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Nonprofiteer
← HART ELECTRIC MEMBERSHIP CORP

Form 990 for tax year 2022

Filed by HART ELECTRIC MEMBERSHIP CORP.

Totals

Total revenue
$87,122,217
Total expenses
$87,122,217
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$85,302,932
Investment income
$1,819,285
Other revenue
$0
Total assets, end of year
$242,758,316
Total liabilities, end of year
$114,984,292
Net assets or fund balances, end of year
$127,774,024
Program services expenses (Part IX)
$87,122,217
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
not reported

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 $82,151,184 · related or exempt $82,151,184

  • 2b · Program service revenue: CAPITAL CREDITS

    total $1,600,491 · related or exempt $1,600,491

  • 2c · Program service revenue: POLE RENTAL

    total $1,551,257 · excluded $1,551,257

  • 3 · Investment income

    total $1,819,285 · excluded $1,819,285

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $8,825,941 · program services $8,825,941

  • 5 · Compensation of officers, directors and key employees

    total $541,316 · program services $541,316

  • 20 · Interest

    total $1,882,326 · program services $1,882,326

  • 22 · Depreciation, depletion and amortization

    total $5,976,089 · program services $5,976,089

  • 24a · Other expenses: PURCHASED POWER

    total $55,071,193 · program services $55,071,193

  • 24b · Other expenses: DISTRIBUTION MAINTENANCE

    total $5,329,894 · program services $5,329,894

  • 24c · Other expenses: DISTRIBUTION OPERATIONS

    total $3,309,665 · program services $3,309,665

  • 24d · Other expenses: CONSUMER ACCOUNTS

    total $2,603,438 · program services $2,603,438

  • 24e · All other expenses

    total $3,582,355 · program services $3,582,355

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $6,575,825 · end of year $10,984,921

  • 2 · Savings and temporary cash investments

    beginning of year $9,000,000 · end of year $3,000,000

  • 4 · Accounts receivable

    beginning of year $8,163,037 · end of year $10,724,894

  • 8 · Inventories for sale or use

    beginning of year $839,471 · end of year $1,173,145

  • 9 · Prepaid expenses and deferred charges

    beginning of year $39,731,326 · end of year $46,998,305

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

    $206,434,064

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

    $68,656,605

  • 10c · Land, buildings and equipment, net

    beginning of year $132,854,769 · end of year $137,777,459

  • 13 · Investments: program-related

    beginning of year $30,543,154 · end of year $32,069,126

  • 15 · Other assets

    beginning of year $21,185 · end of year $30,466

  • 17 · Accounts payable and accrued expenses

    beginning of year $5,301,582 · end of year $6,863,306

  • 23 · Secured mortgages and notes payable

    beginning of year $66,466,948 · end of year $71,463,104

  • 25 · Other liabilities

    beginning of year $42,312,534 · end of year $36,657,882

  • 29 · Capital stock, trust principal or current funds

    beginning of year $134,665 · end of year $136,850

  • 31 · Retained earnings, endowment or other funds

    beginning of year $113,513,038 · end of year $127,637,174

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.

  • N/A

  • NA

As filed on the 2022 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Galen Mills

    CHAIRMAN

    Total calculated
    $10,500
    From this org
    $10,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Guerry Hall

    VICE CHAIRMA

    Total calculated
    $14,550
    From this org
    $14,550
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Kay Reed

    SEC.-TREAS.

    Total calculated
    $22,250
    From this org
    $22,250
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • John M Peeples

    DIRECTOR

    Total calculated
    $11,400
    From this org
    $11,400
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • William M Leard

    DIRECTOR

    Total calculated
    $8,350
    From this org
    $8,350
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Donnie A Cordell

    DIRECTOR

    Total calculated
    $15,088
    From this org
    $15,088
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • David M Fleming

    DIRECTOR

    Total calculated
    $15,000
    From this org
    $15,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Jerry Snow

    DIRECTOR

    Total calculated
    $988
    From this org
    $988
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Jeffrey W Murphy

    PRESIDENT &

    Total calculated
    $443,190
    From this org
    $352,197
    From related orgs
    $0
    Other
    $90,993
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $341,938
    Bonus
    $6,992
    Other
    $3,267
    Deferred
    $83,344
    Nontaxable benefits
    $7,649
    Filer's total
    $443,190

  • Joel K Brown

    CHIEF OPER.

    Total calculated
    $321,182
    From this org
    $243,775
    From related orgs
    $0
    Other
    $77,407
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $235,941
    Bonus
    $4,942
    Other
    $2,892
    Deferred
    $59,843
    Nontaxable benefits
    $17,564
    Filer's total
    $321,182

  • Russell E Shirley

    SENIOR VP, T

    Total calculated
    $375,042
    From this org
    $291,024
    From related orgs
    $0
    Other
    $84,018
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $172,751
    Bonus
    $3,528
    Other
    $114,745
    Deferred
    $66,454
    Nontaxable benefits
    $17,564
    Filer's total
    $375,042

  • Glenn Cleveland

    ENGINEERING

    Total calculated
    $181,939
    From this org
    $140,193
    From related orgs
    $0
    Other
    $41,746
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $137,280
    Bonus
    $2,913
    Other
    not reported
    Deferred
    $34,097
    Nontaxable benefits
    $7,649
    Filer's total
    $181,939

  • Edward Hoy

    VP ENGINEERI

    Total calculated
    $176,425
    From this org
    $135,680
    From related orgs
    $0
    Other
    $40,745
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $132,372
    Bonus
    $2,822
    Other
    $486
    Deferred
    $33,096
    Nontaxable benefits
    $7,649
    Filer's total
    $176,425

  • Allen Bond

    RIGHT-OF-WAY

    Total calculated
    $166,118
    From this org
    $118,880
    From related orgs
    $0
    Other
    $47,238
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $116,326
    Bonus
    $2,554
    Other
    not reported
    Deferred
    $29,674
    Nontaxable benefits
    $17,564
    Filer's total
    $166,118

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 · 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.

Provenance

Return type
form_990
Tax year
2022
Filed
18 July 2023
IRS schema version
2022v5.0
Source object
202322219349300007

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