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 58 individuals. This organization is a parent organization of 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 $69.2m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 2.9% each year. All expenses for the organization totaled $66.2m during the year ending 12/2023. While expenses have increased by 3.7% 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
DISTRIBUTE ELECTRICITY TO ITS MEMBERS
Describe the Organization's Program Activity:
Part 3 - Line 4a
LICKING RURAL ELECTRIFICATION DISTRIBUTES ELECTRICITY TO 27,326 MEMBERS IN 9 COUNTIES WITHIN OHIO.
Name (title) | Role | Hours | Compensation |
---|---|---|---|
Todd Ware President CEO | Officer | 17 | $0 |
Daniel Mcvey VP COO | Officer | $0 | |
Pat Mcgonagle VP CFO | Officer | 16 | $0 |
Connie Hogue VP Of Human Resources/safety | 18 | $0 | |
Scott Stitts VP Cio | 14 | $0 | |
Joe Higdon Controller | 17 | $0 |
Vendor Name (Service) | Service Year | Compensation |
---|---|---|
Smartbill Billing | 12/30/23 | $532,290 |
New River Electrical Corp Facilities Construction | 12/30/23 | $4,835,277 |
Laroche Aviation Services Llc Right Of Way Clearing | 12/30/23 | $1,594,641 |
Boss & Son Excavating Llc Facilites Construction | 12/30/23 | $1,094,823 |
Hysong Tree Service Llc Right Of Way Clearing | 12/30/23 | $599,200 |
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 | $65,481,458 |
Investment income | $405,672 |
Tax Exempt Bond Proceeds | $0 |
Royalties | $0 |
Net Rental Income | $574,308 |
Net Gain/Loss on Asset Sales | $93,573 |
Net Income from Fundraising Events | $0 |
Net Income from Gaming Activities | $0 |
Net Income from Sales of Inventory | $0 |
Miscellaneous Revenue | $0 |
Total Revenue | $69,207,212 |
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. | $481,211 |
Compensation of current officers, directors, key employees. | $0 |
Compensation to disqualified persons | $883,562 |
Other salaries and wages | $0 |
Pension plan accruals and contributions | $0 |
Other employee benefits | $601,828 |
Payroll taxes | $0 |
Fees for services: Management | $30,000 |
Fees for services: Legal | $83,970 |
Fees for services: Accounting | $30,545 |
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 | $472,592 |
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 | $93,644 |
Interest | $5,297,557 |
Payments to affiliates | $0 |
Depreciation, depletion, and amortization | $6,065,354 |
Insurance | $56,790 |
All other expenses | $3,712,714 |
Total functional expenses | $66,222,576 |
Balance Sheet | |
---|---|
Cash—non-interest-bearing | $1,984,357 |
Savings and temporary cash investments | $0 |
Pledges and grants receivable | $0 |
Accounts receivable, net | $9,322,274 |
Loans from Officers, Directors, or Controlling Persons | $0 |
Loans from Disqualified Persons | $0 |
Notes and loans receivable | $0 |
Inventories for sale or use | $2,349,806 |
Prepaid expenses and deferred charges | $1,058,337 |
Net Land, buildings, and equipment | $153,135,975 |
Investments—publicly traded securities | $0 |
Investments—other securities | $41,762,483 |
Investments—program-related | $0 |
Intangible assets | $0 |
Other assets | $144,595,934 |
Total assets | $354,209,166 |
Accounts payable and accrued expenses | $10,835,762 |
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 | $245,947,897 |
Unsecured mortgages and notes payable | $0 |
Other liabilities | $4,932,971 |
Total liabilities | $261,716,630 |
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 | $99,065 |
Retained earnings, endowment, accumulated income, or other funds | $92,393,471 |
Total liabilities and net assets/fund balances | $354,209,166 |