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Nonprofiteer
← TIPMONT RURAL ELECTRIC MEMBERSHIP CORPORATION

Form 990 for tax year 2022

Filed by TIPMONT RURAL ELECTRIC MEMBERSHIP CORPORATION.

Totals

Total revenue
$79,467,058
Total expenses
$79,407,364
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$77,915,962
Investment income
$69,012
Other revenue
$1,482,084
Total assets, end of year
$254,841,288
Total liabilities, end of year
$171,318,268
Net assets or fund balances, end of year
$83,523,020
Program services expenses (Part IX)
$79,407,364
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
$79,407,364

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: ELECTRIC REVENUE

    total $73,852,452 · related or exempt $73,852,452

  • 2b · Program service revenue: SMART GRID REVENUE

    total $4,063,510 · related or exempt $4,063,510

  • 3 · Investment income

    total $69,012 · excluded $69,012

  • 6a · Gross rents

    real property $160,387

  • 6b · Less rental expenses

    real property $0

  • 6c · Rental income or loss

    real property $160,387

  • 6d · Net rental income or loss

    total $160,387 · related or exempt $160,387

  • 11a · Other revenue: PATRONAGE REVENUE

    total $1,038,562 · related or exempt $1,038,562

  • 11b · Other revenue: TIPMONT HOLDING INC.

    total $59,694 · excluded $59,694

  • 11d · All other revenue

    total $223,441 · related or exempt $223,441

  • 11e · Other revenue, total

    $1,321,697

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $1,945,156 · program services $1,945,156

  • 7 · Other salaries and wages

    total $1,558,240 · program services $1,558,240

  • 20 · Interest

    total $4,457,122 · program services $4,457,122

  • 22 · Depreciation, depletion and amortization

    total $6,258,805 · program services $6,258,805

  • 24a · Other expenses: PURCHASED POWER

    total $47,057,513 · program services $47,057,513

  • 24b · Other expenses: OPERATION AND MAINTENAN

    total $12,224,827 · program services $12,224,827

  • 24c · Other expenses: GENERAL AND ADMINISTRAT

    total $5,289,350 · program services $5,289,350

  • 24d · Other expenses: TAXES

    total $560,455 · program services $560,455

  • 24e · All other expenses

    total $55,896 · program services $55,896

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $4,014,250 · end of year $3,980,135

  • 4 · Accounts receivable

    beginning of year $9,449,531 · end of year $11,055,243

  • 8 · Inventories for sale or use

    beginning of year $3,471,058 · end of year $3,767,730

  • 9 · Prepaid expenses and deferred charges

    beginning of year $119,816 · end of year $142,050

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

    $241,245,229

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

    $47,757,795

  • 10c · Land, buildings and equipment, net

    beginning of year $179,098,936 · end of year $193,487,434

  • 13 · Investments: program-related

    beginning of year $40,728,364 · end of year $41,560,331

  • 15 · Other assets

    beginning of year $1,127,509 · end of year $848,365

  • 17 · Accounts payable and accrued expenses

    beginning of year $11,341,741 · end of year $12,730,882

  • 23 · Secured mortgages and notes payable

    beginning of year $137,016,732 · end of year $150,922,219

  • 25 · Other liabilities

    beginning of year $8,549,098 · end of year $7,665,167

  • 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 $99,785 · end of year $99,785

  • 31 · Retained earnings, endowment or other funds

    beginning of year $81,002,108 · end of year $83,423,235

Mission and programs · 2022

Mission

DISTRIBUTION OF ELECTRICITY TO MEMBERS ON A COOPERATIVE BASIS.

Activities or mission (Part I)

DO THE RIGHT THINGS FOR OUR MEMBERS.

  • DISTRIBUTION OF ELECTRICITY TO APPROXIMATELY 28,371 MEMBERS ON A COOPERATIVE BASIS.

    Expenses $79,407,364 · Revenue $79,467,058

As filed on the 2022 return.

