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Nonprofiteer
← HEARTLAND RURAL ELECTRIC MEMBERSHIP CORPORATION

Form 990 for tax year 2024

Filed by HEARTLAND RURAL ELECTRIC MEMBERSHIP CORPORATION.

Totals

Total revenue
$89,874,310
Total expenses
$78,820,058
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$84,305,577
Investment income
$736,278
Other revenue
$4,832,455
Total assets, end of year
$203,919,917
Total liabilities, end of year
$99,175,306
Net assets or fund balances, end of year
$104,744,611
Program services expenses (Part IX)
$78,711,022
Management and general expenses
$109,036
Fundraising expenses
$0
Program service expenses (Part III)
$78,711,022

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.

  • 2a · Program service revenue: COMMERCIAL & INDUSTRIAL SALES

    total $44,169,533 · related or exempt $44,169,533

  • 2b · Program service revenue: RESIDENTIAL SALES

    total $38,024,432 · related or exempt $38,024,432

  • 2c · Program service revenue: INTERNET REVENUE

    total $1,836,474 · related or exempt $1,836,474

  • 2d · Program service revenue: ALL OTHER

    total $275,138 · related or exempt $275,138

  • 3 · Investment income

    total $661,184 · excluded $661,184

  • 6a · Gross rents

    real property $99,298

  • 6b · Less rental expenses

    real property $0

  • 6c · Rental income or loss

    real property $99,298

  • 6d · Net rental income or loss

    total $99,298 · related or exempt $99,298

  • 7a · Gross sales of assets other than inventory

    other assets $10,576,426

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

    other assets $10,501,332

  • 7c · Gain or loss

    other assets $75,094

  • 7d · Net gain or loss

    total $75,094 · excluded $75,094

  • 11a · Other revenue: PATRONAGE REVENUE

    total $3,095,571 · related or exempt $3,095,571

  • 11b · Other revenue: GRANT INCOME

    total $1,551,882 · excluded $1,551,882

  • 11c · Other revenue: NON-OPERATING INCOME

    total $75,340 · excluded $75,340

  • 11d · All other revenue

    total $10,364 · unrelated business $7,150 · excluded $3,214

  • 11e · Other revenue, total

    $4,733,157

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $718,528 · program services $718,528

  • 7 · Other salaries and wages

    total $583,204 · program services $583,204

  • 8 · Pension plan contributions

    total $176,606 · program services $176,606

  • 9 · Other employee benefits

    total $198,304 · program services $198,304

  • 11b · Fees: legal

    total $88,491 · management and general $88,491

  • 11c · Fees: accounting

    total $20,545 · management and general $20,545

  • 16 · Occupancy

    total $379,183 · program services $379,183

  • 20 · Interest

    total $3,844,187 · program services $3,844,187

  • 22 · Depreciation, depletion and amortization

    total $6,201,234 · program services $6,201,234

  • 24a · Other expenses: PURCHASED POWER

    total $54,974,142 · program services $54,974,142

  • 24b · Other expenses: MAINTENANCE

    total $4,066,929 · program services $4,066,929

  • 24c · Other expenses: OPERATIONS

    total $3,038,881 · program services $3,038,881

  • 24d · Other expenses: ADMINISTRATIVE AND GENE

    total $2,451,590 · program services $2,451,590

  • 24e · All other expenses

    total $2,078,234 · program services $2,078,234

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $4,098,447 · end of year $8,607,280

  • 4 · Accounts receivable

    beginning of year $8,016,325 · end of year $8,502,008

  • 8 · Inventories for sale or use

    beginning of year $1,885,333 · end of year $1,473,635

  • 9 · Prepaid expenses and deferred charges

    beginning of year $242,142 · end of year $231,533

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

    $214,045,880

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

    $56,544,554

  • 10c · Land, buildings and equipment, net

    beginning of year $157,021,045 · end of year $157,501,326

  • 12 · Investments: other securities

    beginning of year $24,873,763 · end of year $27,604,135

  • 17 · Accounts payable and accrued expenses

    beginning of year $9,000,549 · end of year $7,518,176

  • 23 · Secured mortgages and notes payable

    beginning of year $88,910,590 · end of year $87,728,446

  • 25 · Other liabilities

    beginning of year $3,716,780 · end of year $3,928,684

  • 29 · Capital stock, trust principal or current funds

    beginning of year $5,964,585 · end of year $5,964,585

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

    beginning of year $82,412,389 · end of year $92,647,864

  • 31 · Retained earnings, endowment or other funds

    beginning of year $6,132,162 · end of year $6,132,162

Mission and programs · 2024

Mission

NONE

Activities or mission (Part I)

SALE OF ELECTRICITY AND BROADBAND INTERNET TO MEMBERS OF HEARTLAND REMC.

