Form 990 for tax year 2022
Filed by HEARTLAND RURAL ELECTRIC MEMBERSHIP CORPORATION.
Totals
- Total revenue
- $27,240,056
- Total expenses
- $21,275,471
- Contributions and grants received
- $0
- Grants paid
- $0
- Program service revenue
- $0
- Investment income
- $112,352
- Other revenue
- $27,127,704
- Total assets, end of year
- $182,379,683
- Total liabilities, end of year
- $94,002,709
- Net assets or fund balances, end of year
- $88,376,974
- Program services expenses (Part IX)
- $0
- Management and general expenses
- $0
- Fundraising expenses
- $0
- Program service expenses (Part III)
- $21,275,471
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.
-
3 · Investment income
total $112,352 · related or exempt $0 · unrelated business $0 · excluded $112,352
-
4 · Income from investment of tax-exempt bond proceeds
total $0 · related or exempt $0 · unrelated business $0 · excluded $0
-
5 · Royalties
total $0 · related or exempt $0 · unrelated business $0 · excluded $0
-
6a · Gross rents
real property $0 · personal property $0
-
6b · Less rental expenses
real property $0 · personal property $0
-
6c · Rental income or loss
real property $0 · personal property $0
-
6d · Net rental income or loss
total $0 · related or exempt $0 · unrelated business $0 · excluded $0
-
7c · Gain or loss
securities $0 · other assets $0
-
10a · Gross sales of inventory
$79,072,671
-
10b · Cost of goods sold
$53,417,987
-
10c · Net income from sales of inventory
total $25,654,684 · related or exempt $0 · unrelated business $0 · excluded $25,654,684
-
11a · Other revenue: G&T AND OTHER CAPITAL CREDITS
total $1,346,624 · related or exempt $0 · unrelated business $0 · excluded $1,346,624
-
11b · Other revenue: POLE RENTAL INCOME
total $99,535 · related or exempt $0 · unrelated business $0 · excluded $99,535
-
11c · Other revenue: GAIN - LOSS ON SALE OF ASSETS
total $22,311 · related or exempt $0 · unrelated business $0 · excluded $22,311
-
11d · All other revenue
total $4,550 · related or exempt $0 · unrelated business $4,550 · excluded $0
-
11e · Other revenue, total
$1,473,020
Functional expenses
Part IX, the statement of functional expenses.
-
5 · Compensation of officers, directors and key employees
total $633,850
-
7 · Other salaries and wages
total $3,862,808
-
8 · Pension plan contributions
total $702,988
-
9 · Other employee benefits
total $1,657,084
-
10 · Payroll taxes
total $341,206
-
11b · Fees: legal
total $66,383
-
11c · Fees: accounting
total $17,929
-
12 · Advertising and promotion
total $41,285
-
13 · Office expenses
total $36,382
-
14 · Information technology
total $31,663
-
17 · Travel
total $58,303
-
19 · Conferences, conventions and meetings
total $74,472
-
20 · Interest
total $3,001,089
-
22 · Depreciation, depletion and amortization
total $4,734,052
-
23 · Insurance
total $170,142
-
24a · Other expenses: DISTRIBUTION EXP - MAINTENANCE
total $1,773,371
-
24b · Other expenses: ADMINISTRATIVE AND GENERAL
total $1,786,642
-
24c · Other expenses: DISTRIBUTION EXP - OPERATIONS
total $801,129
-
24d · Other expenses: UTILITY RECEIPTS - PROPERTY TAXES
total $881,982
-
24e · All other expenses
total $602,711
Balance sheet
Part X, book values.
