Civic Intelligence

Fulton County Rural Electric Membership Corporation

990 • Fiscal year 2020 • EIN 35-0324995

Jan 01, 2020 to Dec 31, 2020 • Filed on May 06, 2021

P O Box 230Rochester, IN 46975

(574) 223-3156

Siviq Scores

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

Liabilities / Assets

31st percentile

0.37x

Higher debt load relative to assets than 31% of similar nonprofits.

2020 filings • 501(c)12 • $25M-$50M nonprofits • Source year 2020

Liabilities / Revenue

21st percentile

0.72x

Higher debt load relative to revenue than 21% of similar nonprofits.

2020 filings • 501(c)12 • $25M-$50M nonprofits • Source year 2020

Net Margin

72nd percentile

7.8%

Higher net margin than 72% of similar nonprofits.

2020 filings • 501(c)12 • $25M-$50M nonprofits • Source year 2020

Top Officer Pay

44th percentile

$189,431

Higher top officer pay than 44% of similar nonprofits.

Top officer pay equals 1.3% of source-year revenue.

2020 filings • 501(c)12 • $25M-$50M nonprofits • Source year 2020

Asset Growth

Score unavailable

No value available

No earlier valid filing was available within the previous three public years.

Source year 2020

Revenue Growth

Score unavailable

No value available

No earlier valid filing was available within the previous three public years.

Source year 2020

Assets

$27,782,553

No earlier filing loaded for comparison.

Net Assets

$17,636,170

No earlier filing loaded for comparison.

Liabilities

$10,146,383

No earlier filing loaded for comparison.

Revenue

$14,158,566

No earlier filing loaded for comparison.

Expenses

$13,055,983

No earlier filing loaded for comparison.

Net Income

$1,102,583

No earlier filing loaded for comparison.

Historical Trend

Balance Sheet Trend

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

$40M$30M$20M$10M$0Assets 2020: $27,782,553Liabilities 2020: $10,146,383Net Assets 2020: $17,636,1702020Assets 2021: $29,622,941Liabilities 2021: $11,303,200Net Assets 2021: $18,319,7412021Assets 2022: $29,979,808Liabilities 2022: $11,019,840Net Assets 2022: $18,959,9682022Assets 2023: $31,131,519Liabilities 2023: $11,497,268Net Assets 2023: $19,634,2512023Assets 2024: $34,202,704Liabilities 2024: $13,776,190Net Assets 2024: $20,426,5142024

Highlighted filing

2020

Assets$27,782,553
Liabilities$10,146,383
Net Assets$17,636,170

Operations Trend

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

$20M$15M$10M$5.0M$0Revenue 2020: $14,158,566Expenses 2020: $13,055,983Net Income 2020: $1,102,5832020Revenue 2021: $14,789,521Expenses 2021: $13,588,261Net Income 2021: $1,201,2602021Revenue 2022: $17,488,166Expenses 2022: $17,488,166Net Income 2022: $02022Revenue 2023: $17,595,532Expenses 2023: $17,595,532Net Income 2023: $02023Revenue 2024: $17,764,881Expenses 2024: $17,764,881Net Income 2024: $02024

Highlighted filing

2020

Revenue$14,158,566
Expenses$13,055,983
Net Income$1,102,583
Jump To
Filing Snapshot
Filing Period
Jan 1, 2020 to Dec 31, 2020
Signed
May 6, 2021
Return Version
2020v4.0
Gross Receipts
$14,158,566
Mission and Program Overview

Mission

he Fulton County Rural Electric Membership Corporation was established by its members/owners to provide themselves with a vitally needed service, which improved their economic and social standards with significant long range progressive contributions to the well being of the communities it serves. We strive to continue to support the communities we serve by engaging with those communities to continually improve the quality of life.

