Claverack Rural Electric Cooperative Inc
- Assets
- $139.4m
- Revenue
- $29.4m
- Investments
- $0.0
- Employees
- 0
- Location
- Wysox, PA
- Founding
- 11/1942
- Data as of
- 12/2023
- EIN
- 24-0548304
Organization Overview
Claverack Rural Electric Cooperative Inc is located in Wysox, 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. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Claverack 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 12/2023, Claverack Rural Electric Cooperative Inc generated $29.4m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 7.5% each year. All expenses for the organization totaled $24.9m during the year ending 12/2023. While expenses have increased by 7.4% per year over the past 8 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
PROVISION OF ELECTRICAL SERVICE IN RURAL PENNSYLVANIA.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVISION OF ELECTRIC SERVICE TO MEMBER/OWNERS IN RURAL PENNSYLVANIA USING THE COOPERATIVE FORM OF OWNERSHIP.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Anthony J Ventello Director | Trustee | 4.1 | $17,400 |
Charles R Bullock Director | Trustee | 3.2 | $15,400 |
Robert W Fearnley Director | Trustee | 2.8 | $14,800 |
Timothy T Tewksbury Director - Secretary/treasurer | OfficerTrustee | 4.1 | $15,000 |
Angela S Joines Director - Vice Secretary/treasurer | OfficerTrustee | 2.1 | $13,600 |
Gary L Hennip Director - Chair | OfficerTrustee | 5.1 | $16,500 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Henkels & Mccoy Inc Line Construction Services | 12/30/23 | $4,418,458 |
Asplundh Construction Llc Make Ready | 12/30/23 | $3,792,385 |
Bnf Powerline Const Line Construction Services | 12/30/23 | $1,440,669 |
Vantage Point Solutions System Design/consulting | 12/30/23 | $1,406,220 |
Tree Md Llc Tree Cutting Service | 12/30/23 | $1,208,252 |
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 | $103,854 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $37,058 |
| Net Rental Income | $0 |
| 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 | $22,615,676 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $29,387,147 |
| 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 | $1,400,812 |
| Compensation of current officers, directors, key employees. | $958,921 |
| 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 | $2,179,976 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $4,565,464 |
| Insurance | $0 |
| All other expenses | $425,079 |
| Total functional expenses | $24,866,044 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $376,455 |
| Savings and temporary cash investments | $1,976,827 |
| Pledges and grants receivable | $101,577 |
| Accounts receivable, net | $6,273,136 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $1,852,143 |
| Prepaid expenses and deferred charges | $840,092 |
| Net Land, buildings, and equipment | $93,559,131 |
| Investments—publicly traded securities | $60,443 |
| Investments—other securities | $0 |
| Investments—program-related | $33,585,988 |
| Intangible assets | $0 |
| Other assets | $798,618 |
| Total assets | $139,424,410 |
| Accounts payable and accrued expenses | $7,095,325 |
| 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 | $56,391,123 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $5,073,397 |
| Total liabilities | $68,559,845 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $115,860 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $70,748,705 |
| Total liabilities and net assets/fund balances | $139,424,410 |