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Nonprofiteer
← BOONE COUNTY RURAL ELECTRIC MEMBERSHIP CORP

Form 990 for tax year 2024

Filed by BOONE COUNTY RURAL ELECTRIC MEMBERSHIP CORP.

Totals

Total revenue
$76,545,941
Total expenses
$63,759,730
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$73,491,928
Investment income
$580,303
Other revenue
$2,473,710
Total assets, end of year
$176,258,272
Total liabilities, end of year
$88,453,292
Net assets or fund balances, end of year
$87,804,980
Program services expenses (Part IX)
$63,647,557
Management and general expenses
$112,173
Fundraising expenses
$0
Program service expenses (Part III)
$63,647,557

Program services were 99.8% 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 $73,491,928 · related or exempt $73,491,928

  • 3 · Investment income

    total $574,516 · excluded $574,516

  • 7a · Gross sales of assets other than inventory

    other assets $112,247

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

    other assets $106,460

  • 7c · Gain or loss

    other assets $5,787

  • 7d · Net gain or loss

    total $5,787 · excluded $5,787

  • 10a · Gross sales of inventory

    $94,469

  • 10b · Cost of goods sold

    $94,039

  • 10c · Net income from sales of inventory

    total $430 · related or exempt $430

  • 11a · Other revenue: PATRONAGE REVENUE

    total $2,311,040 · related or exempt $2,311,040

  • 11d · All other revenue

    total $162,240 · excluded $162,240

  • 11e · Other revenue, total

    $2,473,280

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $926,436 · program services $926,436

  • 7 · Other salaries and wages

    total $3,106,498 · program services $3,106,498

  • 11b · Fees: legal

    total $94,808 · management and general $94,808

  • 11c · Fees: accounting

    total $17,365 · management and general $17,365

  • 16 · Occupancy

    total $328,000 · program services $328,000

  • 20 · Interest

    total $2,579,860 · program services $2,579,860

  • 22 · Depreciation, depletion and amortization

    total $5,468,037 · program services $5,468,037

  • 24a · Other expenses: PURCHASED POWER

    total $42,044,567 · program services $42,044,567

  • 24b · Other expenses: OPERATIONS

    total $3,715,525 · program services $3,715,525

  • 24c · Other expenses: MAINTENANCE

    total $2,170,844 · program services $2,170,844

  • 24d · Other expenses: GENERAL & ADMINISTRATIV

    total $2,006,318 · program services $2,006,318

  • 24e · All other expenses

    total $1,301,472 · program services $1,301,472

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $9,589,928 · end of year $9,325,536

  • 2 · Savings and temporary cash investments

    beginning of year $535 · end of year $535

  • 4 · Accounts receivable

    beginning of year $5,833,757 · end of year $11,391,052

  • 8 · Inventories for sale or use

    beginning of year $5,902,143 · end of year $7,278,135

  • 9 · Prepaid expenses and deferred charges

    beginning of year $119,529 · end of year $704,224

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

    $165,245,143

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

    $39,554,194

  • 10c · Land, buildings and equipment, net

    beginning of year $121,245,104 · end of year $125,690,949

  • 13 · Investments: program-related

    beginning of year $16,853,430 · end of year $18,814,782

  • 15 · Other assets

    beginning of year $4,890,562 · end of year $3,053,059

  • 17 · Accounts payable and accrued expenses

    beginning of year $6,839,281 · end of year $7,907,431

  • 23 · Secured mortgages and notes payable

    beginning of year $75,633,498 · end of year $71,972,108

  • 25 · Other liabilities

    beginning of year $6,788,720 · end of year $8,573,753

  • 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 $75,173,489 · end of year $87,804,980

Mission and programs · 2024

Mission

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

  • DISTRIBUTION OF ELECTRICITY

    Expenses $63,647,557 · Revenue $73,491,928

As filed on the 2024 return.

