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Nonprofiteer
← HENDRICKS COUNTY RURAL ELECTRIC MEMBERSHIP CORPORATION

Form 990 for tax year 2023

Filed by HENDRICKS COUNTY RURAL ELECTRIC MEMBERSHIP CORPORATION.

Totals

Total revenue
$108,323,649
Total expenses
$108,323,649
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$104,970,766
Investment income
$529,867
Other revenue
$2,823,016
Total assets, end of year
$246,422,972
Total liabilities, end of year
$123,442,962
Net assets or fund balances, end of year
$122,980,010
Program services expenses (Part IX)
$108,323,649
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
$108,323,649

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 $104,970,766 · related or exempt $104,970,766

  • 3 · Investment income

    total $384,538 · excluded $384,538

  • 6a · Gross rents

    personal property $346,269

  • 6b · Less rental expenses

    personal property $0

  • 6c · Rental income or loss

    personal property $346,269

  • 6d · Net rental income or loss

    total $346,269 · excluded $346,269

  • 7a · Gross sales of assets other than inventory

    other assets $145,329

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

    other assets $0

  • 7c · Gain or loss

    other assets $145,329

  • 7d · Net gain or loss

    total $145,329 · related or exempt $145,329

  • 11a · Other revenue: PATRONAGE CAPITAL

    total $2,138,479 · related or exempt $2,138,479

  • 11b · Other revenue: MISCELLANEOUS INCOME

    total $338,268 · related or exempt $227,788 · unrelated business $110,480

  • 11e · Other revenue, total

    $2,476,747

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $9,199,096 · program services $9,199,096

  • 5 · Compensation of officers, directors and key employees

    total $1,943,658 · program services $1,943,658

  • 7 · Other salaries and wages

    total $4,151,238 · program services $4,151,238

  • 8 · Pension plan contributions

    total $476,669 · program services $476,669

  • 9 · Other employee benefits

    total $739,359 · program services $739,359

  • 10 · Payroll taxes

    total $368,818 · program services $368,818

  • 20 · Interest

    total $3,498,858 · program services $3,498,858

  • 22 · Depreciation, depletion and amortization

    total $8,040,725 · program services $8,040,725

  • 24a · Other expenses: COST OF POWER

    total $72,639,154 · program services $72,639,154

  • 24b · Other expenses: DISTRIBUTION MAINT & OP

    total $3,325,318 · program services $3,325,318

  • 24c · Other expenses: ADMINISTRATIVE & GENERA

    total $2,691,903 · program services $2,691,903

  • 24d · Other expenses: CONSUMER ACCOUNTS

    total $656,003 · program services $656,003

  • 24e · All other expenses

    total $592,850 · program services $592,850

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $971,135 · end of year $312,670

  • 2 · Savings and temporary cash investments

    beginning of year $2,244,283 · end of year $2,599,715

  • 4 · Accounts receivable

    beginning of year $3,489,323 · end of year $4,859,144

  • 8 · Inventories for sale or use

    beginning of year $4,137,699 · end of year $5,550,865

  • 9 · Prepaid expenses and deferred charges

    beginning of year $96,133 · end of year $136,435

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

    $236,507,072

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

    $58,604,265

  • 10c · Land, buildings and equipment, net

    beginning of year $162,880,596 · end of year $177,902,807

  • 12 · Investments: other securities

    beginning of year $8,045,447 · end of year $1,732,077

  • 13 · Investments: program-related

    beginning of year $34,492,919 · end of year $35,429,453

  • 15 · Other assets

    beginning of year $18,526,320 · end of year $17,899,806

  • 17 · Accounts payable and accrued expenses

    beginning of year $14,071,368 · end of year $14,803,987

  • 19 · Deferred revenue

    beginning of year $432,764 · end of year $441,742

  • 23 · Secured mortgages and notes payable

    beginning of year $99,208,628 · end of year $103,790,834

  • 25 · Other liabilities

    beginning of year $5,237,570 · end of year $4,406,399

  • 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 $755,170 · end of year $775,200

  • 31 · Retained earnings, endowment or other funds

    beginning of year $115,178,355 · end of year $122,204,810

Mission and programs · 2023

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 $108,323,649 · Revenue $108,323,649

As filed on the 2023 return.

