Somerset Rural Electric Cooperative Inc
- Assets
- $48.4m
- Revenue
- $25.8m
- Investments
- $0.0
- Employees
- 49
- Location
- Somerset, PA
- Founding
- 02/1943
- Data as of
- 12/2022
- EIN
- 25-0807950
Organization Overview
Somerset Rural Electric Cooperative Inc is located in Somerset, PA. The organization was established in 1943. 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 12/2022, Somerset Rural Electric Cooperative Inc employed 49 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Somerset 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 12/2022, Somerset Rural Electric Cooperative Inc generated $25.8m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 3.4% each year. All expenses for the organization totaled $21.6m during the year ending 12/2022. While expenses have increased by 1.3% 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
PROVIDE ELECTRIC SERVICE TO MEMBERS
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE COOPERATIVE PROVIDES ELECTRICAL SERVICES TO APPROXIMATELY 13,000 MEMBERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Ruston Ogburn General Mana | Officer | 40 | $238,846 |
Phil Martz Employee | 45 | $124,982 | |
Doug Glessner Employee | 40 | $110,400 | |
Brian Marker Employee | 45 | $109,541 | |
Roy Bittner Employee | 45 | $106,036 | |
Jerry L Engle Vice Preside | OfficerTrustee | 2 | $5,600 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
B&l Tree Service Tree/right Of W | 12/30/22 | $1,408,471 |
Bottenfield Powerline Const Co Construction | 12/30/22 | $1,059,514 |
Ridgetop Tree Service Tree/right Of W | 12/30/22 | $397,272 |
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 | $25,807,019 |
| Investment income | $34,251 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $25,841,270 |
| 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. | $326,643 |
| Compensation of current officers, directors, key employees. | $326,643 |
| 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 | $269,704 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,885,160 |
| Insurance | $0 |
| All other expenses | $288,671 |
| Total functional expenses | $21,550,169 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $3,118,954 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $910,628 |
| Prepaid expenses and deferred charges | $88,137 |
| Net Land, buildings, and equipment | $33,879,657 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $10,369,569 |
| Total assets | $48,366,945 |
| Accounts payable and accrued expenses | $1,492,905 |
| 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 | $5,056,862 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $3,831,495 |
| Total liabilities | $10,381,262 |
| 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 | $1,684,342 |
| Retained earnings, endowment, accumulated income, or other funds | $36,301,341 |
| Total liabilities and net assets/fund balances | $48,366,945 |