Skip to content
Nonprofiteer
← BOONE COUNTY RURAL ELECTRIC MEMBERSHIP CORP

Form 990 for tax year 2023

Filed by BOONE COUNTY RURAL ELECTRIC MEMBERSHIP CORP.

Totals

Total revenue
$69,061,714
Total expenses
$58,966,356
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$67,342,732
Investment income
$546,539
Other revenue
$1,172,443
Total assets, end of year
$164,434,988
Total liabilities, end of year
$89,261,499
Net assets or fund balances, end of year
$75,173,489
Program services expenses (Part IX)
$58,966,356
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
$58,966,356

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: PROG.SERV.REVENUE-RELATED-990

    total $67,342,732 · related or exempt $67,342,732

  • 3 · Investment income

    total $472,886 · excluded $472,886

  • 7a · Gross sales of assets other than inventory

    other assets $74,000

  • 7b · Less cost or other basis and sales expenses

    other assets $347

  • 7c · Gain or loss

    other assets $73,653

  • 7d · Net gain or loss

    total $73,653 · excluded $73,653

  • 10a · Gross sales of inventory

    $58,305

  • 10b · Cost of goods sold

    $29,517

  • 10c · Net income from sales of inventory

    total $28,788 · related or exempt $28,788

  • 11a · Other revenue: PATRONAGE REVENUE

    total $1,143,655 · related or exempt $1,143,655

  • 11e · Other revenue, total

    $1,143,655

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $1,520,133 · program services $1,520,133

  • 7 · Other salaries and wages

    total $1,934,210 · program services $1,934,210

  • 11b · Fees: legal

    total $33,925 · program services $33,925

  • 11c · Fees: accounting

    total $17,215 · program services $17,215

  • 20 · Interest

    total $2,711,976 · program services $2,711,976

  • 22 · Depreciation, depletion and amortization

    total $5,105,763 · program services $5,105,763

  • 24a · Other expenses: PURCHASED POWER

    total $39,090,643 · program services $39,090,643

  • 24b · Other expenses: GENERAL & ADMINISTRATIV

    total $4,390,176 · program services $4,390,176

  • 24c · Other expenses: OPERATION AND MAINTENAN

    total $3,888,983 · program services $3,888,983

  • 24d · Other expenses: TAXES

    total $273,332 · program services $273,332

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $3,943,349 · end of year $9,589,928

  • 2 · Savings and temporary cash investments

    beginning of year $11,730,904 · end of year $535

  • 4 · Accounts receivable

    beginning of year $4,597,825 · end of year $5,833,757

  • 8 · Inventories for sale or use

    beginning of year $3,449,015 · end of year $5,902,143

  • 9 · Prepaid expenses and deferred charges

    beginning of year $188,261 · end of year $119,529

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

    $155,891,048

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

    $34,645,944

  • 10c · Land, buildings and equipment, net

    beginning of year $114,967,921 · end of year $121,245,104

  • 13 · Investments: program-related

    beginning of year $15,995,098 · end of year $16,853,430

  • 15 · Other assets

    beginning of year $4,806,415 · end of year $4,890,562

  • 17 · Accounts payable and accrued expenses

    beginning of year $7,462,732 · end of year $6,839,281

  • 23 · Secured mortgages and notes payable

    beginning of year $79,065,392 · end of year $75,633,498

  • 25 · Other liabilities

    beginning of year $11,696,924 · end of year $6,788,720

  • 29 · Capital stock, trust principal or current funds

    beginning of year $0 · end of year $0

  • 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 $61,453,740 · end of year $75,173,489

Mission and programs · 2023

Mission

PROVIDING OUR MEMBERS ENERGY-RELATED SERVICES IN A SAFE, DEPENDABLE, AND REASONABLY PRICED MANNER.

  • DISTRIBUTION OF ELECTRICITY

    Expenses $58,966,356 · Revenue $67,342,732

As filed on the 2023 return.

Listed in Part VII

  • Noel Kendall

    CHAIRMAN

    Total calculated
    $25,360
    From this org
    $25,360
    From related orgs
    $0
    Other
    $0
    Hours/week
    9.19

  • Thomas Dull

    VICE-CHAIRMAN

    Total calculated
    $22,160
    From this org
    $22,160
    From related orgs
    $0
    Other
    $0
    Hours/week
    4.06

  • Danny Lawson

    DIRECTOR

    Total calculated
    $16,910
    From this org
    $16,910
    From related orgs
    $0
    Other
    $0
    Hours/week
    2.45

  • Alan Cragun

    DIRECTOR

    Total calculated
    $17,160
    From this org
    $17,160
    From related orgs
    $0
    Other
    $0
    Hours/week
    5.64

