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Nonprofiteer
← HANCOCK RURAL TELEPHONE CORPORATION

Form 990 for tax year 2023

Filed by HANCOCK RURAL TELEPHONE CORPORATION.

Totals

Total revenue
$61,799,832
Total expenses
$58,214,132
Contributions and grants received
$0
Grants paid
$13,000
Program service revenue
$60,140,856
Investment income
$900,882
Other revenue
$758,094
Total assets, end of year
$256,602,138
Total liabilities, end of year
$62,782,970
Net assets or fund balances, end of year
$193,819,168
Program services expenses (Part IX)
$58,214,132
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
$58,214,132

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 SERVICES

    total $46,921,306 · related or exempt $46,921,306

  • 2b · Program service revenue: TELECOMMUNICATIONS SERVICES

    total $12,023,004 · related or exempt $12,023,004

  • 2c · Program service revenue: WATER REVENUE

    total $1,043,124 · related or exempt $1,043,124

  • 2d · Program service revenue: SEWER REVENUE

    total $153,422 · related or exempt $153,422

  • 3 · Investment income

    total $1,004,788 · excluded $1,004,788

  • 6a · Gross rents

    personal property $657,200

  • 6b · Less rental expenses

    personal property $631,489

  • 6c · Rental income or loss

    personal property $25,711

  • 6d · Net rental income or loss

    total $25,711 · unrelated business $25,711

  • 7a · Gross sales of assets other than inventory

    securities $732,799

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

    securities $836,705

  • 7c · Gain or loss

    securities -$103,906

  • 7d · Net gain or loss

    total -$103,906 · related or exempt -$103,906

  • 11a · Other revenue: G&T ALLOCATED MARGINS

    total $664,817 · related or exempt $664,817

  • 11b · Other revenue: POLE CONTACT RENTALS

    total $47,813 · excluded $47,813

  • 11c · Other revenue: ADVERTISING

    total $19,753 · unrelated business $19,753

  • 11e · Other revenue, total

    $732,383

Functional expenses

Part IX, the statement of functional expenses.

  • 2 · Grants to domestic individuals

    total $13,000 · program services $13,000

  • 4 · Benefits paid to or for members

    total $1,906,307 · program services $1,906,307

  • 5 · Compensation of officers, directors and key employees

    total $1,724,485 · program services $1,724,485

  • 20 · Interest

    total $1,613,815 · program services $1,613,815

  • 22 · Depreciation, depletion and amortization

    total $7,666,480 · program services $7,666,480

  • 24a · Other expenses: PURCHASED POWER

    total $29,580,872 · program services $29,580,872

  • 24b · Other expenses: ELECTRIC OPERATIONS AND

    total $4,786,820 · program services $4,786,820

  • 24c · Other expenses: CORPORATE OPERATIONS

    total $3,608,677 · program services $3,608,677

  • 24d · Other expenses: PLANT SPECIFIC

    total $2,724,151 · program services $2,724,151

  • 24e · All other expenses

    total $4,589,525 · program services $4,589,525

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $6,929,933 · end of year $11,158,553

  • 2 · Savings and temporary cash investments

    beginning of year $1,867,785 · end of year $1,820,879

  • 4 · Accounts receivable

    beginning of year $6,354,196 · end of year $6,947,345

  • 9 · Prepaid expenses and deferred charges

    beginning of year $334,885 · end of year $289,409

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

    $181,192,818

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

    $82,860,776

  • 10c · Land, buildings and equipment, net

    beginning of year $92,098,579 · end of year $98,332,042

  • 12 · Investments: other securities

    beginning of year $120,255,233 · end of year $126,752,213

  • 15 · Other assets

    beginning of year $6,544,947 · end of year $11,301,697

  • 17 · Accounts payable and accrued expenses

    beginning of year $11,409,053 · end of year $12,479,508

  • 19 · Deferred revenue

    end of year $6,000,000

  • 23 · Secured mortgages and notes payable

    beginning of year $36,221,751 · end of year $42,142,177

  • 25 · Other liabilities

    beginning of year $2,183,832 · end of year $2,161,285

  • 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 $0 · end of year $0

  • 31 · Retained earnings, endowment or other funds

    beginning of year $184,570,922 · end of year $193,819,168

Mission and programs · 2023

Mission

PROVIDE VARIOUS ELECTRIC, TELECOMMUNICATIONS, WATER, AND SEWER PRODUCTS AND SERVICES TO COOPERATIVE CUSTOMERS IN A 8-COUNTY AREA OF EAST CENTRAL INDIANA.

