Somerset Rural Electric Cooperative Inc
- Assets
- $44.7m
- Revenue
- $25.0m
- Investments
- $0.0
- Employees
- 46
- Location
- Somerset, PA
- Founding
- 02/1943
- Data as of
- 12/2021
- 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 12/2021, Somerset Rural Electric Cooperative Inc employed 46 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 12/2021, Somerset Rural Electric Cooperative Inc generated $25.0m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 2.2% each year. All expenses for the organization totaled $22.3m during the year ending 12/2021. While expenses have increased by 1.4% 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
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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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Ruston Ogburn General Mana | Officer | 40 | $228,846 |
Phil Martz Employee | 45 | $108,340 | |
Doug Glessner Employee | 40 | $107,469 | |
Roy Bittner Employee | 45 | $101,462 | |
Glenn Gross Employee | 40 | $101,138 | |
Russ Hillegas Director | Trustee | 2 | $5,000 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
B&l Tree Service Tree/right Of W | 12/30/21 | $1,804,508 |
Laurel Mountain Tree Service Tree/right Of W | 12/30/21 | $108,830 |
Ridgetop Tree Service Tree/right Of W | 12/30/21 | $535,862 |
Top Notch Tree Care Llc Tree/right Of W | 12/30/21 | $141,763 |
Bottenfield Powerline Const Co Construction | 12/30/21 | $878,678 |
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 | $24,913,480 |
| Investment income | $37,334 |
| 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 | $24,950,814 |
| 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. | $311,049 |
| Compensation of current officers, directors, key employees. | $311,049 |
| 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 | $300,946 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,834,864 |
| Insurance | $0 |
| All other expenses | $266,687 |
| Total functional expenses | $22,282,208 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $53,571 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $2,518,047 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $751,960 |
| Prepaid expenses and deferred charges | $84,184 |
| Net Land, buildings, and equipment | $32,013,473 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $9,270,441 |
| Total assets | $44,691,676 |
| Accounts payable and accrued expenses | $1,447,474 |
| 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 | $5,674,655 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $3,345,671 |
| Total liabilities | $10,467,800 |
| 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 | $1,565,560 |
| Retained earnings, endowment, accumulated income, or other funds | $32,658,316 |
| Total liabilities and net assets/fund balances | $44,691,676 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Paulding-Putnam Electric Cooperative Inc Paulding, OH | $113,731,744 | $45,501,402 |
Hancock-Wood Electric Cooperative North Baltimore, OH | $133,031,141 | $50,854,119 |
Buckeye Rural Electric Co-Op Inc Rio Grande, OH | $133,098,121 | $42,883,645 |
Lorain-Medina Rural Electric Coop Inc Wellington, OH | $103,003,393 | $43,488,454 |
Licking Rural Electrification Inc Newark, OH | $102,878,890 | $42,243,182 |
Guernsey-Muskingum Electric Coop New Concord, OH | $95,596,998 | $38,264,005 |
Butler Rural Electric Coop Inc Oxford, OH | $92,038,722 | $34,147,071 |
Tri-County Rural Electric Cooperative Inc Mansfield, PA | $151,909,574 | $33,038,928 |
Midwest Electric Inc St Marys, OH | $70,308,279 | $34,375,310 |
United Electric Cooperative Inc Du BOIS, PA | $114,867,848 | $31,031,818 |
North Central Electric Cooperative Inc Attica, OH | $73,924,415 | $28,818,784 |
Central Electric Cooperative Inc Parker, PA | $123,976,880 | $28,207,685 |