Lorain-Medina Rural Electric Coop Inc
- Assets
- $103.0m
- Revenue
- $43.5m
- Investments
- $20.0m
- Employees
- 42
- Location
- Wellington, OH
- Founding
- 10/1938
- Data as of
- 12/2021
- 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 12/2021, Lorain-Medina Rural Electric Coop Inc employed 42 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 12/2021, Lorain-Medina Rural Electric Coop Inc generated $43.5m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 1.8% each year. All expenses for the organization totaled $38.5m during the year ending 12/2021. While expenses have increased by 1.4% 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
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 |
|---|---|---|---|
Edward Vanhoose General Manager | Officer | 60 | $199,086 |
Timothy Rising Operations Manager | 40 | $105,188 | |
Kristine Dawson Director Of Finance & Acco | Officer | 45 | $89,604 |
Gary Rowland Board Vice President | Trustee | 6.34 | $15,400 |
Rodney Eaton Board President | Trustee | 4.35 | $14,700 |
James Mcconnell Trustee | Trustee | 2.62 | $12,675 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Oberlander's Tree & Landscape Lt Tree Services | 12/30/21 | $681,123 |
Power Construction Group Substation Contract | 12/30/21 | $433,736 |
Buckeye Boring & Excavation Boring Services | 12/30/21 | $209,207 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $638,000 |
| 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 | $638,000 |
| Total Program Service Revenue | $41,607,709 |
| Investment income | $65,203 |
| 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 | $43,488,454 |
| 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 | $1,272,075 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,795,799 |
| Insurance | $0 |
| All other expenses | $732,664 |
| Total functional expenses | $38,490,542 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $9,279,948 |
| Savings and temporary cash investments | $5,968,935 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $3,857,024 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $9,196 |
| Inventories for sale or use | $655,086 |
| Prepaid expenses and deferred charges | $199,041 |
| Net Land, buildings, and equipment | $62,814,221 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $19,989,977 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $229,965 |
| Total assets | $103,003,393 |
| Accounts payable and accrued expenses | $4,908,552 |
| 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 | $36,137,364 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $3,100,468 |
| Total liabilities | $44,146,384 |
| 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 | $58,588,824 |
| Total liabilities and net assets/fund balances | $103,003,393 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Northeastern Rural Electric Membership Corporation Columbia City, IN | $154,005,839 | $126,158,719 |
Salt River Electric Bardstown, KY | $187,060,575 | $114,408,015 |
Jackson Energy Cooperative Corporat Ion Inc Mckee, KY | $284,949,026 | $109,799,636 |
Hendricks County Rural Electric Membership Corporation Danville, IN | $222,904,007 | $97,103,288 |
South Central Indiana Rural Electric Membership Corporation Martinsville, IN | $273,130,010 | $92,514,436 |
West Kentucky Rural Electric Cooperative Corporation Mayfield, KY | $175,044,197 | $94,020,746 |
Nolin Rural Electric Cooperative Corporation Elizabethtown, KY | $169,060,241 | $80,995,142 |
Fleming-Mason Energy Cooperative Inc Flemingsburg, KY | $142,667,683 | $79,467,396 |
Cloverland Electric Cooperative Inc Sault Ste Marie, MI | $210,343,579 | $87,157,838 |
Tipmont Rural Electric Membership Corporation Linden, IN | $238,009,464 | $75,841,839 |
Adams Electric Cooperative Inc Gettysburg, PA | $218,291,432 | $70,869,610 |
Pioneer Rural Electric Cooperative Inc Piqua, OH | $137,811,122 | $72,827,818 |