Civic Intelligence

Northeastern Rural Electric Membership Corporation

990 • Fiscal year 2023 • EIN 35-0756490

Jan 01, 2023 to Dec 31, 2023 • Filed on Aug 20, 2024

Organization ProfileWWW.NREMC.COM
4901 East Park 30 DriveColumbia City, IN 46725

(888) 413-6111

Siviq Scores

Scores are not available for this record yet.

Balance Sheet

Assets

Up

$181,557,259

Up $11,728,299 (+6.9%) from 2022

Net Assets

Up

$66,985,894

Up $3,229,907 (+5.1%) from 2022

Liabilities

Up

$114,571,365

Up $8,498,392 (+8.0%) from 2022

Revenue And Expenses

Revenue

Down

$122,357,885

Down $26,279,000 (-18%) from 2022

Expenses

Down

$118,061,718

Down $26,723,090 (-18%) from 2022

Net Income

Up

$4,296,167

Up $444,090 (+12%) from 2022

Historical Trend

Balance Sheet Trend

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

$200M$150M$100M$50M$0Assets 2020: $119,469,437Liabilities 2020: $60,660,161Net Assets 2020: $58,809,2762020Assets 2021: $154,005,839Liabilities 2021: $92,552,927Net Assets 2021: $61,452,9122021Assets 2022: $169,828,960Liabilities 2022: $106,072,973Net Assets 2022: $63,755,9872022Assets 2023: $181,557,259Liabilities 2023: $114,571,365Net Assets 2023: $66,985,8942023Assets 2024: $197,488,212Liabilities 2024: $127,270,746Net Assets 2024: $70,217,4662024

Highlighted filing

2023

Assets$181,557,259
Liabilities$114,571,365
Net Assets$66,985,894
Open 2023 Filing

Operations Trend

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

$150M$100M$50M$0Revenue 2020: $107,730,098Expenses 2020: $104,701,085Net Income 2020: $3,029,0132020Revenue 2021: $126,158,719Expenses 2021: $121,872,577Net Income 2021: $4,286,1422021Revenue 2022: $148,636,885Expenses 2022: $144,784,808Net Income 2022: $3,852,0772022Revenue 2023: $122,357,885Expenses 2023: $118,061,718Net Income 2023: $4,296,1672023Revenue 2024: $132,182,439Expenses 2024: $132,165,700Net Income 2024: $16,7392024

Highlighted filing

2023

Revenue$122,357,885
Expenses$118,061,718
Net Income$4,296,167
Open 2023 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2023 to Dec 31, 2023
Signed
Aug 20, 2024
Return Version
2023v5.0
Gross Receipts
$122,366,591
Mission and Program Overview

Mission

Electric distribution cooperative delivering electricity in parts of six indiana counties; whitley, allen, huntington, wabash, noble and kosciusko.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$131,940,435$147,422,056▲ $15,481,621
Rtn Earn Endowment Incm Other Fnds$63,755,987$66,985,894▲ $3,229,907
Investments Other Securities$13,497,260$13,590,432▲ $93,172
Accounts Receivable$12,175,450$12,137,036▼ $38,414
Inventories for Sale or Use$3,502,114$3,722,076▲ $219,962
Prepaid Expenses and Deferred Charges$6,962,243$2,998,845▼ $3,963,398
Cash and Non-Interest-Bearing Accounts$694,910$640,634▼ $54,276
Total Assets$169,828,960$181,557,259▲ $11,728,299
Other Assets Total$1,056,548$1,046,180▼ $10,368
Liabilities
Mortgage Notes Payable Secured by Investment Property$79,390,931$86,502,777▲ $7,111,846
Accounts Payable and Accrued Expenses$19,352,909$21,599,724▲ $2,246,815
Other Liabilities$7,329,133$6,468,864▼ $860,269
Total Liabilities$106,072,973$114,571,365▲ $8,498,392
Net Assets / Fund Balance
Total Net Assets Fund Balance$63,755,987$66,985,894▲ $3,229,907
Total Liabilities and Net Assets / Fund Balance$169,828,960$181,557,259▲ $11,728,299

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$138,894,249$81,611,859$220,506,108
Buildings$4,761,718$2,715,450$7,477,168
Land$3,766,089-$3,766,089
Other Securities$2,155--
Closely Held Equity Interests$496,150--
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Eric JungPresident &FT$353,214$101,528$454,742
Eric JungPresident & CEO-$353,214$101,528$454,742
James EitsertVP DistributFT$184,774$53,372$238,146
James EitsertVP Distribution Serv-$184,774$53,372$238,146
Audra UherCFOFT$171,009$62,682$233,691
Teresa J MerrymanVP Member SeFT$140,989$58,765$199,754
Teresa J MerrymanVP Member Services-$140,989$58,765$199,754
Scott I SnyderLine ForemanFT$143,700$51,741$195,441
Ingrid Tippmann NicholsonSecretary-$22,200-$22,200
Cathy EgolfBoard Member-$20,550-$20,550
Joseph KruyerBoard Member-$18,450-$18,450
Erik LinnemeierBoard Member-$17,400-$17,400
Douglas SchraderV. Chair-$16,200$200$16,400
Robert HigginsChair-$15,950-$15,950
Jeremy McclishBoard Member-$15,200-$15,200
Thomas WesternTreasurer-$14,700$200$14,900
Gary GorrellBoard Member-$14,850-$14,850

