Adams Electric Cooperative Inc
- Assets
- $244.0m
- Revenue
- $78.4m
- Investments
- $0.0
- Employees
- 83
- Location
- Gettysburg, PA
- Founding
- 03/1942
- Data as of
- 12/2023
- EIN
- 23-0329885
Organization Overview
Adams Electric Cooperative Inc is located in Gettysburg, PA. The organization was established in 1942. 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, Adams Electric Cooperative Inc employed 83 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Adams 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, Adams Electric Cooperative Inc generated $78.4m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 2.1% each year. All expenses for the organization totaled $79.6m during the year ending 12/2023. While expenses have increased by 2.3% per year over the past 9 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
ADAMS ELECTRIC COOPERATIVE PROVIDES SAFE AND EFFECTIVE DISTRIBUTION OF ELECTRICITY TO OUR MEMBERS
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE SALE AND DISTRIBUTION OF ELECTRICITY TO MEMBERS OF ADAMS ELECTRIC COOPERATIVE. THE THREE LARGEST PROGRAM SERVICES, AS MEASURED BY EXPENSES ARE AS FOLLOWS: COST OF POWER 42,605,555 SALARIES AND WAGES 8,574,795 BENEFITS PAID TO MEMBERS 8,306,670
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Steven Rasmussen CEO / Gm | Officer | 50 | $520,491 |
Mike Feathers Manager Oper | 50 | $218,898 | |
Jeffery Turner Mgr Eng/mech | 50 | $212,138 | |
James Chiaruttini Mgr Legal Se | 50 | $211,222 | |
Chad Thoman Mgr Eng/elec | 50 | $223,764 | |
Gorman Guy Line Superin | 50 | $175,303 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Asplundh Tree Expert Co Tree Trimming | 12/30/23 | $3,936,300 |
O'connell Electric Company Inc Const. Contract | 12/30/23 | $1,894,244 |
Eg Anderson Inc Const. Contract | 12/30/23 | $1,334,511 |
Nisc It Support | 12/30/23 | $535,169 |
Prea Support | 12/30/23 | $534,254 |
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 | $76,999,339 |
| Investment income | $111,921 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $1,053,405 |
| Net Gain/Loss on Asset Sales | $33,691 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $78,385,681 |
| 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 | $8,306,670 |
| Compensation of current officers, directors, key employees. | $1,103,084 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $8,574,795 |
| Pension plan accruals and contributions | $1,826,773 |
| Other employee benefits | $61,292 |
| Payroll taxes | $742,575 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $187,594 |
| 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 | $2,178,311 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $55,808 |
| Interest | $4,875,191 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $7,056,016 |
| Insurance | $0 |
| All other expenses | -$5,877,301 |
| Total functional expenses | $79,616,838 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $3,500,306 |
| Savings and temporary cash investments | $92,559 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $9,530,603 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $923 |
| Inventories for sale or use | $3,758,472 |
| Prepaid expenses and deferred charges | $3,563,576 |
| Net Land, buildings, and equipment | $186,476,425 |
| Investments—publicly traded securities | $5,773,373 |
| Investments—other securities | $0 |
| Investments—program-related | $31,321,460 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $244,017,697 |
| Accounts payable and accrued expenses | $8,161,320 |
| 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 | $127,502,159 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $7,441,533 |
| Total liabilities | $143,105,012 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $450,220 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $100,462,465 |
| Total liabilities and net assets/fund balances | $244,017,697 |