Form 990 for tax year 2023
Filed by HEARTLAND RURAL ELECTRIC MEMBERSHIP CORPORATION.
Totals
- Total revenue
- $84,024,790
- Total expenses
- $77,013,511
- Contributions and grants received
- $0
- Grants paid
- $0
- Program service revenue
- $80,636,664
- Investment income
- $264,101
- Other revenue
- $3,124,025
- Total assets, end of year
- $196,137,055
- Total liabilities, end of year
- $101,627,919
- Net assets or fund balances, end of year
- $94,509,136
- Program services expenses (Part IX)
- $77,013,511
- Management and general expenses
- $0
- Fundraising expenses
- $0
- Program service expenses (Part III)
- $77,013,511
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: COMMERCIAL & INDUSTRIAL SALES
total $42,295,235 · related or exempt $42,295,235
-
2b · Program service revenue: RESIDENTIAL SALES
total $36,688,953 · related or exempt $36,688,953
-
2c · Program service revenue: INTERNET REVENUE
total $1,352,847 · related or exempt $1,352,847
-
2d · Program service revenue: ALL OTHER
total $299,629 · related or exempt $299,629
-
3 · Investment income
total $264,101 · excluded $264,101
-
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
-
11a · Other revenue: PATRONAGE REVENUE
total $2,970,775 · related or exempt $2,970,775
-
11b · Other revenue: GAIN/LOSS ON SALE OF ASSETS
total $50,702 · related or exempt $50,702
-
11c · Other revenue: MERCHANDISING
total $2,595 · excluded $2,595
-
11d · All other revenue
total $655 · excluded $655
-
11e · Other revenue, total
$3,024,727
Functional expenses
Part IX, the statement of functional expenses.
-
20 · Interest
total $3,721,794 · program services $3,721,794
-
24a · Other expenses: PURCHASED POWER
total $54,349,044 · program services $54,349,044
-
24b · Other expenses: DEPRECIATION
total $5,562,329 · program services $5,562,329
-
24c · Other expenses: ADMINISTRATIVE & GENERA
total $4,633,467 · program services $4,633,467
-
24d · Other expenses: MAINTENANCE
total $3,283,884 · program services $3,283,884
-
24e · All other expenses
total $5,462,993 · program services $5,462,993
Balance sheet
Part X, book values.
-
1 · Cash, non-interest-bearing
beginning of year $4,546,661 · end of year $4,098,447
-
4 · Accounts receivable
beginning of year $8,169,796 · end of year $8,016,325
-
8 · Inventories for sale or use
beginning of year $1,502,943 · end of year $1,885,333
-
9 · Prepaid expenses and deferred charges
beginning of year $293,804 · end of year $242,142
-
10a · Land, buildings and equipment: cost or other basis
$208,736,432
-
10b · Land, buildings and equipment: accumulated depreciation
$51,715,387
-
10c · Land, buildings and equipment, net
beginning of year $145,558,704 · end of year $157,021,045
-
12 · Investments: other securities
beginning of year $22,307,775 · end of year $24,873,763
-
17 · Accounts payable and accrued expenses
beginning of year $8,880,823 · end of year $9,000,549
-
23 · Secured mortgages and notes payable
beginning of year $81,656,912 · end of year $88,910,590
-
25 · Other liabilities
beginning of year $3,464,974 · end of year $3,716,780
-
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 $82,412,389
-
31 · Retained earnings, endowment or other funds
beginning of year $0 · end of year $6,132,162
Mission and programs · 2023
Mission
NONE
Activities or mission (Part I)
SALE OF ELECTRICITY TO RURAL AREAS
-
DISTRIBUTION OF ELECTRICITY AND INTERNET FIBER TO RURAL CUSTOMERS
Expenses $77,013,511 · Revenue $84,027,790
As filed on the 2023 return.