Listed in Part VII

  • Wesley Stockdale

    DIRECTOR

    Total calculated
    $14,606
    From this org
    $14,606
    From related orgs
    $0
    Other
    $0
    Hours/week
    7

  • Brenton S Bible

    CHAIRMAN OF THE BOARD

    Total calculated
    $16,616
    From this org
    $16,616
    From related orgs
    $0
    Other
    $0
    Hours/week
    7.4

  • Kirk Alter

    SECRETARY/TREASURER

    Total calculated
    $30,167
    From this org
    $30,167
    From related orgs
    $0
    Other
    $0
    Hours/week
    15

  • Janet Harlow

    DIRECTOR

    Total calculated
    $21,112
    From this org
    $21,112
    From related orgs
    $0
    Other
    $0
    Hours/week
    7.96

  • Robert J Baker

    DIRECTOR

    Total calculated
    $45,102
    From this org
    $45,102
    From related orgs
    $0
    Other
    $0
    Hours/week
    25.5

  • Lynn Beck

    VICE CHAIRMAN

    Total calculated
    $17,246
    From this org
    $17,246
    From related orgs
    $0
    Other
    $0
    Hours/week
    20

  • Larry E Carlson

    DIRECTOR

    Total calculated
    $44,932
    From this org
    $44,932
    From related orgs
    $0
    Other
    $0
    Hours/week
    24.7

  • Ronald Holcomb

    CEO

    Total calculated
    $433,821
    From this org
    $372,800
    From related orgs
    $0
    Other
    $61,021
    Hours/week
    55

    Schedule J breakdown matched by us

    Base
    $372,800
    Bonus
    $0
    Other
    $0
    Deferred
    $25,698
    Nontaxable benefits
    $35,323
    Filer's total
    $433,821

  • Travis Bailey

    VP INFORMATION TECHNOLOGY

    Total calculated
    $287,701
    From this org
    $240,704
    From related orgs
    $0
    Other
    $46,997
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $240,704
    Bonus
    $0
    Other
    $0
    Deferred
    $20,500
    Nontaxable benefits
    $26,497
    Filer's total
    $287,701

  • Jeremy Konkle

    COO

    Total calculated
    $285,586
    From this org
    $239,389
    From related orgs
    $0
    Other
    $46,197
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $239,389
    Bonus
    $0
    Other
    $0
    Deferred
    $19,500
    Nontaxable benefits
    $26,697
    Filer's total
    $285,586

  • Douglas J Martin

    VP FINANCE & ADMIN

    Total calculated
    $233,018
    From this org
    $193,508
    From related orgs
    $0
    Other
    $39,510
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $193,508
    Bonus
    $0
    Other
    $0
    Deferred
    $13,298
    Nontaxable benefits
    $26,212
    Filer's total
    $233,018

  • Jason M Monroe

    VP SALES

    Total calculated
    $223,370
    From this org
    $212,140
    From related orgs
    $0
    Other
    $11,230
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $212,140
    Bonus
    $0
    Other
    $0
    Deferred
    $10,522
    Nontaxable benefits
    $708
    Filer's total
    $223,370

  • Jennifer Rufatto

    CMO

    Total calculated
    $285,488
    From this org
    $249,189
    From related orgs
    $0
    Other
    $36,299
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $249,189
    Bonus
    $0
    Other
    $0
    Deferred
    $9,789
    Nontaxable benefits
    $26,510
    Filer's total
    $285,488

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

The filer's explanations (Part III)

PART I, LINE 1B
COOPERATIVE DOES NOT PAY OR REIMBURSE THE ABOVE ITEMS IN 1A.

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.

  • TIPMONT HOLDING INC

    C · WHOLLY OWNED SUBSIDIARY · IN · 100% owned · share of income $59,694 · share of assets $21,585,417

    Directly controlled by TIPMONT REMC

Provenance

Return type
form_990
Tax year
2022
Filed
22 August 2023
IRS schema version
2022v5.0
Source object
202322449349300802

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