Civic Intelligence

Hart Electric Membership

990 • Fiscal year 2023 • EIN 58-0280657

Jan 01, 2023 to Dec 31, 2023 • Filed on Jul 19, 2024

PO Box 250Hartwell, GA 30643-0250

(800) 241-4109

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

13th percentile

0.49x

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

2023 filings • 501(c)12 • $250M-$1B nonprofits • Source year 2023

Liabilities / Revenue

49th percentile

1.48x

Higher debt load relative to revenue than 49% of similar nonprofits.

2023 filings • 501(c)12 • $250M-$1B nonprofits • Source year 2023

Net Margin

52nd percentile

0.0%

Higher net margin than 52% of similar nonprofits.

2023 filings • 501(c)12 • $250M-$1B nonprofits • Source year 2023

Top Officer Pay

36th percentile

$464,699

Higher top officer pay than 36% of similar nonprofits.

Top officer pay equals 0.5% of source-year revenue.

2023 filings • 501(c)12 • $250M-$1B nonprofits • Source year 2023

Asset Growth

47th percentile

5.2%

Faster asset growth than 47% of similar nonprofits.

2023 filings • 501(c)12 • $250M-$1B nonprofits • Annualized from 2022 to 2023

Revenue Growth

24th percentile

-2.7%

Faster revenue growth than 24% of similar nonprofits.

2023 filings • 501(c)12 • $250M-$1B nonprofits • Annualized from 2022 to 2023

Assets

Up

$255,268,022

Up $12,509,706 (+5.2%) from 2022

Net Assets

Up

$130,185,133

Up $2,411,109 (+1.9%) from 2022

Liabilities

Up

$125,082,889

Up $10,098,597 (+8.8%) from 2022

Revenue

Down

$84,757,035

Down $2,365,182 (-2.7%) from 2022

Expenses

Down

$84,757,035

Down $2,365,182 (-2.7%) from 2022

Net Income

Flat

$0

Flat from 2022

Historical Trend

Balance Sheet Trend

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

$300M$200M$100M$0Assets 2011: $153,029,641Liabilities 2011: $89,237,778Net Assets 2011: $63,791,8632011Assets 2012: $155,276,962Liabilities 2012: $88,500,638Net Assets 2012: $66,776,3242012Assets 2013: $159,764,387Liabilities 2013: $91,792,721Net Assets 2013: $67,971,6662013Assets 2014: $173,757,535Liabilities 2014: $100,162,310Net Assets 2014: $73,595,2252014Assets 2015: $179,748,303Liabilities 2015: $106,080,077Net Assets 2015: $73,668,2262015Assets 2016: $178,556,244Liabilities 2016: $96,644,045Net Assets 2016: $81,912,1992016Assets 2017: $175,880,505Liabilities 2017: $91,405,346Net Assets 2017: $84,475,1592017Assets 2018: $191,313,457Liabilities 2018: $101,239,825Net Assets 2018: $90,073,6322018Assets 2019: $213,929,296Liabilities 2019: $119,220,730Net Assets 2019: $94,708,5662019Assets 2020: $227,687,212Liabilities 2020: $119,548,940Net Assets 2020: $108,138,2722020Assets 2021: $227,728,767Liabilities 2021: $114,081,064Net Assets 2021: $113,647,7032021Assets 2022: $242,758,316Liabilities 2022: $114,984,292Net Assets 2022: $127,774,0242022Assets 2023: $255,268,022Liabilities 2023: $125,082,889Net Assets 2023: $130,185,1332023Assets 2024: $283,392,078Liabilities 2024: $144,247,585Net Assets 2024: $139,144,4932024

Highlighted filing

2023

Assets$255,268,022
Liabilities$125,082,889
Net Assets$130,185,133

Operations Trend

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

$100M$50M$0Revenue 2011: $70,986,307Expenses 2011: $70,986,307Net Income 2011: $02011Revenue 2012: $69,062,999Expenses 2012: $69,062,999Net Income 2012: $02012Revenue 2013: $70,411,366Expenses 2013: $70,411,366Net Income 2013: $02013Revenue 2014: $76,670,913Expenses 2014: $76,670,913Net Income 2014: $02014Revenue 2015: $77,775,587Expenses 2015: $77,775,587Net Income 2015: $02015Revenue 2016: $77,618,795Expenses 2016: $77,618,795Net Income 2016: $02016Revenue 2017: $74,791,574Expenses 2017: $74,791,574Net Income 2017: $02017Revenue 2018: $82,527,096Expenses 2018: $82,527,096Net Income 2018: $02018Revenue 2019: $83,157,240Expenses 2019: $83,157,240Net Income 2019: $02019Revenue 2020: $80,237,450Expenses 2020: $80,237,450Net Income 2020: $02020Revenue 2021: $84,026,536Expenses 2021: $84,026,536Net Income 2021: $02021Revenue 2022: $87,122,217Expenses 2022: $87,122,217Net Income 2022: $02022Revenue 2023: $84,757,035Expenses 2023: $84,757,035Net Income 2023: $02023Revenue 2024: $91,671,354Expenses 2024: $91,671,354Net Income 2024: $02024

Highlighted filing

2023

Revenue$84,757,035
Expenses$84,757,035
Net Income$0
Jump To
Filing Snapshot
Filing Period
Jan 1, 2023 to Dec 31, 2023
Signed
Jul 19, 2024
Return Version
2023v5.0
Gross Receipts
$84,757,035
Mission and Program Overview