Fulton County REMC is an electric distribution cooperative providing reliable electric service to our members/owners at a reasonable price.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$20,723,325$20,612,475▼ $110,850
Rtn Earn Endowment Incm Other Fnds$17,324,529$17,482,245▲ $157,716
Cash and Non-Interest-Bearing Accounts$1,041,383$1,339,347▲ $297,964
Accounts Receivable$1,245,010$1,190,892▼ $54,118
Inventories for Sale or Use$313,225$242,795▼ $70,430
Prepaid Expenses and Deferred Charges$204,117$158,276▼ $45,841
Cap Stk Tr Prin Current Funds$152,605$153,925▲ $1,320
Savings and Temporary Cash Investments$0$0→ $0
Other Notes and Loans Receivable, Net$0$0→ $0
Pledges and Grants Receivable$0$0→ $0
Receivable From Disqualified Prsn$0$0→ $0
Receivables From Officers Etc$0$0→ $0
Investments Other Securities$0$0→ $0
Investments Program Related$0$0→ $0
Investments in Publicly Traded Securities$0$0→ $0
Pd in Cap Srpls Land Bldg Eqp Fund$0$0→ $0
Intangible Assets$0$0→ $0
Loans From Officers Directors$0$0→ $0
Total Assets$27,514,238$27,782,553▲ $268,315
Other Assets Total$3,987,178$4,238,768▲ $251,590
Liabilities
Mortgage Notes Payable Secured by Investment Property$8,759,437$8,846,833▲ $87,396
Accounts Payable and Accrued Expenses$816,382$794,400▼ $21,982
Other Liabilities$461,285$505,150▲ $43,865
Grants Payable$0$0→ $0
Unsecured Notes Loans Payable$0$0→ $0
Deferred Revenue$0$0→ $0
Escrow Account Liability$0$0→ $0
Tax Exempt Bond Liabilities$0$0→ $0
Total Liabilities$10,037,104$10,146,383▲ $109,279
Net Assets / Fund Balance
Total Net Assets Fund Balance$17,477,134$17,636,170▲ $159,036
Total Liabilities and Net Assets / Fund Balance$27,514,238$27,782,553▲ $268,315

Asset Categories

AssetBook ValueDepreciationBasis
Other Land Buildings$18,939,398$5,387,384$24,326,782
Equipment$1,329,134$1,560,280$2,889,414
Buildings$329,904$330,780$660,684
Land$14,039-$14,039
Leasehold Improvements$0$0$0
Other Assets Org$74,482--
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Joseph KochChief Executive OfficerFT$149,947$39,484$189,431
Rick BanushOperations ManagerFT$115,637$44,885$160,522
Evan WildermuthLinemanFT$115,058$40,524$155,582
Brandon WortleyLinemanFT$105,753$40,524$146,277
Rusty NewbyLinemanFT$102,662$40,417$143,079
Dennis L BurtonPresident-$9,529-$9,529
Angela MillerBoard Member-$9,446-$9,446
Leander J HooverSecretary-Treasurer-$9,429-$9,429
Ronald L JanaBoard Member-$9,004-$9,004
Eric WalshVice President-$8,954-$8,954
Virgil E BiddingerBoard Member-$8,064-$8,064
Adam LoehmerBoard Member-$7,626-$7,626

Highest Paid Contractors

ContractorServicesLocationCompensation
Tree Servants LLCTree trimming and sprayingPO Box 230, Bremen, IN 46506$162,200
Revenue and Support

Revenue Composition

Contributions and Grants
$1,320
Program Service Revenue
$13,673,597
Investment Income
$46,372
Other Revenue
$437,277
All Other Contributions
$0
Change in Net Assets
$1,102,583
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$10,545,847
Salaries, Compensation, and Employee Benefits$2,510,136
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages---$1,438,359
Depreciation Depletion---$915,707
Other Expenses---$615,190
Other Employee Benefits---$431,952
Interest---$317,461
Information Technology---$309,490
Pension Plan Contributions---$303,566
Current Officers, Directors, Trustees, and Key Employees---$211,999
Payroll Taxes---$124,260
Insurance---$75,244
Office Expenses---$70,994
Fees for Services Legal---$13,731
Fees for Services Accounting---$13,360
All Other Expenses---$10,315
Total Functional Expenses$0$0$0$13,055,983
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$1,000
Section 527 Activity Spending$1,000
Total Exempt Function Spending$1,000

Section 527 Organizations

OrganizationLocationAmount
35-1998087Indianapolis, IN$1,000
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Loans from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Receivables from Disqualified Persons$0$0→ $0
Receivables from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Accrued Liabilities$328,550
Consumer Deposits$176,600
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
No
Backup withholding compliance
Yes
Business relationship with 35% controlled entity
No
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
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
Yes
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section A, Line 6

To receive electric service, an individual or company must be a member of the cooperative.

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

Fulton County REMC has a nomination committee, which selects two individual members to run for each board district up for election.

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

Members are allowed to vote for board members that are up for election during our annual meeting.

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

The Board of Directors received an electronic copy of Form 990 before the April 29, 2021 board meeting.

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

Disclosure statements are signed annually and interested parties do not participate in the decision making process.

Form 990, Part VI, Section B, Line 15

The entire Board of Directors review and evaluate the CEO's performance annually, then discuss and determine the appropriate adjustment in compensation.

