Civic Intelligence

Boone Remc

990 • Fiscal year 2022 • EIN 35-0188040

Jan 01, 2022 to Dec 31, 2022 • Filed on Sep 20, 2023

Organization ProfileWWW.BREMC.COM
PO Box 563Lebanon IN, IN 46052

(765) 482-2390

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

69th percentile

0.62x

Higher debt load relative to assets than 69% of similar nonprofits.

2022 filings • 501(c)12 • $100M-$250M nonprofits • Source year 2022

Liabilities / Revenue

62nd percentile

1.56x

Higher debt load relative to revenue than 62% of similar nonprofits.

2022 filings • 501(c)12 • $100M-$250M nonprofits • Source year 2022

Net Margin

87th percentile

7.2%

Higher net margin than 87% of similar nonprofits.

2022 filings • 501(c)12 • $100M-$250M nonprofits • Source year 2022

Top Officer Pay

80th percentile

$472,473

Higher top officer pay than 80% of similar nonprofits.

Top officer pay equals 0.7% of source-year revenue.

2022 filings • 501(c)12 • $100M-$250M nonprofits • Source year 2022

Asset Growth

94th percentile

20%

Faster asset growth than 94% of similar nonprofits.

2022 filings • 501(c)12 • $100M-$250M nonprofits • Annualized from 2021 to 2022

Revenue Growth

31st percentile

4.8%

Faster revenue growth than 31% of similar nonprofits.

2022 filings • 501(c)12 • $100M-$250M nonprofits • Annualized from 2021 to 2022

Balance Sheet
Liabilities / Assets69th percentile

Assets

Up

$159,678,788

Up $26,894,342 (+20%) from 2021

Net Assets

Up

$61,453,740

Up $4,376,507 (+7.7%) from 2021

Liabilities

Up

$98,225,048

Up $22,517,835 (+30%) from 2021

Revenue And Expenses
Liabilities / Revenue62nd percentileNet Margin87th percentile

Revenue

Up

$63,135,395

Up $2,904,757 (+4.8%) from 2021

Expenses

Up

$58,558,112

Up $4,046,629 (+7.4%) from 2021

Net Income

Down

$4,577,283

Down $1,141,872 (-20%) from 2021

Historical Trend

Balance Sheet Trend

Asset Growth94th percentile

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$200M$150M$100M$50M$0Assets 2021: $132,784,446Liabilities 2021: $75,707,213Net Assets 2021: $57,077,2332021Assets 2022: $159,678,788Liabilities 2022: $98,225,048Net Assets 2022: $61,453,7402022Assets 2023: $164,434,988Liabilities 2023: $89,261,499Net Assets 2023: $75,173,4892023Assets 2024: $176,258,272Liabilities 2024: $88,453,292Net Assets 2024: $87,804,9802024

Highlighted filing

2022

Assets$159,678,788
Liabilities$98,225,048
Net Assets$61,453,740
Open 2022 Filing

Operations Trend

Revenue Growth31st percentile

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$80M$60M$40M$20M$0Revenue 2021: $60,230,638Expenses 2021: $54,511,483Net Income 2021: $5,719,1552021Revenue 2022: $63,135,395Expenses 2022: $58,558,112Net Income 2022: $4,577,2832022Revenue 2023: $69,061,714Expenses 2023: $58,966,356Net Income 2023: $10,095,3582023Revenue 2024: $76,545,941Expenses 2024: $63,759,730Net Income 2024: $12,786,2112024

Highlighted filing

2022

Revenue$63,135,395
Expenses$58,558,112
Net Income$4,577,283
Open 2022 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2022 to Dec 31, 2022
Signed
Sep 20, 2023
Return Version
2022v5.0
Gross Receipts
$63,236,415
Mission and Program Overview

Mission

Providing energy-related services in a safe, dependable and reasonably priced manner, to rural areas

