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Nonprofiteer
← HENDRICKS COUNTY RURAL ELECTRIC MEMBERSHIP CORPORATION

Form 990 for tax year 2025

Filed by HENDRICKS COUNTY RURAL ELECTRIC MEMBERSHIP CORPORATION.

Totals

Total revenue
$122,004,153
Total expenses
$122,004,153
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$116,259,771
Investment income
$384,784
Other revenue
$5,359,598
Total assets, end of year
$285,392,331
Total liabilities, end of year
$142,597,868
Net assets or fund balances, end of year
$142,794,463
Program services expenses (Part IX)
$121,925,543
Management and general expenses
$78,610
Fundraising expenses
$0
Program service expenses (Part III)
$121,925,543

Program services were 99.9% 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.

  • 1a · Federated campaigns

    $0

  • 1b · Membership dues

    $0

  • 1c · Fundraising events

    $0

  • 1d · Related organizations

    $0

  • 1e · Government grants (contributions)

    $0

  • 1f · All other contributions, gifts and grants

    $0

  • 1g · Noncash contributions included above

    $0

  • 2a · Program service revenue: ELECTRIC REVENUE

    total $116,259,771 · related or exempt $116,259,771 · unrelated business $0 · excluded $0

  • 3 · Investment income

    total $165,709 · related or exempt $0 · unrelated business $0 · excluded $165,709

  • 4 · Income from investment of tax-exempt bond proceeds

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 5 · Royalties

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 6a · Gross rents

    real property $0 · personal property $482,041

  • 6b · Less rental expenses

    real property $0 · personal property $0

  • 6c · Rental income or loss

    real property $0 · personal property $482,041

  • 6d · Net rental income or loss

    total $482,041 · related or exempt $0 · unrelated business $0 · excluded $482,041

  • 7a · Gross sales of assets other than inventory

    securities $0 · other assets $219,075

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

    securities $0 · other assets $0

  • 7c · Gain or loss

    securities $0 · other assets $219,075

  • 7d · Net gain or loss

    total $219,075 · related or exempt $219,075 · unrelated business $0 · excluded $0

  • 8a · Fundraising events: gross income

    $0

  • 8a · Fundraising events: contributions included on line 1c

    $0

  • 8b · Fundraising events: direct expenses

    $0

  • 8c · Net income from fundraising events

    total $0 · unrelated business $0 · excluded $0

  • 9a · Gaming: gross income

    $0

  • 9b · Gaming: direct expenses

    $0

  • 9c · Net income from gaming

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 11a · Other revenue: Patronage Capital

    total $4,673,889 · related or exempt $4,673,889 · unrelated business $0 · excluded $0

  • 11b · Other revenue: Wire recycling EWT and Subs

    total $139,002 · related or exempt $139,002 · unrelated business $0 · excluded $0

  • 11c · Other revenue: Rental Income

    total $62,067 · related or exempt $0 · unrelated business $62,067 · excluded $0

  • 11d · All other revenue

    total $2,599 · related or exempt $0 · unrelated business $2,599 · excluded $0

  • 11e · Other revenue, total

    $4,877,557

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $11,830,650 · program services $11,830,650

  • 5 · Compensation of officers, directors and key employees

    total $2,285,535 · program services $2,285,535 · management and general $0 · fundraising $0

  • 6 · Compensation of disqualified persons

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 7 · Other salaries and wages

    total $4,574,837 · program services $4,574,837 · management and general $0 · fundraising $0

  • 8 · Pension plan contributions

    total $561,947 · program services $561,947 · management and general $0 · fundraising $0

  • 9 · Other employee benefits

    total $1,019,263 · program services $1,019,263 · management and general $0 · fundraising $0

  • 10 · Payroll taxes

    total $419,658 · program services $419,658 · management and general $0 · fundraising $0

  • 11a · Fees: management

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 11b · Fees: legal

    total $53,831 · program services $0 · management and general $53,831 · fundraising $0

  • 11c · Fees: accounting

    total $24,779 · program services $0 · management and general $24,779 · fundraising $0

