Civic Intelligence

Steuben County Rural Electric Membership Corporation

EIN 35-0687680 • 501(c)12 • Angola, IN

View Organization Page

Profile

ELECTRIC COOPERATIVE

P O Box 359Angola, IN 46703

www.remcsteuben.com

Siviq Scores

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

Liabilities / Assets

91st percentile

0.67x

Higher debt load relative to assets than 91% of similar nonprofits.

501(c)12 • $50M-$100M nonprofits • Source year 2024

Liabilities / Revenue

62nd percentile

1.62x

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

501(c)12 • $50M-$100M nonprofits • Source year 2024

Net Margin

82nd percentile

8.7%

Higher net margin than 82% of similar nonprofits.

501(c)12 • $50M-$100M nonprofits • Source year 2024

Top Officer Pay

Score unavailable

No value available

No filing with officer rows is available for this organization yet.

Asset Growth

98th percentile

25%

Faster asset growth than 98% of similar nonprofits.

501(c)12 • $50M-$100M nonprofits • Annualized from 2022 to 2024

Revenue Growth

89th percentile

13%

Faster revenue growth than 89% of similar nonprofits.

501(c)12 • $50M-$100M nonprofits • Annualized from 2022 to 2024

Balance Sheet
Liabilities / Assets91st percentile

Assets

Up

$76,297,082

Up $27,261,806 (+56%) from 2022

Liabilities

Up

$50,822,382

Up $23,338,153 (+85%) from 2022

Net Assets

Up

$25,474,700

Up $3,923,653 (+18%) from 2022

Operations
Liabilities / Revenue62nd percentileNet Margin82nd percentile

Revenue

Up

$31,294,376

Up $6,573,308 (+27%) from 2022

Expenses

Up

$28,581,224

Up $4,706,301 (+20%) from 2022

Net Income

Up

$2,713,152

Up $1,867,007 (+221%) from 2022

Trend Graphs

Balance Sheet Trend

Asset Growth98th percentile

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

$80M$60M$40M$20M$0Assets 2021: $37,231,769Liabilities 2021: $16,621,377Net Assets 2021: $20,610,3922021Assets 2022: $49,035,276Liabilities 2022: $27,484,229Net Assets 2022: $21,551,0472022Assets 2024: $76,297,082Liabilities 2024: $50,822,382Net Assets 2024: $25,474,7002024

Highlighted filing

2024

Assets$76,297,082
Liabilities$50,822,382
Net Assets$25,474,700
Open 2024 Filing

Operations Trend

Revenue Growth89th percentile

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

$40M$30M$20M$10M$0Revenue 2021: $24,050,983Expenses 2021: $22,504,164Net Income 2021: $1,546,8192021Revenue 2022: $24,721,068Expenses 2022: $23,874,923Net Income 2022: $846,1452022Revenue 2024: $31,294,376Expenses 2024: $28,581,224Net Income 2024: $2,713,1522024

Highlighted filing

2024

Revenue$31,294,376
Expenses$28,581,224
Net Income$2,713,152
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
$76,297,082
Liabilities
$50,822,382
Net assets
$25,474,700
Revenue
$31,294,376
Expenses
$28,581,224
Net income
$2,713,152
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$76.3$50.8$25.5$31.3$28.6$2.71
2022XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$49.0$27.5$21.6$24.7$23.9$0.85
2021Facts available. Structured filing facts are available, but richer extracted sections are limited.$37.2$16.6$20.6$24.1$22.5$1.55
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jan 1, 2024 to Dec 31, 2024
Signed
Jun 2, 2025
Return Version
2024v5.0
Gross Receipts
$31,294,376
Mission and Program Overview

