Sussex Rural Electric Cooperative Inc
- Assets
- $50.5m
- Revenue
- $23.9m
- Investments
- $0.0
- Employees
- 51
- Location
- Sussex, NJ
- Founding
- 10/1938
- Data as of
- 12/2021
- EIN
- 22-1317845
Organization Overview
Sussex Rural Electric Cooperative Inc is located in Sussex, NJ. The organization was established in 1938. 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, Sussex Rural Electric Cooperative Inc employed 51 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Sussex 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 12/2021, Sussex Rural Electric Cooperative Inc generated $23.9m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 2.3% each year. All expenses for the organization totaled $21.4m during the year ending 12/2021. While expenses have increased by 1.6% 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
TO PROVIDE ELECTRIC POWER TO MEMBERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO PROVIDE ELECTRIC POWER TO MEMBERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Christopher Reese President/ceo | Officer | 45 | $253,919 |
Kevin Boutilier Director Of Finance | Officer | 44 | $185,403 |
Charles Pike Director Of Engineering | 45 | $173,912 | |
Peter Gianattasio Chief Coordinator | 45 | $168,308 | |
Thomas Stone Supervisor Of Operations | 42.5 | $164,691 | |
Joseph Underwood First Class Lineman | 47.5 | $150,540 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Asplundh Tree Expert Tree Trimming | 12/30/19 | $958,478 |
Traffic Control Services Llc Traffic Control/flagging | 12/30/19 | $108,709 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $1,177,270 |
| 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 | $1,177,270 |
| Total Program Service Revenue | $20,689,610 |
| Investment income | $30,501 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $536,544 |
| Net Gain/Loss on Asset Sales | $21,485 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $23,931,586 |
| 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 | $824,915 |
| Compensation of current officers, directors, key employees. | $647,807 |
| 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 | $745,895 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,951,422 |
| Insurance | $0 |
| All other expenses | $1,349,210 |
| Total functional expenses | $21,384,808 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $631,838 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $2,117,684 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $1,127,743 |
| Prepaid expenses and deferred charges | $3,267,617 |
| Net Land, buildings, and equipment | $35,527,146 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $7,795,391 |
| Intangible assets | $0 |
| Other assets | $45,242 |
| Total assets | $50,512,661 |
| Accounts payable and accrued expenses | $3,407,789 |
| Grants payable | $0 |
| Deferred revenue | $2,674,405 |
| 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 | $20,636,349 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $367,930 |
| Total liabilities | $27,086,473 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $55,160 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $23,371,028 |
| Total liabilities and net assets/fund balances | $50,512,661 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Tri-County Rural Electric Cooperative Inc Mansfield, PA | $151,909,574 | $33,038,928 |
United Electric Cooperative Inc Du BOIS, PA | $114,867,848 | $31,031,818 |
Central Electric Cooperative Inc Parker, PA | $123,976,880 | $28,207,685 |
Somerset Rural Electric Cooperative Inc Somerset, PA | $44,691,676 | $24,950,814 |
Sussex Rural Electric Cooperative Inc Sussex, NJ | $50,512,661 | $23,931,586 |
Tm Forum Parsippany, NJ | $17,539,747 | $22,734,515 |
School And Municipal Energy Cooperative Of Western New York West Seneca, NY | $5,155,004 | $20,423,578 |
Rea Energy Cooperative Inc Indiana, PA | $139,260,164 | $26,641,958 |
Claverack Rural Electric Cooperative Inc Wysox, PA | $106,788,216 | $23,056,414 |
Northwestern Rural Electric Cooperative Association Inc Cambridge Springs, PA | $114,436,291 | $21,945,807 |
Valley Rural Electric Cooperative Inc Huntingdon, PA | $99,255,907 | $22,053,014 |
Bedford Rural Electric Cooperative Inc Bedford, PA | $56,175,004 | $11,935,648 |