Harrison County Rural Electric Membership Corporation-89
- Assets
- $130.6m
- Revenue
- $57.4m
- Investments
- $0.0
- Employees
- 56
- Location
- Corydon, IN
- Founding
- 08/1939
- Data as of
- 12/2021
- EIN
- 35-0367872
Organization Overview
Harrison County Rural Electric Membership Corporation-89, operating under the name Harrison Remc, is located in Corydon, 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 12/2021, Harrison Remc employed 56 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Harrison Remc 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 12/2021, Harrison Remc generated $57.4m in total revenue. The organization has seen a slow decline revenue. Over the past 7 years, revenues have fallen by an average of (0.7%) each year. All expenses for the organization totaled $57.4m during the year ending 12/2021. As we would expect to see with falling revenues, expenses have declined by (0.7%) per year over the past 7 years. 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
DISTRIBUTION OF ELECTRICITY TO APPROXIMATELY 20,600 MEMBERS ON A COOPERATIVE BASIS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
DISTRIBUTION OF ELECTRICITY TO APPROXIMATELY 20,600 MEMBERS ON A COOPERATIVE BASIS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
David C Lett Chief Executive Officer | Officer | 50 | $252,236 |
Steven Moore Business Manager | 49 | $136,955 | |
Justin Swarens Engineering And Operations | 49 | $127,307 | |
Keith Lieber Accounting Manager | 45 | $124,829 | |
Ryan Strohbeck Engineering Operations Manager | 45 | $120,911 | |
Timothy Bland Lineman | 48 | $120,301 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Electricom Llc Electric Plant Construction | 12/30/21 | $1,627,763 |
William E Groves Construction Electric Plant Construction | 12/30/21 | $1,043,545 |
Dj Windell Inc Electric Plant Construction | 12/30/21 | $346,251 |
S&m Nix Excavating | 12/30/21 | $505,703 |
Halter Tree Service Inc Tree Triming | 12/30/21 | $1,003,236 |
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 | $55,291,830 |
| Investment income | $238,563 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $318,603 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $57,440,710 |
| 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 | $2,983,727 |
| Compensation of current officers, directors, key employees. | $1,297,362 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $2,296,549 |
| Pension plan accruals and contributions | $505,113 |
| Other employee benefits | $720,471 |
| Payroll taxes | $340,358 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| 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 | $841,690 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $3,843,033 |
| Insurance | $0 |
| All other expenses | $692,831 |
| Total functional expenses | $57,440,710 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $6,558,434 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $5,986,476 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $2,671,476 |
| Prepaid expenses and deferred charges | $954,806 |
| Net Land, buildings, and equipment | $81,480,344 |
| Investments—publicly traded securities | $3,078,639 |
| Investments—other securities | $0 |
| Investments—program-related | $29,821,934 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $130,552,109 |
| Accounts payable and accrued expenses | $3,745,082 |
| 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 | $33,449,217 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $4,612,519 |
| Total liabilities | $41,806,818 |
| 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 | $1,396,383 |
| Retained earnings, endowment, accumulated income, or other funds | $87,348,908 |
| Total liabilities and net assets/fund balances | $130,552,109 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Northeastern Rural Electric Membership Corporation Columbia City, IN | $154,005,839 | $126,158,719 |
Salt River Electric Bardstown, KY | $187,060,575 | $114,408,015 |
Jackson Energy Cooperative Corporat Ion Inc Mckee, KY | $284,949,026 | $109,799,636 |
N W Electric Power Cooperative Inc Cameron, MO | $276,321,789 | $107,924,696 |
Hendricks County Rural Electric Membership Corporation Danville, IN | $222,904,007 | $97,103,288 |
South Central Indiana Rural Electric Membership Corporation Martinsville, IN | $273,130,010 | $92,514,436 |
Northeast Missouri Electric Power Cooperative Palmyra, MO | $173,630,221 | $92,260,519 |
West Kentucky Rural Electric Cooperative Corporation Mayfield, KY | $175,044,197 | $94,020,746 |
Southeastern Illinois Electric Carrier Mills, IL | $211,832,578 | $85,978,289 |
Corn Belt Electric Cooperative Inc Bloomington, IL | $225,280,163 | $84,317,914 |
Nolin Rural Electric Cooperative Corporation Elizabethtown, KY | $169,060,241 | $80,995,142 |
Fleming-Mason Energy Cooperative Inc Flemingsburg, KY | $142,667,683 | $79,467,396 |