Providing our members energy-related services in a safe, dependable, and reasonably priced manner.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$105,310,925$114,967,921▲ $9,656,996
Rtn Earn Endowment Incm Other Fnds$57,077,233$61,453,740▲ $4,376,507
Investments Program Related$15,225,777$15,995,098▲ $769,321
Savings and Temporary Cash Investments$1,250,628$11,730,904▲ $10,480,276
Accounts Receivable$3,330,637$4,597,825▲ $1,267,188
Cash and Non-Interest-Bearing Accounts$1,030,698$3,943,349▲ $2,912,651
Inventories for Sale or Use$2,548,285$3,449,015▲ $900,730
Prepaid Expenses and Deferred Charges$127,218$188,261▲ $61,043
Pd in Cap Srpls Land Bldg Eqp Fund$0$0→ $0
Cap Stk Tr Prin Current Funds$0$0→ $0
Total Assets$132,784,446$159,678,788▲ $26,894,342
Other Assets Total$3,960,278$4,806,415▲ $846,137
Liabilities
Mortgage Notes Payable Secured by Investment Property$51,470,741$79,065,392▲ $27,594,651
Other Liabilities$11,358,432$11,696,924▲ $338,492
Accounts Payable and Accrued Expenses$6,228,040$7,462,732▲ $1,234,692
Unsecured Notes Loans Payable$6,650,000$0▼ $6,650,000
Total Liabilities$75,707,213$98,225,048▲ $22,517,835
Net Assets / Fund Balance
Total Net Assets Fund Balance$57,077,233$61,453,740▲ $4,376,507
Total Liabilities and Net Assets / Fund Balance$132,784,446$159,678,788▲ $26,894,342

Asset Categories

AssetBook ValueDepreciationBasis
Investment Program Related Org$73,259--
Buildings$3,302,559$2,051,639-
Land$447,123--
Equipment$111,218,239$28,344,578-
Compensation and Service Providers
Top Officer Pay80th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
William ConleyCEO/presidentFT$303,417$169,056$472,473
Jeffrey DickersonVP of OperationsFT$159,373$106,616$265,989
Allen JonesVP of Engineering ServicesFT$150,766$108,396$259,162
Corey WillisVP of Corporate Development & TechnologyFT$160,408$74,846$235,254
Corey WillisVP of Corporate Development & Techno-$160,408$74,846$235,254
Pam WarmothExecutive Assistant & Hr CoordinatorFT$121,793$94,008$215,801
Benjamin DukeActing CFO/VP of Corporate ServicesFT$150,064$47,988$198,052
Robert HawkinsLine SuperintendentFT$118,812$65,088$183,900
Noel KendallChairmanPT$24,560-$24,560
Mark GruningerSecretary/treasesurer-$19,560-$19,560
Jon StevensDirector-$18,960-$18,960
Alan CragunDirector-$16,560-$16,560
Bruce GuernseyDirector-$15,360-$15,360
Thomas DullVice-chairman-$15,360-$15,360
G Tom TaylorDirector-$15,360-$15,360
Danny LawsonDirector-$14,510-$14,510
Mark StarkeyDirector-$13,560-$13,560

Highest Paid Contractors

ContractorServicesLocationCompensation
Electricom LLCContractor1660 WEST HOSPITAL ROAD, Paoli, IN 47454$2,116,946
Co-alliance Cooperative INCFuel770 N HIGH SCHOOL RD, Indianapolis, IN 46214$146,780
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$62,007,017
Investment Income
$-3,302
Other Revenue
$1,131,680
Change in Net Assets
$4,577,283

Audited Revenue Reconciliation

Revenue per Audited Statements
$63,135,395
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$0
Total Revenue per Audited Statements
$63,135,395
Total Revenue per Form 990
$63,135,395
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$55,709,109
Salaries, Compensation, and Employee Benefits$2,849,003
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Depreciation Depletion$4,756,932--$4,756,932
Interest$2,820,265--$2,820,265
Other Salaries and Wages$1,530,580--$1,530,580
Current Officers, Directors, Trustees, and Key Employees$1,318,423--$1,318,423
Other Expenses$952,199--$952,199
Fees for Services Legal$21,351--$21,351
Fees for Services Accounting$16,750--$16,750
Total Functional Expenses$58,558,112$0$0$58,558,112

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$58,558,112
Total Expenses per Audited Statements$58,558,112
Total Expenses per Form 990$58,558,112
Expenses Not Reported on Financial Statements$0
Expenses Not Reported on Form 990$0
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
Yes
Subject to proxy tax
No

Reported Spending and Taxes

Line ItemAmount
Political Expenditures$2,000
Total Exempt Function Spending$2,000

