Daviess-Martin County Rural Electric Membership Corporation
- Assets
- $61.5m
- Revenue
- $39.8m
- Investments
- $18.5m
- Employees
- 37
- Location
- Loogootee, IN
- Founding
- 12/1939
- Data as of
- 12/2022
- EIN
- 35-0261964
Organization Overview
Daviess-Martin County Rural Electric Membership Corporation is located in Loogootee, IN. The organization was established in 1939. According to its NTEE Classification (W80) the organization is classified as: Public Utilities, under the broad grouping of Public & Societal Benefit and related organizations. As of 12/2022, Daviess-Martin County Rural Electric Membership Corporation employed 37 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Daviess-Martin County Rural Electric Membership Corporation is a 501(c)(12) and as such, is described as a "Benevolent Life Insurance Association, Mutual Ditch or Irrigation Company, Mutual or Cooperative Telephone Company" by the IRS.
For the year ending 12/2022, Daviess-Martin County Rural Electric Membership Corporation generated $39.8m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 1.2% each year. All expenses for the organization totaled $38.1m during the year ending 12/2022. While expenses have increased by 1.5% per year over the past 7 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE DEPENDABLE ELECTRICITY AND QUALITY SERVICES FOR OUR MEMEMBERS AT REASONABLE COST
Describe the Organization's Program Activity:
Part 3 - Line 4a
DISTRIBUTION OF ELECTRICITY TO RURAL CUSTOMERS
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Travis Summers President | OfficerTrustee | 2.68 | $13,848 |
Brandt Schuckman Vice President | OfficerTrustee | 3.6 | $11,185 |
Josh Dove Treasurer | OfficerTrustee | 1.8 | $11,015 |
Amy Burris Secretary | OfficerTrustee | 1.41 | $10,914 |
D Terry Chapman Director | Trustee | 4.62 | $17,776 |
John Edwards Director | Trustee | 8 | $11,072 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Electricom Llc Contract Labor | 12/30/22 | $2,029,849 |
Hoffman Tree Services Llc Right Of Way Clearing | 12/30/22 | $1,732,274 |
Utilibiz Solutions Llc Consulting | 12/30/22 | $132,516 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $38,792,263 |
| Investment income | $24,359 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $5,969 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | -$8,211 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $39,754,758 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $829,001 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $188,224 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $436,179 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,676,275 |
| Insurance | $0 |
| All other expenses | $904,139 |
| Total functional expenses | $38,111,294 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $3,952,037 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $3,521,598 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $1,116,104 |
| Prepaid expenses and deferred charges | $89,440 |
| Net Land, buildings, and equipment | $34,388,310 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $18,453,169 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $27,747 |
| Total assets | $61,548,405 |
| Accounts payable and accrued expenses | $7,390,009 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $14,919,422 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $2,102,030 |
| Total liabilities | $24,411,461 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $37,136,944 |
| Total liabilities and net assets/fund balances | $61,548,405 |