Activities or mission (Part I)

PROVIDING SUPERIOR ELECTRIC AND VARIOUS TELECOMMUNICATION PRODUCTS AND SERVICES TO OUR CUSTOMERS.

  • PROVIDES ELECTRIC, TELECOMMUNICATIONS, WATER AND SEWER PRODUCTS AND SERVICES TO COOPERATIVE CUSTOMERS IN A 8-COUNTY AREA OF EAST CENTRAL INDIANA. AS OF DECEMBER 31, 2023, THE NUMBER OF ELECTRIC SERVICES TOTALED 18,356, 11,320 BROADBAND CUSTOMERS, 1,213 WATER CUSTOMERS AND 129 SEWER UTILITY CUSTOMERS.

    Expenses $58,214,132 · Grants $13,000

As filed on the 2023 return.

Listed in Part VII

  • Raymond Kerkhof

    CHAIRMAN

    Total calculated
    $21,300
    From this org
    $21,300
    From related orgs
    $0
    Other
    $0
    Hours/week
    8

  • Stephen Vail

    VICE CHAIRMAN

    Total calculated
    $18,200
    From this org
    $18,200
    From related orgs
    $0
    Other
    $0
    Hours/week
    7

  • Charles Kennedy

    SECRETARY/TREASURER

    Total calculated
    $18,300
    From this org
    $18,300
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • James Cherry

    DIRECTOR

    Total calculated
    $5,925
    From this org
    $5,925
    From related orgs
    $0
    Other
    $0
    Hours/week
    7

  • Mark Evans

    DIRECTOR

    Total calculated
    $14,500
    From this org
    $14,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Jack Negley

    DIRECTOR

    Total calculated
    $17,700
    From this org
    $17,700
    From related orgs
    $0
    Other
    $0
    Hours/week
    6

  • Philip Hayes

    DIRECTOR

    Total calculated
    $18,400
    From this org
    $18,400
    From related orgs
    $0
    Other
    $0
    Hours/week
    8

  • Susan Bodkin

    DIRECTOR

    Total calculated
    $17,700
    From this org
    $17,700
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Thomas Ording

    DIRECTOR

    Total calculated
    $17,700
    From this org
    $17,700
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Joseph Paxton

    DIRECTOR

    Total calculated
    $17,700
    From this org
    $17,700
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Scott Pittman

    DIRECTOR

    Total calculated
    $17,700
    From this org
    $17,700
    From related orgs
    $0
    Other
    $0
    Hours/week
    6

  • Robin Richey

    DIRECTOR

    Total calculated
    $17,700
    From this org
    $17,700
    From related orgs
    $0
    Other
    $0
    Hours/week
    6

  • Timothy Bryant

    DIRECTOR

    Total calculated
    $17,700
    From this org
    $17,700
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • Darrell Thomas

    DIRECTOR

    Total calculated
    $3,413
    From this org
    $3,413
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Richard Griffin

    DIRECTOR

    Total calculated
    $14,775
    From this org
    $14,775
    From related orgs
    $0
    Other
    $0
    Hours/week
    7

  • Mike Burrow

    PRESIDENT & CEO

    Total calculated
    $495,820
    From this org
    $371,927
    From related orgs
    $0
    Other
    $123,893
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $312,375
    Bonus
    $40,000
    Other
    $19,552
    Deferred
    $123,893
    Nontaxable benefits
    $0
    Filer's total
    $495,820

  • Scott Hiatt

    CHIEF FINANCIAL OFFICER

    Total calculated
    $299,934
    From this org
    $220,426
    From related orgs
    $0
    Other
    $79,508
    Hours/week
    47

    Schedule J breakdown matched by us

    Base
    $198,000
    Bonus
    $13,000
    Other
    $9,426
    Deferred
    $79,508
    Nontaxable benefits
    $0
    Filer's total
    $299,934

  • Regina Bever

    VP OF ADMINISTRATION

    Total calculated
    $232,848
    From this org
    $179,382
    From related orgs
    $0
    Other
    $53,466
    Hours/week
    43