Listed in Part VII

  • Noel Kendall

    CHAIRMAN

    Total calculated
    $23,160
    From this org
    $23,160
    From related orgs
    $0
    Other
    $0
    Hours/week
    8.58

  • Thomas Dull

    VICE-CHAIRMAN

    Total calculated
    $21,560
    From this org
    $21,560
    From related orgs
    $0
    Other
    $0
    Hours/week
    3.84

  • Mark Gruninger

    SECRETARY/TREASURER

    Total calculated
    $17,160
    From this org
    $17,160
    From related orgs
    $0
    Other
    $0
    Hours/week
    3.38

  • Alan Cragun

    DIRECTOR

    Total calculated
    $18,960
    From this org
    $18,960
    From related orgs
    $0
    Other
    $0
    Hours/week
    5.44

  • Brian Gott

    DIRECTOR

    Total calculated
    $13,670
    From this org
    $13,670
    From related orgs
    $0
    Other
    $0
    Hours/week
    4.49

  • Bruce Guernsey

    DIRECTOR

    Total calculated
    $17,160
    From this org
    $17,160
    From related orgs
    $0
    Other
    $0
    Hours/week
    4.13

  • Danny Lawson

    DIRECTOR

    Total calculated
    $15,110
    From this org
    $15,110
    From related orgs
    $0
    Other
    $0
    Hours/week
    1.67

  • Mark Starkey

    DIRECTOR

    Total calculated
    $15,360
    From this org
    $15,360
    From related orgs
    $0
    Other
    $0
    Hours/week
    3.25

  • Jon Stevens

    DIRECTOR

    Total calculated
    $21,360
    From this org
    $21,360
    From related orgs
    $0
    Other
    $0
    Hours/week
    6.04

  • G Tom Taylor

    DIRECTOR

    Total calculated
    $4,920
    From this org
    $4,920
    From related orgs
    $0
    Other
    $0
    Hours/week
    1.59

  • William Conley

    CEO/PRESIDENT

    Total calculated
    $512,419
    From this org
    $351,406
    From related orgs
    $0
    Other
    $161,013
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $351,406
    Bonus
    $0
    Other
    $0
    Deferred
    $136,498
    Nontaxable benefits
    $24,515
    Filer's total
    $512,419

  • Jeanette Johnson

    VP OF CORPORATE SERVICES/CFO

    Total calculated
    $245,597
    From this org
    $184,676
    From related orgs
    $0
    Other
    $60,921
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $184,676
    Bonus
    $0
    Other
    $0
    Deferred
    $39,797
    Nontaxable benefits
    $21,124
    Filer's total
    $245,597

  • Corey Willis

    VP OF CORPORATE DEVELOPMENT & TECHNOLOGY

    Total calculated
    $253,224
    From this org
    $183,803
    From related orgs
    $0
    Other
    $69,421
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $183,803
    Bonus
    $0
    Other
    $0
    Deferred
    $46,255
    Nontaxable benefits
    $23,166
    Filer's total
    $253,224

  • Jeffery Dickerson

    VP OF OPERATIONS

    Total calculated
    $290,843
    From this org
    $176,216
    From related orgs
    $0
    Other
    $114,627
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $176,216
    Bonus
    $0
    Other
    $0
    Deferred
    $91,864
    Nontaxable benefits
    $22,763
    Filer's total
    $290,843

  • Allen Jones

    VP OF ENGINEERING SERVICES

    Total calculated
    $268,892
    From this org
    $174,693
    From related orgs
    $0
    Other
    $94,199
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $174,693
    Bonus
    $0
    Other
    $0
    Deferred
    $71,403
    Nontaxable benefits
    $22,796
    Filer's total
    $268,892

  • Benjamin Duke

    ACCOUNTING MANAGER

    Total calculated
    $188,785
    From this org
    $143,618
    From related orgs
    $0
    Other
    $45,167
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $143,618
    Bonus
    $0
    Other
    $0
    Deferred
    $22,552
    Nontaxable benefits
    $22,615
    Filer's total
    $188,785

  • Gerald Lasley

    CONSTRUCTION & STAKING SERVICES COORDINATOR

    Total calculated
    $153,003
    From this org
    $142,368
    From related orgs
    $0
    Other
    $10,635
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $142,368
    Bonus
    $0
    Other
    $0
    Deferred
    $7,328
    Nontaxable benefits
    $3,307
    Filer's total
    $153,003

  • Pam Warmoth

    EXECUTIVE ASSISTANT & HR COORDINATOR

    Total calculated
    $218,887
    From this org
    $139,420
    From related orgs
    $0
    Other
    $79,467
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $139,420
    Bonus
    $0
    Other
    $0
    Deferred
    $20,965
    Nontaxable benefits
    $58,502
    Filer's total
    $218,887

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
  • 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.

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 -$106,899 · assets $131,491

    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
2024
Filed
6 October 2025
IRS schema version
2024v5.2
Source object
202502799349301030

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