Licking Valley Rural Electric Co-Op Corporation
- Assets
- $83.0m
- Revenue
- $34.3m
- Investments
- $0.0
- Employees
- 43
- Location
- West Liberty, KY
- Founding
- 02/1943
- Data as of
- 12/2023
- EIN
- 61-0259922
Organization Overview
Licking Valley Rural Electric Co-Op Corporation is located in West Liberty, KY. The organization was established in 1943. 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 12/2023, Licking Valley Rural Electric Co-Op Corporation employed 43 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Licking Valley Rural Electric Co-Op Corporation 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 12/2023, Licking Valley Rural Electric Co-Op Corporation generated $34.3m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 2.2% each year. All expenses for the organization totaled $34.3m during the year ending 12/2023. 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
PROVIDE ELECTRIC SERVICE TO MEMBER OWNERS ON A PATRONAGE BASIS. SERVE AN AVERAGE OF APPROXIMATELY 17,728 CONSUMERS MONTHLY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDE ELECTRIC SERVICE TO MEMBER OWNERS ON A PATRONAGE BASIS. SERVE AN AVERAGE OF APPROXIMATELY 17,728 CONSUMERS MONTHLY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Darrell Cundiff President | OfficerTrustee | 5 | $3,600 |
Ted Holbrook Vice President | OfficerTrustee | 5 | $3,600 |
Tommy Hill Sec-Treasurer | OfficerTrustee | 5 | $7,200 |
Philip Williams Director | Trustee | 5 | $3,600 |
J Frank Porter Director | Trustee | 5 | $3,600 |
Kevin Howard Director | Trustee | 5 | $3,600 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Bmc Contracting Llc Right Of Way | 12/30/23 | $2,218,549 |
High Line Services Llc Line Construction | 12/30/23 | $704,865 |
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 | $33,432,950 |
| Investment income | $51,360 |
| 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 | $34,304,644 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $8,000 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | -$753,994 |
| Compensation of current officers, directors, key employees. | $247,385 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $2,948,074 |
| Pension plan accruals and contributions | $298,710 |
| Other employee benefits | $1,084,722 |
| Payroll taxes | $238,420 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $46,916 |
| Fees for services: Accounting | $161,781 |
| 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 | $191,857 |
| 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 | $1,656,482 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,882,776 |
| Insurance | $254,431 |
| All other expenses | -$4,659,176 |
| Total functional expenses | $34,304,644 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $279,875 |
| Savings and temporary cash investments | $1,221,923 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $6,822,400 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $1,149,650 |
| Prepaid expenses and deferred charges | $551,350 |
| Net Land, buildings, and equipment | $52,676,114 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $20,327,316 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $83,028,628 |
| Accounts payable and accrued expenses | $3,807,527 |
| 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 | $32,190,213 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $7,925,862 |
| Total liabilities | $43,923,602 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $226,975 |
| Paid-in or capital surplus, or land, building, or equipment fund | -$1,513,122 |
| Retained earnings, endowment, accumulated income, or other funds | $40,391,173 |
| Total liabilities and net assets/fund balances | $83,028,628 |