Highest Paid Contractors

ContractorServicesLocationCompensation
Jumpstart CommunicationsTelecommunicati2515 LOTUS BBLOSSOM COVE, Fort Wayne, IN 46818$1,208,796
Robert Henry CorpDist Plant ConsPO BOX 1407, South Bend, IN 46624$593,678
Mwm INCInst/maint4350 E 1000 S-92, Roanoke, IN 46783$573,028
Ampp Construction INCInst/maint4090 W 400 S, Winchester, IN 47394$567,910
Mint City Utility ServicesTree Trimming1808 DOGWOOD RD, Bremen, IN 46506$458,945
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$121,664,832
Investment Income
$155,792
Other Revenue
$537,261
Change in Net Assets
$4,296,167

Audited Revenue Reconciliation

Revenue per Audited Statements
$122,357,885
Total Revenue per Audited Statements
$122,357,885
Total Revenue per Form 990
$122,357,885
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$111,962,146
Salaries, Compensation, and Employee Benefits$6,099,572
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Depreciation Depletion---$7,058,454
Other Salaries and Wages---$3,823,932
Interest---$3,785,045
Other Expenses---$1,400,046
Pension Plan Contributions---$674,716
Other Employee Benefits---$674,274
Office Expenses---$655,896
Current Officers, Directors, Trustees, and Key Employees---$610,242
All Other Expenses---$595,786
Payroll Taxes---$316,408
Insurance---$272,877
Information Technology---$251,980
Advertising---$44,353
Fees for Services Other---$42,030
Fees for Services Legal---$34,150
Fees for Services Accounting---$24,450
Total Functional Expenses$0$0$0$118,061,718

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$118,061,718
Total Expenses per Audited Statements$118,061,718
Total Expenses per Form 990$118,061,718
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$3,000
Total Exempt Function Spending$3,000

Section 527 Organizations

OrganizationLocationAmount
35-1998087Indianapolis, IN$3,000
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Consumer Deposits$5,994,470
Contributions in Aid of Construction$474,394
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
Yes
Management duties delegated
No

Governance Explanations

Form 990, Page 6, Part VI, Line 2

“Tom western douglas schrader director director business”

Form 990, Page 6, Part VI, Line 6

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

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

“The board of directors are elected by the members at the annual meeting of the corporation.”

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

“The members approve or disapprove of the board of directors actions at the annual meeting.”

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 15A

“A ceo compensation committee made up entirely of board of directors members meets to evaluate and determine the appropriate salary level of the ceo including the use of comparable data.”

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

“The organization reviews compensation to establish all salaries.”

Form 990, Page 6, Part VI, Line 19

“The bylaws of the cooperative, 2 years of annual reports and the listing of the board of directors and contract information is maintained on the cooperative's website. Form 990 is maintained in house and is available for inspection or copying during business hours.”

Filing and Contact Details

Filer

Filer Name
Northeastern Rural Electric
EIN
35-0756490
Phone
8884136111
Address
4901 EAST PARK 30 DRIVE, COLUMBIA CITY, IN 46725

Signing Officer

Name
Eric Jung
Title
President & CEO
Phone
8884136111
Signed
2024-08-20
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Eric Jung
Formed
1936
Legal Domicile
In
Voting Board Members
9
Independent Board Members
9
Employees
85

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

“Change in memberships 2,595 retirement of capital credits -1,068,855 total -1,066,260”

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, 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, 2023 and 2022, 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 2020.”

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IRS990/ProgramServiceRevenueGrp/Desc0PROGRAM SERVICE REVENUE
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IRS990ScheduleC/SupplementalInformationDetail/ExplanationTxt0CONTRIBUTIONS TO POLITICAL ACTION COMMITTEES
IRS990ScheduleC/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE C, PART IV
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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, 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, 2023 AND 2022, 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 2020.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE D, PAGE 3, PART X
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Filings

Displayed year

2023 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$181,557,259
Liabilities
$114,571,365
Net assets
$66,985,894
Revenue
$122,357,885
Expenses
$118,061,718
Net income
$4,296,167
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$197$127$70.2$132$132$0.02
2023Detailed filing. Detailed filing data is available for this year.$182$115$67.0$122$118$4.30
2022Detailed filing. Detailed filing data is available for this year.$170$106$63.8$149$145$3.85
2021Detailed filing. Detailed filing data is available for this year.$154$92.6$61.5$126$122$4.29
2020Detailed filing. Detailed filing data is available for this year.$119$60.7$58.8$108$105$3.03