Lorain-Medina Rural Electric Coop Inc
- Assets
- $106.9m
- Revenue
- $48.3m
- Investments
- $19.8m
- Employees
- 46
- Location
- Wellington, OH
- Founding
- 10/1938
- Data as of
- 12/2022
- EIN
- 34-0365430
Organization Overview
Lorain-Medina Rural Electric Coop Inc is located in Wellington, OH. The organization was established in 1938. 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 12/2022, Lorain-Medina Rural Electric Coop Inc employed 46 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Lorain-Medina Rural Electric Coop 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 12/2022, Lorain-Medina Rural Electric Coop Inc generated $48.3m in total revenue. This represents relatively stable growth, over the past 5 years the organization has increased revenue by an average of 2.6% each year. All expenses for the organization totaled $41.0m during the year ending 12/2022. While expenses have increased by 1.8% per year over the past 5 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE ELECTRICITY AND RELATED SERVICES TO MEMBERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDE ELECTRICITY AND RELATED SERVICES TO MEMBERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Rodney Eaton Chair | OfficerTrustee | 5.55 | $18,475 |
Keith Lowe Treasurer | OfficerTrustee | 3.59 | $10,500 |
James Mcconnell Director | Trustee | 2.61 | $11,175 |
Gary Rowland Vice Chair | OfficerTrustee | 6.22 | $15,800 |
Judy Pickworth Director | Trustee | 4.01 | $12,575 |
Brenda Wolfe Secretary | Trustee | 4.9 | $11,100 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Oberlander's Tree & Landscape Lt Tree Services | 12/30/22 | $146,059 |
Jih Group Inc Building Services | 12/30/22 | $131,231 |
Knockout Tree Service Llc Tree Services | 12/30/22 | $592,243 |
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 | $46,684,500 |
| Investment income | $240,401 |
| 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 | $48,347,059 |
| 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. | $0 |
| 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 | $1,204,722 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,931,773 |
| Insurance | $0 |
| All other expenses | $926,284 |
| Total functional expenses | $40,980,234 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $9,992,940 |
| Savings and temporary cash investments | $4,699,472 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $4,550,302 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $18,559 |
| Inventories for sale or use | $1,111,810 |
| Prepaid expenses and deferred charges | $206,255 |
| Net Land, buildings, and equipment | $66,417,612 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $19,816,910 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $46,637 |
| Total assets | $106,860,497 |
| Accounts payable and accrued expenses | $5,121,921 |
| 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 | $34,453,159 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $3,322,069 |
| Total liabilities | $42,897,149 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $268,185 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $63,695,163 |
| Total liabilities and net assets/fund balances | $106,860,497 |