Hendricks County Rural Electric Membership Corporation

“R. Jeffrey fleece (fleece insurance) sells insurance to matt hession, keith cooper, william lynch, hal truax, david thomas, and greg ternet. One family relationship exists whereby matt hession and william lynch are second cousins.”

“Changes to schedule o governing body & management. In 2024 we changed from 10 to 7 areas area 1 - guilford township in hendricks county area 2 - center, marion, union, and eel river townships in hendricks county area 3 - lincoln township in hendricks county area 4 - middle and brown township in boone county area 5 - clay, franklin and liberty township in hendricks county and all morgan county area 6 - putnam county area 7 - washington township hendricks couty and two at large board members we went from 10 board members to 9 in summary, redistricted our territory from 10 areas to 7. Changed our board from 10 members to 9.”

“Hendricks county remc is a cooperative owned by approximately 38,000 members.”

“Any person, firm, association, corporation, partnership, limited liability company, or body politic or subdivision thereof will become a member of hendricks county rural electric membership corporation upon receipt of electric service. The members elect nine (9) board members to serve as the governing body.”

“Decisions of the governing body are subject to member approval. An annual meeting of the members is held with at least one fiftieth (1/50) of the total members voting.”

“After reviewing the 990, the ceo sends an electronic copy to each board member. After it is reviewed by the board and ceo, it is discussed at the next board meeting and then signed by the ceo.”

“Directors are required to report to the president of the board if they receive an offer or a gift in consideration of cooperative business with an individual or company. The president of the board will then report the incident to the board of directors and the ceo.”

“The process for determining compensation of the ceo included a review by an independent outside party using comparability data. The board came to an agreement with the ceo on an adequate annual compensation program.”

“All governing documents and audited financial statements are available upon request. The annual financial statements are published on the website of the company at www.hendrickspower.com. The conflict of interest policies are reviewed and signed annually by the directors and certain employees.”

“All other expenses: program service expenses 214,177. Management and general expenses 0. Fundraising expenses 0. Total expenses 214,177.”

“Benefits paid to or for the members 10,214,442. Retirement of patronage capital -1,361,524. Increases in memberships 20,150. Forfeiture of unclaimed patronage 1,001,991. Rounding 2.”

“There were no changes made from prior year.”

“The instructions clarify that patronage dividends paid by section 501(c)(12) organizations to their members should be reported on line 4. According to the bylaws all such amounts credited to the capital credit account of the member shall have the same status as though they had been paid to the member in cash as pursuant to the legal obligation to do so.”

“The long-term portion of the loan for hp connect llc was reclassed out of accounts receivable due from hp connect llc to deferred debits, line 15 other assets in the amount of $9,231,610.01.”