Listed in Part VII
-
Doug WilcoxDOUG WILCOX
PRESIDENT
- Total calculated
- $18,345
- From this org
- $18,345
- From related orgs
- $0
- Other
- $0
- Hours/week
- 6
-
Matthew QuickeryMATTHEW QUICKERY
VICE PRESIDENT
- Total calculated
- $18,445
- From this org
- $18,445
- From related orgs
- $0
- Other
- $0
- Hours/week
- 5
-
Jason DawesJASON DAWES
SEC/TREAS
- Total calculated
- $18,215
- From this org
- $18,215
- From related orgs
- $0
- Other
- $0
- Hours/week
- 5
-
Laura ColeLAURA COLE
ASST SEC/TREAS
- Total calculated
- $19,195
- From this org
- $19,195
- From related orgs
- $0
- Other
- $0
- Hours/week
- 8
-
Alan AmickALAN AMICK
DIRECTOR
- Total calculated
- $16,945
- From this org
- $16,945
- From related orgs
- $0
- Other
- $0
- Hours/week
- 4
-
Adam FusselmanADAM FUSSELMAN
DIRECTOR
- Total calculated
- $16,695
- From this org
- $16,695
- From related orgs
- $0
- Other
- $0
- Hours/week
- 5
-
Robert HippensteelROBERT HIPPENSTEEL
DIRECTOR
- Total calculated
- $16,445
- From this org
- $16,445
- From related orgs
- $0
- Other
- $0
- Hours/week
- 5
-
Ralph KeeferRALPH KEEFER
DIRECTOR
- Total calculated
- $16,695
- From this org
- $16,695
- From related orgs
- $0
- Other
- $0
- Hours/week
- 5
-
Ted MartzTED MARTZ
DIRECTOR
- Total calculated
- $15,195
- From this org
- $15,195
- From related orgs
- $0
- Other
- $0
- Hours/week
- 4
-
Alan SchlagenhaufALAN SCHLAGENHAUF
DIRECTOR
- Total calculated
- $16,195
- From this org
- $16,195
- From related orgs
- $0
- Other
- $0
- Hours/week
- 8
-
Joh SmithJOH SMITH
DIRECTOR
- Total calculated
- $17,695
- From this org
- $17,695
- From related orgs
- $0
- Other
- $0
- Hours/week
- 9
-
D'Ann StoufferD'ANN STOUFFER
DIRECTOR
- Total calculated
- $20,125
- From this org
- $20,125
- From related orgs
- $0
- Other
- $0
- Hours/week
- 7
-
Colt BurnauCOLT BURNAU
CEO
- Total calculated
- $291,766
- From this org
- $258,132
- From related orgs
- $0
- Other
- $33,634
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $227,978
- Bonus
- $0
- Other
- $30,154
- Deferred
- $0
- Nontaxable benefits
- $33,634
- Filer's total
- $291,766
-
William DyeWILLIAM DYE
CFO
- Total calculated
- $177,252
- From this org
- $143,832
- From related orgs
- $0
- Other
- $33,420
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $119,680
- Bonus
- $0
- Other
- $24,152
- Deferred
- $0
- Nontaxable benefits
- $33,420
- Filer's total
- $177,252
-
Nicholas CaleyNICHOLAS CALEY
CORPORATE COMM & MBR SRV MGR
- Total calculated
- $181,663
- From this org
- $148,809
- From related orgs
- $0
- Other
- $32,854
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $127,488
- Bonus
- $0
- Other
- $21,321
- Deferred
- $0
- Nontaxable benefits
- $32,854
- Filer's total
- $181,663
-
Michael KelseyMICHAEL KELSEY
OPERATIONS MANAGER
- Total calculated
- $177,136
- From this org
- $144,310
- From related orgs
- $0
- Other
- $32,826
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $123,325
- Bonus
- $0
- Other
- $20,985
- Deferred
- $0
- Nontaxable benefits
- $32,826
- Filer's total
- $177,136
-
Eric LaymonERIC LAYMON
MANAGER OF ENG & OPERATION
- Total calculated
- $173,696
- From this org
- $141,487
- From related orgs
- $0
- Other
- $32,209
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $122,214
- Bonus
- $0
- Other
- $19,273
- Deferred
- $0
- Nontaxable benefits
- $32,209
- Filer's total
- $173,696
-
Alec WellsALEC WELLS
JOURNEYMAN LINEMAN
- Total calculated
- $168,737
- From this org
- $136,233
- From related orgs
- $0
- Other
- $32,504
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $119,220
- Bonus
- $0
- Other
- $17,013
- Deferred
- $0
- Nontaxable benefits
- $32,504
- Filer's total
- $168,737
-
Brady MillerBRADY MILLER
FOREMAN
- Total calculated
- $150,163
- From this org
- $136,710
- From related orgs
- $0
- Other
- $13,453
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $119,092
- Bonus
- $0
- Other
- $17,618
- Deferred
- $0
- Nontaxable benefits
- $13,453
- Filer's total
- $150,163
-
Robert PearsonROBERT PEARSON
FORMER CEO
- Total calculated
- $198,708
- From this org
- $183,997
- From related orgs
- $0
- Other
- $14,711
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $163,806
- Bonus
- $0
- Other
- $20,191
- Deferred
- $0
- Nontaxable benefits
- $14,711
- Filer's total
- $198,708
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
None.
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
- 13 November 2024
- IRS schema version
- 2023v5.1
- Source object
- 202423199349302112
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