Washington Electric Cooperative Inc
- Assets
- $67.8m
- Revenue
- $21.6m
- Investments
- $8.8m
- Employees
- 34
- Location
- Marietta, OH
- Founding
- 10/1942
- Data as of
- 12/2021
- EIN
- 31-4335585
Organization Overview
Washington Electric Cooperative Inc is located in Marietta, OH. The organization was established in 1942. 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, Washington Electric Cooperative Inc employed 34 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Washington 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, Washington Electric Cooperative Inc generated $21.6m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 3.1% each year. All expenses for the organization totaled $20.6m during the year ending 12/2021. While expenses have increased by 2.8% 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
PROVIDING ELECTRIC POWER TO COOPERATIVE MEMBERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
RURAL DISTRIBUTION OF ELECTRIC ENERGY AND RELATED SERVICES TO 10,543 CONSUMER ACCOUNTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jeffrey Triplett General Mgr/ | Officer | 40 | $187,000 |
Jamie Hummerich Service Crew | 51 | $121,705 | |
Bruce Swope Operation Ma | 45 | $115,816 | |
Jake Wells Construction | 50 | $115,397 | |
Jarad Barlock Service Crew | 46 | $110,634 | |
Kenneth Angle Service Crew | 46 | $107,153 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Asplundh Tree Expert Co Row Cutting | 12/30/21 | $1,441,589 |
Davis H Elliot Construction Blding Contract | 12/30/21 | $781,321 |
New River Electric Corp Line/constrctn | 12/30/21 | $774,764 |
Nreca Employee Insur | 12/30/21 | $533,167 |
United Utility Supply Util Plnt Mat | 12/30/21 | $998,232 |
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 | $20,772,437 |
| Investment income | $30,541 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $270,325 |
| Net Gain/Loss on Asset Sales | $55,598 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $21,644,972 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $3,133 |
| Grants and other assistance to domestic individuals. | $17,050 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $229,300 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,330,053 |
| Pension plan accruals and contributions | $374,959 |
| Other employee benefits | $420,031 |
| Payroll taxes | $123,267 |
| Fees for services: Management | $38,395 |
| Fees for services: Legal | $9,605 |
| Fees for services: Accounting | $27,500 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $22,342 |
| Advertising and promotion | $7,244 |
| Office expenses | $143,420 |
| Information technology | $157,689 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $28,554 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $25,058 |
| Interest | $1,190,829 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,865,009 |
| Insurance | $75,453 |
| All other expenses | $485,924 |
| Total functional expenses | $20,601,731 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,465,254 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $3,893,566 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $423,437 |
| Prepaid expenses and deferred charges | $111,429 |
| Net Land, buildings, and equipment | $51,951,100 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $8,828,574 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $92,894 |
| Total assets | $67,766,254 |
| Accounts payable and accrued expenses | $3,312,766 |
| 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 | $36,515,705 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $39,828,471 |
| 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 | $27,937,783 |
| Total liabilities and net assets/fund balances | $67,766,254 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Shelby Energy Cooperative Inc Shelbyville, KY | $128,023,912 | $48,869,118 |
Cumberland Valley Electric Co-Op Corp Gray, KY | $124,042,321 | $47,250,559 |
Kosciusko Rural Electric Membership Corporation Warsaw, IN | $103,207,559 | $50,256,556 |
Carroll White Remc Monticello, IN | $77,626,690 | $46,434,460 |
Rushshelby Energy Rural Electric Cooperative Inc Manilla, IN | $101,755,271 | $47,128,138 |
Utilities District Of Western Ind Rural Electric Membership Corp Bloomfield, IN | $108,840,667 | $45,748,725 |
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 |
Bartholomew County Rural Electric Membership Corporation Columbus, IN | $73,524,777 | $45,185,369 |
Buckeye Rural Electric Co-Op Inc Rio Grande, OH | $133,098,121 | $42,883,645 |
Southern Indiana Power Tell City, IN | $70,453,737 | $39,497,094 |
Lorain-Medina Rural Electric Coop Inc Wellington, OH | $103,003,393 | $43,488,454 |