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Nonprofiteer
← HENRY COUNTY RURAL ELECTRIC MEMBERSHIP CORPORATION

Form 990 for tax year 2023

Filed by HENRY COUNTY RURAL ELECTRIC MEMBERSHIP CORPORATION.

Totals

Total revenue
$30,668,882
Total expenses
$30,668,882
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$29,613,373
Investment income
$22,037
Other revenue
$1,033,472
Total assets, end of year
$67,280,996
Total liabilities, end of year
$32,044,692
Net assets or fund balances, end of year
$35,236,304
Program services expenses (Part IX)
not reported
Management and general expenses
not reported
Fundraising expenses
not reported
Program service expenses (Part III)
not reported

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 $29,613,373 · related or exempt $29,613,373

  • 3 · Investment income

    total $16,037 · excluded $16,037

  • 6a · Gross rents

    personal property $257,761

  • 6b · Less rental expenses

    personal property $0

  • 6c · Rental income or loss

    personal property $257,761

  • 6d · Net rental income or loss

    total $257,761 · excluded $257,761

  • 7a · Gross sales of assets other than inventory

    other assets $6,000

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

    other assets $0

  • 7c · Gain or loss

    other assets $6,000

  • 7d · Net gain or loss

    total $6,000 · related or exempt $6,000

  • 11a · Other revenue: PATRONAGE ALLOCATIONS

    total $775,711 · related or exempt $775,711

  • 11e · Other revenue, total

    $775,711

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $2,875,526

  • 5 · Compensation of officers, directors and key employees

    total $1,212,645

  • 7 · Other salaries and wages

    total $1,324,230

  • 8 · Pension plan contributions

    total $408,714

  • 9 · Other employee benefits

    total $454,814

  • 10 · Payroll taxes

    total $177,372

  • 20 · Interest

    total $1,105,267

  • 22 · Depreciation, depletion and amortization

    total $2,544,130

  • 24a · Other expenses: COST OF POWER

    total $17,243,652

  • 24b · Other expenses: DISTRIBUTION EXPENSE

    total $1,890,265

  • 24c · Other expenses: ADMINISTRATIVE AND GENE

    total $796,736

  • 24d · Other expenses: CONSUMER ACCOUNT EXPENS

    total $384,759

  • 24e · All other expenses

    total $250,772

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $1,301,109 · end of year $571,311

  • 4 · Accounts receivable

    beginning of year $2,879,970 · end of year $3,321,757

  • 8 · Inventories for sale or use

    beginning of year $1,335,717 · end of year $1,354,751

  • 9 · Prepaid expenses and deferred charges

    beginning of year $353,098 · end of year $254,388

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

    $72,843,231

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

    $22,505,614

  • 10c · Land, buildings and equipment, net

    beginning of year $47,605,640 · end of year $50,337,617

  • 13 · Investments: program-related

    beginning of year $10,528,746 · end of year $10,773,897

  • 15 · Other assets

    beginning of year $503,884 · end of year $667,275

  • 17 · Accounts payable and accrued expenses

    beginning of year $5,426,432 · end of year $3,531,314

  • 23 · Secured mortgages and notes payable

    beginning of year $26,099,307 · end of year $27,485,587

  • 25 · Other liabilities

    beginning of year $906,196 · end of year $1,027,791

  • 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 $191,191 · end of year $190,541

  • 31 · Retained earnings, endowment or other funds

    beginning of year $31,885,038 · end of year $35,045,763

Mission and programs · 2023

Mission

PROVIDE RELIABLE, SAFE AND COST-COMPETITIVE ELECTRIC SERVICE TO ENHANCE THE LIVES OF OUR MEMBERS AND THE COMMUNITIES WE SERVE.

Activities or mission (Part I)

DISTRIBUTION OF ELECTRICITY TO APPROXIMATELY 7,800 MEMBERS ON A COOPERATIVE BASIS.

  • DISTRIBUTION OF ELECTRICITY TO APPROXIMATELY 7,800 MEMBERS ON A COOPERATIVE BASIS.

