Civic Intelligence

Fulton County Rural Electric Membership Corporation

990 • Fiscal year 2021 • EIN 35-0324995

Jan 01, 2021 to Dec 31, 2021 • Filed on May 13, 2022

PO 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

0.38x

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

2021 filings • 501(c)12 • $25M-$50M nonprofits • Source year 2021

Liabilities / Revenue

20th percentile

0.76x

Higher debt load relative to revenue than 20% of similar nonprofits.

2021 filings • 501(c)12 • $25M-$50M nonprofits • Source year 2021

Net Margin

69th percentile

8.1%

Higher net margin than 69% of similar nonprofits.

2021 filings • 501(c)12 • $25M-$50M nonprofits • Source year 2021

Top Officer Pay

38th percentile

$181,148

Higher top officer pay than 38% of similar nonprofits.

Top officer pay equals 1.2% of source-year revenue.

2021 filings • 501(c)12 • $25M-$50M nonprofits • Source year 2021

Asset Growth

77th percentile

6.6%

Faster asset growth than 77% of similar nonprofits.

2021 filings • 501(c)12 • $25M-$50M nonprofits • Annualized from 2020 to 2021

Revenue Growth

62nd percentile

4.5%

Faster revenue growth than 62% of similar nonprofits.

2021 filings • 501(c)12 • $25M-$50M nonprofits • Annualized from 2020 to 2021

Assets

Up

$29,622,941

Up $1,840,388 (+6.6%) from 2020

Net Assets

Up

$18,319,741

Up $683,571 (+3.9%) from 2020

Liabilities

Up

$11,303,200

Up $1,156,817 (+11%) from 2020

Revenue

Up

$14,789,521

Up $630,955 (+4.5%) from 2020

Expenses

Up

$13,588,261

Up $532,278 (+4.1%) from 2020

Net Income

Up

$1,201,260

Up $98,677 (+8.9%) from 2020

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

2021

Assets$29,622,941
Liabilities$11,303,200
Net Assets$18,319,741

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

2021

Revenue$14,789,521
Expenses$13,588,261
Net Income$1,201,260
Jump To
Filing Snapshot
Filing Period
Jan 1, 2021 to Dec 31, 2021
Signed
May 13, 2022
Return Version
2021v4.2
Gross Receipts
$14,789,521
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 membersowners at a reasonable price

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$20,612,475$21,091,946▲ $479,471
Rtn Earn Endowment Incm Other Fnds$17,482,245$18,165,346▲ $683,101
Cash and Non-Interest-Bearing Accounts$1,339,347$3,002,243▲ $1,662,896
Accounts Receivable$1,190,892$539,869▼ $651,023
Inventories for Sale or Use$242,795$283,065▲ $40,270
Cap Stk Tr Prin Current Funds$153,925$154,395▲ $470
Prepaid Expenses and Deferred Charges$158,276$105,182▼ $53,094
Total Assets$27,782,553$29,622,941▲ $1,840,388
Other Assets Total$4,238,768$4,600,636▲ $361,868
Liabilities
Mortgage Notes Payable Secured by Investment Property$8,846,833$9,419,828▲ $572,995
Accounts Payable and Accrued Expenses$794,400$1,398,389▲ $603,989
Other Liabilities$505,150$484,983▼ $20,167
Total Liabilities$10,146,383$11,303,200▲ $1,156,817
Net Assets / Fund Balance
Total Net Assets Fund Balance$17,636,170$18,319,741▲ $683,571
Total Liabilities and Net Assets / Fund Balance$27,782,553$29,622,941▲ $1,840,388

Asset Categories

AssetBook ValueDepreciationBasis
Other Land Buildings$19,041,993$6,371,436$25,413,429
Equipment$1,701,569$1,298,887$3,000,456
Buildings$334,345$344,604$678,949
Land$14,039-$14,039
Other Assets Org$80,876--
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Joseph D KochCEOFT$153,192$42,245$195,437
Evan WildermuthLinemanFT$127,223$42,796$170,019
Brandon WortleyLinemanFT$111,121$42,527$153,648
Eric SchlarfLinemanFT$106,585$45,543$152,128
Rick BanushOperations MgrFT$104,746$44,415$149,161
Robert CripeLinemanFT$105,681$37,202$142,883
Leander HooverSecretaryTreasurer-$10,776-$10,776
Ron JanaDirector-$10,247-$10,247
Angela MillerDirector-$9,469-$9,469
Dennis BurtonPresident-$9,455-$9,455
Eric WalshVice President-$9,148-$9,148
Adam LoehmerDirector-$7,991-$7,991
Virgil BiddingerDirector-$4,531-$4,531
Brock SchwenkDirector-$3,706-$3,706

