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Nonprofiteer
← JOHNSON COUNTY RURAL ELEC MEM CORP

Form 990 for tax year 2022

Filed by JOHNSON COUNTY RURAL ELEC MEM CORP.

Totals

Total revenue
$70,521,868
Total expenses
$67,997,772
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$66,851,354
Investment income
$304,744
Other revenue
$3,365,770
Total assets, end of year
$166,688,644
Total liabilities, end of year
$71,594,255
Net assets or fund balances, end of year
$95,094,389
Program services expenses (Part IX)
$0
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
$67,997,772

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 distributi

    total $66,632,096 · related or exempt $66,632,096

  • 2b · Program service revenue: Penaltiesservice char

    total $219,258 · related or exempt $219,258

  • 3 · Investment income

    total $279,013 · excluded $279,013

  • 6a · Gross rents

    personal property $276,177

  • 6c · Rental income or loss

    personal property $276,177

  • 6d · Net rental income or loss

    total $276,177

  • 7a · Gross sales of assets other than inventory

    other assets $69,917

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

    other assets $44,186

  • 7c · Gain or loss

    other assets $25,731

  • 7d · Net gain or loss

    total $25,731

  • 8c · Net income from fundraising events

    total $0

  • 10a · Gross sales of inventory

    $137,987

  • 10b · Cost of goods sold

    $75,878

  • 10c · Net income from sales of inventory

    total $62,109 · related or exempt $62,109

  • 11a · Other revenue: Patronage capital

    total $1,382,518 · related or exempt $1,382,518

  • 11b · Other revenue: Patronage capital asso

    total $1,400,352 · related or exempt $1,400,352

  • 11d · All other revenue

    total $244,614 · excluded $244,614

  • 11e · Other revenue, total

    $3,027,484

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $652,057

  • 7 · Other salaries and wages

    total $4,032,136

  • 8 · Pension plan contributions

    total $835,709

  • 9 · Other employee benefits

    total $251,305

  • 10 · Payroll taxes

    total $454,083

  • 11b · Fees: legal

    total $108,740

  • 11c · Fees: accounting

    total $18,350

  • 11d · Fees: lobbying

    total $7,567

  • 12 · Advertising and promotion

    total $224,035

  • 13 · Office expenses

    total $71,050

  • 14 · Information technology

    total $421,449

  • 16 · Occupancy

    total $845,761

  • 17 · Travel

    total $37,707

  • 19 · Conferences, conventions and meetings

    total $107,779

  • 20 · Interest

    total $1,643,320

  • 21 · Payments to affiliates

    total $189,360

  • 22 · Depreciation, depletion and amortization

    total $4,433,676

  • 23 · Insurance

    total $38,429

  • 24a · Other expenses: purchased power

    total $47,510,379

  • 24b · Other expenses: line operation & maint

    total $5,656,585

  • 24c · Other expenses: taxes

    total $425,096

  • 24d · Other expenses: meter reading

    total $33,199

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $14,337 · end of year $132,269

  • 2 · Savings and temporary cash investments

    beginning of year $772,934 · end of year $1,510,842

  • 4 · Accounts receivable

    beginning of year $7,814,996 · end of year $10,145,159

  • 7 · Other notes and loans receivable

    beginning of year $8,214,015 · end of year $10,415,208

  • 8 · Inventories for sale or use

    beginning of year $6,990,868 · end of year $10,009,441

  • 9 · Prepaid expenses and deferred charges

    beginning of year $77,090 · end of year $88,921

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

    $132,934,798

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

    $30,401,656

  • 10c · Land, buildings and equipment, net

    beginning of year $99,801,364 · end of year $102,533,142

  • 13 · Investments: program-related

    beginning of year $28,117,960 · end of year $29,168,520

  • 15 · Other assets

    beginning of year $215,918 · end of year $2,685,142

  • 17 · Accounts payable and accrued expenses

    beginning of year $12,421,447 · end of year $16,326,110

  • 23 · Secured mortgages and notes payable

    beginning of year $39,958,135 · end of year $48,581,418

  • 25 · Other liabilities

    beginning of year $6,949,439 · end of year $6,686,727

  • 31 · Retained earnings, endowment or other funds

    beginning of year $92,690,461 · end of year $95,094,389

Mission and programs · 2022

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 $67,997,772 · Revenue $69,722,064

As filed on the 2022 return.

Listed in Part VII

  • John Sturm

    CEO

    Total calculated
    $383,290
    From this org
    $319,964
    From related orgs
    $0
    Other
    $63,326
    Hours/week
    45 + 5 related

    Schedule J breakdown matched by us

    Base
    $299,364
    Bonus
    $20,000
    Other
    $600
    Deferred
    $63,326
    Nontaxable benefits
    $24,929
    Filer's total
    $408,219

  • Terry Miller

    CFO

    Total calculated
    $231,339
    From this org
    $170,403
    From related orgs
    $0
    Other
    $60,936
    Hours/week
    45 + 5 related

    Schedule J breakdown matched by us

    Base
    $157,591
    Bonus
    $1,500
    Other
    $11,312
    Deferred
    $60,936
    Nontaxable benefits
    $23,570
    Filer's total
    $254,909

  • Kevin Shelley

    Director of Engineerin

    Total calculated
    $192,521
    From this org
    $148,925
    From related orgs
    $0
    Other
    $43,596
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $146,825
    Bonus
    $1,500
    Other
    $600
    Deferred
    $43,596
    Nontaxable benefits
    $23,430
    Filer's total
    $215,951