Form 990, Part VI, Section C, Line 19

Form 990 and the By-laws of the cooperative are made available to the general public upon request.

Filing and Contact Details

Filer

Filer Name
Fulton County Rural Electric Membership Corporation
EIN
35-0324995
Phone
5742233156
Address
P O Box 230, Rochester, IN 46975
Doing Business As
Fulton County REMC

Signing Officer

Name
Erin Reason
Title
CFO
Phone
5742233156
Signed
2021-05-06

Organization Details

Principal Officer
Erin Reason
Formed
1936
Legal Domicile
In
Voting Board Members
7
Independent Board Members
0
Employees
21
Volunteers
0
Supplemental Narrative

Additional Explanations

Form 990, Part XI, Line 2

The cooperative's financial statements are audited on a fiscal year-end of April 30, 2021.

Form 990, Part XI, Line 9

The cooperative returned patronage capital to members twice during the year, and additional memberships were received in 2020.

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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/InventoriesForSaleOrUseGrp/EOYAmt0242795
IRS990/InvestmentExpenseAmt00
IRS990/InvestmentIncomeGrp/ExclusionAmt00
IRS990/InvestmentIncomeGrp/RelatedOrExemptFuncIncomeAmt019364
IRS990/InvestmentIncomeGrp/TotalRevenueColumnAmt019364
IRS990/InvestmentIncomeGrp/UnrelatedBusinessRevenueAmt00
IRS990/InvestmentInJointVentureInd00
IRS990/InvestmentsOtherSecuritiesGrp/BOYAmt00
IRS990/InvestmentsOtherSecuritiesGrp/EOYAmt00
IRS990/InvestmentsProgramRelatedGrp/BOYAmt00
IRS990/InvestmentsProgramRelatedGrp/EOYAmt00
IRS990/InvestmentsPubTradedSecGrp/BOYAmt00
IRS990/InvestmentsPubTradedSecGrp/EOYAmt00
IRS990/IRPDocumentCnt00
IRS990/IRPDocumentW2GCnt00
IRS990/LandBldgEquipAccumDeprecAmt07278444
IRS990/LandBldgEquipBasisNetGrp/BOYAmt020723325
IRS990/LandBldgEquipBasisNetGrp/EOYAmt020612475
IRS990/LandBldgEquipCostOrOtherBssAmt027890919
IRS990/LegalDomicileStateCd0IN
IRS990/LessCostOthBasisSalesExpnssGrp/OtherAmt00
IRS990/LessCostOthBasisSalesExpnssGrp/SecuritiesAmt00
IRS990/LoanOutstandingInd00
IRS990/LoansFromOfficersDirectorsGrp/BOYAmt00
IRS990/LoansFromOfficersDirectorsGrp/EOYAmt00
IRS990/LocalChaptersInd00
IRS990/MaterialDiversionOrMisuseInd00
IRS990/MembersAndShrGrossIncomeAmt014149757
IRS990/MembershipDuesAmt00
IRS990/MembersOrStockholdersInd01
IRS990/MethodOfAccountingAccrualInd0X
IRS990/MinutesOfCommitteesInd01
IRS990/MinutesOfGoverningBodyInd01
IRS990/MiscellaneousRevenueGrp/ExclusionAmt00
IRS990/MiscellaneousRevenueGrp/RelatedOrExemptFuncIncomeAmt00
IRS990/MiscellaneousRevenueGrp/TotalRevenueColumnAmt00
IRS990/MiscellaneousRevenueGrp/UnrelatedBusinessRevenueAmt00
IRS990/MissionDesc0he Fulton County Rural Electric Membership Corporation was established by its members/owners to provide themselves with a vitally needed service, which improved their economic and social standards with significant long range progressive contributions to the well being of the communities it serves. We strive to continue to support the communities we serve by engaging with those communities to continually improve the quality of life.
IRS990/MoreThan5000KToIndividualsInd00
IRS990/MoreThan5000KToOrgInd00
IRS990/MortgNotesPyblScrdInvstPropGrp/BOYAmt08759437
IRS990/MortgNotesPyblScrdInvstPropGrp/EOYAmt08846833