-
1 · Cash, non-interest-bearing
beginning of year -$328,810 · end of year $123,177
-
2 · Savings and temporary cash investments
beginning of year $3,715,495 · end of year $4,423,483
-
3 · Pledges and grants receivable
beginning of year $0 · end of year $0
-
4 · Accounts receivable
beginning of year $3,857,277 · end of year $4,229,106
-
5 · Loans and receivables from officers and key people
beginning of year $0 · end of year $0
-
6 · Loans and receivables from disqualified persons
beginning of year $0 · end of year $0
-
7 · Other notes and loans receivable
beginning of year $0 · end of year $0
-
8 · Inventories for sale or use
beginning of year $1,170,345 · end of year $1,502,943
-
9 · Prepaid expenses and deferred charges
beginning of year $499,097 · end of year $304,755
-
10a · Land, buildings and equipment: cost or other basis
$193,759,757
-
10b · Land, buildings and equipment: accumulated depreciation
$48,201,053
-
10c · Land, buildings and equipment, net
beginning of year $123,774,015 · end of year $145,558,704
-
11 · Investments: publicly traded securities
beginning of year $0 · end of year $0
-
12 · Investments: other securities
beginning of year $21,459,162 · end of year $22,307,775
-
13 · Investments: program-related
beginning of year $0 · end of year $0
-
14 · Intangible assets
beginning of year $0 · end of year $0
-
15 · Other assets
beginning of year $3,343,796 · end of year $3,929,740
-
17 · Accounts payable and accrued expenses
beginning of year $9,048,495 · end of year $8,854,175
-
18 · Grants payable
beginning of year $0 · end of year $0
-
19 · Deferred revenue
beginning of year $0 · end of year $0
-
20 · Tax-exempt bond liabilities
beginning of year $0 · end of year $0
-
21 · Escrow or custodial account liability
beginning of year $0 · end of year $0
-
22 · Loans and payables to officers and key people
beginning of year $0 · end of year $0
-
23 · Secured mortgages and notes payable
beginning of year $62,749,345 · end of year $81,656,912
-
24 · Unsecured notes and loans payable
beginning of year $0 · end of year $0
-
25 · Other liabilities
beginning of year $4,364,087 · end of year $3,491,622
-
29 · Capital stock, trust principal or current funds
beginning of year $4,513,147 · end of year $5,964,585
-
30 · Paid-in or capital surplus, or land, building or equipment fund
beginning of year $76,815,303 · end of year $82,412,389
-
31 · Retained earnings, endowment or other funds
beginning of year $0 · end of year $0
Mission and programs · 2022
Mission
SALE OF ELECTRICITY AND BROADBAND INTERNET TO MEMBERS OF HEARTLAND RURAL ELECTRIC MEMBERSHIP CORPORATION.
-
DISTRIBUTION OF ELECTRICITY AND INTERNET FIBER TO RURAL CUSTOMERS.
Expenses $21,275,471 · Revenue $27,240,056
As filed on the 2022 return.
Listed in Part VII
-
Robert PearsonROBERT PEARSON
C.E.O.
- Total calculated
- $353,348
- From this org
- $283,503
- From related orgs
- $0
- Other
- $69,845
- Hours/week
- 43
Schedule J breakdown matched by us
- Base
- $283,503
- Bonus
- $0
- Other
- $0
- Deferred
- $46,442
- Nontaxable benefits
- $23,403
- Filer's total
- $353,348
-
Colt BurnauCOLT BURNAU
VP ENGINEERING & OFFICE SERVICES
- Total calculated
- $248,238
- From this org
- $189,709
- From related orgs
- $0
- Other
- $58,529
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $189,709
- Bonus
- $0
- Other
- $0
- Deferred
- $29,873
- Nontaxable benefits
- $28,656
- Filer's total
- $248,238
-
Gene LahrGENE LAHR
FINANCE MANAGER
- Total calculated
- $182,493
- From this org
- $138,457
- From related orgs
- $0
- Other
- $44,036
- Hours/week
- 43
Schedule J breakdown matched by us
- Base
- $138,457
- Bonus
- $0
- Other
- $0
