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Nonprofiteer
← HART ELECTRIC MEMBERSHIP CORP

Form 990 for tax year 2024

Filed by HART ELECTRIC MEMBERSHIP CORP.

Totals

Total revenue
$91,671,354
Total expenses
$91,671,354
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$88,119,414
Investment income
$3,551,940
Other revenue
$0
Total assets, end of year
$283,392,078
Total liabilities, end of year
$144,247,585
Net assets or fund balances, end of year
$139,144,493
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 $84,148,492 · related or exempt $84,148,492

  • 2b · Program service revenue: CAPITAL CREDITS

    total $2,149,891 · related or exempt $2,149,891

  • 2c · Program service revenue: POLE RENTAL

    total $1,821,031 · excluded $1,821,031

  • 3 · Investment income

    total $3,551,940 · excluded $3,551,940

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $10,694,415

  • 5 · Compensation of officers, directors and key employees

    total $605,014

  • 20 · Interest

    total $2,743,929

  • 22 · Depreciation, depletion and amortization

    total $6,592,860

  • 24a · Other expenses: PURCHASED POWER

    total $51,082,475

  • 24b · Other expenses: DISTRIBUTION MAINTENANCE

    total $8,204,128

  • 24c · Other expenses: DISTRIBUTION OPERATIONS

    total $3,958,947

  • 24d · Other expenses: ADMIN. & GENERAL EXP.

    total $3,657,813

  • 24e · All other expenses

    total $4,131,773

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $7,611,437 · end of year $7,168,878

  • 2 · Savings and temporary cash investments

    beginning of year $18,000,000 · end of year $50,599,000

  • 4 · Accounts receivable

    beginning of year $8,284,403 · end of year $9,537,840

  • 8 · Inventories for sale or use

    beginning of year $1,356,267 · end of year $1,190,381

  • 9 · Prepaid expenses and deferred charges

    beginning of year $41,195,830 · end of year $27,256,055

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

    $226,847,608

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

    $76,338,228

  • 10c · Land, buildings and equipment, net

    beginning of year $144,345,309 · end of year $150,509,380

  • 13 · Investments: program-related

    beginning of year $34,198,287 · end of year $36,143,619

  • 15 · Other assets

    beginning of year $276,489 · end of year $986,925

  • 17 · Accounts payable and accrued expenses

    beginning of year $6,273,762 · end of year $9,082,409

  • 23 · Secured mortgages and notes payable

    beginning of year $76,546,673 · end of year $90,865,369

  • 25 · Other liabilities

    beginning of year $42,262,454 · end of year $44,299,807

  • 29 · Capital stock, trust principal or current funds

    beginning of year $138,590 · end of year $140,700

  • 31 · Retained earnings, endowment or other funds

    beginning of year $130,046,543 · end of year $139,003,793

Mission and programs · 2024

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 2024 return.

Listed in Part VII

  • Galen Mills

    CHAIRMAN

    Total calculated
    $11,200
    From this org
    $11,200
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Guerry Hall

    VICE CHAIRMA

    Total calculated
    $11,650
    From this org
    $11,650
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Kay Reed

    SEC.-TREAS.

    Total calculated
    $18,575
    From this org
    $18,575
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Donnie A Cordell

    DIRECTOR

    Total calculated
    $14,075
    From this org
    $14,075
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • William M Leard

    DIRECTOR

    Total calculated
    $12,100
    From this org
    $12,100
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • David M Fleming

    DIRECTOR

    Total calculated
    $14,800
    From this org
    $14,800
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Robyn Vaughn

    DIRECTOR

    Total calculated
    $7,800
    From this org
    $7,800
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • John M Peeples

    DIRECTOR

    Total calculated
    $3,850
    From this org
    $3,850
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Jeffrey W Murphy

    PRESIDENT &

    Total calculated
    $510,964
    From this org
    $404,685
    From related orgs
    $0
    Other
    $106,279
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $393,053
    Bonus
    $8,014
    Other
    $3,618
    Deferred
    $97,286
    Nontaxable benefits
    $8,993
    Filer's total
    $510,964

  • Joel K Brown

    CHIEF OPER.

    Total calculated
    $365,507
    From this org
    $275,997
    From related orgs
    $0
    Other
    $89,510
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $267,363
    Bonus
    $5,592
    Other
    $3,042
    Deferred
    $69,102
    Nontaxable benefits
    $20,408
    Filer's total
    $365,507

  • Glenn Cleveland

    ENGINEERING

    Total calculated
    $233,331
    From this org
    $170,764
    From related orgs
    $0
    Other
    $62,567
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $166,764
    Bonus
    $3,750
    Other
    $250
    Deferred
    $42,961
    Nontaxable benefits
    $19,606
    Filer's total
    $233,331

  • Edward Hoy

    VP ENGINEERI

    Total calculated
    $224,544
    From this org
    $172,745
    From related orgs
    $0
    Other
    $51,799
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $168,656
    Bonus
    $3,547
    Other
    $542
    Deferred
    $42,806
    Nontaxable benefits
    $8,993
    Filer's total
    $224,544

  • Allen Bond

    SENIOR MANAG

    Total calculated
    $209,649
    From this org
    $150,897
    From related orgs
    $0
    Other
    $58,752
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $147,842
    Bonus
    $3,055
    Other
    not reported
    Deferred
    $38,344
    Nontaxable benefits
    $20,408
    Filer's total
    $209,649

  • Timothy M Adams

    PROGRAMMER

    Total calculated
    $238,285
    From this org
    $174,844
    From related orgs
    $0
    Other
    $63,441
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $112,092
    Bonus
    $2,298
    Other
    $60,454
    Deferred
    $43,759
    Nontaxable benefits
    $19,682
    Filer's total
    $238,285

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 committee
  • 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.

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

Provenance

Return type
form_990
Tax year
2024
Filed
6 October 2025
IRS schema version
2024v5.0
Source object
202502829349300910

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