Section 527 Organizations

OrganizationLocationAmount
35-1998087Indianapolis, IN$2,000
Insider Transactions and Loans

Interested-Person Transactions

Interested PartyRelationshipDescriptionShared RevenueAmount
-DirectorPurchased PowerNo$40,097,187
-DirectorDuesNo$184,812
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Accum. Post-retirement Obligation$9,307,424
Member Deposits$1,511,549
Deferred Credit$877,951
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Business relationship with 35% controlled entity
Yes
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
Yes
Key decisions subject to board approval
Yes
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section A, Line 6

“The remc is owned by its membership/customer base”

Form 990, Part VI, Section A, Line 7A

“The membership elects the board memebers”

Form 990, Part VI, Section A, Line 7B

“Certain decisions must be approved by the membership”

Form 990, Part VI, Section B, Line 11B

“The board reviews the 990 under direction from management”

Form 990, Part VI, Section B, Line 12C

“Conflicts of interest are discussed regularly at board meetings and documented with specifics.”

Form 990, Part VI, Section B, Line 15

“The ceo's compensation is determined by the board using comparability data obtained from independent consultants”

Form 990, Part VI, Section C, Line 19

“All information is made available upon request”

Filing and Contact Details

Filer

Filer Name
Boone Remc
EIN
35-0188040
Phone
7654822390
Address
PO BOX 563, LEBANON IN, IN 46052

Signing Officer

Name
Benjamin Duke
Title
Acting VP of Corporate Services/CFO
Phone
7654822390
Signed
2023-09-20
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Benjamin Duke
Formed
1936
Legal Domicile
In
Voting Board Members
9
Independent Board Members
8
Employees
52
Volunteers
0

Preparer

Firm
Lwg Cpas & Advisors
Address
1776 N MERIDIAN ST STE 500, INDIANAPOLIS, IN 46202
Preparer
Brian D Cherry
Phone
3176344747
Supplemental Narrative

Additional Explanations

FORM 990, PART XI, LINE 9:

“Patonage capital refunded -200,776.”

Form 990, Part XII, Line 2C

“The process has not changed from the prior year in regards to the oversight process or selection process.”

Financial Statement Notes

PART X, LINE 2:

“The remc believes it is not taking any uncertain tax positions.”

Raw XML AppendixShowing 400 of 690 raw XML fields

This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990/OtherRevenueTotalAmt01131940
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IRS990/OtherSourcesGrossIncomeAmt01107035
IRS990/PartialLiquidationInd00
IRS990/PdInCapSrplsLandBldgEqpFundGrp/BOYAmt00
IRS990/PdInCapSrplsLandBldgEqpFundGrp/EOYAmt00
IRS990/PoliticalCampaignActyInd01
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IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt0188261
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IRS990/ReportOtherLiabilitiesInd01
IRS990/ReportProgramRelatedInvstInd01
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IRS990/RtnEarnEndowmentIncmOthFndsGrp/BOYAmt057077233
IRS990/RtnEarnEndowmentIncmOthFndsGrp/EOYAmt061453740
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IRS990/ScheduleBRequiredInd00
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IRS990ScheduleD/InvstProgramRelatedOrgGrp/Desc7IEC
IRS990ScheduleD/InvstProgramRelatedOrgGrp/Desc8ALL OTHER
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IRS990ScheduleD/LandGrp/InvestmentCostOrOtherBasisAmt0447123
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt09307424
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IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc2DEFERRED CREDIT
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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0THE REMC BELIEVES IT IS NOT TAKING ANY UNCERTAIN TAX POSITIONS.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0PART X, LINE 2:
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Filings

Displayed year

2022 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$159,678,788
Liabilities
$98,225,048
Net assets
$61,453,740
Revenue
$63,135,395
Expenses
$58,558,112
Net income
$4,577,283
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$176$88.5$87.8$76.5$63.8$12.8
2023Detailed filing. Detailed filing data is available for this year.$164$89.3$75.2$69.1$59.0$10.1
2022Detailed filing. Detailed filing data is available for this year.$160$98.2$61.5$63.1$58.6$4.58
2021Detailed filing. Detailed filing data is available for this year.$133$75.7$57.1$60.2$54.5$5.72