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← HENDRICKS COUNTY RURAL ELECTRIC MEMBERSHIP CORPORATION

Form 990 for tax year 2024

Filed by HENDRICKS COUNTY RURAL ELECTRIC MEMBERSHIP CORPORATION.

Totals

Total revenue
$115,897,807
Total expenses
$115,897,807
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$110,514,440
Investment income
$394,525
Other revenue
$4,988,842
Total assets, end of year
$264,422,781
Total liabilities, end of year
$131,567,710
Net assets or fund balances, end of year
$132,855,071
Program services expenses (Part IX)
$115,836,597
Management and general expenses
$61,210
Fundraising expenses
$0
Program service expenses (Part III)
$115,836,597

Program services were 99.9% 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: ELECTRIC REVENUE

    total $110,514,440 · related or exempt $110,514,440

  • 3 · Investment income

    total $211,672 · excluded $211,672

  • 6a · Gross rents

    personal property $414,814

  • 6b · Less rental expenses

    personal property $0

  • 6c · Rental income or loss

    personal property $414,814

  • 6d · Net rental income or loss

    total $414,814 · excluded $414,814

  • 7a · Gross sales of assets other than inventory

    other assets $314,600

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

    other assets $131,747

  • 7c · Gain or loss

    other assets $182,853

  • 7d · Net gain or loss

    total $182,853 · related or exempt $182,853

  • 11a · Other revenue: PATRONAGE CAPITAL

    total $4,306,211 · related or exempt $4,306,211

  • 11b · Other revenue: MISCELLANEOUS INCOME

    total $189,168 · related or exempt $189,168

  • 11c · Other revenue: RENTAL INCOME

    total $57,532 · unrelated business $57,532

  • 11d · All other revenue

    total $21,117 · unrelated business $21,117

  • 11e · Other revenue, total

    $4,574,028

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $10,214,442 · program services $10,214,442

  • 5 · Compensation of officers, directors and key employees

    total $848,281 · program services $848,281

  • 7 · Other salaries and wages

    total $5,426,324 · program services $5,426,324

  • 8 · Pension plan contributions

    total $655,464 · program services $655,464

  • 9 · Other employee benefits

    total $1,118,456 · program services $1,118,456

  • 10 · Payroll taxes

    total $430,716 · program services $430,716

  • 11c · Fees: accounting

    total $42,845 · management and general $42,845

  • 11d · Fees: lobbying

    total $18,365 · management and general $18,365

  • 16 · Occupancy

    total $1,275,597 · program services $1,275,597

  • 20 · Interest

    total $3,962,207 · program services $3,962,207

  • 22 · Depreciation, depletion and amortization

    total $8,610,369 · program services $8,610,369

  • 24a · Other expenses: PURCHASED POWER

    total $77,288,591 · program services $77,288,591

  • 24b · Other expenses: GENERAL & ADMINISTRATIV

    total $2,933,611 · program services $2,933,611

  • 24c · Other expenses: MAINTENANCE EXPENSE

    total $2,041,024 · program services $2,041,024

  • 24d · Other expenses: CONSUMER ACCOUNTING EXP

    total $817,338 · program services $817,338

  • 24e · All other expenses

    total $214,177 · program services $214,177

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $312,670 · end of year $598,093

  • 2 · Savings and temporary cash investments

    beginning of year $2,599,715 · end of year $15,022

  • 4 · Accounts receivable

    beginning of year $12,856,221 · end of year $12,799,096

  • 7 · Other notes and loans receivable

    beginning of year $9,692,310 · end of year $9,231,610

  • 8 · Inventories for sale or use

    beginning of year $5,550,865 · end of year $5,655,817

  • 9 · Prepaid expenses and deferred charges

    beginning of year $346,854 · end of year $772,809

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

    $253,556,878

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

    $56,871,312

  • 10c · Land, buildings and equipment, net

    beginning of year $177,902,807 · end of year $196,685,566

  • 12 · Investments: other securities

    beginning of year $1,732,077

  • 13 · Investments: program-related

    beginning of year $35,429,453 · end of year $38,664,768

  • 17 · Accounts payable and accrued expenses

    beginning of year $14,803,987 · end of year $15,429,294

  • 19 · Deferred revenue

    beginning of year $441,742 · end of year $568,669

  • 23 · Secured mortgages and notes payable

    beginning of year $103,790,834 · end of year $111,267,240

  • 25 · Other liabilities

    beginning of year $4,406,399 · end of year $4,302,507

  • 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 $775,200 · end of year $795,350

  • 31 · Retained earnings, endowment or other funds

    beginning of year $122,204,810 · end of year $132,059,721

Mission and programs · 2024

Mission

HENDRICKS POWER COOPERATIVE EXISTS TO DISTRIBUTE HIGH QUALITY, RELIABLE, AND COMPETITIVELY VALUED ELECTRIC ENERGY TO ITS MEMBER OWNERS IN AN ENVIRONMENTALLY RESPONSIBLE MANNER.

