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Nonprofiteer
← JOHNSON COUNTY RURAL ELEC MEM CORP

Form 990 for tax year 2023

Filed by JOHNSON COUNTY RURAL ELEC MEM CORP.

Totals

Total revenue
$73,379,153
Total expenses
$70,268,557
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$71,079,321
Investment income
$575,534
Other revenue
$1,724,298
Total assets, end of year
$179,762,305
Total liabilities, end of year
$81,408,918
Net assets or fund balances, end of year
$98,353,387
Program services expenses (Part IX)
$0
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
$70,268,557

Program services were 0.0% 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: Electricity distribution

    total $70,836,626 · related or exempt $70,836,626

  • 2b · Program service revenue: Penaltiesservice charges

    total $242,695 · related or exempt $242,695

  • 3 · Investment income

    total $440,929 · excluded $440,929

  • 6a · Gross rents

    personal property $178,972

  • 6c · Rental income or loss

    personal property $178,972

  • 6d · Net rental income or loss

    total $178,972

  • 7a · Gross sales of assets other than inventory

    other assets $328,971

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

    other assets $194,366

  • 7c · Gain or loss

    other assets $134,605

  • 7d · Net gain or loss

    total $134,605

  • 8c · Net income from fundraising events

    total $0

  • 10a · Gross sales of inventory

    $647,407

  • 10b · Cost of goods sold

    $561,727

  • 10c · Net income from sales of inventory

    total $85,680

  • 11a · Other revenue: Patronage capital

    total $1,690,380 · related or exempt $1,690,380

  • 11b · Other revenue: Patronage capital assoc.

    total -$454,481 · related or exempt -$454,481

  • 11d · All other revenue

    total $223,747 · excluded $223,747

  • 11e · Other revenue, total

    $1,459,646

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $697,488

  • 7 · Other salaries and wages

    total $4,353,068

  • 8 · Pension plan contributions

    total $872,373

  • 9 · Other employee benefits

    total $209,759

  • 10 · Payroll taxes

    total $492,315

  • 11b · Fees: legal

    total $336,809

  • 11c · Fees: accounting

    total $16,800

  • 11d · Fees: lobbying

    total $7,620

  • 12 · Advertising and promotion

    total $192,026

  • 13 · Office expenses

    total $79,989

  • 14 · Information technology

    total $450,540

  • 16 · Occupancy

    total $511,081

  • 17 · Travel

    total $37,123

  • 19 · Conferences, conventions and meetings

    total $140,333

  • 20 · Interest

    total $2,393,655

  • 21 · Payments to affiliates

    total $239,914

  • 22 · Depreciation, depletion and amortization

    total $4,614,460

  • 23 · Insurance

    total $36,768

  • 24a · Other expenses: purchased power

    total $50,140,746

  • 24b · Other expenses: line operation & maint

    total $3,947,355

  • 24c · Other expenses: taxes

    total $465,136

  • 24d · Other expenses: meter reading

    total $33,199

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $132,269 · end of year $8,040

  • 2 · Savings and temporary cash investments

    beginning of year $1,510,842 · end of year $1,848,449

  • 4 · Accounts receivable

    beginning of year $10,145,159 · end of year $10,735,260

  • 7 · Other notes and loans receivable

    beginning of year $10,415,208 · end of year $13,525,893

  • 8 · Inventories for sale or use

    beginning of year $10,009,441 · end of year $10,583,500

  • 9 · Prepaid expenses and deferred charges

    beginning of year $88,921 · end of year $103,677

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

    $146,638,257

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

    $32,955,648

  • 10c · Land, buildings and equipment, net

    beginning of year $102,533,142 · end of year $113,682,609

  • 13 · Investments: program-related

    beginning of year $29,168,520 · end of year $29,274,877

  • 15 · Other assets

    beginning of year $2,685,142

  • 17 · Accounts payable and accrued expenses

    beginning of year $16,326,110 · end of year $13,210,348

  • 23 · Secured mortgages and notes payable

    beginning of year $48,581,418 · end of year $63,405,889

  • 25 · Other liabilities

    beginning of year $6,686,727 · end of year $4,792,681

  • 31 · Retained earnings, endowment or other funds

    beginning of year $95,094,389 · end of year $98,353,387

Mission and programs · 2023

Mission

To safely and efficiently provide reliable electric services for the community.

