Civic Intelligence

Jay County Rural Electric Membership Corporation

EIN 35-0420975 • 501(c)12 • Portland, IN

Profile

The most significant activity of the electric cooperative is the distribution of electricity.

484 S 200 WPortland, IN 47371

www.jayremc.com

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

13th percentile

0.11x

Higher debt load relative to assets than 13% of similar nonprofits.

501(c)12 • $25M-$50M nonprofits • Source year 2024

Liabilities / Revenue

8th percentile

0.18x

Higher debt load relative to revenue than 8% of similar nonprofits.

501(c)12 • $25M-$50M nonprofits • Source year 2024

Net Margin

69th percentile

9.3%

Higher net margin than 69% of similar nonprofits.

501(c)12 • $25M-$50M nonprofits • Source year 2024

Top Officer Pay

67th percentile

$251,863

Higher top officer pay than 67% of similar nonprofits.

Top officer pay equals 1.0% of source-year revenue.

501(c)12 • $25M-$50M nonprofits • Source year 2024

Asset Growth

77th percentile

7.6%

Faster asset growth than 77% of similar nonprofits.

501(c)12 • $25M-$50M nonprofits • Annualized from 2023 to 2024

Revenue Growth

46th percentile

3.5%

Faster revenue growth than 46% of similar nonprofits.

501(c)12 • $25M-$50M nonprofits • Annualized from 2023 to 2024

Balance Sheet
Liabilities / Assets13th percentile

Assets

Up

$37,409,125

Up $3,827,596 (+11%) from 2022

Liabilities

Down

$4,274,095

Down $6,942 (-0.2%) from 2022

Net Assets

Up

$33,135,030

Up $3,834,538 (+13%) from 2022

Operations
Liabilities / Revenue8th percentileNet Margin69th percentile

Revenue

Up

$23,993,270

Up $1,118,955 (+4.9%) from 2022

Expenses

Up

$21,763,188

Up $444,990 (+2.1%) from 2022

Net Income

Up

$2,230,082

Up $673,965 (+43%) from 2022

Trend Graphs

Balance Sheet Trend

Asset Growth77th percentile

Grouped bars show assets, liabilities, and net assets across loaded filings.

$40M$30M$20M$10M$0Assets 2021: $32,510,611Liabilities 2021: $4,341,627Net Assets 2021: $28,168,9842021Assets 2022: $33,581,529Liabilities 2022: $4,281,037Net Assets 2022: $29,300,4922022Assets 2024: $37,409,125Liabilities 2024: $4,274,095Net Assets 2024: $33,135,0302024

Highlighted filing

2024

Assets$37,409,125
Liabilities$4,274,095
Net Assets$33,135,030
Open 2024 Filing

Operations Trend

Revenue Growth46th percentile

Revenue, expenses, and net income by year, with the latest filing highlighted.

$30M$20M$10M$0Revenue 2021: $21,221,936Expenses 2021: $19,291,144Net Income 2021: $1,930,7922021Revenue 2022: $22,874,315Expenses 2022: $21,318,198Net Income 2022: $1,556,1172022Revenue 2024: $23,993,270Expenses 2024: $21,763,188Net Income 2024: $2,230,0822024

Highlighted filing

2024

Revenue$23,993,270
Expenses$21,763,188
Net Income$2,230,082
Open 2024 Filing

Filings

Most recent year

2024 • Form 990Facts available. Structured filing facts are available, but richer extracted sections are limited.

Open filing
Assets
$37,409,125
Liabilities
$4,274,095
Net assets
$33,135,030
Revenue
$23,993,270
Expenses
$21,763,188
Net income
$2,230,082
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$37.4$4.27$33.1$24.0$21.8$2.23
2022XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$33.6$4.28$29.3$22.9$21.3$1.56
2021XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$32.5$4.34$28.2$21.2$19.3$1.93
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jan 1, 2024 to Dec 31, 2024
Signed
Jun 16, 2025
Return Version
2024v5.0
Gross Receipts
$23,993,270
Mission and Program Overview

Mission

The most significant activity of the electric cooperative is the distribution of electricity.