  • 11d · Fees: lobbying

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 11e · Fees: professional fundraising services

    total $0 · fundraising $0

  • 11f · Fees: investment management

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 11g · Fees: other

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 12 · Advertising and promotion

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 13 · Office expenses

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 14 · Information technology

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 15 · Royalties

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 16 · Occupancy

    total $1,174,527 · program services $1,174,527 · management and general $0 · fundraising $0

  • 17 · Travel

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 18 · Travel or entertainment for public officials

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 19 · Conferences, conventions and meetings

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 20 · Interest

    total $4,494,474 · program services $4,494,474 · management and general $0 · fundraising $0

  • 21 · Payments to affiliates

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 22 · Depreciation, depletion and amortization

    total $8,715,565 · program services $8,715,565 · management and general $0 · fundraising $0

  • 23 · Insurance

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 24a · Other expenses: Purchased Power

    total $80,710,502 · program services $80,710,502 · management and general $0 · fundraising $0

  • 24b · Other expenses: Maintenance Expense

    total $2,423,654 · program services $2,423,654 · management and general $0 · fundraising $0

  • 24c · Other expenses: Admin and General

    total $2,122,815 · program services $2,122,815 · management and general $0 · fundraising $0

  • 24d · Other expenses: Distribution Operations & Transmission

    total $939,189 · program services $939,189 · management and general $0 · fundraising $0

  • 24e · All other expenses

    total $652,927 · program services $652,927 · management and general $0 · fundraising $0

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $598,093 · end of year $174,373

  • 2 · Savings and temporary cash investments

    beginning of year $15,023 · end of year $24,799

  • 3 · Pledges and grants receivable

    beginning of year $0 · end of year $0

  • 4 · Accounts receivable

    beginning of year $12,799,096 · end of year $14,129,915

  • 5 · Loans and receivables from officers and key people

    beginning of year $0 · end of year $0

  • 6 · Loans and receivables from disqualified persons

    beginning of year $0 · end of year $0

  • 7 · Other notes and loans receivable

    beginning of year $9,231,610 · end of year $8,757,919

  • 8 · Inventories for sale or use

    beginning of year $5,655,818 · end of year $4,844,126

  • 9 · Prepaid expenses and deferred charges

    beginning of year $772,809 · end of year $302,238

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

    $277,215,204

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

    $61,103,793

  • 10c · Land, buildings and equipment, net

    beginning of year $196,685,565 · end of year $216,111,411

  • 11 · Investments: publicly traded securities

    beginning of year $0 · end of year $0

  • 12 · Investments: other securities

    beginning of year $0 · end of year $0

  • 13 · Investments: program-related

    beginning of year $38,664,768 · end of year $41,047,550

  • 14 · Intangible assets

    beginning of year $0 · end of year $0

  • 15 · Other assets

    beginning of year $0 · end of year $0

  • 17 · Accounts payable and accrued expenses

    beginning of year $15,429,294 · end of year $14,186,198

  • 18 · Grants payable

    beginning of year $0 · end of year $0

  • 19 · Deferred revenue

    beginning of year $568,669 · end of year $576,545

  • 20 · Tax-exempt bond liabilities

    beginning of year $0 · end of year $0

  • 21 · Escrow or custodial account liability

    beginning of year $0 · end of year $0

  • 22 · Loans and payables to officers and key people

    beginning of year $0 · end of year $0

  • 23 · Secured mortgages and notes payable

    beginning of year $111,267,240 · end of year $122,498,464

  • 24 · Unsecured notes and loans payable

    beginning of year $0 · end of year $0

  • 25 · Other liabilities

    beginning of year $4,302,507 · end of year $5,336,661

  • 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 $795,350 · end of year $812,485

  • 31 · Retained earnings, endowment or other funds

    beginning of year $132,059,721 · end of year $141,981,978

Mission and programs · 2025

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 40,000 CUSTOMERS ON A COOPERATIVE BASIS.

  • DISTRIBUTION OF ELECTRICITY TO MEMBERS

    Expenses $121,925,543 · Revenue $121,072,662

As filed on the 2025 return.

