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Nonprofiteer
← IRWIN ELECTRIC MEMBERSHIP CORP

Form 990 for tax year 2023

Filed by IRWIN ELECTRIC MEMBERSHIP CORP.

Totals

Total revenue
$34,370,396
Total expenses
$34,370,396
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$34,061,231
Investment income
$38,886
Other revenue
$270,279
Total assets, end of year
$129,673,719
Total liabilities, end of year
$96,922,358
Net assets or fund balances, end of year
$32,751,361
Program services expenses (Part IX)
$0
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
not reported

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 $32,522,732 · related or exempt $32,522,732

  • 2b · Program service revenue: G & T CAPITAL CREDITS

    total $1,273,373 · related or exempt $1,273,373

  • 2c · Program service revenue: OTHER CAPITAL CREDITS

    total $152,463 · related or exempt $152,463

  • 2d · Program service revenue: POLE RENTAL

    total $112,663 · excluded $112,663

  • 3 · Investment income

    total $38,886 · excluded $38,886

  • 11a · Other revenue: NON-OPERATING REVENUE SHARE

    total $187,503 · related or exempt $187,503

  • 11b · Other revenue: NON-OPERATING - GENERATORS

    total $73,530 · related or exempt $73,530

  • 11c · Other revenue: GAIN ON DISPOSITION OF PROPER

    total $9,246 · related or exempt $9,246

  • 11e · Other revenue, total

    $270,279

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $2,472,751

  • 5 · Compensation of officers, directors and key employees

    total $544,061

  • 20 · Interest

    total $3,690,240

  • 22 · Depreciation, depletion and amortization

    total $4,071,939

  • 24a · Other expenses: PURCHASED POWER

    total $15,428,397

  • 24b · Other expenses: DISTRIBUTION MAINTENANCE

    total $2,526,613

  • 24c · Other expenses: DISTRIBUTION OPERATIONS

    total $2,024,605

  • 24d · Other expenses: CONSUMER ACCOUNTS

    total $1,668,316

  • 24e · All other expenses

    total $1,943,474

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $521,790 · end of year $2,204,439

  • 4 · Accounts receivable

    beginning of year $1,691,817 · end of year $3,056,085

  • 8 · Inventories for sale or use

    beginning of year $9,939,252 · end of year $7,657,364

  • 9 · Prepaid expenses and deferred charges

    beginning of year $377,636 · end of year $394,493

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

    $149,037,751

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

    $47,821,900

  • 10c · Land, buildings and equipment, net

    beginning of year $80,846,897 · end of year $101,215,851

  • 13 · Investments: program-related

    beginning of year $13,073,391 · end of year $14,397,553

  • 15 · Other assets

    beginning of year $747,942 · end of year $747,934

  • 17 · Accounts payable and accrued expenses

    beginning of year $6,513,278 · end of year $13,835,334

  • 23 · Secured mortgages and notes payable

    beginning of year $69,101,406 · end of year $81,117,659

  • 25 · Other liabilities

    beginning of year $1,000,221 · end of year $1,969,365

  • 29 · Capital stock, trust principal or current funds

    beginning of year $188,154 · end of year $186,964

  • 31 · Retained earnings, endowment or other funds

    beginning of year $30,395,666 · end of year $32,564,397

Mission and programs · 2023

Mission

TO PROVIDE THE BEST POSSIBLE ELECTRIC SERVICE TO ALL WHO DESIRE IT WITHIN THE SYSTEM AREA AT A REASONABLE COST CONSISTENT WITH THE HIGHEST STANDARDS OF SERVICE.

  • N/A

As filed on the 2023 return.

Listed in Part VII

  • Betty Metts

    CHAIRMAN

    Total calculated
    $30,139
    From this org
    $30,139
    From related orgs
    $0
    Other
    $0
    Hours/week
    6.8

  • Phil Gilley

    VICE CHAIRMA

    Total calculated
    $30,139
    From this org
    $30,139
    From related orgs
    $0
    Other
    $0
    Hours/week
    6.3

  • Donald Wiggins

    SEC/TREAS.