Balance Sheet Detail
LineBeginningEndChange
Assets
Rtn Earn Endowment Incm Other Fnds$30,926,979$33,099,154▲ $2,172,175
Land, Buildings, and Equipment, Net$22,427,427$23,668,511▲ $1,241,084
Investments Other Securities$6,780,723$7,612,844▲ $832,121
Accounts Receivable$2,025,340$2,199,963▲ $174,623
Cash and Non-Interest-Bearing Accounts$2,026,521$2,090,736▲ $64,215
Inventories for Sale or Use$1,001,669$1,420,436▲ $418,767
Prepaid Expenses and Deferred Charges$509,074$416,635▼ $92,439
Pd in Cap Srpls Land Bldg Eqp Fund$37,392$35,876▼ $1,516
Total Assets$34,770,754$37,409,125▲ $2,638,371
Liabilities
Mortgage Notes Payable Secured by Investment Property$1,940,671$2,365,778▲ $425,107
Accounts Payable and Accrued Expenses$1,433,665$1,611,329▲ $177,664
Other Liabilities$432,047$296,988▼ $135,059
Total Liabilities$3,806,383$4,274,095▲ $467,712
Net Assets / Fund Balance
Total Net Assets Fund Balance$30,964,371$33,135,030▲ $2,170,659
Total Liabilities and Net Assets / Fund Balance$34,770,754$37,409,125▲ $2,638,371

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$22,016,348$14,355,895$36,372,243
Buildings$691,408$809,266$1,500,674
Other Land Buildings$941,840-$941,840
Land$18,915-$18,915
Other Securities$8,693--
Compensation and Service Providers
Top Officer Pay67th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Neil DraperCEOFT$201,928$49,935$251,863
Jeffery MyersEngineeringFT$124,440$32,665$157,105
Jeffery MyersEngineering Manager-$124,440$32,665$157,105
Duane MonroeWorking ForeFT$133,977$16,675$150,652
Duane MonroeWorking Foreman-$133,977$16,675$150,652
Mason QuickeryJourneyman LFT$130,559$16,067$146,626
Daniel PaxsonJourneyman LFT$119,910$16,067$135,977
Ricky ThompsonJourneyman LFT$113,214$15,055$128,269
Drury E HallDirector-$22,011-$22,011
Klint R MoserDirector-$21,711-$21,711
Kent K HomanDirector-$21,652-$21,652
Rick a DuesDirector-$19,569-$19,569
Philip J LauxDirector-$12,739-$12,739
Kenneth D DentonChairman-$9,033-$9,033
Bethany G EdwardsDirector-$7,410-$7,410
Angela S LutesDirector-$4,005-$4,005
Ronald SmithsonDirector-$3,126-$3,126
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$22,983,099
Investment Income
$88,906
Other Revenue
$921,265
Change in Net Assets
$2,230,082

Audited Revenue Reconciliation

Revenue per Audited Statements
$23,993,270
Total Revenue per Audited Statements
$23,993,270
Total Revenue per Form 990
$23,993,270
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$19,537,471
Salaries, Compensation, and Employee Benefits$2,225,717
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages---$1,206,365
Depreciation Depletion---$1,056,460
Other Employee Benefits---$360,893
Current Officers, Directors, Trustees, and Key Employees---$323,184
All Other Expenses---$267,486
Other Expenses---$233,386
Pension Plan Contributions---$223,910
Office Expenses---$172,182
Interest---$108,918
Payroll Taxes---$103,171
Information Technology---$100,904
Insurance---$72,453
Advertising---$63,991
Fees for Services Other---$51,628
Travel---$34,483
Occupancy---$34,126
Fees for Services Accounting---$23,430
Fees for Services Legal---$22,396
Comp Disqual Persons---$8,194
Total Functional Expenses$0$0$0$21,763,188

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$21,763,188
Total Expenses per Audited Statements$21,763,188
Total Expenses per Form 990$21,763,188
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
Section 527 Activity Spending$2,000
Total Exempt Function Spending$2,000

Section 527 Organizations

OrganizationLocationAmount
35-1998087Indianapolis, IN$2,000
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Accrued Salaries$143,423
Taxes Accrued$102,377
Customer Deposits$36,200
Accrued Interest$14,988
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
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
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Page 6, Part VI, Line 6

“All entities purchasing power from jay county remc are members of the membership corporation.”

