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Nonprofiteer
← LORAIN-MEDINA RURAL ELECTRIC COOP INC

Form 990 for tax year 2024

Filed by LORAIN-MEDINA RURAL ELECTRIC COOP INC.

Totals

Total revenue
$50,615,188
Total expenses
$43,688,290
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$48,995,883
Investment income
$293,006
Other revenue
$1,326,299
Total assets, end of year
$122,929,686
Total liabilities, end of year
$47,393,693
Net assets or fund balances, end of year
$75,535,993
Program services expenses (Part IX)
$43,688,290
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
$43,688,290

Program services were 100.0% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 2a · Program service revenue: RESIDENTIAL SALES

    total $36,685,719 · related or exempt $36,685,719

  • 2b · Program service revenue: COMMERCIAL SALES - LARGE

    total $4,955,801 · related or exempt $4,955,801

  • 2c · Program service revenue: COMMERCIAL SALES - SMALL

    total $4,801,037 · related or exempt $4,801,037

  • 2d · Program service revenue: PUBLIC REVENUES

    total $1,454,242 · related or exempt $1,454,242

  • 2e · Program service revenue: OTHER ELECTRIC REVENUES

    total $1,099,084 · related or exempt $1,099,084

  • 3 · Investment income

    total $293,006 · excluded $293,006

  • 11a · Other revenue: G & T CO-OP CAPITAL CREDITS

    total $663,977 · related or exempt $663,977

  • 11b · Other revenue: OTHER CAPITAL CREDITS & PATRONAGE

    total $198,514 · related or exempt $198,514

  • 11c · Other revenue: MISC REVNEUE/EXPENSE

    total $125,738 · related or exempt $125,738

  • 11d · All other revenue

    total $338,070 · excluded $338,070

  • 11e · Other revenue, total

    $1,326,299

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $2,529,957 · program services $2,529,957

  • 5 · Compensation of officers, directors and key employees

    total $1,292,540 · program services $1,292,540

  • 11a · Fees: management

    total $36,019 · program services $36,019

  • 11b · Fees: legal

    total $17,961 · program services $17,961

  • 11c · Fees: accounting

    total $79,488 · program services $79,488

  • 12 · Advertising and promotion

    total $199,919 · program services $199,919

  • 20 · Interest

    total $1,146,088 · program services $1,146,088

  • 22 · Depreciation, depletion and amortization

    total $3,881,730 · program services $3,881,730

  • 24a · Other expenses: PURCHASED POWER

    total $26,977,296 · program services $26,977,296

  • 24b · Other expenses: OPERATIONS EXPENSE

    total $3,024,720 · program services $3,024,720

  • 24c · Other expenses: GENERAL AND ADMINISTRAT

    total $1,936,909 · program services $1,936,909

  • 24d · Other expenses: STATE EXCISE TAX

    total $1,396,208 · program services $1,396,208

  • 24e · All other expenses

    total $1,169,455 · program services $1,169,455

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $6,295,064 · end of year $1,411,771

  • 2 · Savings and temporary cash investments

    beginning of year $4,609,997 · end of year $465,578

  • 4 · Accounts receivable

    beginning of year $5,595,608 · end of year $7,324,724

  • 7 · Other notes and loans receivable

    beginning of year $26,590 · end of year $9,064

  • 8 · Inventories for sale or use

    beginning of year $1,572,118 · end of year $1,396,554

  • 9 · Prepaid expenses and deferred charges

    beginning of year $215,106 · end of year $226,128

  • 10a · Land, buildings and equipment: cost or other basis

    $131,837,167

  • 10b · Land, buildings and equipment: accumulated depreciation

    $40,964,169

  • 10c · Land, buildings and equipment, net

    beginning of year $74,647,956 · end of year $90,872,998

  • 12 · Investments: other securities

    beginning of year $20,279,491 · end of year $21,222,869

  • 17 · Accounts payable and accrued expenses

    beginning of year $5,891,098 · end of year $7,467,669

  • 23 · Secured mortgages and notes payable

    beginning of year $32,846,893 · end of year $37,248,822

  • 25 · Other liabilities

    beginning of year $3,428,939 · end of year $2,677,202

  • 29 · Capital stock, trust principal or current funds

    beginning of year $268,185 · end of year $268,185

  • 30 · Paid-in or capital surplus, or land, building or equipment fund

    beginning of year $0 · end of year $0

  • 31 · Retained earnings, endowment or other funds

    beginning of year $70,806,815 · end of year $75,267,808

Mission and programs · 2024

Mission

TO PROVIDE OUR MEMBER-OWNERS WITH HIGHLY RELIABLE ELECTRIC SERVICE, SUPERIOR CUSTOMER SERVICE AND INNOVATIVE ENERGY SOLUTIONS AT COMPETITIVE PRICES.

Activities or mission (Part I)

TO PROVIDE ELECTRICITY AND RELATED SERVICES TO MEMBERS.

  • PROVIDE ELECTRICITY AND RELATED SERVICES TO MEMBERS.

    Expenses $43,688,290 · Revenue $48,995,883

As filed on the 2024 return.

