Sussex Rural Electric Cooperative Inc
- Assets
- $56.0m
- Revenue
- $25.5m
- Investments
- $0.0
- Employees
- 52
- Location
- Sussex, NJ
- Founding
- 10/1938
- Data as of
- 12/2023
- 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 12/2023, Sussex Rural Electric Cooperative Inc employed 52 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 12/2023, Sussex Rural Electric Cooperative Inc generated $25.5m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 2.0% each year. All expenses for the organization totaled $25.5m during the year ending 12/2023. While expenses have increased by 2.6% per year over the past 8 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
2023
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 |
|---|---|---|---|
Jack Haggerty Jr Chairman | OfficerTrustee | 6.5 | $9,750 |
William Kovach Vice-Chairman | OfficerTrustee | 4.5 | $0 |
Ronald J Dupont Jr Secretary/treasurer | OfficerTrustee | 7.5 | $9,450 |
Thomas E Madsen Director | Trustee | 5.5 | $0 |
Barbara Berge Miller Director | Trustee | 5 | $10,350 |
Brad Sparta Director | Trustee | 4 | $10,000 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Asplundh Tree Expert Tree Trimming | 12/30/22 | $924,058 |
Traffic Control Services Llc Traffic Control/flagging | 12/30/22 | $115,122 |
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 | $23,965,634 |
| Investment income | $33,698 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $570,061 |
| Net Gain/Loss on Asset Sales | $14,213 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $25,482,647 |
| 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 | $868,192 |
| Compensation of current officers, directors, key employees. | $783,423 |
| 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 | $1,021,765 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,066,432 |
| Insurance | $0 |
| All other expenses | $1,179,795 |
| Total functional expenses | $25,451,710 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,060,766 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $2,162,808 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $1,272,484 |
| Prepaid expenses and deferred charges | $3,934,364 |
| Net Land, buildings, and equipment | $38,421,801 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $9,194,809 |
| Intangible assets | $0 |
| Other assets | -$72,143 |
| Total assets | $55,974,889 |
| Accounts payable and accrued expenses | $3,595,284 |
| Grants payable | $0 |
| Deferred revenue | $2,825,197 |
| 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 | $24,314,707 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $465,180 |
| Total liabilities | $31,200,368 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $55,785 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $24,718,736 |
| Total liabilities and net assets/fund balances | $55,974,889 |