  • Mark Gruninger

    SECRETARY/TREASURER

    Total calculated
    $20,160
    From this org
    $20,160
    From related orgs
    $0
    Other
    $0
    Hours/week
    3.03

  • Bruce Guernsey

    DIRECTOR

    Total calculated
    $18,560
    From this org
    $18,560
    From related orgs
    $0
    Other
    $0
    Hours/week
    4.19

  • Mark Starkey

    DIRECTOR

    Total calculated
    $13,560
    From this org
    $13,560
    From related orgs
    $0
    Other
    $0
    Hours/week
    1.61

  • Jon Stevens

    DIRECTOR

    Total calculated
    $18,360
    From this org
    $18,360
    From related orgs
    $0
    Other
    $0
    Hours/week
    3.64

  • G Tom Taylor

    DIRECTOR

    Total calculated
    $14,160
    From this org
    $14,160
    From related orgs
    $0
    Other
    $0
    Hours/week
    1.92

  • William Conley

    CEO/PRESIDENT

    Total calculated
    $497,673
    From this org
    $323,390
    From related orgs
    $0
    Other
    $174,283
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $323,390
    Bonus
    $0
    Other
    $0
    Deferred
    $132,485
    Nontaxable benefits
    $41,798
    Filer's total
    $497,673

  • Benjamin Duke

    ACCOUNTING MANAGER

    Total calculated
    $195,062
    From this org
    $151,285
    From related orgs
    $0
    Other
    $43,777
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $151,285
    Bonus
    $0
    Other
    $0
    Deferred
    $13,095
    Nontaxable benefits
    $30,682
    Filer's total
    $195,062

  • Jeanette Johnson

    VP OF CORPORATE SERVICES/CFO

    Total calculated
    $172,740
    From this org
    $120,168
    From related orgs
    $0
    Other
    $52,572
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $120,168
    Bonus
    $0
    Other
    $0
    Deferred
    $24,896
    Nontaxable benefits
    $27,676
    Filer's total
    $172,740

  • Corey Willis

    VP OF CORPORATE DEVELOPMEN

    Total calculated
    $231,515
    From this org
    $169,548
    From related orgs
    $0
    Other
    $61,967
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $169,548
    Bonus
    $0
    Other
    $0
    Deferred
    $30,214
    Nontaxable benefits
    $31,753
    Filer's total
    $231,515

  • Jeffrey Dickerson

    VP OF OPERATIONS

    Total calculated
    $266,851
    From this org
    $168,548
    From related orgs
    $0
    Other
    $98,303
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $168,548
    Bonus
    $0
    Other
    $0
    Deferred
    $74,569
    Nontaxable benefits
    $23,734
    Filer's total
    $266,851

  • Allen Jones

    VP OF ENGINEERING SERVICES

    Total calculated
    $249,829
    From this org
    $163,079
    From related orgs
    $0
    Other
    $86,750
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $163,079
    Bonus
    $0
    Other
    $0
    Deferred
    $55,524
    Nontaxable benefits
    $31,226
    Filer's total
    $249,829

  • Pam Warmoth

    EXECUTIVE ASSISTANT & HR COORDINATOR

    Total calculated
    $198,482
    From this org
    $127,314
    From related orgs
    $0
    Other
    $71,168
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $127,314
    Bonus
    $0
    Other
    $0
    Deferred
    $42,529
    Nontaxable benefits
    $28,639
    Filer's total
    $198,482

  • Nicholas Shepherd

    JOURNEYMAN LINEWORKER

    Total calculated
    $156,644
    From this org
    $130,411
    From related orgs
    $0
    Other
    $26,233
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $130,411
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $26,233
    Filer's total
    $156,644

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

  • 1a · Health or social club dues or initiation fees
  • 1b · Written policy on the line-1a expenses
  • 2 · Substantiation required before reimbursing expenses

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.

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

  • BOONE REMC COMMUNITY FUND INC

    EXEMPT ACTIVITIES · IN

    Directly controlled by BOONE REMC

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.

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

  • BOONE COOPERATIVE ADVANTAGE

    NON-EXEMPT ACTIVITIES · IN · income -$88 · assets $20,666

    Directly controlled by BOONE REMC

Related partnerships

Part III: related organizations taxable as a partnership, with the filer's share.

  • CIRCLE CITY GROUP

    RELATED · SHARED SERVICES · IN · 30% owned

    Directly controlled by EQUAL

Provenance

Return type
form_990
Tax year
2023
Filed
25 September 2024
IRS schema version
2023v5.1
Source object
202443059349301874

Check it against the return as filed: the GivingTuesday Data Lake hosts a public copy of the original XML.

The source document this was parsed from is served over the API, which is where bulk and document access live.