    Total calculated
    $30,139
    From this org
    $30,139
    From related orgs
    $0
    Other
    $0
    Hours/week
    6.3

  • Keith Barnette

    DIRECTOR

    Total calculated
    $30,139
    From this org
    $30,139
    From related orgs
    $0
    Other
    $0
    Hours/week
    6.3

  • Ira Tucker

    DIRECTOR

    Total calculated
    $5,023
    From this org
    $5,023
    From related orgs
    $0
    Other
    $0
    Hours/week
    6.3

  • Glenn Griffin

    DIRECTOR

    Total calculated
    $30,139
    From this org
    $30,139
    From related orgs
    $0
    Other
    $0
    Hours/week
    6.3

  • Wayne Huggins

    DIRECTOR

    Total calculated
    $3,635
    From this org
    $3,635
    From related orgs
    $0
    Other
    $0
    Hours/week
    6.3

  • Eddie McKie

    DIRECTOR

    Total calculated
    $30,139
    From this org
    $30,139
    From related orgs
    $0
    Other
    $0
    Hours/week
    6.3

  • Wanda McCurdy

    DIRECTOR

    Total calculated
    $30,139
    From this org
    $30,139
    From related orgs
    $0
    Other
    $0
    Hours/week
    6.3

  • Sandy McClurd

    DIRECTOR

    Total calculated
    $10,096
    From this org
    $10,096
    From related orgs
    $0
    Other
    $0
    Hours/week
    3.15

  • David Chaney

    DIRECTOR

    Total calculated
    $4,521
    From this org
    $4,521
    From related orgs
    $0
    Other
    $0
    Hours/week
    3.15

  • Randy Crenshaw

    PRESIDENT/CE

    Total calculated
    $309,813
    From this org
    $262,311
    From related orgs
    $0
    Other
    $47,502
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $230,403
    Bonus
    $9,086
    Other
    $22,822
    Deferred
    $24,861
    Nontaxable benefits
    $22,641
    Filer's total
    $309,813

  • Tammie Elliot

    VP ADMINISTR

    Total calculated
    $189,655
    From this org
    $146,520
    From related orgs
    $0
    Other
    $43,135
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $141,298
    Bonus
    $3,197
    Other
    $2,025
    Deferred
    $16,511
    Nontaxable benefits
    $26,624
    Filer's total
    $189,655

  • Scott Anderson

    MANAGER OF O

    Total calculated
    $144,093
    From this org
    $121,497
    From related orgs
    $0
    Other
    $22,596
    Hours/week
    50

  • Allen Green

    MANAGER OF S

    Total calculated
    $145,052
    From this org
    $119,374
    From related orgs
    $0
    Other
    $25,678
    Hours/week
    50

  • Gordon Tapp

    MANAGER OF C

    Total calculated
    $161,036
    From this org
    $129,006
    From related orgs
    $0
    Other
    $32,030
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $113,928
    Bonus
    $2,629
    Other
    $12,449
    Deferred
    $12,283
    Nontaxable benefits
    $19,747
    Filer's total
    $161,036

  • Stephen Tyus

    MANAGER OF E

    Total calculated
    $168,683
    From this org
    $129,611
    From related orgs
    $0
    Other
    $39,072
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $116,227
    Bonus
    $2,085
    Other
    $11,299
    Deferred
    $12,783
    Nontaxable benefits
    $26,289
    Filer's total
    $168,683

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 · Form 990 of other organizations
  • 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, PART III
THE COOPERATIVE HAS A MEMORANDUM OF UNDERSTANDING WITH ANOTHER COOPERATIVE WHEREBY THE COOPERATIVES SHARE AN EXECUTIVE MANAGER. IRWIN ELECTRIC MEMBERSHIP CORPORATION RECEIVED 102,000 FOR THESE SHARED SERVICES THROUGH SEPTEMBER 2023.

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
10 September 2024
IRS schema version
2023v5.0
Source object
202422579349301662

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