Skip to content
Nonprofiteer
← HABERSHAM ELECTRIC MEMBERSHIP CORP

Form 990 for tax year 2023

Filed by HABERSHAM ELECTRIC MEMBERSHIP CORP.

Totals

Total revenue
$79,545,222
Total expenses
$79,545,222
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$79,032,447
Investment income
$377,460
Other revenue
$135,315
Total assets, end of year
$210,367,063
Total liabilities, end of year
$143,045,263
Net assets or fund balances, end of year
$67,321,800
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: ELECTRICITY SALES

    total $73,360,588 · related or exempt $73,360,588

  • 2b · Program service revenue: OTHER ELECTRIC REVENUE

    total $2,193,949 · related or exempt $2,193,949

  • 2c · Program service revenue: POLE RENTAL

    total $1,238,659 · excluded $1,238,659

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

    total $1,223,124 · related or exempt $1,223,124

  • 2e · Program service revenue: PATRONAGE CAP- ASSOC. ORG

    total $1,016,127 · related or exempt $1,016,127

  • 3 · Investment income

    total $377,460 · excluded $377,460

  • 6a · Gross rents

    real property $31,032

  • 6b · Less rental expenses

    real property $31,032

  • 11a · Other revenue: GAIN ON DISPOSITION OF PROP.

    total $135,315 · excluded $135,315

  • 11e · Other revenue, total

    $135,315

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $8,347,974

  • 5 · Compensation of officers, directors and key employees

    total $647,885

  • 13 · Office expenses

    total $966,563

  • 20 · Interest

    total $4,380,100

  • 22 · Depreciation, depletion and amortization

    total $8,731,684

  • 24a · Other expenses: PURCHASED POWER

    total $38,227,272

  • 24b · Other expenses: DISTRIBUTION MAINTENANCE

    total $8,771,367

  • 24c · Other expenses: ADMIN & GENERAL

    total $3,692,231

  • 24d · Other expenses: DISTRIBUTION OPERATIONS

    total $3,324,022

  • 24e · All other expenses

    total $2,456,124

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $5,154,890 · end of year $6,636,392

  • 4 · Accounts receivable

    beginning of year $3,792,027 · end of year $3,913,686

  • 7 · Other notes and loans receivable

    beginning of year $376,401 · end of year $287,326

  • 8 · Inventories for sale or use

    beginning of year $5,627,972 · end of year $5,655,006

  • 9 · Prepaid expenses and deferred charges

    beginning of year $2,977,948 · end of year $1,659,589

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

    $251,208,174

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

    $95,696,284

  • 10c · Land, buildings and equipment, net

    beginning of year $138,456,611 · end of year $155,511,890

  • 13 · Investments: program-related

    beginning of year $28,788,317 · end of year $32,981,188

  • 15 · Other assets

    beginning of year $3,775,013 · end of year $3,721,986

  • 17 · Accounts payable and accrued expenses

    beginning of year $11,924,006 · end of year $9,933,182

  • 23 · Secured mortgages and notes payable

    beginning of year $92,348,502 · end of year $105,050,608

  • 24 · Unsecured notes and loans payable

    beginning of year $12,096,021 · end of year $14,415,252

  • 25 · Other liabilities

    beginning of year $14,942,648 · end of year $13,646,221

  • 29 · Capital stock, trust principal or current funds

    beginning of year $799,485 · end of year $769,260

  • 31 · Retained earnings, endowment or other funds

    beginning of year $56,838,517 · end of year $66,552,540

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.

  • 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.

As filed on the 2023 return.

