Firelands Electric Cooperative Inc
- Assets
- $51.9m
- Revenue
- $21.7m
- Investments
- $10.1m
- Employees
- 31
- Location
- New London, OH
- Founding
- 11/1942
- Data as of
- 12/2021
- EIN
- 34-4232845
Organization Overview
Firelands Electric Cooperative Inc is located in New London, 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, Firelands Electric Cooperative Inc employed 31 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Firelands 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, Firelands Electric Cooperative Inc generated $21.7m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 1.5% each year. All expenses for the organization totaled $20.3m during the year ending 12/2021. While expenses have increased by 1.8% 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
RURAL DISTRIBUTION OF ELECTRIC ENERGY AND RELATED SERVICE
Describe the Organization's Program Activity:
Part 3 - Line 4a
RURAL DISTRIBUTION OF ELECTRIC ENERGY AND RELATED SERVICE TO 7,925 MEMBERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Daniel Mcnaull Genl Mgr, Tr | OfficerTrustee | 50 | $156,369 |
Tabitha Shepherd Dir Fin&acct | Officer | 45 | $132,618 |
Daniel Schloemer Bd President | OfficerTrustee | 6 | $6,263 |
John Martin Trustee | Trustee | 1.25 | $5,363 |
Carl Ayers Bd Sec/treas | OfficerTrustee | 4 | $5,313 |
Thomas Lucha Trustee | Trustee | 2 | $5,200 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Oberlander's Tree & Landscape Tree Trimming | 12/30/21 | $335,323 |
Complete Tree Solutions Llc Tree Trimming | 12/30/21 | $123,000 |
Frankart Power Line Service Llc Power Line Serv | 12/30/21 | $259,888 |
Knockout Tree Service Llc Tree Trimming | 12/30/21 | $107,368 |
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 | $21,015,886 |
| Investment income | $27,055 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $16,408 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $21,742,334 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $15,845 |
| 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. | $333,127 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $261,421 |
| 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 | $807,929 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,653,767 |
| Insurance | $0 |
| All other expenses | $1,082,327 |
| Total functional expenses | $20,260,015 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,138,192 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,695,935 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $275,508 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $37,073,935 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $10,067,770 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $682,332 |
| Total assets | $51,933,672 |
| Accounts payable and accrued expenses | $1,777,956 |
| 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 | $24,566,258 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $773,952 |
| Total liabilities | $27,118,166 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $27,118 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $24,788,388 |
| Total liabilities and net assets/fund balances | $51,933,672 |
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 |