Midwest Electric Inc
- Assets
- $70.3m
- Revenue
- $34.4m
- Investments
- $0.0
- Employees
- 29
- Location
- St Marys, OH
- Founding
- 07/1942
- Data as of
- 12/2021
- EIN
- 34-4304217
Organization Overview
Midwest Electric Inc is located in St Marys, 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, Midwest Electric Inc employed 29 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Midwest Electric 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, Midwest Electric Inc generated $34.4m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 1.6% each year. All expenses for the organization totaled $31.3m during the year ending 12/2021. While expenses have increased by 1.9% 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
PURCHASE ELECTRIC POWER AS A MEMBER-OWNED ELECTRIC COOPERATIVE AND EFFECTIVELY DELIVER THAT POWER TO OUR MEMBERS WHO ARE LOCATED THROUGHOUT RURAL WEST-CENTRAL OHIO.
Describe the Organization's Program Activity:
Part 3 - Line 4a
COOPERATIVE PROVIDING ELECTRICITY TO RURAL CUSTOMERS ON A NON-PROFIT BASIS TO OVER 11,000 METERS AND ENSURING EFFECTIVE DELIVERY OF THE SAME. ALL OF THE METERS ARE LOCATED IN RURAL WEST-CENTRAL OHIO.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Matthew Berry Ceo Assistant Se | Officer | 40 | $201,057 |
Paul Rogers Mgr Engineer | 45 | $149,975 | |
Kevin Schmidt Mgr Fin & Cu | Officer | 45 | $138,414 |
Kecia Schmerge Member Ser S | 50 | $111,785 | |
Todd Elsass Lineman Firs | 44 | $107,832 | |
William Russell Lineman Firs | 44 | $107,196 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Thayer Power And Comm Line Rebuilding | 12/30/21 | $557,115 |
Fitzwater Tree & Lawn Care Row Clearing | 12/30/21 | $217,109 |
National Info Solutions Corp Computer Supp | 12/30/21 | $227,894 |
Aunalytics Inc Computer Suppor | 12/30/21 | $167,272 |
Altec Industries Truck Pur & Rep | 12/30/21 | $200,094 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $703,655 |
| 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 | $703,655 |
| Total Program Service Revenue | $32,452,034 |
| Investment income | $76,051 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $111,444 |
| Net Gain/Loss on Asset Sales | $16,638 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $34,375,310 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $26,473 |
| Grants and other assistance to domestic individuals. | $66,511 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $2,288,481 |
| Compensation of current officers, directors, key employees. | $664,450 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $2,431,663 |
| Pension plan accruals and contributions | $544,921 |
| Other employee benefits | $480,272 |
| Payroll taxes | $215,742 |
| Fees for services: Management | $24,872 |
| Fees for services: Legal | $45,022 |
| Fees for services: Accounting | $19,800 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $1,448,832 |
| Advertising and promotion | $130,216 |
| Office expenses | $120,840 |
| Information technology | $352,767 |
| Royalties | $0 |
| Occupancy | $56,035 |
| Travel | $13,517 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $86,007 |
| Interest | $931,210 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,814,131 |
| Insurance | $70,452 |
| All other expenses | $0 |
| Total functional expenses | $31,328,240 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $684,447 |
| Savings and temporary cash investments | $4,702,484 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,828,745 |
| Loans from Officers, Directors, or Controlling Persons | $35 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $962,729 |
| Inventories for sale or use | $703,631 |
| Prepaid expenses and deferred charges | $244,545 |
| Net Land, buildings, and equipment | $42,483,683 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $410,013 |
| Other assets | $18,287,967 |
| Total assets | $70,308,279 |
| Accounts payable and accrued expenses | $2,741,032 |
| 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 | $30,475,321 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $2,812,546 |
| Total liabilities | $36,028,899 |
| 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 | $34,279,380 |
| Total liabilities and net assets/fund balances | $70,308,279 |
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 |