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Nonprofiteer
← TIPMONT RURAL ELECTRIC MEMBERSHIP CORPORATION

Form 990 for tax year 2023

Filed by TIPMONT RURAL ELECTRIC MEMBERSHIP CORPORATION.

Totals

Total revenue
$86,383,415
Total expenses
$86,326,278
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$83,479,530
Investment income
$128,796
Other revenue
$2,775,089
Total assets, end of year
$277,633,776
Total liabilities, end of year
$190,489,885
Net assets or fund balances, end of year
$87,143,891
Program services expenses (Part IX)
$0
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
$86,326,278

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: ELECTRIC REVENUE

    total $77,628,864 · related or exempt $77,628,864

  • 2b · Program service revenue: SMART GRID REVENUE

    total $5,850,666 · related or exempt $5,850,666

  • 3 · Investment income

    total $128,796 · excluded $128,796

  • 6a · Gross rents

    real property $195,405

  • 6c · Rental income or loss

    real property $195,405

  • 6d · Net rental income or loss

    total $195,405 · related or exempt $195,405

  • 11a · Other revenue: PATRONAGE REVENUE

    total $2,379,456 · related or exempt $2,379,456

  • 11b · Other revenue: OTHER CAPITAL CREDITS

    total $143,091 · related or exempt $143,091

  • 11c · Other revenue: TIPMONT HOLDING INC.

    total $57,137 · excluded $57,137

  • 11e · Other revenue, total

    $2,579,684

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $3,845,024

  • 20 · Interest

    total $5,581,423

  • 22 · Depreciation, depletion and amortization

    total $7,730,843

  • 24a · Other expenses: PURCHASED POWER

    total $47,980,317

  • 24b · Other expenses: OPERATIONS AND MAINTENANC

    total $11,245,144

  • 24c · Other expenses: GENERAL AND ADMINISTRATIV

    total $5,736,531

  • 24d · Other expenses: CONSUMER ACCOUNT EXPENSE

    total $4,203,774

  • 24e · All other expenses

    total $3,222

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $3,980,135 · end of year $3,650,563

  • 4 · Accounts receivable

    beginning of year $11,055,243 · end of year $12,416,117

  • 8 · Inventories for sale or use

    beginning of year $3,767,730 · end of year $4,189,442

  • 9 · Prepaid expenses and deferred charges

    beginning of year $142,050 · end of year $125,950

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

    $266,713,889

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

    $54,101,725

  • 10c · Land, buildings and equipment, net

    beginning of year $193,487,434 · end of year $212,612,164

  • 13 · Investments: program-related

    beginning of year $41,560,331 · end of year $43,863,333

  • 15 · Other assets

    beginning of year $848,365 · end of year $776,207

  • 17 · Accounts payable and accrued expenses

    beginning of year $12,730,882 · end of year $15,692,926

  • 23 · Secured mortgages and notes payable

    beginning of year $150,922,219 · end of year $154,243,771

  • 25 · Other liabilities

    beginning of year $7,665,167 · end of year $20,553,188

  • 30 · Paid-in or capital surplus, or land, building or equipment fund

    beginning of year $99,785 · end of year $99,785

  • 31 · Retained earnings, endowment or other funds

    beginning of year $83,423,235 · end of year $87,044,106

Mission and programs · 2023

Mission

DISTRIBUTION OF ELECTRICITY TO MEMBERS ON A COOPERATIVE BASIS.

  • DISTRIBUTION OF ELECTRICITY TO APPROXIMATELY 25, 267 MEMBERS ON A COOPERATIVE BASIS.

    Expenses $86,326,278 · Revenue $86,383,415

As filed on the 2023 return.

