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Nonprofiteer
← HABERSHAM ELECTRIC MEMBERSHIP CORP

Form 990 for tax year 2022

Filed by HABERSHAM ELECTRIC MEMBERSHIP CORP.

Totals

Total revenue
$76,985,449
Total expenses
$79,843,534
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$76,783,127
Investment income
$179,348
Other revenue
$22,974
Total assets, end of year
$188,949,179
Total liabilities, end of year
$131,311,177
Net assets or fund balances, end of year
$57,638,002
Program services expenses (Part IX)
$0
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
not reported

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 SALES

    total $72,578,871 · related or exempt $72,578,871

  • 2b · Program service revenue: OTHER ELECTRIC REVENUE

    total $1,539,749 · related or exempt $1,539,749

  • 2c · Program service revenue: G & T CAPITAL CREDITS

    total $1,067,054 · related or exempt $1,067,054

  • 2d · Program service revenue: POLE RENTAL

    total $980,584 · excluded $980,584

  • 2e · Program service revenue: PATRONAGE CAP-ASSOC. ORG

    total $616,869 · related or exempt $616,869

  • 3 · Investment income

    total $179,348 · excluded $179,348

  • 6a · Gross rents

    real property $22,974

  • 6c · Rental income or loss

    real property $22,974

  • 6d · Net rental income or loss

    total $22,974 · related or exempt $22,974

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $585,054

  • 13 · Office expenses

    total $891,333

  • 20 · Interest

    total $3,414,982

  • 22 · Depreciation, depletion and amortization

    total $7,466,654

  • 24a · Other expenses: PURCHASED POWER

    total $47,882,421

  • 24b · Other expenses: DISTRIBUTION MAINTENANCE

    total $10,074,942

  • 24c · Other expenses: DISTRIBUTION OPERATIONS

    total $3,543,414

  • 24d · Other expenses: ADMIN & GENERAL

    total $3,494,194

  • 24e · All other expenses

    total $2,490,540

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $4,536,479 · end of year $5,154,890

  • 4 · Accounts receivable

    beginning of year $3,906,717 · end of year $3,792,027

  • 7 · Other notes and loans receivable

    end of year $376,401

  • 8 · Inventories for sale or use

    beginning of year $3,378,235 · end of year $5,627,972

  • 9 · Prepaid expenses and deferred charges

    beginning of year $3,413,799 · end of year $2,977,948

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

    $227,476,776

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

    $89,020,165

  • 10c · Land, buildings and equipment, net

    beginning of year $120,311,792 · end of year $138,456,611

  • 13 · Investments: program-related

    beginning of year $25,775,771 · end of year $28,788,317

  • 15 · Other assets

    beginning of year $2,486,405 · end of year $3,775,013

  • 17 · Accounts payable and accrued expenses

    beginning of year $7,863,947 · end of year $11,924,006

  • 23 · Secured mortgages and notes payable

    beginning of year $72,091,013 · end of year $92,348,502

  • 24 · Unsecured notes and loans payable

    beginning of year $7,725,000 · end of year $12,096,021

  • 25 · Other liabilities

    beginning of year $17,223,365 · end of year $14,942,648

  • 29 · Capital stock, trust principal or current funds

    beginning of year $836,535 · end of year $799,485

  • 31 · Retained earnings, endowment or other funds

    beginning of year $58,069,338 · end of year $56,838,517

Mission and programs · 2022

Mission

TO PROVIDE THE BEST POSSIBLE ELECTRIC SERVICE TO ALL WHO DESIRE IT WITHIN THE SYSTEM AREA AT A REASONABLE COST CONSISTENT WITH THE HIGHEST STANDARDS OF SERVICE.

  • TO PROVIDE THE BEST POSSIBLE ELECTRIC SERVICE TO ALL WHO DESIRE IT WITHIN THE SYSTEM AREA AT A REASONABLE COST CONSISTENT WITH THE HIGHEST STANDARDS OF SERVICE.

As filed on the 2022 return.