Activities or mission (Part I)

To safely and efficiently provide reliable electric services for the community

  • Distribution of electricity

    Expenses $70,268,557 · Revenue $72,535,505

As filed on the 2023 return.

Listed in Part VII

  • John Sturm

    CEO

    Total calculated
    $423,189
    From this org
    $363,320
    From related orgs
    $0
    Other
    $59,869
    Hours/week
    45 + 5 related

    Schedule J breakdown matched by us

    Base
    $326,374
    Bonus
    $30,000
    Other
    $6,946
    Deferred
    $59,869
    Nontaxable benefits
    $25,743
    Filer's total
    $448,932

  • Terry Miller

    VP of Finance

    Total calculated
    $231,872
    From this org
    $174,168
    From related orgs
    $0
    Other
    $57,704
    Hours/week
    44 + 5 related

    Schedule J breakdown matched by us

    Base
    $169,592
    Bonus
    $1,000
    Other
    $3,576
    Deferred
    $57,704
    Nontaxable benefits
    $24,404
    Filer's total
    $256,276

  • Kevin Shelley

    VP of Engineering

    Total calculated
    $198,852
    From this org
    $166,164
    From related orgs
    $0
    Other
    $32,688
    Hours/week
    43

    Schedule J breakdown matched by us

    Base
    $156,854
    Bonus
    $6,000
    Other
    $3,310
    Deferred
    $32,688
    Nontaxable benefits
    $24,280
    Filer's total
    $223,132

  • Nick Stainbrook

    Director of Operations

    Total calculated
    $182,624
    From this org
    $153,627
    From related orgs
    $0
    Other
    $28,997
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $136,257
    Bonus
    $6,000
    Other
    $11,370
    Deferred
    $28,997
    Nontaxable benefits
    $23,814
    Filer's total
    $206,438

  • Shawn Frye

    Director of Technology

    Total calculated
    $160,525
    From this org
    $133,552
    From related orgs
    $0
    Other
    $26,973
    Hours/week
    42

    Schedule J breakdown matched by us

    Base
    $125,513
    Bonus
    $1,000
    Other
    $7,039
    Deferred
    $26,973
    Nontaxable benefits
    $23,976
    Filer's total
    $184,501

  • Daniel Corthell

    Journeyman Lineman

    Total calculated
    $151,386
    From this org
    $133,061
    From related orgs
    $0
    Other
    $18,325
    Hours/week
    48

    Schedule J breakdown matched by us

    Base
    $131,711
    Bonus
    $1,000
    Other
    $350
    Deferred
    $18,325
    Nontaxable benefits
    $23,587
    Filer's total
    $174,973

  • Daniel Wood

    Line Superintendent

    Total calculated
    $155,190
    From this org
    $131,943
    From related orgs
    $0
    Other
    $23,247
    Hours/week
    46

    Schedule J breakdown matched by us

    Base
    $125,343
    Bonus
    $6,000
    Other
    $600
    Deferred
    $23,247
    Nontaxable benefits
    $1,617
    Filer's total
    $156,807

  • Steven Stout

    Journeyman Lineman

    Total calculated
    $141,155
    From this org
    $130,074
    From related orgs
    $0
    Other
    $11,081
    Hours/week
    48

    Schedule J breakdown matched by us

    Base
    $128,474
    Bonus
    $1,000
    Other
    $600
    Deferred
    $11,081
    Nontaxable benefits
    $23,587
    Filer's total
    $164,742

  • Seth Brown

    SecretaryTreasurer

    Total calculated
    $33,450
    From this org
    $25,750
    From related orgs
    $7,700
    Other
    $0
    Hours/week
    7.4 + 0.2 related