Form 990, Page 6, Part VI, Line 7A

“All members are entitled to vote for the board of directors.”

Form 990, Page 6, Part VI, Line 11B

“Management reviews the 990 and audit report with the board of directors at a board meeting. The form is approved by the board prior to filing of the tax return.”

Form 990, Page 6, Part VI, Line 12C

“Each year the board and officers prepare a disclosure statement for review by the cpa firm. All expenditures and contracts are reviewed prior to payment. The board constantly reviews all organizations and companies in which board members and key employees participate.”

Form 990, Page 6, Part VI, Line 15A

“The organization reviews compensation surveys and studies to establish the salary of the ceo. Approval by the governing body is required prior to the effective date of a change in salary.”

Form 990, Page 6, Part VI, Line 15B

“The organization reviews compensation surveys and studies to establish all salaries. Union contracts and salaries require board approval prior to effective dates. Most benefits for the non-union employees mirror the union contract.”

Form 990, Page 6, Part VI, Line 19

“Governing documents are available for public inspection at the office of jay county remc during normal business hours. Documents are also available at the annual meeting.”

Filing and Contact Details

Filer

Filer Name
Jay County Rural Electric
EIN
35-0420975
Phone
2607267121
Address
484 S 200 W, PORTLAND, IN 47371

Signing Officer

Name
Neil Draper
Title
CEO
Phone
2607267121
Signed
2025-06-16
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Neil Draper
Formed
1936
Legal Domicile
In
Voting Board Members
9
Independent Board Members
9
Employees
26

Preparer

Firm
Leonard J Andorfer & Co Llp
Address
110 W BERRY STREET STE 2202, FORT WAYNE, IN 46802-2311
Preparer
Mark J Andorfer CPA
Phone
2604239405
Supplemental Narrative

Additional Explanations

Form 990, Part XI, Line 9

“Patronage account increases 0 patronage capital retirements -57,907 memberships -1,516 total -59,423”

Financial Statement Notes

Schedule D, Page 3, Part X

“The corporation is exempt from federal income tax under section 501(c)(12)of the internal revenue code. The corporation has adopted fasb asc 740-10-25, and determined no material unrecognized tax benefits or liabilities exist as of december 31, 2024. The adoption of fasb asc 740-10-25 did not impact the corporation's financial position or results of operations. If applicable, the corporation will recognize interest and penalties related to underpayment of income taxes as income tax expense. As of december 31, 2024 and 2023, the corporation had no amounts related to unrecognized income tax benefits and no amounts related to accrued interest and penalties. The corporation does not anticipate any significant changes to unrecognized income tax benefits over the next year. The corporation is generally no longer subject to examination by federal and state agencies for years before 2021.”

