Rea Energy Cooperative Inc
- Assets
- $156.1m
- Revenue
- $53.7m
- Investments
- $24.1m
- Employees
- 73
- Location
- Indiana, PA
- Founding
- 12/1937
- Data as of
- 12/2023
- EIN
- 25-0809685
Organization Overview
Rea Energy Cooperative Inc is located in Indiana, PA. The organization was established in 1937. 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, Rea Energy Cooperative Inc employed 73 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Rea Energy 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, Rea Energy Cooperative Inc generated $53.7m in total revenue. This organization has experienced exceptional growth, as over the past 9 years, it has increased revenue by an average of 13.7% each year . All expenses for the organization totaled $50.1m during the year ending 12/2023. While expenses have increased by 14.9% 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
REA'S MISSION IS TO PROVIDE ELECTRICITY TO MEMBERS IN RURAL PENNSYLVANIA ON A COOPERATIVE BASIS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE COOPERATIVE IS AN ELECTRIC UTILITY SERVING RESIDENTIAL, COMMERCIAL, AND INDUSTRIAL CUSTOMERS IN THE RURAL AREAS OF INDIANA COUNTY AND THE SURROUNDING COUNTIES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Michael Bertolino Chairman | OfficerTrustee | 6.5 | $23,257 |
Robert Neese Secretary/treasurer | OfficerTrustee | 6 | $22,757 |
Wayne Farabaugh Vice Chairman | OfficerTrustee | 3 | $22,357 |
Thomas Aurandt Director | Trustee | 5 | $19,812 |
John Learn Director | Trustee | 4 | $20,857 |
Anthony Enciso Director | Trustee | 5 | $21,607 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Penn Line Service Utility Contracting | 12/30/23 | $4,004,057 |
Bnf Powerline Construction Line Services | 12/30/23 | $2,205,528 |
Tuneful Exhaust Works Llc Mechanic | 12/30/23 | $217,964 |
American Energy Services Inc Pole Inspections | 12/30/23 | $104,720 |
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 | $51,112,008 |
| Investment income | $575,062 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $51,682 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $53,733,786 |
| 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 | $1,033,443 |
| Compensation of current officers, directors, key employees. | $664,139 |
| 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 | $10,358 |
| Fees for services: Accounting | $13,221 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $90,905 |
| Advertising and promotion | $10,183 |
| Office expenses | $344,890 |
| 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 | $2,041,849 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $4,135,419 |
| Insurance | $0 |
| All other expenses | $2,665,433 |
| Total functional expenses | $50,094,653 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,185,885 |
| Savings and temporary cash investments | $7,513,521 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $6,045,071 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $1,752,828 |
| Prepaid expenses and deferred charges | $180,751 |
| Net Land, buildings, and equipment | $114,116,481 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $24,112,169 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $171,274 |
| Total assets | $156,077,980 |
| Accounts payable and accrued expenses | $4,797,775 |
| 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 | $62,921,097 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $5,873,088 |
| Total liabilities | $73,591,960 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $95,110 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $82,390,910 |
| Total liabilities and net assets/fund balances | $156,077,980 |