    Schedule J breakdown matched by us

    Base
    $151,500
    Bonus
    $11,400
    Other
    $16,482
    Deferred
    $53,466
    Nontaxable benefits
    $0
    Filer's total
    $232,848

  • Jeff Conley

    VP OF OPERATIONS

    Total calculated
    $204,932
    From this org
    $153,151
    From related orgs
    $0
    Other
    $51,781
    Hours/week
    44

    Schedule J breakdown matched by us

    Base
    $150,350
    Bonus
    $0
    Other
    $2,801
    Deferred
    $51,781
    Nontaxable benefits
    $0
    Filer's total
    $204,932

  • Ross Ferson

    CHIEF TECHNOLOGY OFFICER

    Total calculated
    $252,238
    From this org
    $188,872
    From related orgs
    $0
    Other
    $63,366
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $166,250
    Bonus
    $12,100
    Other
    $10,522
    Deferred
    $63,366
    Nontaxable benefits
    $0
    Filer's total
    $252,238

  • Jamie Bell

    CONSTRUCTION ENGINEER

    Total calculated
    $170,575
    From this org
    $121,076
    From related orgs
    $0
    Other
    $49,499
    Hours/week
    52

    Schedule J breakdown matched by us

    Base
    $117,890
    Bonus
    $6,200
    Other
    -$3,014
    Deferred
    $49,499
    Nontaxable benefits
    $0
    Filer's total
    $170,575

  • Thomas Nance

    DIRECTOR OF ELECTRIC OPERATIONS

    Total calculated
    $184,852
    From this org
    $134,351
    From related orgs
    $0
    Other
    $50,501
    Hours/week
    49

    Schedule J breakdown matched by us

    Base
    $130,000
    Bonus
    $6,900
    Other
    -$2,549
    Deferred
    $50,501
    Nontaxable benefits
    $0
    Filer's total
    $184,852

  • Kory Chapman

    JORNEYMAN LINEMAN

    Total calculated
    $181,327
    From this org
    $129,697
    From related orgs
    $0
    Other
    $51,630
    Hours/week
    48

    Schedule J breakdown matched by us

    Base
    $100,818
    Bonus
    $2,100
    Other
    $26,779
    Deferred
    $51,630
    Nontaxable benefits
    $0
    Filer's total
    $181,327

  • Austin Gearlds

    JORNEYMAN LINEMAN

    Total calculated
    $173,372
    From this org
    $137,227
    From related orgs
    $0
    Other
    $36,145
    Hours/week
    48

    Schedule J breakdown matched by us

    Base
    $100,818
    Bonus
    $2,100
    Other
    $34,309
    Deferred
    $36,145
    Nontaxable benefits
    $0
    Filer's total
    $173,372

  • Bryan Giddings

    LEAD LINEMAN

    Total calculated
    $202,864
    From this org
    $163,458
    From related orgs
    $0
    Other
    $39,406
    Hours/week
    52

    Schedule J breakdown matched by us

    Base
    $106,038
    Bonus
    $2,100
    Other
    $55,320
    Deferred
    $39,406
    Nontaxable benefits
    $0
    Filer's total
    $202,864

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 · 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 partnerships

Part III: related organizations taxable as a partnership, with the filer's share.

  • MULTI-COUNTY COMMUNICATIONS LLC

    RELATED · TELECOMMUNICATION SERVICES · IN

  • JOHNSON COUNTY FIBER NETWORK LLC

    RELATED · TELECOMMUNICATION SERVICES · IN · share of income $203,385 · share of assets $937,021

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

  • CENTRAL INDIANA COMMUNICATIONS INC

    C · TELECOMMUNICATION SERVICES · IN · share of income $22,005,515 · share of assets $101,118,402

  • CENTRAL INDIANA POWER INC

    C · ELECTRIC SERVICES · IN · share of income $65,017 · share of assets $535,462

  • CENTRAL INDIANA UTILITIES INC

    C · PAYROLL SERVICES · IN · share of income $294 · share of assets $21,819

Provenance

Return type
form_990
Tax year
2023
Filed
5 November 2024
IRS schema version
2023v5.1
Source object
202413109349302331

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