Tipmont Rural Electric Membership Corporation
- Assets
- $254.8m
- Revenue
- $79.5m
- Investments
- $0.0
- Employees
- 128
- Location
- Linden, IN
- Founding
- 12/1939
- Data as of
- 12/2022
- EIN
- 35-0711159
Organization Overview
Tipmont Rural Electric Membership Corporation is located in Linden, 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, Tipmont Rural Electric Membership Corporation employed 128 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Tipmont 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, Tipmont Rural Electric Membership Corporation generated $79.5m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 3.5% each year. All expenses for the organization totaled $79.4m during the year ending 12/2022. While expenses have increased by 3.4% per year over the past 8 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
DO THE RIGHT THINGS FOR OUR MEMBERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
DISTRIBUTION OF ELECTRICITY TO APPROXIMATELY 28,371 MEMBERS ON A COOPERATIVE BASIS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Wesley Stockdale Director | Trustee | 7 | $14,606 |
Brenton S Bible Chairman Of The Board | OfficerTrustee | 7.4 | $16,616 |
Kirk Alter Secretary/treasurer | OfficerTrustee | 15 | $30,167 |
Janet Harlow Director | Trustee | 7.96 | $21,112 |
Robert J Baker Director | Trustee | 25.5 | $45,102 |
Lynn Beck Vice Chairman | OfficerTrustee | 20 | $17,246 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Berry It Inc Smart Grid Contractor | 12/30/22 | $10,674,714 |
Je Reedy Inc Electrical Contractor | 12/30/22 | $1,726,441 |
Mint City Tree Services Llc Tree Trimming | 12/30/22 | $1,712,410 |
Hoosier Edison Line Company Electrical Contractor | 12/30/22 | $1,606,296 |
Steptoe & Johnson Llp Legal Consultant | 12/30/22 | $874,332 |
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 | $77,915,962 |
| Investment income | $69,012 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $160,387 |
| 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 | $79,467,058 |
| 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 | $1,945,156 |
| 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 | $1,558,240 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| 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 | $4,457,122 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $6,258,805 |
| Insurance | $0 |
| All other expenses | $55,896 |
| Total functional expenses | $79,407,364 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $3,980,135 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $11,055,243 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $3,767,730 |
| Prepaid expenses and deferred charges | $142,050 |
| Net Land, buildings, and equipment | $193,487,434 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $41,560,331 |
| Intangible assets | $0 |
| Other assets | $848,365 |
| Total assets | $254,841,288 |
| Accounts payable and accrued expenses | $12,730,882 |
| 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 | $150,922,219 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $7,665,167 |
| Total liabilities | $171,318,268 |
| 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 | $99,785 |
| Retained earnings, endowment, accumulated income, or other funds | $83,423,235 |
| Total liabilities and net assets/fund balances | $254,841,288 |