As filed on the 2023 return.

Listed in Part VII

  • M Shane Young

    PRESIDENT

    Total calculated
    $6,582
    From this org
    $6,582
    From related orgs
    $0
    Other
    $0
    Hours/week
    6.22

  • Jamey Marcum

    VICE PRESIDENT

    Total calculated
    $8,201
    From this org
    $8,201
    From related orgs
    $0
    Other
    $0
    Hours/week
    20.67

  • Curtis Poore

    TREASURER

    Total calculated
    $7,467
    From this org
    $7,467
    From related orgs
    $0
    Other
    $0
    Hours/week
    4.46

  • Wayne Jester

    SECRETARY

    Total calculated
    $7,046
    From this org
    $7,046
    From related orgs
    $0
    Other
    $0
    Hours/week
    4.11

  • Brian Becker

    DIRECTOR

    Total calculated
    $7,463
    From this org
    $7,463
    From related orgs
    $0
    Other
    $0
    Hours/week
    3.27

  • Sam Sparks

    DIRECTOR

    Total calculated
    $3,261
    From this org
    $3,261
    From related orgs
    $0
    Other
    $0
    Hours/week
    2.21

  • Jay Carr

    DIRECTOR

    Total calculated
    $7,657
    From this org
    $7,657
    From related orgs
    $0
    Other
    $0
    Hours/week
    2.73

  • Nate Lamar

    DIRECTOR

    Total calculated
    $3,499
    From this org
    $3,499
    From related orgs
    $0
    Other
    $0
    Hours/week
    2.01

  • Scott Houser

    DIRECTOR

    Total calculated
    $3,940
    From this org
    $3,940
    From related orgs
    $0
    Other
    $0
    Hours/week
    3.58

  • Kerry Glisson

    DIRECTOR

    Total calculated
    $4,049
    From this org
    $4,049
    From related orgs
    $0
    Other
    $0
    Hours/week
    1.19

  • Mike Reynolds

    DIRECTOR

    Total calculated
    $3,859
    From this org
    $3,859
    From related orgs
    $0
    Other
    $0
    Hours/week
    4.67

  • Melissa True

    CEO

    Total calculated
    $267,135
    From this org
    $196,386
    From related orgs
    $0
    Other
    $70,749
    Hours/week
    53

    Schedule J breakdown matched by us

    Base
    $196,386
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $70,749
    Filer's total
    $267,135

  • Richard Byrer

    JOURNEYMAN LINEMAN

    Total calculated
    $214,135
    From this org
    $140,819
    From related orgs
    $0
    Other
    $73,316
    Hours/week
    47

    Schedule J breakdown matched by us

    Base
    $140,819
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $73,316
    Filer's total
    $214,135

  • Wesley Jones

    OVERHEAD CONSTRUCTION FORE

    Total calculated
    $170,613
    From this org
    $131,357
    From related orgs
    $0
    Other
    $39,256
    Hours/week
    46

    Schedule J breakdown matched by us

    Base
    $131,357
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $39,256
    Filer's total
    $170,613

  • Adam Warwas

    CHIEF OPERATIONS OFFICER

    Total calculated
    $194,983
    From this org
    $147,826
    From related orgs
    $0
    Other
    $47,157
    Hours/week
    53

    Schedule J breakdown matched by us

    Base
    $147,826
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $47,157
    Filer's total
    $194,983

  • Tyler Powell

    LINE FOREMAN

    Total calculated
    $157,669
    From this org
    $130,606
    From related orgs
    $0
    Other
    $27,063
    Hours/week
    46

    Schedule J breakdown matched by us

    Base
    $130,606
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $27,063
    Filer's total
    $157,669

  • Luke Lannon

    JOURNEYMAN LINEMAN

    Total calculated
    $145,086
    From this org
    $129,001
    From related orgs
    $0
    Other
    $16,085
    Hours/week
    48

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 · 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.

Provenance

Return type
form_990
Tax year
2023
Filed
16 October 2024
IRS schema version
2023v5.1
Source object
202423039349302522

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