Raw XML AppendixShowing 400 of 476 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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IRS990ScheduleC/SupplementalInformationDetail/ExplanationTxt0CONTRIBUTIONS TO POLITICAL ACTION COMMITTEES
IRS990ScheduleC/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE C, PART IV
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IRS990ScheduleD/OtherSecuritiesGrp/Desc1CAPITAL TERM CERTIFICATE
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IRS990ScheduleD/OtherSecuritiesGrp/Desc4CO BANK PATRONAGE
IRS990ScheduleD/OtherSecuritiesGrp/Desc5UNITED UTILITY SUPPLY
IRS990ScheduleD/OtherSecuritiesGrp/Desc6IN STATEWIDE
IRS990ScheduleD/OtherSecuritiesGrp/Desc7NISC - PATRONAGE
IRS990ScheduleD/OtherSecuritiesGrp/Desc8OTHER
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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0THE CORPORATION IS EXEMPT FROM FEDERAL INCOME TAX UNDER SECTION 501(C)(12)OF THE INTERNAL REVENUE CODE. THE CORPORATION HAS ADOPTED FASB ASC 740-10-25, AND DETERMINED NO MATERIAL UNRECOGNIZED TAX BENEFITS OR LIABILITIES EXIST AS OF DECEMBER 31, 2024. THE ADOPTION OF FASB ASC 740-10-25 DID NOT IMPACT THE CORPORATION'S FINANCIAL POSITION OR RESULTS OF OPERATIONS. IF APPLICABLE, THE CORPORATION WILL RECOGNIZE INTEREST AND PENALTIES RELATED TO UNDERPAYMENT OF INCOME TAXES AS INCOME TAX EXPENSE. AS OF DECEMBER 31, 2024 AND 2023, THE CORPORATION HAD NO AMOUNTS RELATED TO UNRECOGNIZED INCOME TAX BENEFITS AND NO AMOUNTS RELATED TO ACCRUED INTEREST AND PENALTIES. THE CORPORATION DOES NOT ANTICIPATE ANY SIGNIFICANT CHANGES TO UNRECOGNIZED INCOME TAX BENEFITS OVER THE NEXT YEAR. THE CORPORATION IS GENERALLY NO LONGER SUBJECT TO EXAMINATION BY FEDERAL AND STATE AGENCIES FOR YEARS BEFORE 2021.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE D, PAGE 3, PART X
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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm1DUANE MONROE
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm2JEFFERY MYERS
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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt1WORKING FOREMAN
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt2ENGINEERING MANAGER
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0ALL ENTITIES PURCHASING POWER FROM JAY COUNTY REMC ARE MEMBERS OF THE MEMBERSHIP CORPORATION.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1ALL MEMBERS ARE ENTITLED TO VOTE FOR THE BOARD OF DIRECTORS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2MANAGEMENT REVIEWS THE 990 AND AUDIT REPORT WITH THE BOARD OF DIRECTORS AT A BOARD MEETING. THE FORM IS APPROVED BY THE BOARD PRIOR TO FILING OF THE TAX RETURN.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3EACH YEAR THE BOARD AND OFFICERS PREPARE A DISCLOSURE STATEMENT FOR REVIEW BY THE CPA FIRM. ALL EXPENDITURES AND CONTRACTS ARE REVIEWED PRIOR TO PAYMENT. THE BOARD CONSTANTLY REVIEWS ALL ORGANIZATIONS AND COMPANIES IN WHICH BOARD MEMBERS AND KEY EMPLOYEES PARTICIPATE.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4THE ORGANIZATION REVIEWS COMPENSATION SURVEYS AND STUDIES TO ESTABLISH THE SALARY OF THE CEO. APPROVAL BY THE GOVERNING BODY IS REQUIRED PRIOR TO THE EFFECTIVE DATE OF A CHANGE IN SALARY.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5THE ORGANIZATION REVIEWS COMPENSATION SURVEYS AND STUDIES TO ESTABLISH ALL SALARIES. UNION CONTRACTS AND SALARIES REQUIRE BOARD APPROVAL PRIOR TO EFFECTIVE DATES. MOST BENEFITS FOR THE NON-UNION EMPLOYEES MIRROR THE UNION CONTRACT.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt6GOVERNING DOCUMENTS ARE AVAILABLE FOR PUBLIC INSPECTION AT THE OFFICE OF JAY COUNTY REMC DURING NORMAL BUSINESS HOURS. DOCUMENTS ARE ALSO AVAILABLE AT THE ANNUAL MEETING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt7PATRONAGE ACCOUNT INCREASES 0 PATRONAGE CAPITAL RETIREMENTS -57,907 MEMBERSHIPS -1,516 TOTAL -59,423
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PAGE 6, PART VI, LINE 6
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PAGE 6, PART VI, LINE 7A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PAGE 6, PART VI, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PAGE 6, PART VI, LINE 12C
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IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5FORM 990, PAGE 6, PART VI, LINE 15B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc6FORM 990, PAGE 6, PART VI, LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc7FORM 990, PART XI, LINE 9
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