IRS990/NetAssetsOrFundBalancesBOYAmt017477134
IRS990/NetAssetsOrFundBalancesEOYAmt017636170
IRS990/NetGainOrLossInvestmentsGrp/ExclusionAmt00
IRS990/NetGainOrLossInvestmentsGrp/RelatedOrExemptFuncIncomeAmt027008
IRS990/NetGainOrLossInvestmentsGrp/TotalRevenueColumnAmt027008
IRS990/NetGainOrLossInvestmentsGrp/UnrelatedBusinessRevenueAmt00
IRS990/NetUnrelatedBusTxblIncmAmt00
IRS990/NetUnrlzdGainsLossesInvstAmt00
IRS990/NoncashContributionsAmt00
IRS990/NondeductibleContributionsInd00
IRS990/OccupancyGrp/TotalAmt00
IRS990/OfficeExpensesGrp/TotalAmt070994
IRS990/OfficerMailingAddressInd00
IRS990/OperateHospitalInd00
IRS990/Organization501cInd0X
IRS990/OrgDoesNotFollowFASB117Ind0X
IRS990/OtherAssetsTotalGrp/BOYAmt03987178
IRS990/OtherAssetsTotalGrp/EOYAmt04238768
IRS990/OtherChangesInNetAssetsAmt0-943547
IRS990/OtherEmployeeBenefitsGrp/TotalAmt0431952
IRS990/OtherExpensesGrp/Desc0Purchased Power - Electricity sold to members
IRS990/OtherExpensesGrp/Desc1Tax Expense - Property and Gross Receipts
IRS990/OtherExpensesGrp/Desc2Extraordinary Item
IRS990/OtherExpensesGrp/TotalAmt07902111
IRS990/OtherExpensesGrp/TotalAmt1302244
IRS990/OtherExpensesGrp/TotalAmt2615190
IRS990/OtherLiabilitiesGrp/BOYAmt0461285
IRS990/OtherLiabilitiesGrp/EOYAmt0505150
IRS990/OtherRevenueMiscGrp/BusinessCd0517000
IRS990/OtherRevenueMiscGrp/BusinessCd1900099
IRS990/OtherRevenueMiscGrp/Desc0Internet Revenue
IRS990/OtherRevenueMiscGrp/Desc1Patronage Capital
IRS990/OtherRevenueMiscGrp/ExclusionAmt00
IRS990/OtherRevenueMiscGrp/ExclusionAmt10
IRS990/OtherRevenueMiscGrp/RelatedOrExemptFuncIncomeAmt00
IRS990/OtherRevenueMiscGrp/RelatedOrExemptFuncIncomeAmt1429788
IRS990/OtherRevenueMiscGrp/TotalRevenueColumnAmt07489
IRS990/OtherRevenueMiscGrp/TotalRevenueColumnAmt1429788
IRS990/OtherRevenueMiscGrp/UnrelatedBusinessRevenueAmt07489
IRS990/OtherRevenueMiscGrp/UnrelatedBusinessRevenueAmt10
IRS990/OtherRevenueTotalAmt0437277
IRS990/OtherSalariesAndWagesGrp/TotalAmt01438359
IRS990/OtherSourcesGrossIncomeAmt07489
IRS990/OthNotesLoansReceivableNetGrp/BOYAmt00
IRS990/OthNotesLoansReceivableNetGrp/EOYAmt00
IRS990/PartialLiquidationInd00
IRS990/PaymentsToAffiliatesGrp/TotalAmt00
IRS990/PayrollTaxesGrp/TotalAmt0124260
IRS990/PdInCapSrplsLandBldgEqpFundGrp/BOYAmt00
IRS990/PdInCapSrplsLandBldgEqpFundGrp/EOYAmt00
IRS990/PensionPlanContributionsGrp/TotalAmt0303566
IRS990/PledgesAndGrantsReceivableGrp/BOYAmt00
IRS990/PledgesAndGrantsReceivableGrp/EOYAmt00
IRS990/PoliticalCampaignActyInd01
IRS990/PrepaidExpensesDefrdChargesGrp/BOYAmt0204117
IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt0158276
IRS990/PrincipalOfficerNm0Erin Reason
IRS990/PriorPeriodAdjustmentsAmt00
IRS990/ProfessionalFundraisingInd00
IRS990/ProgramServiceRevenueGrp/BusinessCd0221000
IRS990/ProgramServiceRevenueGrp/Desc0Sale of Electricity
IRS990/ProgramServiceRevenueGrp/ExclusionAmt00
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt013673597
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt013673597
IRS990/ProgramServiceRevenueGrp/UnrelatedBusinessRevenueAmt00
IRS990/ProhibitedTaxShelterTransInd00
IRS990/PYContributionsGrantsAmt0610
IRS990/PYInvestmentIncomeAmt022561
IRS990/PymtTravelEntrtnmntPubOfclGrp/TotalAmt00
IRS990/PYOtherExpensesAmt09872007
