Buckeye Power Inc
- Assets
- $1.7b
- Revenue
- $814.4m
- Investments
- $0.0
- Employees
- 84
- Location
- Columbus, OH
- Founding
- 04/1974
- Data as of
- 06/2022
- EIN
- 31-0676582
Organization Overview
Buckeye Power Inc is located in Columbus, OH. The organization was established in 1974. 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 06/2022, Buckeye Power Inc employed 84 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Buckeye Power 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 06/2022, Buckeye Power Inc generated $814.4m in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 3.9% each year. All expenses for the organization totaled $777.8m during the year ending 06/2022. While expenses have increased by 3.7% per year over the past 6 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
DELIVER TO MEMBERS STABLY AND COMPETITIVELY PRICED ECONOMICAL AND HIGHLY RELIABLE WHOLESALE POWER FOR THE BENEFIT OF THEIR MEMBERS AND THEIR COMMUNITIES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
BUCKEYE POWER INC. BUCKEYE IS AN ELECTRIC GENERATION AND TRANSMISSION COOPERATIVE. BUCKEYE PROVIDES WHOLESALE ELECTRIC SERVICE TO ITS 25 MEMBERS CONSTITUTING ALL OF THE ELECTRIC DISTRIBUTION COOPERATIVES ENGAGED IN THE SALE OF ELECTRICITY WITHIN THE STATE OF OHIO. BUCKEYE WHICH IS HEADQUARTERED IN COLUMBUS OHIO IS A NOT-FOR-PROFIT CORPORATION OPERATING ON A COOPERATIVE BASIS. INCORPORATED UNDER THE LAWS OF THE STATE OF OHIO.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Patrick Oloughlin President CEO | Officer | 32.8 | $928,929 |
Kurt Helfrich General Counsel | Officer | 35.2 | $309,583 |
William Roberts VP Finance CFO | Officer | 32 | $284,621 |
Thomas Alban VP Power Generation | Officer | 38.4 | $272,066 |
Craig Grooms VP Market Operations | Officer | 38 | $269,837 |
Bethany Schunn Plant Manager | 40 | $257,854 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Spiegel & Mcdiarmid Llp Legal | 6/29/22 | $128,532 |
Thompson Hine Llp Legal | 6/29/22 | $852,149 |
Crowe Llp Audit | 6/29/22 | $124,000 |
Patriot Power Group Llc Other Services | 6/29/22 | $116,728 |
Wagner-meinert Llc Other Services | 6/29/22 | $113,038 |
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 | $809,956,444 |
| Investment income | $547,070 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| 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 | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $814,420,643 |
| 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 | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $5,704,508 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $2,064,884 |
| Payroll taxes | $562,265 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $1,514,008 |
| Fees for services: Accounting | $148,000 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $2,470,152 |
| Office expenses | $292,668 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $102,990 |
| Travel | $186,770 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $75,695 |
| Interest | $42,275,927 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $111,334,621 |
| Insurance | $2,393,268 |
| All other expenses | $15,138,677 |
| Total functional expenses | $777,806,668 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $61,074,823 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $85,924,488 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $60,232,669 |
| Prepaid expenses and deferred charges | $1,945,054 |
| Net Land, buildings, and equipment | $659,634,286 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $46,165,426 |
| Intangible assets | $0 |
| Other assets | $824,999,794 |
| Total assets | $1,739,976,540 |
| Accounts payable and accrued expenses | $82,061,174 |
| Grants payable | $0 |
| Deferred revenue | $25,000,000 |
| 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 | $1,028,191,454 |
| Unsecured mortgages and notes payable | $15,000,000 |
| Other liabilities | $72,119,302 |
| Total liabilities | $1,222,371,930 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $27,204,218 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $490,400,392 |
| Total liabilities and net assets/fund balances | $1,739,976,540 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
East Kentucky Power Cooperative Inc Winchester, KY | $3,550,114,968 | $954,101,068 |
Buckeye Power Inc Columbus, OH | $1,739,976,540 | $814,420,643 |
Wabash Valley Power Association Inc Indianapolis, IN | $1,308,025,251 | $757,452,533 |
Wolverine Power Supply Cooperative Inc Cadillac, MI | $963,621,114 | $556,306,485 |
Kenergy Corp Henderson, KY | $260,651,880 | $473,591,627 |
Midcontinent Independent System Operator Inc Carmel, IN | $2,446,006,704 | $407,489,988 |
South Central Power Company Lancaster, OH | $695,490,462 | $352,992,911 |
Great Lakes Energy Cooperative Boyne City, MI | $794,670,914 | $238,017,889 |
Warren Rural Electric Cooperative Corporation Bowling Green, KY | $321,679,939 | $226,511,221 |
Owen Electric Cooperative Inc Owenton, KY | $280,661,277 | $184,758,521 |
South Kentucky Rural Electric Cooperative Corp Somerset, KY | $324,255,253 | $141,398,452 |
Pennyrile Rural Electric Cooperative Corporation Hopkinsville, KY | $272,225,368 | $141,666,611 |