- Deferred
- $22,464
- Nontaxable benefits
- $21,572
- Filer's total
- $182,493
-
Mike KelseyMIKE KELSEY
OPERATIONS MANAGER
- Total calculated
- $168,712
- From this org
- $120,620
- From related orgs
- $0
- Other
- $48,092
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $120,620
- Bonus
- $0
- Other
- $0
- Deferred
- $20,178
- Nontaxable benefits
- $27,914
- Filer's total
- $168,712
-
Brad CouchBRAD COUCH
1ST CLASS LINEMAN
- Total calculated
- $162,965
- From this org
- $118,632
- From related orgs
- $0
- Other
- $44,333
- Hours/week
- 44
Schedule J breakdown matched by us
- Base
- $118,632
- Bonus
- $0
- Other
- $0
- Deferred
- $16,690
- Nontaxable benefits
- $27,643
- Filer's total
- $162,965
-
Donald BauerDONALD BAUER
1ST CLASS LINEMAN
- Total calculated
- $162,226
- From this org
- $118,035
- From related orgs
- $0
- Other
- $44,191
- Hours/week
- 44
Schedule J breakdown matched by us
- Base
- $118,035
- Bonus
- $0
- Other
- $0
- Deferred
- $16,563
- Nontaxable benefits
- $27,628
- Filer's total
- $162,226
-
Brady MillerBRADY MILLER
1ST CLASS LINEMAN
- Total calculated
- $153,331
- From this org
- $123,665
- From related orgs
- $0
- Other
- $29,666
- Hours/week
- 44
Schedule J breakdown matched by us
- Base
- $123,665
- Bonus
- $0
- Other
- $0
- Deferred
- $17,144
- Nontaxable benefits
- $12,522
- Filer's total
- $153,331
-
Alan SchlagenhaufALAN SCHLAGENHAUF
DIRECTOR
- Total calculated
- $25,970
- From this org
- $16,070
- From related orgs
- $9,900
- Other
- $0
- Hours/week
- 6
-
Doug WilcoxDOUG WILCOX
PRESIDENT OF BOARD
- Total calculated
- $20,565
- From this org
- $20,565
- From related orgs
- $0
- Other
- $0
- Hours/week
- 6
-
Laura ColeLAURA COLE
ASSISTANT SECRETARY - TREASURER OF BOARD
- Total calculated
- $19,195
- From this org
- $19,195
- From related orgs
- $0
- Other
- $0
- Hours/week
- 8
-
Mathew QuickeryMATHEW QUICKERY
VICE PRESIDENT OF BOARD
- Total calculated
- $18,650
- From this org
- $18,650
- From related orgs
- $0
- Other
- $0
- Hours/week
- 6
-
Jason DawesJASON DAWES
SECRETARY - TREASURER OF BOARD
- Total calculated
- $18,020
- From this org
- $18,020
- From related orgs
- $0
- Other
- $0
- Hours/week
- 5
-
Joh SmithJOH SMITH
DIRECTOR
- Total calculated
- $17,970
- From this org
- $17,970
- From related orgs
- $0
- Other
- $0
- Hours/week
- 14
-
D'Ann StoufferD'ANN STOUFFER
DIRECTOR
- Total calculated
- $17,320
- From this org
- $17,320
- From related orgs
- $0
- Other
- $0
- Hours/week
- 5
-
Adam FusselmanADAM FUSSELMAN
DIRECTOR
- Total calculated
- $17,320
- From this org
- $17,320
- From related orgs
- $0
- Other
- $0
- Hours/week
- 5
-
Ralph KeeferRALPH KEEFER
DIRECTOR
- Total calculated
- $17,070
- From this org
- $17,070
- From related orgs
- $0
- Other
- $0
- Hours/week
- 6
-
Robert HippensteelROBERT HIPPENSTEEL
DIRECTOR
- Total calculated
- $16,570
- From this org
- $16,570
- From related orgs
- $0
- Other
- $0
- Hours/week
- 4
-
Ted MartzTED MARTZ
DIRECTOR
- Total calculated
- $16,570
- From this org
- $16,570
- From related orgs
- $0
- Other
- $0
- Hours/week
- 5
-
Alan AmickALAN AMICK
DIRECTOR
- Total calculated
- $16,570
- From this org
- $16,570
- From related orgs
- $0
- Other
- $0
- Hours/week
- 4
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
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, Part I, Line 3
- A YEARLY NRECA COMPENSATION SURVEY IS RECEIVED BY THE BOARD AND THE AMOUNT OF COMPENSATION IS APPROVED BY THE BOARD OF DIRECTORS.
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
- 8 May 2023
- IRS schema version
- 2022v5.0
- Source object
- 202331289349302098
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