Listed in Part VII

  • Bryan Ferguson

    PRES/CEO

    Total calculated
    $409,480
    From this org
    $333,756
    From related orgs
    $0
    Other
    $75,724
    Hours/week
    46

    Schedule J breakdown matched by us

    Base
    $312,216
    Bonus
    $21,540
    Other
    not reported
    Deferred
    $53,238
    Nontaxable benefits
    $22,486
    Filer's total
    $409,480

  • Kelly Wilkins

    VP, FINANCE

    Total calculated
    $284,614
    From this org
    $201,327
    From related orgs
    $0
    Other
    $83,287
    Hours/week
    48

    Schedule J breakdown matched by us

    Base
    $188,917
    Bonus
    $12,410
    Other
    not reported
    Deferred
    $61,557
    Nontaxable benefits
    $21,730
    Filer's total
    $284,614

  • Josh Allen

    VP OF ENGINE

    Total calculated
    $276,514
    From this org
    $199,323
    From related orgs
    $0
    Other
    $77,191
    Hours/week
    48

    Schedule J breakdown matched by us

    Base
    $188,087
    Bonus
    $11,236
    Other
    not reported
    Deferred
    $55,732
    Nontaxable benefits
    $21,459
    Filer's total
    $276,514

  • Roger Thurmond

    VP, MEMBER R

    Total calculated
    $222,110
    From this org
    $192,164
    From related orgs
    $0
    Other
    $29,946
    Hours/week
    49

    Schedule J breakdown matched by us

    Base
    $181,175
    Bonus
    $10,989
    Other
    not reported
    Deferred
    $19,494
    Nontaxable benefits
    $10,452
    Filer's total
    $222,110

  • Mark Leach

    DIRECTOR ENG

    Total calculated
    $211,634
    From this org
    $161,476
    From related orgs
    $0
    Other
    $50,158
    Hours/week
    41

    Schedule J breakdown matched by us

    Base
    $151,956
    Bonus
    $9,520
    Other
    not reported
    Deferred
    $30,495
    Nontaxable benefits
    $19,663
    Filer's total
    $211,634

  • Tony Adams

    DIRECTOR OF

    Total calculated
    $192,482
    From this org
    $144,348
    From related orgs
    $0
    Other
    $48,134
    Hours/week
    47

    Schedule J breakdown matched by us

    Base
    $130,611
    Bonus
    $8,483
    Other
    $5,254
    Deferred
    $27,173
    Nontaxable benefits
    $20,961
    Filer's total
    $192,482

  • Dustin Hulsey

    VICE CHAIRMA

    Total calculated
    $24,200
    From this org
    $24,200
    From related orgs
    $0
    Other
    $0
    Hours/week
    4.67

  • William A Cantrell Jr

    SECRETARY-TR

    Total calculated
    $22,200
    From this org
    $22,200
    From related orgs
    $0
    Other
    $0
    Hours/week
    6.57

  • Jonathan D Taylor

    DIRECTOR

    Total calculated
    $20,200
    From this org
    $20,200
    From related orgs
    $0
    Other
    $0
    Hours/week
    3.93

  • David Wall

    CHAIRMAN

    Total calculated
    $19,800
    From this org
    $19,800
    From related orgs
    $0
    Other
    $0
    Hours/week
    8.89

  • Dan Thurmond

    DIRECTOR

    Total calculated
    $19,400
    From this org
    $19,400
    From related orgs
    $0
    Other
    $0
    Hours/week
    5.92

  • Rick Wood

    DIRECTOR

    Total calculated
    $18,375
    From this org
    $18,375
    From related orgs
    $0
    Other
    $0
    Hours/week
    3.34

  • Jeff Herrin

    DIRECTOR

    Total calculated
    $18,200
    From this org
    $18,200
    From related orgs
    $0
    Other
    $0
    Hours/week
    6.18

  • David Foster

    DIRECTOR

    Total calculated
    $17,800
    From this org
    $17,800
    From related orgs
    $0
    Other
    $0
    Hours/week
    6.15

  • Kenneth McEntire

    DIRECTOR

    Total calculated
    $15,400
    From this org
    $15,400
    From related orgs
    $0
    Other
    $0
    Hours/week
    4.49

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 · Independent compensation consultant
  • 3 · Form 990 of other organizations
  • 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.

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.

  • TRAILWAVE FIBER INC

    C CORP · BROADBAND · GA · share of income $7,562,196 · share of assets $4,357,424

    Directly controlled by HEMC

Provenance

Return type
form_990
Tax year
2022
Filed
8 November 2023
IRS schema version
2022v5.0
Source object
202343129349303314

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