Hancock-Wood Electric Cooperative
- Assets
- $142.7m
- Revenue
- $53.2m
- Investments
- $25.6m
- Employees
- 50
- Location
- North Baltimore, OH
- Founding
- 03/1942
- Data as of
- 03/2024
- EIN
- 34-4253615
Organization Overview
Hancock-Wood Electric Cooperative is located in North Baltimore, 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 03/2024, Hancock-Wood Electric Cooperative employed 50 individuals. This organization is the central organization for a national or regional group of organizations. Hancock-Wood Electric Cooperative 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 03/2024, Hancock-Wood Electric Cooperative generated $53.2m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 2.5% each year. All expenses for the organization totaled $47.4m during the year ending 03/2024. While expenses have increased by 2.2% per year over the past 9 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
2024
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE PREMIUM QUALITY SERVICE, ECONOMICALLY PRICED ELECTRICITY AND OTHER UTILITY SERVICES TO MEMBERS AND COMMUNITY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
DISTRIBUTION OF ELECTRICITY TO RURAL CUSTOMERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Gene Baker Chairman | OfficerTrustee | 4.33 | $15,950 |
Charles Beagle Trustee | Trustee | 3.65 | $9,750 |
Ed Crawford Trustee | Trustee | 4.23 | $10,150 |
Lee Anne Dierksheide Asst. Secretary/treasurer | OfficerTrustee | 3.75 | $11,300 |
Duane Fry Secretary/treasurer | OfficerTrustee | 3.66 | $13,350 |
William Kale Vice Chairman | OfficerTrustee | 3.66 | $11,750 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Mcrill Drilling Directional Drilling | 3/30/24 | $284,259 |
Asplundh Tree Expert Llc Row Clearing | 3/30/24 | $613,032 |
Vaughn Industries Llc Electric Contractor | 3/30/24 | $1,508,200 |
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 | $51,012,197 |
| Investment income | $199,239 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $275,148 |
| Net Gain/Loss on Asset Sales | $20,790 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $53,187,130 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $21,909 |
| 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 | $100,524 |
| Fees for services: Accounting | $21,700 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $67,158 |
| 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 | $1,933,335 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $3,926,667 |
| Insurance | $0 |
| All other expenses | $2,127,307 |
| Total functional expenses | $47,368,144 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $937,899 |
| Savings and temporary cash investments | $2,548,315 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $4,884,407 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $1,208,632 |
| Prepaid expenses and deferred charges | $2,089,629 |
| Net Land, buildings, and equipment | $105,419,958 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $25,564,425 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $142,653,265 |
| Accounts payable and accrued expenses | $7,317,963 |
| 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 | $54,073,011 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $146,176 |
| Total liabilities | $61,537,150 |
| 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 | $81,116,115 |
| Total liabilities and net assets/fund balances | $142,653,265 |