Licking Rural Electrification Inc
- Assets
- $316.5m
- Revenue
- $64.5m
- Investments
- $40.9m
- Employees
- 52
- Location
- Newark, OH
- Founding
- 12/1937
- Data as of
- 12/2021
- EIN
- 31-4234980
Organization Overview
Licking Rural Electrification Inc is located in Newark, OH. 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, Licking Rural Electrification Inc employed 52 individuals. This organization is a parent organization of an affiliated group for tax-exemption purposes. Licking Rural Electrification 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, Licking Rural Electrification Inc generated $64.5m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 2.7% each year. All expenses for the organization totaled $59.6m during the year ending 12/2021. While expenses have increased by 3.1% 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
DISTRIBUTE ELECTRICITY TO ITS MEMBERS
Describe the Organization's Program Activity:
Part 3 - Line 4a
LICKING RURAL ELECTRIFICATION DISTRIBUTES ELECTRICITY TO 26,804 MEMBERS IN 9 COUNTIES WITHIN OHIO.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Gary Glover VP COO | Officer | 40 | $266,429 |
Gary Baker Director Of Marketing | 16 | $173,745 | |
Josh Filler Vp/coo | Officer | 40 | $157,839 |
Nelson Smith Director | Trustee | 3 | $37,250 |
John Klauder Director | Trustee | 1 | $24,500 |
Jack Schmidt Jr Director | Trustee | 1.5 | $23,050 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Wa Kendall & Company Inc Right Of Way Clearing | 12/30/21 | $1,029,370 |
New River Electrical Corp Facilities Construction | 12/30/21 | $2,284,721 |
Smart Bill Bill Print | 12/30/21 | $465,326 |
Hysong Tree Service Llc Right Of Way Clearing | 12/30/21 | $621,300 |
Boss & Son Excavating Llc Facilites Construction | 12/30/21 | $973,293 |
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 | $61,918,974 |
| Investment income | $274,979 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $480,992 |
| Net Gain/Loss on Asset Sales | $40,518 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $64,454,016 |
| 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. | $994,031 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $639,993 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $151,885 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $105,100 |
| 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 | $355,925 |
| 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 | $69,389 |
| Interest | $3,777,839 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $5,448,481 |
| Insurance | $48,845 |
| All other expenses | $3,413,523 |
| Total functional expenses | $59,555,618 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,253,758 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $7,142,840 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $1,803,133 |
| Prepaid expenses and deferred charges | $298,214 |
| Net Land, buildings, and equipment | $136,615,743 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $40,939,274 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $128,421,605 |
| Total assets | $316,474,567 |
| Accounts payable and accrued expenses | $10,000,682 |
| 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 | $215,634,673 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $4,666,220 |
| Total liabilities | $230,301,575 |
| 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 | $107,440 |
| Retained earnings, endowment, accumulated income, or other funds | $86,065,552 |
| Total liabilities and net assets/fund balances | $316,474,567 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Northeastern Rural Electric Membership Corporation Columbia City, IN | $154,005,839 | $126,158,719 |
Salt River Electric Bardstown, KY | $187,060,575 | $114,408,015 |
Jackson Energy Cooperative Corporat Ion Inc Mckee, KY | $284,949,026 | $109,799,636 |
Hendricks County Rural Electric Membership Corporation Danville, IN | $222,904,007 | $97,103,288 |
South Central Indiana Rural Electric Membership Corporation Martinsville, IN | $273,130,010 | $92,514,436 |
West Kentucky Rural Electric Cooperative Corporation Mayfield, KY | $175,044,197 | $94,020,746 |
Nolin Rural Electric Cooperative Corporation Elizabethtown, KY | $169,060,241 | $80,995,142 |
Fleming-Mason Energy Cooperative Inc Flemingsburg, KY | $142,667,683 | $79,467,396 |
Cloverland Electric Cooperative Inc Sault Ste Marie, MI | $210,343,579 | $87,157,838 |
Tipmont Rural Electric Membership Corporation Linden, IN | $238,009,464 | $75,841,839 |
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 |