen CEO / Gm | Officer | 50 | $457,445 |
Lynn Wallas Manager Fina | Officer | 50 | $226,142 |
Mike Feathers Manager Oper | 50 | $204,332 | |
Kyle Smith Mgr Info Tec | 50 | $201,244 | |
Chad Thoman Mgr Eng/elec | 50 | $193,921 | |
Jeffery Turner Mgr Eng/mech | 50 | $185,986 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Penn Line Service Inc Tree Trimming | 12/30/21 | $1,598,224 |
Asplundh Tree Expert Co Tree Trimming | 12/30/21 | $1,937,022 |
Traffic Control Services Llc Flaggers | 12/30/21 | $619,415 |
Eg Anderson Inc Const. Contract | 12/30/21 | $1,177,252 |
Quality Lines Inc Const. Contract | 12/30/21 | $1,379,056 |
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 | $68,157,716 |
| Investment income | $94,064 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $957,926 |
| Net Gain/Loss on Asset Sales | $64,174 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $70,869,610 |
| 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 | $12,217,368 |
| Compensation of current officers, directors, key employees. | $1,173,314 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $8,325,775 |
| Pension plan accruals and contributions | $1,663,256 |
| Other employee benefits | $31,943 |
| Payroll taxes | $720,749 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $105,281 |
| 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 | $1,918,295 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $135,960 |
| Interest | $4,561,250 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $6,540,851 |
| Insurance | $0 |
| All other expenses | -$5,713,968 |
| Total functional expenses | $74,893,746 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,181,744 |
| Savings and temporary cash investments | $78,733 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $7,393,034 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $17,850 |
| Inventories for sale or use | $2,263,824 |
| Prepaid expenses and deferred charges | $4,355,282 |
| Net Land, buildings, and equipment | $169,697,808 |
| Investments—publicly traded securities | $5,715,289 |
| Investments—other securities | $0 |
| Investments—program-related | $26,587,868 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $218,291,432 |
| Accounts payable and accrued expenses | $9,865,384 |
| 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 | $114,169,773 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $8,957,779 |
| Total liabilities | $132,992,936 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $484,335 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $84,814,161 |
| Total liabilities and net assets/fund balances | $218,291,432 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
New Water Street Corporation New York, NY | $813,800,441 | $168,631,992 |
Adams Electric Cooperative Inc Gettysburg, PA | $218,291,432 | $70,869,610 |
Pioneer Rural Electric Cooperative Inc Piqua, OH | $137,811,122 | $72,827,818 |
Union Rural Electric Co-Op Inc Marysville, OH | $107,663,886 | $61,032,798 |
Licking Rural Electrification Inc Newark, OH | $316,474,567 | $64,454,016 |
Consolidated Cooperative Mt Gilead, OH | $135,336,279 | $58,791,301 |
Paulding-Putnam Electric Cooperative Inc Paulding, OH | $113,731,744 | $45,501,402 |
Hancock-Wood Electric Cooperative North Baltimore, OH | $133,031,141 | $50,854,119 |
Buckeye Rural Electric Co-Op Inc Rio Grande, OH | $133,098,121 | $42,883,645 |
Lorain-Medina Rural Electric Coop Inc Wellington, OH | $103,003,393 | $43,488,454 |
Licking Rural Electrification Inc Newark, OH | $102,878,890 | $42,243,182 |
Guernsey-Muskingum Electric Coop New Concord, OH | $95,596,998 | $38,264,005 |