Mission

ELECTRIC COOPERATIVE

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$58,413,354$61,637,074▲ $3,223,720
Rtn Earn Endowment Incm Other Fnds$20,313,167$23,025,361▲ $2,712,194
Investments Other Securities$9,043,501$10,014,254▲ $970,753
Accounts Receivable$2,729,200$2,856,316▲ $127,116
Pd in Cap Srpls Land Bldg Eqp Fund$2,244,454$2,225,999▼ $18,455
Savings and Temporary Cash Investments$644,743$829,587▲ $184,844
Inventories for Sale or Use$976,946$496,456▼ $480,490
Cash and Non-Interest-Bearing Accounts$261,632$246,686▼ $14,946
Cap Stk Tr Prin Current Funds$221,770$223,340▲ $1,570
Prepaid Expenses and Deferred Charges$174,409$216,339▲ $41,930
Intangible Assets$370$370→ $0
Total Assets$72,326,480$76,297,082▲ $3,970,602
Other Assets Total$82,325--
Liabilities
Mortgage Notes Payable Secured by Investment Property$44,906,150$47,029,147▲ $2,122,997
Other Liabilities$1,958,128$2,051,800▲ $93,672
Accounts Payable and Accrued Expenses$2,682,811$1,741,435▼ $941,376
Total Liabilities$49,547,089$50,822,382▲ $1,275,293
Net Assets / Fund Balance
Total Net Assets Fund Balance$22,779,391$25,474,700▲ $2,695,309
Total Liabilities and Net Assets / Fund Balance$72,326,480$76,297,082▲ $3,970,602

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$60,000,819$17,256,290$77,257,109
Buildings$1,573,384$1,203,586$2,776,970
Land$62,871-$62,871
Other Securities$9,959,635--
Closely Held Equity Interests$54,619--
Compensation and Service Providers
Top Officer PayScore unavailable

Employees

NameTitleFull / Part TimeBaseOtherTotal
Kevin KeiserCEOFT$219,426$29,219$248,645
Steve SmithCFOFT$113,283$21,590$134,873
Dustin EverettsDirector ofFT$128,996$5,353$134,349
Namon MeyersLinemanFT$120,766$8,617$129,383
Daylon UlrichLinemanFT$116,037$10,454$126,491
Braden NicholsLinemanFT$107,399$18,487$125,886
Gary ShoughSec/treas-$12,000-$12,000
Wayne GingrichPres-$10,800-$10,800
Marc NelsonDirector-$10,800-$10,800
Carter SniderDirectorPT$7,200-$7,200
Samuel Gus ReedDirectorPT$7,200-$7,200
Larry JackV Pres-$6,800-$6,800
Michael KurtzDirectorPT$6,400-$6,400
Neasa KalmeDirector-$6,000-$6,000
William SnyderDirector-$4,800-$4,800
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$30,196,066
Investment Income
$21,835
Other Revenue
$1,076,475
Change in Net Assets
$2,713,152

Audited Revenue Reconciliation

Revenue per Audited Statements
$31,294,376
Total Revenue per Audited Statements
$31,294,376
Total Revenue per Form 990
$31,294,376
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$25,320,533
Salaries, Compensation, and Employee Benefits$3,260,691
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Depreciation Depletion---$2,596,709
Interest---$1,873,839
Other Salaries and Wages---$1,804,223
Pension Plan Contributions---$504,951
Other Employee Benefits---$460,709
Current Officers, Directors, Trustees, and Key Employees---$320,645
All Other Expenses---$278,674
Information Technology---$235,007
Other Expenses---$199,578
Payroll Taxes---$170,163
Office Expenses---$140,732
Advertising---$105,039
Insurance---$80,904
Fees for Services Accounting---$19,000
Fees for Services Legal---$5,268
Fees for Services Other---$4,395
Total Functional Expenses$0$0$0$28,581,224

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$28,581,224
Total Expenses per Audited Statements$28,581,224
Total Expenses per Form 990$28,581,224
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
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Consumer Deposits$403,285
Accrued Interest$373,811
Advanced Billing$363,656
Accrued Payroll$271,050
Accrued Taxes$260,403
Post Retirement Benefits$258,618
Other$34,308
Employee Withholdings$33,053
Patronage Capital Payable$22,689
Other Deferred Credits$16,096
401k Payable$12,331
Operation Roundup$2,500
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
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, Page 6, Part VI, Line 6

“All users of utility are members of remc.”

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

“Board of directors are elected by members on annual basis.”

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

“Items subject to member approval are voted on at the annual meeting.”

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

“The form 990 is reviewed by the board of directors at the monthly meeting prior to filing.”

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

“Conflict of interest policy is reviewed annually by board. Board takes corrective action for all conflicts of interest. Board members are required to disclose any potential conflicts on an annual basis.”

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

“Salary increases are established using the following: compensation committee, reference to the nreca national compensation survey, and finally approval by the board.”