IRS990/PYOtherRevenueAmt0436740
IRS990/PYProgramServiceRevenueAmt013446463
IRS990/PYRevenuesLessExpensesAmt01691030
IRS990/PYSalariesCompEmpBnftPaidAmt02343337
IRS990/PYTotalExpensesAmt012215344
IRS990/PYTotalRevenueAmt013906374
IRS990/RcvblFromDisqualifiedPrsnGrp/BOYAmt00
IRS990/RcvblFromDisqualifiedPrsnGrp/EOYAmt00
IRS990/ReceivablesFromOfficersEtcGrp/BOYAmt00
IRS990/ReceivablesFromOfficersEtcGrp/EOYAmt00
IRS990/ReconcilationRevenueExpnssAmt01102583
IRS990/RegularMonitoringEnfrcInd01
IRS990/RelatedEntityInd01
IRS990/RelatedOrganizationCtrlEntInd00
IRS990/RelatedOrganizationsAmt00
IRS990/RentalIncomeOrLossGrp/PersonalAmt00
IRS990/RentalIncomeOrLossGrp/RealAmt00
IRS990/ReportInvestmentsOtherSecInd00
IRS990/ReportLandBuildingEquipmentInd01
IRS990/ReportOtherAssetsInd01
IRS990/ReportOtherLiabilitiesInd01
IRS990/ReportProgramRelatedInvstInd00
IRS990/RevenueAmt014158566
IRS990/RoyaltiesGrp/TotalAmt00
IRS990/RoyaltiesRevenueGrp/ExclusionAmt00
IRS990/RoyaltiesRevenueGrp/RelatedOrExemptFuncIncomeAmt00
IRS990/RoyaltiesRevenueGrp/TotalRevenueColumnAmt00
IRS990/RoyaltiesRevenueGrp/UnrelatedBusinessRevenueAmt00
IRS990/RtnEarnEndowmentIncmOthFndsGrp/BOYAmt017324529
IRS990/RtnEarnEndowmentIncmOthFndsGrp/EOYAmt017482245
IRS990/SavingsAndTempCashInvstGrp/BOYAmt00
IRS990/SavingsAndTempCashInvstGrp/EOYAmt00
IRS990/ScheduleBRequiredInd00
IRS990ScheduleC/Expended527ActivitiesAmt01000
IRS990ScheduleC/Form1120POLFiledInd01
IRS990ScheduleC/InternalFundsContributedAmt00
IRS990ScheduleC/PoliticalExpendituresAmt01000
IRS990ScheduleC/Section527PoliticalOrgGrp/ContributionsRcvdDlvrAmt00
IRS990ScheduleC/Section527PoliticalOrgGrp/EIN0351998087
IRS990ScheduleC/Section527PoliticalOrgGrp/OrganizationBusinessName/BusinessNameLine1Txt0FORE
IRS990ScheduleC/Section527PoliticalOrgGrp/PaidInternalFundsAmt01000
IRS990ScheduleC/Section527PoliticalOrgGrp/USAddress/AddressLine1Txt08888 Keystone Crossing
IRS990ScheduleC/Section527PoliticalOrgGrp/USAddress/AddressLine2Txt0Ste 1600
IRS990ScheduleC/Section527PoliticalOrgGrp/USAddress/CityNm0Indianapolis
IRS990ScheduleC/Section527PoliticalOrgGrp/USAddress/StateAbbreviationCd0IN
IRS990ScheduleC/Section527PoliticalOrgGrp/USAddress/ZIPCd046240
IRS990ScheduleC/SupplementalInformationDetail/ExplanationTxt0The cooperative made a monetary contribution to the PAC, Indiana Friends of Rural Electric. the PAC contributed to the campaigns of various candidates running for state office. The cooperative had no part in the decision of which candidates received contributions.
IRS990ScheduleC/SupplementalInformationDetail/ExplanationTxt1The cooperative made a monetary contribution to the PAC, Indiana Friends of Rural Electric. The PAC contributed to the campaigns of various candidates running for state office. The cooperative had no part in the decision of which candidates received contributions.
IRS990ScheduleC/SupplementalInformationDetail/FormAndLineReferenceDesc0Schedule C, Part I-A, Line 1
IRS990ScheduleC/SupplementalInformationDetail/FormAndLineReferenceDesc1Schedule C, Part I-A, Line 2
IRS990ScheduleC/TotalExemptFunctionExpendAmt01000
IRS990ScheduleC/VolunteerHoursCnt00
IRS990ScheduleD/BuildingsGrp/BookValueAmt0329904

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