    Schedule J breakdown matched by us

    Base
    $25,750 + $7,700 related
    Bonus
    not reported
    Other
    not reported
    Deferred
    not reported
    Nontaxable benefits
    not reported
    Filer's total
    $25,750 + $7,700 related

  • Lee Ann Wilbur

    President

    Total calculated
    $33,350
    From this org
    $25,650
    From related orgs
    $7,700
    Other
    $0
    Hours/week
    5.6 + 0.2 related

    Schedule J breakdown matched by us

    Base
    $25,650 + $7,700 related
    Bonus
    not reported
    Other
    not reported
    Deferred
    not reported
    Nontaxable benefits
    not reported
    Filer's total
    $25,650 + $7,700 related

  • Stephen Watson

    Vice President

    Total calculated
    $33,300
    From this org
    $25,600
    From related orgs
    $7,700
    Other
    $0
    Hours/week
    4.7 + 0.2 related

    Schedule J breakdown matched by us

    Base
    $25,600 + $7,700 related
    Bonus
    not reported
    Other
    not reported
    Deferred
    not reported
    Nontaxable benefits
    not reported
    Filer's total
    $25,600 + $7,700 related

  • Ronald Barnett

    Board of Director

    Total calculated
    $33,100
    From this org
    $25,400
    From related orgs
    $7,700
    Other
    $0
    Hours/week
    6.9 + 0.2 related

    Schedule J breakdown matched by us

    Base
    $25,400 + $7,700 related
    Bonus
    not reported
    Other
    not reported
    Deferred
    not reported
    Nontaxable benefits
    not reported
    Filer's total
    $25,400 + $7,700 related

  • Jamie Meredith

    Board of Director

    Total calculated
    $29,250
    From this org
    $21,550
    From related orgs
    $7,700
    Other
    $0
    Hours/week
    6.6 + 0.2 related

    Schedule J breakdown matched by us

    Base
    $21,550 + $7,700 related
    Bonus
    not reported
    Other
    not reported
    Deferred
    not reported
    Nontaxable benefits
    not reported
    Filer's total
    $21,550 + $7,700 related

  • Dennis Stewart

    Board of Director

    Total calculated
    $24,250
    From this org
    $18,700
    From related orgs
    $5,550
    Other
    $0
    Hours/week
    3.6 + 0.2 related

    Schedule J breakdown matched by us

    Base
    $18,700 + $5,550 related
    Bonus
    not reported
    Other
    not reported
    Deferred
    not reported
    Nontaxable benefits
    not reported
    Filer's total
    $18,700 + $5,550 related

  • Glenn McAlpin

    Board of Director

    Total calculated
    $23,250
    From this org
    $17,350
    From related orgs
    $5,900
    Other
    $0
    Hours/week
    4.5 + 0.2 related

    Schedule J breakdown matched by us

    Base
    $17,350 + $5,900 related
    Bonus
    not reported
    Other
    not reported
    Deferred
    not reported
    Nontaxable benefits
    not reported
    Filer's total
    $17,350 + $5,900 related

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 committee
  • 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
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

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 partnerships

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

  • Johnson County Fiber Network

    NA · Data Communications · IN

    Directly controlled by NA

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

  • Effective Systems

    C corp · Holding Company · IN · 100% owned · share of income $59,000 · share of assets $3,965,846

    Directly controlled by JCREMC

  • Rural Utility Econcomic Development Corporation

    C corp · BackUp Generator · IN · 100% owned · share of income $60,000 · share of assets $13,447

    Directly controlled by Effective Systems

  • Effective Systems Fiber Network

    C corp · Data Communications · IN · 100% owned · share of income $2,603,143 · share of assets $18,787,570

    Directly controlled by Effective Systems

Provenance

Return type
form_990
Tax year
2023
Filed
1 July 2024
IRS schema version
2023v5.1
Source object
202411839349301081

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