Union Rural Electric Co-Op Inc
- Assets
- $115.1m
- Revenue
- $66.9m
- Investments
- $0.0
- Employees
- 48
- Location
- Marysville, OH
- Founding
- 12/1937
- Data as of
- 12/2023
- EIN
- 31-4329510
Organization Overview
Union Rural Electric Co-Op Inc is located in Marysville, 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, Union Rural Electric Co-Op Inc employed 48 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Union Rural Electric Co-Op 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, Union Rural Electric Co-Op Inc generated $66.9m in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 1.4% each year. All expenses for the organization totaled $63.5m during the year ending 12/2023. While expenses have increased by 0.5% per year over the past 6 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.
Since 2021, Union Rural Electric Co-Op Inc has awarded 15 individual grants totaling $236,590. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
OUR MISSION IS TO MAKE A DIFFERENCE IN OUR COMMUNITY BY DELIVERING SAFE AND RELIABLE ENERGY TO OUR MEMBERS AT FAIR PRICES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE COOPERATIVE DISTRIBUTES ELECTRICITY AND NATURAL GAS TO ITS MEMBER/OWNERS AND ALSO CONSTRUCTS AND MANTAINS FACILITIES TO CARRY OUT THIS PURPOSE. SERVED APPROXIMATELY 12,000 MEMBERS IN THE REPORTING YEAR.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Anthony P Smith President/ceo | Officer | 45 | $247,982 |
David G Speicher VP Finance/cfo | Officer | 45 | $176,258 |
Michael C Aquillo Cxo | 40 | $171,503 | |
Matthew J Zarnosky COO | 45 | $172,706 | |
Sean T Luellen Crew Leader | 46 | $134,599 | |
Benjamin A Hoyer Crew Leader | 49.69 | $129,047 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
New River Electrical Corp Electric Utility Construction | 12/30/23 | $1,857,402 |
Rahrig Tree Co Inc Right-of-way Clearing | 12/30/23 | $523,191 |
Kent Power Inc Substation Construction | 12/30/23 | $419,440 |
National Information Solutions Co Software Support | 12/30/23 | $228,121 |
Parkline Building Systems Substation Construction | 12/30/23 | $112,204 |
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 | $60,893,578 |
| Investment income | $26,442 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $3,000 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $490 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $66,933,265 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $98,243 |
| Grants and other assistance to domestic individuals. | $7,500 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $3,289,204 |
| Compensation of current officers, directors, key employees. | $821,921 |
| 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 | $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 | $1,825,330 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $3,257,401 |
| Insurance | $0 |
| All other expenses | $3,029,270 |
| Total functional expenses | $63,489,901 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $293,578 |
| Savings and temporary cash investments | $85,464 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $5,676,076 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $3,699,219 |
| Prepaid expenses and deferred charges | $273,309 |
| Net Land, buildings, and equipment | $74,553,568 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $30,568,223 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $115,149,437 |
| Accounts payable and accrued expenses | $8,460,132 |
| Grants payable | $0 |
| Deferred revenue | $2,330,458 |
| 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 | $39,865,425 |
| Unsecured mortgages and notes payable | $3,300,000 |
| Other liabilities | $1,878,787 |
| Total liabilities | $55,834,802 |
| 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 | $1,016,463 |
| Retained earnings, endowment, accumulated income, or other funds | $58,298,172 |
| Total liabilities and net assets/fund balances | $115,149,437 |
Grants Awarded
Over the last fiscal year, Union Rural Electric Co-Op Inc has awarded $98,243 in support to 6 organizations.
| Grant Recipient | Amount |
|---|---|
MISCELLANEOUS UNDER 5000 DOLLARS | | | $40,876 |
UNION COUNTY FAIR PURPOSE: Capital campaign to build and improve buildings on the fairgrounds | $10,000 |
UNION COUNTY JUNIOR FAIRC/O BREEDERS WORLD PURPOSE: Grand total of winning bids of livestock and other fair projects by children and youth | $7,217 |
RICHWOOD JUNIOR FAIR LIVESTOCKC/O RICHWOOD BANK PURPOSE: Grand total of winning bids of livestock and other fair projects by children and youth | $6,100 |
COMMUNITY FOUNDATION OF UNION COUNTY INC PURPOSE: Contribution to youth scholarship fund housed at Community Foundation of Union County, Inc | $27,000 |
UNION COUNTY CHAMBER OF COMMERCE PURPOSE: Cash donations to sponsor various community activities within Union County | $7,050 |