Listed in Part VII

  • Bryan Ferguson

    PRES/CEO

    Total calculated
    $474,485
    From this org
    $384,795
    From related orgs
    $0
    Other
    $89,690
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $367,830
    Bonus
    $16,965
    Other
    not reported
    Deferred
    $66,814
    Nontaxable benefits
    $22,876
    Filer's total
    $474,485

  • Josh Allen

    VP OF ENGINE

    Total calculated
    $302,187
    From this org
    $221,885
    From related orgs
    $0
    Other
    $80,302
    Hours/week
    49

    Schedule J breakdown matched by us

    Base
    $189,966
    Bonus
    $12,509
    Other
    $19,410
    Deferred
    $58,894
    Nontaxable benefits
    $21,408
    Filer's total
    $302,187

  • Kelly Wilkins

    VP, FINANCE

    Total calculated
    $297,061
    From this org
    $214,445
    From related orgs
    $0
    Other
    $82,616
    Hours/week
    47

    Schedule J breakdown matched by us

    Base
    $197,694
    Bonus
    $13,816
    Other
    $2,935
    Deferred
    $65,049
    Nontaxable benefits
    $17,567
    Filer's total
    $297,061

  • Roger Thurmond

    VP, MEMBER R

    Total calculated
    $249,922
    From this org
    $202,802
    From related orgs
    $0
    Other
    $47,120
    Hours/week
    48

    Schedule J breakdown matched by us

    Base
    $190,568
    Bonus
    $12,234
    Other
    not reported
    Deferred
    $36,447
    Nontaxable benefits
    $10,673
    Filer's total
    $249,922

  • Gail Welborn

    DIRECTOR OF

    Total calculated
    $219,730
    From this org
    $151,654
    From related orgs
    $0
    Other
    $68,076
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $141,654
    Bonus
    $10,000
    Other
    not reported
    Deferred
    $47,084
    Nontaxable benefits
    $20,992
    Filer's total
    $219,730

  • Mark Leach

    DIRECTOR ENG

    Total calculated
    $211,860
    From this org
    $162,427
    From related orgs
    $0
    Other
    $49,433
    Hours/week
    41

    Schedule J breakdown matched by us

    Base
    $155,055
    Bonus
    $7,372
    Other
    not reported
    Deferred
    $31,575
    Nontaxable benefits
    $17,858
    Filer's total
    $211,860

  • Dustin Hulsey

    VICE CHAIRMA

    Total calculated
    $24,400
    From this org
    $24,400
    From related orgs
    $0
    Other
    $0
    Hours/week
    4.97

  • William A Cantrell Jr

    SECRETARY-TR

    Total calculated
    $21,000
    From this org
    $21,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    5.8

  • Dan Thurmond

    DIRECTOR

    Total calculated
    $20,800
    From this org
    $20,800
    From related orgs
    $0
    Other
    $0
    Hours/week
    7.92

  • David Wall

    CHAIRMAN

    Total calculated
    $19,200
    From this org
    $19,200
    From related orgs
    $0
    Other
    $0
    Hours/week
    7.42

  • Jonathan D Taylor

    DIRECTOR

    Total calculated
    $19,000
    From this org
    $19,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    2.99

  • David Foster

    DIRECTOR

    Total calculated
    $18,400
    From this org
    $18,400
    From related orgs
    $0
    Other
    $0
    Hours/week
    5.41

  • Rick Wood

    DIRECTOR

    Total calculated
    $18,200
    From this org
    $18,200
    From related orgs
    $0
    Other
    $0
    Hours/week
    3.67

  • Kenneth McEntire

    DIRECTOR

    Total calculated
    $16,800
    From this org
    $16,800
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Jeff Herrin

    DIRECTOR

    Total calculated
    $15,600
    From this org
    $15,600
    From related orgs
    $0
    Other
    $0
    Hours/week
    5.35

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 · Independent compensation consultant
  • 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

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.

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

  • TRAILWAVE FIBER INC

    C CORP · BROADBAND · GA · share of income $8,953,975 · share of assets $6,187,882

    Directly controlled by HEMC

Provenance

Return type
form_990
Tax year
2023
Filed
6 November 2024
IRS schema version
2023v5.0
Source object
202423139349301952

Check it against the return as filed: the GivingTuesday Data Lake hosts a public copy of the original XML.

The source document this was parsed from is served over the API, which is where bulk and document access live.