Listed in Part VII

  • Ronald L Holcomb

    PRESIDENT &

    Total calculated
    $452,584
    From this org
    $381,023
    From related orgs
    $0
    Other
    $71,561
    Hours/week
    55

    Schedule J breakdown matched by us

    Base
    $381,023
    Bonus
    not reported
    Other
    not reported
    Deferred
    $34,260
    Nontaxable benefits
    $37,301
    Filer's total
    $452,584

  • Jennifer Rufatto

    CMO

    Total calculated
    $302,117
    From this org
    $263,722
    From related orgs
    $0
    Other
    $38,395
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $263,722
    Bonus
    not reported
    Other
    not reported
    Deferred
    $10,448
    Nontaxable benefits
    $27,947
    Filer's total
    $302,117

  • Jeremy Konkle

    COO

    Total calculated
    $288,594
    From this org
    $259,289
    From related orgs
    $0
    Other
    $29,305
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $259,289
    Bonus
    not reported
    Other
    not reported
    Deferred
    not reported
    Nontaxable benefits
    $29,305
    Filer's total
    $288,594

  • Travis L Bailey

    TECHNOLOGY I

    Total calculated
    $229,770
    From this org
    $200,879
    From related orgs
    $0
    Other
    $28,891
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $200,879
    Bonus
    not reported
    Other
    not reported
    Deferred
    not reported
    Nontaxable benefits
    $28,891
    Filer's total
    $229,770

  • Jason M Monroe

    CUSTOMER EXP

    Total calculated
    $229,082
    From this org
    $217,496
    From related orgs
    $0
    Other
    $11,586
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $217,496
    Bonus
    not reported
    Other
    not reported
    Deferred
    $10,834
    Nontaxable benefits
    $752
    Filer's total
    $229,082

  • Douglas L Martin

    VP, FINANCE

    Total calculated
    $228,314
    From this org
    $200,722
    From related orgs
    $0
    Other
    $27,592
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $200,722
    Bonus
    not reported
    Other
    not reported
    Deferred
    not reported
    Nontaxable benefits
    $27,592
    Filer's total
    $228,314

  • Joseph P Kline

    DIRECTOR OF

    Total calculated
    $203,263
    From this org
    $153,008
    From related orgs
    $0
    Other
    $50,255
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $153,008
    Bonus
    not reported
    Other
    not reported
    Deferred
    $22,500
    Nontaxable benefits
    $27,755
    Filer's total
    $203,263

  • Christopher Blaisdell

    SYSTEM ENGIN

    Total calculated
    $195,037
    From this org
    $154,236
    From related orgs
    $0
    Other
    $40,801
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $154,236
    Bonus
    not reported
    Other
    not reported
    Deferred
    $13,645
    Nontaxable benefits
    $27,156
    Filer's total
    $195,037

  • Larry E Carlson

    DIRECTOR

    Total calculated
    $44,365
    From this org
    $44,365
    From related orgs
    $0
    Other
    $0
    Hours/week
    9

  • Robert J Baker

    DIRECTOR

    Total calculated
    $42,245
    From this org
    $42,245
    From related orgs
    $0
    Other
    $0
    Hours/week
    25

  • Kirk Alter

    SECRETARY/TR

    Total calculated
    $32,340
    From this org
    $32,340
    From related orgs
    $0
    Other
    $0
    Hours/week
    15

  • Janet Harlow

    DIRECTOR

    Total calculated
    $17,122
    From this org
    $17,122
    From related orgs
    $0
    Other
    $0
    Hours/week
    8

  • Lynn Beck

    VICE CHAIRMA

    Total calculated
    $16,926
    From this org
    $16,926
    From related orgs
    $0
    Other
    $0
    Hours/week
    20

  • Brandon S Bible

    CHAIRMAN

    Total calculated
    $16,481
    From this org
    $16,481
    From related orgs
    $0
    Other
    $0
    Hours/week
    7

  • Wesley Stockdale

    DIRECTOR

    Total calculated
    $12,596
    From this org
    $12,596
    From related orgs
    $0
    Other
    $0
    Hours/week
    7

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 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

The filer's explanations (Part III)

SCHEDULE J, PAGE 1, PART I, LINE 1B
COOPERATIVE DOES NOT PAY OR REIMBURSE THE ABOVE ITEMS IN 1A.

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.

  • TIPMONT HOLDING INC

    C CORP · SUBSIDIARY · IN · 100% owned · share of income $57,137 · share of assets $21,929,585

    Directly controlled by TIPMONT RE

Provenance

Return type
form_990
Tax year
2023
Filed
6 November 2024
IRS schema version
2023v5.0
Source object
202433209349306913

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