Highest Paid Contractors

ContractorServicesLocationCompensation
Tree Servants LLCTree trimming and sprayingPO Box 230, Rochester, IN 46975$131,100
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$14,293,463
Investment Income
$49,879
Other Revenue
$446,179
Change in Net Assets
$1,201,260
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$11,053,914
Salaries, Compensation, and Employee Benefits$2,534,347
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages---$1,490,496
Depreciation Depletion---$963,441
Other Employee Benefits---$400,866
Other Expenses---$318,850
Interest---$317,009
Pension Plan Contributions---$296,083
Current Officers, Directors, Trustees, and Key Employees---$218,514
Information Technology---$157,055
Payroll Taxes---$128,388
Insurance---$76,492
Office Expenses---$47,892
Fees for Services Accounting---$20,875
Fees for Services Legal---$18,400
Total Functional Expenses$0$0$0$13,588,261
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
Lobbying activity
No
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
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Accrued Liabilities$313,483
Consumer Deposits$171,500
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

Part VI Line 6

To receive electric service, an individual or company must

Part VI Line 6

become a member of the cooperative.

Part VI Line 7A

Fulton County REMC has a nomination committee that selects 2

Part VI Line 7A

members to run for each board position up for election.

Part VI Line 7B

Members are allowed to vote for board members that are up for

Part VI Line 7B

election during the annual meeting.

Part VI Line 8A

Minutes are kept for each board meeting.

Part VI Line 11B

the 990 is presented to the Board of Directors at our April

Part VI Line 11B

meeting for review.

Part VI Line 12C

Disclosure statements are signed annually and interested parties

Part VI Line 12C

do not participate in the decision making process.

Part VI Line 15A or B

the entire Board of Directors review and evaluate the CEO's

Part VI Line 15A or B

performance annually, and adjust compensation accordingly.

Part VI Line 19

Form 990 and the by-laws of the cooperatives are available

Part VI Line 19

to the public upon request.

Filing and Contact Details

Filer

Filer Name
Fulton County Rural Electric Membership Corporation
EIN
35-0324995
In Care Of
% Erin Reason
Phone
5742233156
Address
PO Box 230, Rochester, IN 46975
Doing Business As
Fulton County REMC

Signing Officer

Name
Erin Reason
Title
CFO
Phone
5742233156
Signed
2022-05-13

Organization Details

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

Additional Explanations

Part XI Line 9

The cooperative returned patronage capital to members during the

Part XI Line 9

year and additional memberships were received in 2021.

Part XII Line 3B

The cooperativ'e financial statements are audited on a fiscal

Part XII Line 3B

year-end of April 30th.