Listed in Part VII

  • Matthew J Hession

    DIRECTOR

    Total calculated
    $23,267
    From this org
    $23,267
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Susan Webb

    DIRECTOR

    Total calculated
    $19,227
    From this org
    $19,227
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • R Jeffrey Fleece

    SECRETARY

    Total calculated
    $23,831
    From this org
    $23,831
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • William A Lynch

    PRESIDENT

    Total calculated
    $24,457
    From this org
    $24,457
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Hal Truax

    VICE PRESIDENT

    Total calculated
    $22,437
    From this org
    $22,437
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • David Thomas

    DIRECTOR

    Total calculated
    $18,948
    From this org
    $18,948
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Keith S Cooper

    TREASURER

    Total calculated
    $15,798
    From this org
    $15,798
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Stanley Ryland

    DIRECTOR

    Total calculated
    $14,622
    From this org
    $14,622
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Christopher Mann

    DIRECTOR

    Total calculated
    $17,224
    From this org
    $17,224
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Brent Shay

    DIRECTOR

    Total calculated
    $17,522
    From this org
    $17,522
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Gregory A Ternet

    CEO

    Total calculated
    $609,286
    From this org
    $391,566
    From related orgs
    $0
    Other
    $217,720
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $347,570
    Bonus
    $0
    Other
    $43,996
    Deferred
    $184,307
    Nontaxable benefits
    $33,413
    Filer's total
    $609,286

  • David R Olmstead

    DIRECTOR OF FINANCE & MEMB

    Total calculated
    $253,230
    From this org
    $173,892
    From related orgs
    $0
    Other
    $79,338
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $157,375
    Bonus
    $5,200
    Other
    $11,317
    Deferred
    $44,708
    Nontaxable benefits
    $34,630
    Filer's total
    $253,230

  • Michael L Good

    DIRECTOR OF ENGINEERING

    Total calculated
    $239,647
    From this org
    $173,032
    From related orgs
    $0
    Other
    $66,615
    Hours/week
    42

    Schedule J breakdown matched by us

    Base
    $156,838
    Bonus
    $6,700
    Other
    $9,494
    Deferred
    $38,353
    Nontaxable benefits
    $28,262
    Filer's total
    $239,647

  • Amy C Watson

    DIRECTOR OF TECHNOLOGY

    Total calculated
    $207,145
    From this org
    $173,398
    From related orgs
    $0
    Other
    $33,747
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $144,000
    Bonus
    $5,200
    Other
    $24,198
    Deferred
    $31,918
    Nontaxable benefits
    $1,829
    Filer's total
    $207,145

  • Joseph A Parsons

    DIRECTOR OF OPERATIONS & BUSINESS STRATEGY

    Total calculated
    $223,117
    From this org
    $169,984
    From related orgs
    $0
    Other
    $53,133
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $158,846
    Bonus
    $7,200
    Other
    $3,938
    Deferred
    $19,573
    Nontaxable benefits
    $33,560
    Filer's total
    $223,117

  • Debra J Lenardson

    DIRECTOR OF HUMAN RESOURCE

    Total calculated
    $213,901
    From this org
    $174,075
    From related orgs
    $0
    Other
    $39,826
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $162,410
    Bonus
    $5,200
    Other
    $6,465
    Deferred
    $26,958
    Nontaxable benefits
    $12,868
    Filer's total
    $213,901

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 · 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

The filer's explanations (Part III)

PART I, LINE 3
INDEPENDENT COMPENSATION CONSULTANT AND COMPENSATION SURVEYS USED TO DETERMINE A SALARY RANGE FOR CEO. THE BOARD REFERS TO SALARY RANGE TO HELP DETERMINE COMPENSATION FOR CEO.

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 $4,037,328 · share of assets $16,606,373 · controlled entity

    Directly controlled by HENDRICKS COUNTY REMC

Provenance

Return type
form_990
Tax year
2023
Filed
28 October 2024
IRS schema version
2023v5.1
Source object
202403049349300630

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