Listed in Part VII

  • Gregory Ternet

    CEO

    Total calculated
    $744,278
    From this org
    $471,140
    From related orgs
    $0
    Other
    $273,138
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $423,148
    Bonus
    $0
    Other
    $47,992
    Deferred
    $242,949
    Nontaxable benefits
    $30,189
    Filer's total
    $744,278

  • David R Olmstead

    Director-Finance Mbr Svc

    Total calculated
    $295,894
    From this org
    $199,645
    From related orgs
    $0
    Other
    $96,249
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $187,908
    Bonus
    $0
    Other
    $11,737
    Deferred
    $67,126
    Nontaxable benefits
    $29,123
    Filer's total
    $295,894

  • Debra S Anderson

    Director-Bus Analytics

    Total calculated
    $289,939
    From this org
    $179,586
    From related orgs
    $0
    Other
    $110,353
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $170,646
    Bonus
    $5,500
    Other
    $3,440
    Deferred
    $81,488
    Nontaxable benefits
    $28,865
    Filer's total
    $289,939

  • Joseph A Parsons

    Director-Operations

    Total calculated
    $260,543
    From this org
    $200,457
    From related orgs
    $0
    Other
    $60,086
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $190,478
    Bonus
    $5,500
    Other
    $4,479
    Deferred
    $30,914
    Nontaxable benefits
    $29,172
    Filer's total
    $260,543

  • Heather M Thompson

    Director-HR Marketing

    Total calculated
    $253,231
    From this org
    $184,882
    From related orgs
    $0
    Other
    $68,349
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $178,600
    Bonus
    $5,500
    Other
    $782
    Deferred
    $46,126
    Nontaxable benefits
    $22,223
    Filer's total
    $253,231

  • Amy C Watson

    Director of Technology

    Total calculated
    $250,877
    From this org
    $199,222
    From related orgs
    $0
    Other
    $51,655
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $183,905
    Bonus
    $5,500
    Other
    $9,817
    Deferred
    $49,509
    Nontaxable benefits
    $2,146
    Filer's total
    $250,877

  • Matthew Hession

    Director

    Total calculated
    $26,683
    From this org
    $26,683
    From related orgs
    $0
    Other
    $0
    Hours/week
    1.23

  • William A Lynch

    President of Board

    Total calculated
    $25,475
    From this org
    $25,475
    From related orgs
    $0
    Other
    $0
    Hours/week
    1.18

  • Susan Webb

    Director

    Total calculated
    $22,773
    From this org
    $22,773
    From related orgs
    $0
    Other
    $0
    Hours/week
    2.94

  • David Thomas

    Director

    Total calculated
    $21,243
    From this org
    $21,243
    From related orgs
    $0
    Other
    $0
    Hours/week
    1.93

  • Kevin Miller

    Director

    Total calculated
    $20,364
    From this org
    $20,364
    From related orgs
    $0
    Other
    $0
    Hours/week
    2.14

  • Christopher Mann

    Secretary of Board

    Total calculated
    $20,250
    From this org
    $20,250
    From related orgs
    $0
    Other
    $0
    Hours/week
    1.91

  • Hal Truax

    Vice President of Board

    Total calculated
    $18,426
    From this org
    $18,426
    From related orgs
    $0
    Other
    $0
    Hours/week
    1.38

  • Brent Shay

    Director

    Total calculated
    $18,113
    From this org
    $18,113
    From related orgs
    $0
    Other
    $0
    Hours/week
    1.52

  • Keith S Cooper

    Treasurer of Board

    Total calculated
    $17,442
    From this org
    $17,442
    From related orgs
    $0
    Other
    $0
    Hours/week
    1.14

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 · 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

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 corp · Line Locates and Fiber · IN · 100% owned · share of income $4,932,569 · share of assets $17,346,752 · controlled entity

    Directly controlled by Hendricks County REMC

Provenance

Return type
form_990
Tax year
2025
Filed
10 September 2026
IRS schema version
2025v4.2
Source object
202612539349300701

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