Union Rural Electric Co-Op Inc
- Assets
- $107.7m
- Revenue
- $61.0m
- Investments
- $0.0
- Employees
- 51
- Location
- Marysville, OH
- Founding
- 12/1937
- Data as of
- 12/2021
- EIN
- 31-4329510
Organization Overview
Union Rural Electric Co-Op Inc is located in Marysville, 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, Union Rural Electric Co-Op Inc employed 51 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Union Rural Electric Co-Op 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, Union Rural Electric Co-Op Inc generated $61.0m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 1.8% each year. All expenses for the organization totaled $61.1m during the year ending 12/2021. While expenses have increased by 1.8% 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
OUR MISSION IS TO MAKE A DIFFERENCE IN OUR COMMUNITY BY DELIVERING SAFE AND RELIABLE ENERGY TO OUR MEMBERS AT FAIR PRICES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE COOPERATIVE DISTRIBUTES ELECTRICITY AND NATURAL GAS TO ITS MEMBER/OWNERS AND ALSO CONSTRUCTS AND MAINTAINS FACILITIES TO CARRY OUT THIS PURPOSE. SERVED APPROXIMATELY 11,000 MEMBERS IN THE REPORTING YEAR.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Anthony P Smith CEO | Officer | 45 | $215,269 |
Matthew J Zarnosky COO | 45 | $153,479 | |
David G Speicher CFO | Officer | 45 | $152,298 |
Michael C Aquillo Cxo | 40 | $148,160 | |
Sean Luellen Crew Leader | 45.82 | $123,404 | |
Sam Bevis Journeyman | 44.99 | $121,970 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Power System Engineering Inc Engineering Consultant | 12/30/21 | $197,188 |
Rahrig Tree Co Inc Right-of-way Clearing | 12/30/21 | $451,982 |
New River Electrical Corp Electric Utility Construction | 12/30/21 | $1,885,814 |
Net Gain Information Systems It Services | 12/30/21 | $147,059 |
National Information Solutions Cooperative Software Support | 12/30/21 | $208,146 |
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 | $59,142,997 |
| Investment income | $20,671 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $35,625 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $357 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $61,032,798 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $72,246 |
| Grants and other assistance to domestic individuals. | $6,000 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $3,436,734 |
| Compensation of current officers, directors, key employees. | $822,534 |
| 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 | $1,526,624 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,997,113 |
| Insurance | $0 |
| All other expenses | $2,824,112 |
| Total functional expenses | $61,097,962 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $225,792 |
| Savings and temporary cash investments | $71,421 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $5,411,004 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $2,822,359 |
| Prepaid expenses and deferred charges | $416,318 |
| Net Land, buildings, and equipment | $68,776,731 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $29,940,261 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $107,663,886 |
| Accounts payable and accrued expenses | $7,777,590 |
| Grants payable | $0 |
| Deferred revenue | $2,647,462 |
| 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 | $40,792,640 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $2,106,767 |
| Total liabilities | $53,324,459 |
| 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 | $893,047 |
| Retained earnings, endowment, accumulated income, or other funds | $53,446,380 |
| Total liabilities and net assets/fund balances | $107,663,886 |
Grants Awarded
Over the last fiscal year, Union Rural Electric Co-Op Inc has awarded $72,246 in support to 6 organizations.
| Grant Recipient | Amount |
|---|---|
MISCELLANEOUS UNDER 5000 DOLLARS PURPOSE: Misc. Community Support | $35,496 |
Marysville, OH PURPOSE: Jr. Fair Renovation Campaign | $10,000 |
Marysville, OH PURPOSE: Hospital Capital Campaign | $10,000 |
Marysville, OH PURPOSE: Avalon Theater Capital Campaign | $6,250 |
Marysville, OH PURPOSE: Junior Fair Livestock Sale | $5,250 |
Marysville, OH PURPOSE: Fair Sponsorship | $5,250 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Union Rural Electric Co-Op Inc has recieved totaling $6,000.
| Awarding Organization | Amount |
|---|---|
Community Foundation Of Union County Inc Marysville, OH | | $6,000 |
Endowment Analysis
| Beg. Balance | $68,796 |
| Earnings | $8,412 |
| Admin Expense | $687 |
| Net Contributions | $900 |
| Grants | $6,000 |
| Ending Balance | $71,421 |
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 |