Activities or mission (Part I)

DISTRIBUTION OF ELECTRICITY TO APPROXIMATELY 38,000 CUSTOMERS ON A COOPERATIVE BASIS.

  • DISTRIBUTION OF ELECTRICITY TO MEMBERS.

    Expenses $115,836,597 · Revenue $115,192,672

As filed on the 2024 return.

Listed in Part VII

  • Matthew J Hession

    DIRECTOR

    Total calculated
    $25,561
    From this org
    $25,561
    From related orgs
    $0
    Other
    $0
    Hours/week
    1.18

  • Susan Webb

    DIRECTOR

    Total calculated
    $20,319
    From this org
    $20,319
    From related orgs
    $0
    Other
    $0
    Hours/week
    2.58

  • R Jeffrey Fleece

    SECRETARY (THRU 07/24)

    Total calculated
    $8,357
    From this org
    $8,357
    From related orgs
    $0
    Other
    $0
    Hours/week
    0.54

  • William A Lynch

    PRESIDENT

    Total calculated
    $25,415
    From this org
    $25,415
    From related orgs
    $0
    Other
    $0
    Hours/week
    1.29

  • Hal Truax

    VICE PRESIDENT

    Total calculated
    $26,753
    From this org
    $26,753
    From related orgs
    $0
    Other
    $0
    Hours/week
    1.87

  • David Thomas

    DIRECTOR

    Total calculated
    $20,404
    From this org
    $20,404
    From related orgs
    $0
    Other
    $0
    Hours/week
    2.43

  • Keith S Cooper

    TREASURER

    Total calculated
    $16,783
    From this org
    $16,783
    From related orgs
    $0
    Other
    $0
    Hours/week
    1.22

  • Stanley Ryland

    DIRECTOR (THRU 07/24)

    Total calculated
    $8,059
    From this org
    $8,059
    From related orgs
    $0
    Other
    $0
    Hours/week
    0.47

  • Christopher Mann

    SECRETARY (START 07/24)

    Total calculated
    $18,899
    From this org
    $18,899
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Brent Shay

    DIRECTOR

    Total calculated
    $18,601
    From this org
    $18,601
    From related orgs
    $0
    Other
    $0
    Hours/week
    1.66

  • Kevin Miller

    DIRECTOR

    Total calculated
    $8,742
    From this org
    $8,742
    From related orgs
    $0
    Other
    $0
    Hours/week
    0.89

  • Gregory A Ternet

    CEO

    Total calculated
    $677,765
    From this org
    $414,956
    From related orgs
    $0
    Other
    $262,809
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $369,637
    Bonus
    $600
    Other
    $44,719
    Deferred
    $233,431
    Nontaxable benefits
    $29,378
    Filer's total
    $677,765

  • David R Olmstead

    DIRECTOR OF FINANCE & MEMB

    Total calculated
    $259,397
    From this org
    $180,462
    From related orgs
    $0
    Other
    $78,935
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $168,389
    Bonus
    $600
    Other
    $11,473
    Deferred
    $50,713
    Nontaxable benefits
    $28,222
    Filer's total
    $259,397

  • Michael L Good

    DIRECTOR OF ENGINEERING

    Total calculated
    $246,109
    From this org
    $180,165
    From related orgs
    $0
    Other
    $65,944
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $170,566
    Bonus
    $600
    Other
    $8,999
    Deferred
    $42,696
    Nontaxable benefits
    $23,248
    Filer's total
    $246,109

  • Amy C Watson

    DIRECTOR OF TECHNOLOGY

    Total calculated
    $226,188
    From this org
    $183,323
    From related orgs
    $0
    Other
    $42,865
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $170,534
    Bonus
    $5,256
    Other
    $7,533
    Deferred
    $40,876
    Nontaxable benefits
    $1,989
    Filer's total
    $226,188

  • Joseph A Parsons

    DIRECTOR OF OPERATIONS & B

    Total calculated
    $234,765
    From this org
    $182,862
    From related orgs
    $0
    Other
    $51,903
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $172,827
    Bonus
    $5,256
    Other
    $4,779
    Deferred
    $23,646
    Nontaxable benefits
    $28,257
    Filer's total
    $234,765

  • Debra J Lenardson

    DIRECTOR OF HUMAN RESOURCE

    Total calculated
    $226,037
    From this org
    $182,190
    From related orgs
    $0
    Other
    $43,847
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $170,125
    Bonus
    $5,256
    Other
    $6,809
    Deferred
    $29,730
    Nontaxable benefits
    $14,117
    Filer's total
    $226,037

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

  • 2 · Substantiation required before reimbursing expenses
  • 3 · Independent compensation consultant
  • 3 · Written employment contract
  • 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.

  • HPC SERVICES LLC

    C · LINE LOCATES & FIBER · IN · 100% owned · share of income $4,337,359 · share of assets $18,068,186 · controlled entity

    Directly controlled by HENDRICKS COUNTY REMC

Provenance

Return type
form_990
Tax year
2024
Filed
30 October 2025
IRS schema version
2024v5.2
Source object
202533039349301203

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