Licking Rural Electrification Inc
- Assets
- $120.0m
- Revenue
- $43.9m
- Investments
- $0.0
- Employees
- 86
- Location
- Newark, OH
- Founding
- 12/1937
- Data as of
- 12/2023
- EIN
- 31-4215215
Organization Overview
Licking Rural Electrification Inc is located in Newark, OH. 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, Licking Rural Electrification Inc employed 86 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Licking Rural Electrification 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, Licking Rural Electrification Inc generated $43.9m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 3.6% each year. All expenses for the organization totaled $41.9m during the year ending 12/2023. While expenses have increased by 4.1% 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
TO DISTRIBUTE AND TRANSPORT NATURAL GAS FOR AND TO OUR MEMBERS
Describe the Organization's Program Activity:
Part 3 - Line 4a
NATURAL GAS DISTRIBUTION UTILITY SERVING APPROX 38,000 MEMBERS IN 10 OHIO COUNTIES
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Todd Ware President CEO | Officer | 17 | $404,620 |
Daniel Mcvey VP COO | Officer | 24 | $330,376 |
Pat Mcgonagle VP CFO | Officer | 16 | $311,710 |
Connie Hogue VP - Hr Safety | 18 | $231,876 | |
Scott Stitts VP Cio | 8 | $204,092 | |
Joe Higdon Controller | 17 | $198,779 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
R&r Pipeline Facilities Construction | 12/30/23 | $1,250,143 |
Utility Solutions Facilities Construction | 12/30/23 | $1,835,468 |
Kendrick Excavating Facilities Construction | 12/30/23 | $718,916 |
Hazen Services Facilities Construction | 12/30/23 | $1,078,153 |
J&j Underground Utilities Facilities Construction | 12/30/23 | $1,026,782 |
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 | $43,452,204 |
| Investment income | $37 |
| 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 | $43,948,111 |
| 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. | $2,601,946 |
| 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 | $576,475 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $56,758 |
| Fees for services: Accounting | $29,800 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $405,518 |
| Office expenses | $660,821 |
| 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 | $3,779,732 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $5,287,888 |
| Insurance | $517,377 |
| All other expenses | $0 |
| Total functional expenses | $41,854,480 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $800 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $5,950,613 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $5,192,425 |
| Prepaid expenses and deferred charges | $99,155 |
| Net Land, buildings, and equipment | $105,002,377 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $3,739,797 |
| Total assets | $119,985,167 |
| Accounts payable and accrued expenses | $8,731,977 |
| 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 | $88,052,508 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $32,081,000 |
| Total liabilities | $128,865,485 |
| 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 | $0 |
| Retained earnings, endowment, accumulated income, or other funds | -$8,880,318 |
| Total liabilities and net assets/fund balances | $119,985,167 |