Rea Energy Cooperative Inc
- Assets
- $139.3m
- Revenue
- $26.6m
- Investments
- $17.1m
- Employees
- 77
- Location
- Indiana, PA
- Founding
- 12/1937
- Data as of
- 12/2021
- EIN
- 25-0809685
Organization Overview
Rea Energy Cooperative Inc is located in Indiana, PA. The organization was established in 1937. 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, Rea Energy Cooperative Inc employed 77 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Rea Energy 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, Rea Energy Cooperative Inc generated $26.6m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 6.7% each year. All expenses for the organization totaled $19.6m during the year ending 12/2021. While expenses have increased by 4.6% 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
REA'S MISSION IS TO PROVIDE ELECTRICITY TO MEMBERS IN RURAL PENNSYLVANIA ON A COOPERATIVE BASIS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE COOPERATIVE IS AN ELECTRIC UTILITY SERVING RESIDENTIAL, COMMERCIAL, AND INDUSTRIAL CUSTOMERS IN THE RURAL AREAS OF INDIANA COUNTY AND THE SURROUNDING COUNTIES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Chad Carrick President And CEO | Officer | 55 | $297,703 |
Barry Baker Operations Manager | 55 | $148,287 | |
Steve Warner Lineman | 49 | $134,581 | |
Patrick Mcandrew Engineering Manager | 50 | $134,331 | |
Wayne Buterbaugh Chief Lineman | 50 | $131,495 | |
Matt Bumbarger Chief Lineman | 50 | $131,192 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Penn Line Service Utility Contracting | 12/30/21 | $4,690,855 |
Bnf Powerline Construction Line Services | 12/30/21 | $870,564 |
Tuneful Exhaust Works Llc Mechanic | 12/30/21 | $181,973 |
American Energy Services Pole Inspections | 12/30/21 | $113,662 |
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 | $61,844 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $713,221 |
| Net Gain/Loss on Asset Sales | $99,573 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $21,797,655 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $26,641,958 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $10,518 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $674,038 |
| Compensation of current officers, directors, key employees. | $568,911 |
| 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 | $1,853,519 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $3,833,743 |
| Insurance | $0 |
| All other expenses | $875,426 |
| Total functional expenses | $19,638,480 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $5,917,608 |
| Savings and temporary cash investments | $4,761,759 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $4,647,549 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $1,171,868 |
| Prepaid expenses and deferred charges | $39,127 |
| Net Land, buildings, and equipment | $105,087,251 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $17,136,069 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $498,933 |
| Total assets | $139,260,164 |
| Accounts payable and accrued expenses | $4,550,168 |
| 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 | $56,511,170 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $5,910,684 |
| Total liabilities | $66,972,022 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $93,965 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $72,194,177 |
| Total liabilities and net assets/fund balances | $139,260,164 |
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 |