  • Tim Hogue

    Director of Operations

    Total calculated
    $179,228
    From this org
    $147,191
    From related orgs
    $0
    Other
    $32,037
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $140,941
    Bonus
    $1,500
    Other
    $4,750
    Deferred
    $32,037
    Nontaxable benefits
    $23,409
    Filer's total
    $202,637

  • Shawn Frye

    Director of Technology

    Total calculated
    $166,885
    From this org
    $131,324
    From related orgs
    $0
    Other
    $35,561
    Hours/week
    45 + 5 related

    Schedule J breakdown matched by us

    Base
    $118,575
    Bonus
    $1,500
    Other
    $11,249
    Deferred
    $35,561
    Nontaxable benefits
    $23,152
    Filer's total
    $190,037

  • Ken Dickey

    Purchasing Coordinator

    Total calculated
    $162,425
    From this org
    $115,440
    From related orgs
    $0
    Other
    $46,985
    Hours/week
    46

    Schedule J breakdown matched by us

    Base
    $85,590
    Bonus
    $1,500
    Other
    $28,350
    Deferred
    $46,985
    Nontaxable benefits
    $22,775
    Filer's total
    $185,200

  • Daniel Wood

    Line Superintendent

    Total calculated
    $163,390
    From this org
    $115,345
    From related orgs
    $0
    Other
    $48,045
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $113,245
    Bonus
    $1,500
    Other
    $600
    Deferred
    $48,045
    Nontaxable benefits
    $1,585
    Filer's total
    $164,975

  • Glenn McAlpin

    Board of Director

    Total calculated
    $25,050
    From this org
    $19,150
    From related orgs
    $5,900
    Other
    $0
    Hours/week
    6.4 + 0.1 related

    Schedule J breakdown matched by us

    Base
    $19,150 + $5,900 related
    Bonus
    not reported
    Other
    not reported
    Deferred
    not reported
    Nontaxable benefits
    not reported
    Filer's total
    $19,150 + $5,900 related

  • Seth Brown

    Board of Director

    Total calculated
    $32,990
    From this org
    $25,323
    From related orgs
    $7,667
    Other
    $0
    Hours/week
    6.6 + 0.1 related

    Schedule J breakdown matched by us

    Base
    $25,323 + $7,667 related
    Bonus
    not reported
    Other
    not reported
    Deferred
    not reported
    Nontaxable benefits
    not reported
    Filer's total
    $25,323 + $7,667 related

  • Ron Barnett

    Board of Director

    Total calculated
    $31,390
    From this org
    $23,723
    From related orgs
    $7,667
    Other
    $0
    Hours/week
    5.4 + 0.2 related

    Schedule J breakdown matched by us

    Base
    $23,723 + $7,667 related
    Bonus
    not reported
    Other
    not reported
    Deferred
    not reported
    Nontaxable benefits
    not reported
    Filer's total
    $23,723 + $7,667 related

  • Stephen Watson

    President

    Total calculated
    $33,415
    From this org
    $25,748
    From related orgs
    $7,667
    Other
    $0
    Hours/week
    5.1 + 0.3 related

    Schedule J breakdown matched by us

    Base
    $25,748 + $7,667 related
    Bonus
    not reported
    Other
    not reported
    Deferred
    not reported
    Nontaxable benefits
    not reported
    Filer's total
    $25,748 + $7,667 related

  • Jamie Meredith

    SecretaryTreasurer

    Total calculated
    $30,940
    From this org
    $23,273
    From related orgs
    $7,667
    Other
    $0
    Hours/week
    7.4 + 0.1 related

    Schedule J breakdown matched by us

    Base
    $23,273 + $7,667 related
    Bonus
    not reported
    Other
    not reported
    Deferred
    not reported
    Nontaxable benefits
    not reported
    Filer's total
    $23,273 + $7,667 related

  • Lee Ann Wilbur

    Vice President

    Total calculated
    $33,640
    From this org
    $25,973
    From related orgs
    $7,667
    Other
    $0
    Hours/week
    5.8 + 0.2 related

    Schedule J breakdown matched by us

    Base
    $25,973 + $7,667 related
    Bonus
    not reported
    Other
    not reported
    Deferred
    not reported
    Nontaxable benefits
    not reported
    Filer's total
    $25,973 + $7,667 related

  • Dennis Stewart

    Board of Director

    Total calculated
    $24,400
    From this org
    $18,500
    From related orgs
    $5,900
    Other
    $0
    Hours/week
    2 + 0.2 related

    Schedule J breakdown matched by us

    Base
    $18,500 + $5,900 related
    Bonus
    not reported
    Other
    not reported
    Deferred
    not reported
    Nontaxable benefits
    not reported
    Filer's total
    $18,500 + $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 $94,325 · share of assets $4,240,340

    Directly controlled by JCREMC

  • Rural Utility Economic Development Corpation

    C corp · BackUp Generator · IN · 100% owned · share of income $80,000 · share of assets $7,012

    Directly controlled by Effective Systems

  • Effective Systems Fiber Network

    C corp · Data Communications · IN · 100% owned · share of income $3,851,560 · share of assets $15,131,376

    Directly controlled by Effective Systems

Provenance

Return type
form_990
Tax year
2022
Filed
3 November 2023
IRS schema version
2022v5.0
Source object
202303079349301345

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