Listed in Part VII

  • Rodney Eaton

    CHAIR

    Total calculated
    $17,000
    From this org
    $17,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    5.16

  • Gary Rowland

    VICE CHAIR

    Total calculated
    $17,100
    From this org
    $17,100
    From related orgs
    $0
    Other
    $0
    Hours/week
    6.29

  • Keith Lowe

    TREASURER

    Total calculated
    $9,800
    From this org
    $9,800
    From related orgs
    $0
    Other
    $0
    Hours/week
    2.66

  • Brenda Wolfe

    SECRETARY

    Total calculated
    $10,800
    From this org
    $10,800
    From related orgs
    $0
    Other
    $0
    Hours/week
    3.67

  • James McConnell

    DIRECTOR

    Total calculated
    $3,825
    From this org
    $3,825
    From related orgs
    $0
    Other
    $0
    Hours/week
    0.94

  • Judy Pickworth

    DIRECTOR

    Total calculated
    $15,300
    From this org
    $15,300
    From related orgs
    $0
    Other
    $0
    Hours/week
    5.37

  • Joseph Swinko

    DIRECTOR

    Total calculated
    $12,325
    From this org
    $12,325
    From related orgs
    $0
    Other
    $0
    Hours/week
    5.38

  • Richard Dumperth

    DIRECTOR

    Total calculated
    $7,975
    From this org
    $7,975
    From related orgs
    $0
    Other
    $0
    Hours/week
    3.06

  • Kenneth Diedrick

    DIRECTOR

    Total calculated
    $11,900
    From this org
    $11,900
    From related orgs
    $0
    Other
    $0
    Hours/week
    3.32

  • Brady McCann

    DIRECTOR

    Total calculated
    $4,125
    From this org
    $4,125
    From related orgs
    $0
    Other
    $0
    Hours/week
    0.88

  • Edward Vanhoose

    PRESIDENT/CEO

    Total calculated
    $310,425
    From this org
    $229,069
    From related orgs
    $0
    Other
    $81,356
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $229,069
    Bonus
    $0
    Other
    $0
    Deferred
    $65,258
    Nontaxable benefits
    $16,098
    Filer's total
    $310,425

  • Brad Warnement

    CHIEF OPERATING OFFICER

    Total calculated
    $223,272
    From this org
    $113,055
    From related orgs
    $0
    Other
    $110,217
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $113,055
    Bonus
    $0
    Other
    $0
    Deferred
    $94,119
    Nontaxable benefits
    $16,098
    Filer's total
    $223,272

  • Joshua Long

    CHIEF FINANCIAL OFFICER

    Total calculated
    $112,435
    From this org
    $95,617
    From related orgs
    $0
    Other
    $16,818
    Hours/week
    40

  • Andrew Ruffing

    CHIEF ADMINISTRATIVE OFFIC

    Total calculated
    $105,531
    From this org
    $79,846
    From related orgs
    $0
    Other
    $25,685
    Hours/week
    40

  • Justis Clifford

    CHIEF STRATEGY OFFICER

    Total calculated
    $104,348
    From this org
    $78,806
    From related orgs
    $0
    Other
    $25,542
    Hours/week
    40

  • James Brasee

    OPERATIONS MANAGER

    Total calculated
    $241,530
    From this org
    $119,604
    From related orgs
    $0
    Other
    $121,926
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $119,604
    Bonus
    $0
    Other
    $0
    Deferred
    $95,231
    Nontaxable benefits
    $26,695
    Filer's total
    $241,530

  • Michael Kelsey

    LINEMAN

    Total calculated
    $160,122
    From this org
    $119,314
    From related orgs
    $0
    Other
    $40,808
    Hours/week
    45.96

    Schedule J breakdown matched by us

    Base
    $119,314
    Bonus
    $0
    Other
    $0
    Deferred
    $14,113
    Nontaxable benefits
    $26,695
    Filer's total
    $160,122

  • Nicholas Smith

    LINEMAN

    Total calculated
    $154,084
    From this org
    $117,193
    From related orgs
    $0
    Other
    $36,891
    Hours/week
    46.6

    Schedule J breakdown matched by us

    Base
    $117,193
    Bonus
    $0
    Other
    $0
    Deferred
    $10,196
    Nontaxable benefits
    $26,695
    Filer's total
    $154,084

  • Joel Miller

    LINEMAN

    Total calculated
    $137,266
    From this org
    $115,550
    From related orgs
    $0
    Other
    $21,716
    Hours/week
    44.61

  • Colleen Anthony

    ACCOUNTING MANAGER

    Total calculated
    $202,195
    From this org
    $114,336
    From related orgs
    $0
    Other
    $87,859
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $114,336
    Bonus
    $0
    Other
    $0
    Deferred
    $61,164
    Nontaxable benefits
    $26,695
    Filer's total
    $202,195

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

No itemized grants to organizations on this return.

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

  • FEDERATED ENERGY SERVICES COOPERATIVE INC

    C · SERVICE MANAGEMENT · OH · 50% owned

  • LORAIN-MEDINA RURAL DEVELOPMENT CORP INC

    C · ECONOMIC DEVELOPMENT · OH · 100% owned · share of income -$6,758 · share of assets $2,106,377

    Directly controlled by LORIAN-MEDINA RURAL ELECTRIC COOPERATIVE

Provenance

Return type
form_990
Tax year
2024
Filed
12 June 2025
IRS schema version
2024v5.1
Source object
202541779349300714

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