Bedford Rural Electric Cooperative Inc
- Assets
- $56.2m
- Revenue
- $11.9m
- Investments
- $0.0
- Employees
- 31
- Location
- Bedford, PA
- Founding
- 10/1940
- Data as of
- 12/2021
- EIN
- 23-0394875
Organization Overview
Bedford Rural Electric Cooperative Inc is located in Bedford, PA. The organization was established in 1940. 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, Bedford Rural Electric Cooperative Inc employed 31 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Bedford 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, Bedford Rural Electric Cooperative Inc generated $11.9m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 6.4% each year. All expenses for the organization totaled $11.9m during the year ending 12/2021. While expenses have increased by 6.4% 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
DISTRIBUTION OF ELECTRICITY TO MEMBERS IN RURAL AREAS OF BEDFORD COUNTY, PA ON A COOPERATIVE BASIS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
DISTRIBUTION OF ELECTRICITY TO MEMBERS/OWNERS IN RURAL AREAS OF BEDFORD COUNTY, PA ON A COOPERATIVE BASIS.
DISTRIBUTION OF ELECTRICITY TO MEMBER/OWNERS IN RURAL BEDFORD, PA ON A COOPERATIVE BASIS
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Brooks Shoemaker CEO | Officer | 40 | $195,614 |
Ryan Young Engineering Manager | 40 | $113,681 | |
James Seymour Operations Manager | 40 | $110,402 | |
Troy Mock Working Foreman | 40 | $108,434 | |
Edward Hankinson Working Foreman | 40 | $100,953 | |
Brent Kauffman Finance Manager | Officer | 40 | $95,262 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Ayers Line Construction Line Construction | 12/30/21 | $781,622 |
Cml Contracting Excavation | 12/30/21 | $101,202 |
B&l Tree Service Tree Trimming | 12/30/21 | $1,006,797 |
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 | $0 |
| Investment income | $42,157 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $181,491 |
| 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 | $8,317,134 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $11,935,648 |
| 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 | $4,571,373 |
| Compensation of current officers, directors, key employees. | $435,264 |
| 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 | $468,050 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,481,527 |
| Insurance | $0 |
| All other expenses | $220,990 |
| Total functional expenses | $11,935,648 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $525,731 |
| Savings and temporary cash investments | $49,262 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $2,479,890 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $746,429 |
| Prepaid expenses and deferred charges | $367,634 |
| Net Land, buildings, and equipment | $39,705,918 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $12,300,140 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $56,175,004 |
| Accounts payable and accrued expenses | $3,446,356 |
| 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 | $18,810,146 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $1,906,843 |
| Total liabilities | $24,163,345 |
| 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 | $334,650 |
| Retained earnings, endowment, accumulated income, or other funds | $31,677,009 |
| Total liabilities and net assets/fund balances | $56,175,004 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
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 |
Butler Rural Electric Coop Inc Oxford, OH | $92,038,722 | $34,147,071 |
Tri-County Rural Electric Cooperative Inc Mansfield, PA | $151,909,574 | $33,038,928 |
Midwest Electric Inc St Marys, OH | $70,308,279 | $34,375,310 |
United Electric Cooperative Inc Du BOIS, PA | $114,867,848 | $31,031,818 |
North Central Electric Cooperative Inc Attica, OH | $73,924,415 | $28,818,784 |
Central Electric Cooperative Inc Parker, PA | $123,976,880 | $28,207,685 |