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

“Salary increases are established using the following: compensation committee, reference to the nreca national compensation survey, and finally approval by the board.”

Form 990, Page 6, Part VI, Line 19

“Governing documents are available at annual meeting and upon request.”

Filing and Contact Details

Filer

Filer Name
Steuben County Rural Electric
EIN
35-0687680
Phone
2606653563
Address
P O BOX 359, ANGOLA, IN 46703

Signing Officer

Name
Kevin Keiser
Title
CEO
Phone
2606653563
Signed
2025-06-02
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Kevin Keiser
Formed
1937
Legal Domicile
In
Voting Board Members
9
Independent Board Members
9
Employees
37

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

“Memberships 1,570 transfers 0 income from subsidiary 0 patronage capital refunds 0 unrecognized retirement loss -15,737 loss from subsidiary -1,704 transfers -1,972 total -17,843”

Financial Statement Notes

Schedule D, Page 3, Part X

“The corporation is exempt from federal income tax under sections 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 and 2023. 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 or state agencies for years before 2021.”

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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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IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0CONSUMER DEPOSITS
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc1ACCRUED INTEREST
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc2ADVANCED BILLING
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc3ACCRUED PAYROLL
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IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc6OTHER
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IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc10401K PAYABLE
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc11OPERATION ROUNDUP
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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0THE CORPORATION IS EXEMPT FROM FEDERAL INCOME TAX UNDER SECTIONS 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 AND 2023. 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 OR STATE AGENCIES FOR YEARS BEFORE 2021.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE D, PAGE 3, PART X
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IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/NameOfInterested/BusinessName/BusinessNameLine1Txt0WABASH VALLEY POWER ASSOCIATION
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IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/TransactionDesc0DIRECTOR COMP
IRS990ScheduleL/SupplementalInformationDetail/ExplanationTxt0DIRECTOR WAYNE GINGERICH ALSO SERVES AS A DIRECTOR FOR WABASH VALLEY POWER ASSOCIATION. THE COOP PURCHASES ALL OF THEIR POWER FROM WABASH VALLEY.
IRS990ScheduleL/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE L, PART V
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0ALL USERS OF UTILITY ARE MEMBERS OF REMC.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1BOARD OF DIRECTORS ARE ELECTED BY MEMBERS ON ANNUAL BASIS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2ITEMS SUBJECT TO MEMBER APPROVAL ARE VOTED ON AT THE ANNUAL MEETING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3THE FORM 990 IS REVIEWED BY THE BOARD OF DIRECTORS AT THE MONTHLY MEETING PRIOR TO FILING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4CONFLICT OF INTEREST POLICY IS REVIEWED ANNUALLY BY BOARD. BOARD TAKES CORRECTIVE ACTION FOR ALL CONFLICTS OF INTEREST. BOARD MEMBERS ARE REQUIRED TO DISCLOSE ANY POTENTIAL CONFLICTS ON AN ANNUAL BASIS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5SALARY INCREASES ARE ESTABLISHED USING THE FOLLOWING: COMPENSATION COMMITTEE, REFERENCE TO THE NRECA NATIONAL COMPENSATION SURVEY, AND FINALLY APPROVAL BY THE BOARD.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt6SALARY INCREASES ARE ESTABLISHED USING THE FOLLOWING: COMPENSATION COMMITTEE, REFERENCE TO THE NRECA NATIONAL COMPENSATION SURVEY, AND FINALLY APPROVAL BY THE BOARD.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt7GOVERNING DOCUMENTS ARE AVAILABLE AT ANNUAL MEETING AND UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt8MEMBERSHIPS 1,570 TRANSFERS 0 INCOME FROM SUBSIDIARY 0 PATRONAGE CAPITAL REFUNDS 0 UNRECOGNIZED RETIREMENT LOSS -15,737 LOSS FROM SUBSIDIARY -1,704 TRANSFERS -1,972 TOTAL -17,843
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 7B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PAGE 6, PART VI, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PAGE 6, PART VI, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5FORM 990, PAGE 6, PART VI, LINE 15A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc6FORM 990, PAGE 6, PART VI, LINE 15B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc7FORM 990, PAGE 6, PART VI, LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc8FORM 990, PART XI, LINE 9
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