  • DISTRIBUTION OF ELECTRICITY AND BROADBAND INTERNET TO MEMBERS OF HEARTLAND REMC.

    Expenses $78,711,022 · Revenue $87,500,446

As filed on the 2024 return.

Listed in Part VII

  • Doug Wilcox

    PRESIDENT

    Total calculated
    $18,270
    From this org
    $18,270
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Matthew Quickery

    VICE PRESIDENT

    Total calculated
    $19,070
    From this org
    $19,070
    From related orgs
    $0
    Other
    $0
    Hours/week
    6

  • Jason Dawes

    SECRETARY/TREASURER

    Total calculated
    $16,210
    From this org
    $16,210
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • Laura Cole

    ASSISTANT SECR/TREASAS

    Total calculated
    $18,220
    From this org
    $18,220
    From related orgs
    $0
    Other
    $0
    Hours/week
    7

  • D'Ann Stouffer

    DIRECTOR

    Total calculated
    $20,170
    From this org
    $20,170
    From related orgs
    $0
    Other
    $0
    Hours/week
    7

  • Joh Smith

    DIRECTOR

    Total calculated
    $17,320
    From this org
    $17,320
    From related orgs
    $0
    Other
    $0
    Hours/week
    7

  • Robert Hippensteel

    DIRECTOR

    Total calculated
    $16,945
    From this org
    $16,945
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • Adam Fusselman

    DIRECTOR

    Total calculated
    $17,970
    From this org
    $17,970
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Ralph Keefer

    DIRECTOR

    Total calculated
    $18,270
    From this org
    $18,270
    From related orgs
    $0
    Other
    $0
    Hours/week
    6

  • Robert Hippensteel

    DIRECTOR

    Total calculated
    $17,370
    From this org
    $17,370
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • Alan Schlagenhauf

    DIRECTOR

    Total calculated
    $16,920
    From this org
    $16,920
    From related orgs
    $0
    Other
    $0
    Hours/week
    8

  • Ted Martz

    DIRECTOR

    Total calculated
    $17,070
    From this org
    $17,070
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Colt Burnau

    CEO

    Total calculated
    $342,747
    From this org
    $267,733
    From related orgs
    $0
    Other
    $75,014
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $267,733
    Bonus
    $0
    Other
    $0
    Deferred
    $43,524
    Nontaxable benefits
    $31,490
    Filer's total
    $342,747

  • William Dye

    CFO

    Total calculated
    $191,927
    From this org
    $137,683
    From related orgs
    $0
    Other
    $54,244
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $137,683
    Bonus
    $0
    Other
    $0
    Deferred
    $24,291
    Nontaxable benefits
    $29,953
    Filer's total
    $191,927

  • Eric Laymon

    MANAGER ENG & OPER

    Total calculated
    $212,636
    From this org
    $156,629
    From related orgs
    $0
    Other
    $56,007
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $156,629
    Bonus
    $0
    Other
    $0
    Deferred
    $25,912
    Nontaxable benefits
    $30,095
    Filer's total
    $212,636

  • Mike Kelsey

    OPERATIONS SUPERVISOR

    Total calculated
    $185,643
    From this org
    $133,505
    From related orgs
    $0
    Other
    $52,138
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $133,505
    Bonus
    $0
    Other
    $0
    Deferred
    $22,336
    Nontaxable benefits
    $29,802
    Filer's total
    $185,643

  • Brad Couch

    SERVICEMAN

    Total calculated
    $180,097
    From this org
    $132,214
    From related orgs
    $0
    Other
    $47,883
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $132,214
    Bonus
    $0
    Other
    $0
    Deferred
    $18,402
    Nontaxable benefits
    $29,481
    Filer's total
    $180,097

  • Nick Caley

    CORPORATE COMM & MBR SRV MGR

    Total calculated
    $185,196
    From this org
    $131,893
    From related orgs
    $0
    Other
    $53,303
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $131,893
    Bonus
    $0
    Other
    $0
    Deferred
    $23,413
    Nontaxable benefits
    $29,890
    Filer's total
    $185,196

  • Brady Miller

    FOREMAN

    Total calculated
    $164,589
    From this org
    $128,268
    From related orgs
    $0
    Other
    $36,321
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $128,268
    Bonus
    $0
    Other
    $0
    Deferred
    $18,729
    Nontaxable benefits
    $17,592
    Filer's total
    $164,589

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

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
2024
Filed
13 November 2025
IRS schema version
2024v5.2
Source object
202503179349308725

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