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IRS990/OtherExpensesGrp/Desc0Purchased Power
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IRS990/OtherExpensesGrp/TotalAmt1318850
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IRS990/OtherRevenueMiscGrp/Desc0Internet Revenue
IRS990/OtherRevenueMiscGrp/Desc1Patronage Capital
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IRS990/OtherRevenueMiscGrp/TotalRevenueColumnAmt1440703
IRS990/OtherRevenueMiscGrp/UnrelatedBusinessRevenueAmt05476
IRS990/OtherRevenueTotalAmt0446179
IRS990/OtherSalariesAndWagesGrp/TotalAmt01490496
IRS990/OtherSourcesGrossIncomeAmt05476
IRS990/PartialLiquidationInd0false
IRS990/PayrollTaxesGrp/TotalAmt0128388
IRS990/PensionPlanContributionsGrp/TotalAmt0296083
IRS990/PoliticalCampaignActyInd0true
IRS990/PrepaidExpensesDefrdChargesGrp/BOYAmt0158276
IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt0105182
IRS990/PrincipalOfficerNm0ERIN D REASON
IRS990/ProfessionalFundraisingInd0false
IRS990/ProgramServiceRevenueGrp/BusinessCd0221000
IRS990/ProgramServiceRevenueGrp/Desc0Sale of Electricity
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt014293463
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt014293463
IRS990/ProhibitedTaxShelterTransInd0false
IRS990/PYContributionsGrantsAmt01320
IRS990/PYExcessBenefitTransInd0false
IRS990/PYInvestmentIncomeAmt046372
IRS990/PYOtherExpensesAmt09872007
IRS990/PYOtherRevenueAmt0437277
IRS990/PYProgramServiceRevenueAmt013673597
IRS990/PYRevenuesLessExpensesAmt01776423
IRS990/PYSalariesCompEmpBnftPaidAmt02510136
IRS990/PYTotalExpensesAmt012382143
IRS990/PYTotalRevenueAmt014158566
IRS990/ReconcilationRevenueExpnssAmt01201260
IRS990/RegularMonitoringEnfrcInd0true
IRS990/RelatedEntityInd0true
IRS990/RelatedOrganizationCtrlEntInd0false
IRS990/ReportInvestmentsOtherSecInd0false
IRS990/ReportLandBuildingEquipmentInd0true
IRS990/ReportOtherAssetsInd0true
IRS990/ReportOtherLiabilitiesInd0true
IRS990/ReportProgramRelatedInvstInd0false
IRS990/RevenueAmt014789521
IRS990/RtnEarnEndowmentIncmOthFndsGrp/BOYAmt017482245
IRS990/RtnEarnEndowmentIncmOthFndsGrp/EOYAmt018165346
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IRS990ScheduleC/Expended527ActivitiesAmt01000
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IRS990ScheduleC/Section527PoliticalOrgGrp/EIN0351998087
IRS990ScheduleC/Section527PoliticalOrgGrp/OrganizationBusinessName/BusinessNameLine1Txt0FORE
IRS990ScheduleC/Section527PoliticalOrgGrp/PaidInternalFundsAmt01000
IRS990ScheduleC/Section527PoliticalOrgGrp/USAddress/AddressLine1Txt08888 Keystone Crossing Ste 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
IRS990ScheduleC/SupplementalInformationDetail/ExplanationTxt1friends of Rural Electric. the PAC contributed to the campaigns
IRS990ScheduleC/SupplementalInformationDetail/ExplanationTxt2of various candidates running for state office. The cooperative had no
IRS990ScheduleC/SupplementalInformationDetail/ExplanationTxt3part in the decision of which candidates receive contributions.
IRS990ScheduleC/SupplementalInformationDetail/FormAndLineReferenceDesc0P1-A, Ln 1
IRS990ScheduleC/SupplementalInformationDetail/FormAndLineReferenceDesc1P1-A, Ln 1
IRS990ScheduleC/SupplementalInformationDetail/FormAndLineReferenceDesc2P1-A, Ln 1
IRS990ScheduleC/SupplementalInformationDetail/FormAndLineReferenceDesc3P1-A, Ln 1
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IRS990ScheduleD/LandGrp/BookValueAmt014039
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IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt3241472
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt480876
IRS990ScheduleD/OtherAssetsOrgGrp/Desc0Patronage Capital Wabash Valley Power Association
IRS990ScheduleD/OtherAssetsOrgGrp/Desc1Patronage Capital Other
IRS990ScheduleD/OtherAssetsOrgGrp/Desc2Memberships with Coops
IRS990ScheduleD/OtherAssetsOrgGrp/Desc3Capital Term Investments
IRS990ScheduleD/OtherAssetsOrgGrp/Desc4Other Investments
IRS990ScheduleD/OtherLandBuildingsGrp/BookValueAmt019041993
IRS990ScheduleD/OtherLandBuildingsGrp/DepreciationAmt06371436
IRS990ScheduleD/OtherLandBuildingsGrp/OtherCostOrOtherBasisAmt025413429
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IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0Consumer Deposits
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IRS990ScheduleJ/InitialContractExceptionInd0false
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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm0JOSEPH D KOCH
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm1RICK BANUSH
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm2ROBERT CRIPE
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm3ERIC SCHLARF
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm4EVAN WILDERMUTH
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm5BRANDON WORTLEY
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm6DENNIS BURTON
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm7ERIC WALSH
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm8LEANDER HOOVER
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm9ANGELA MILLER
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm10VIRGIL BIDDINGER
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm11RON JANA
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm12ADAM LOEHMER
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm13BROCK SCHWENK
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt0CEO
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt1Operations Mgr
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt2Lineman
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt3Lineman

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