Harrison County Rural Electric Membership Corporation-89
- Assets
- $136.6m
- Revenue
- $62.1m
- Investments
- $0.0
- Employees
- 53
- Location
- Corydon, IN
- Founding
- 08/1939
- Data as of
- 12/2022
- 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 12/2022, Harrison Remc employed 53 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 12/2022, Harrison Remc generated $62.1m in total revenue. This represents relatively stable growth, over the past 4 years the organization has increased revenue by an average of 0.4% each year. All expenses for the organization totaled $62.1m during the year ending 12/2022. While expenses have increased by 0.4% per year over the past 4 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
DISTRIBUTION OF ELECTRICITY TO APPROXIMATELY 20,900 MEMBERS ON A COOPERATIVE BASIS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
DISTRIBUTION OF ELECTRICITY TO APPROXIMATELY 20,900 MEMBERS ON A COOPERATIVE BASIS.
Get More from Intellispect for FreeCreate a free account to get more data, nonprofit salaries, advanced search and more.
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
David Poe President | Trustee | 3.57 | $19,176 |
Brian Koetter Vice President | Trustee | 2.42 | $12,264 |
Craig Engleman Secretary/treasurer | Trustee | 2.61 | $14,788 |
Patrick Book Director | Trustee | 2.44 | $15,850 |
David L Walther Director | Trustee | 3.51 | $18,271 |
Roy Zimmerman Director | Trustee | 3.66 | $13,075 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Halter Tree Service Inc Tree Triming | 12/30/22 | $1,817,139 |
William E Groves Construction Electric Plant Construction | 12/30/22 | $1,111,438 |
Electricom Llc Electric Plant Construction | 12/30/22 | $964,211 |
S&m Nix Excavating | 12/30/22 | $729,803 |
Dj Windell Inc Electric Plant Construction | 12/30/22 | $360,259 |
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 | $60,388,161 |
| Investment income | $416,139 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $331,618 |
| Net Gain/Loss on Asset Sales | -$210,160 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $62,057,885 |
| 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 | $2,296,225 |
| Compensation of current officers, directors, key employees. | $1,439,729 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $2,499,078 |
| Pension plan accruals and contributions | $536,985 |
| Other employee benefits | $509,125 |
| Payroll taxes | $358,357 |
| 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 | $970,789 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $4,060,662 |
| Insurance | $0 |
| All other expenses | $434,676 |
| Total functional expenses | $62,057,885 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $4,604,979 |
| Savings and temporary cash investments | $3,000,000 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $7,589,327 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $2,729,125 |
| Prepaid expenses and deferred charges | $762,735 |
| Net Land, buildings, and equipment | $85,635,607 |
| Investments—publicly traded securities | $2,724,208 |
| Investments—other securities | $0 |
| Investments—program-related | $29,538,256 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $136,584,237 |
| Accounts payable and accrued expenses | $5,159,769 |
| 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 | $36,731,156 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $4,568,783 |
| Total liabilities | $46,459,708 |
| 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 | $1,861,543 |
| Retained earnings, endowment, accumulated income, or other funds | $88,262,986 |
| Total liabilities and net assets/fund balances | $136,584,237 |