Mission

To provide the best possible electric service to all who desire it within the system area at a reasonable cost consistent with the highest standards of service.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$137,777,459$144,345,309▲ $6,567,850
Rtn Earn Endowment Incm Other Fnds$127,637,174$130,046,543▲ $2,409,369
Prepaid Expenses and Deferred Charges$46,998,305$41,195,830▼ $5,802,475
Investments Program Related$32,069,126$34,198,287▲ $2,129,161
Savings and Temporary Cash Investments$3,000,000$18,000,000▲ $15,000,000
Accounts Receivable$10,724,894$8,284,403▼ $2,440,491
Cash and Non-Interest-Bearing Accounts$10,984,921$7,611,437▼ $3,373,484
Inventories for Sale or Use$1,173,145$1,356,267▲ $183,122
Cap Stk Tr Prin Current Funds$136,850$138,590▲ $1,740
Total Assets$242,758,316$255,268,022▲ $12,509,706
Other Assets Total$30,466$276,489▲ $246,023
Liabilities
Mortgage Notes Payable Secured by Investment Property$71,463,104$76,546,673▲ $5,083,569
Other Liabilities$36,657,882$42,262,454▲ $5,604,572
Accounts Payable and Accrued Expenses$6,863,306$6,273,762▼ $589,544
Total Liabilities$114,984,292$125,082,889▲ $10,098,597
Net Assets / Fund Balance
Total Net Assets Fund Balance$127,774,024$130,185,133▲ $2,411,109
Total Liabilities and Net Assets / Fund Balance$242,758,316$255,268,022▲ $12,509,706

Asset Categories

AssetBook ValueDepreciationBasis
Other Land Buildings$143,889,053$72,096,262$215,985,315
Land$86,406-$86,406
Investment Program Related Org$290,656--
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Jeffrey W MurphyPresident &FT$366,931$97,768$464,699
Jeffrey W MurphyPresident & CEO-$356,119$108,580$464,699
Joel K BrownChief Oper.FT$254,984$83,000$337,984
Joel K BrownChief Oper. Officer-$246,852$91,132$337,984
Glenn ClevelandEngineeringFT$152,350$46,201$198,551
Glenn ClevelandEngineering Manager-$149,199$49,868$198,551
Edward HoyVP EngineeriFT$150,831$45,911$196,742
Edward HoyVP Engineering & Ops-$147,197$49,029$196,742
Allen BondRight-of-wayFT$132,753$52,743$185,496
Allen BondRight-of-way Manager-$129,919$55,577$185,496
Joseph M FowlerJourneyman L-$121,081$49,696$170,777
Joseph M FowlerJourneyman Line Tech-$118,653$52,124$170,777
Kay ReedSec.-treas.PT$18,663-$18,663
William M LeardDirectorPT$14,800-$14,800
David M FlemingDirectorPT$14,350-$14,350
Donnie a CordellDirectorPT$13,538-$13,538
Guerry HallVice ChairmaPT$13,450-$13,450
Galen MillsChairmanPT$8,950-$8,950
John M PeeplesDirectorPT$7,950-$7,950

Board Members and Trustees

NameTitle
Jerry SnowDirector

Highest Paid Contractors

ContractorServicesLocationCompensation
PikeElectric Cont.100 PIKE WAY, Mount Airy, NC 27030$1,863,338
The Davey Tree Expert CoRow Contractor6925 GILLELAND LN NW, Atlanta, GA 30360$1,686,700
Caldwell LandscapingRow Contractor310 E CROSSVILLE RD, Roswell, GA 30075$1,056,738
Utiliclear LLCRow Contractor565 KINNEY MILL RD, Mount Airy, GA 30563$496,684
J L Adams INCPlumbing1201 MAXWELL RD, Dewy Rose, GA 30634$223,866
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$81,875,944
Investment Income
$2,881,091
Other Revenue
$0
Change in Net Assets
$0
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$71,374,226
Salaries, Compensation, and Employee Benefits$556,400
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Benefits to Members$12,826,409--$12,826,409
Depreciation Depletion$6,299,545--$6,299,545
All Other Expenses$3,876,008--$3,876,008
Other Expenses$2,980,958--$2,980,958
Interest$2,411,669--$2,411,669
Current Officers, Directors, Trustees, and Key Employees$556,400--$556,400
Total Functional Expenses$84,757,035$0$0$84,757,035
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
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Regulatory Liabilites - Asc 980$30,000,000
Accum Prov for Pension & Benefits$8,678,937
Consumer Deposits$3,583,517
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 6

The organization has members as provided for in its bylaws which are included as a part of this return.

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

The cooperative has members who elect members of the governing body as provided for in its bylaws which are included as a part of this return.

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

Certain decisions of the governing body are subject to approval by members as provided for in its bylaws which are included as a part of this return.

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

Form 990 is reviewed by the board as provided for in the cooperative's policy which is included as a part of this return.

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

The cooperative regularly and consistently monitors and enforces compliance with their conflict of interest policy as provided for in its policy which is included as a part of this return.

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

Ceo compensation is reviewed and approved in accordance with compensation policies which are attached as a part of the form 990.

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

Key employees compensation is reviewed and approved in accordance with compensation policies which are attached as a part of the form 990.

Form 990, Page 6, Part VI, Line 19

The cooperative makes its bylaws, conflict of interest policy, and financial statements available to the public as part of its form 990. The form 990 is available upon request as reflected in part vi, section c, line 18.

Filing and Contact Details

Filer

Filer Name
Hart Electric Membership
EIN
58-0280657
Phone
8002414109
Address
PO BOX 250, HARTWELL, GA 30643-0250

Signing Officer

Name
Jeffrey W Murphy
Title
President & CEO
Phone
7063764714
Signed
2024-07-19
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Jeffrey W Murphy
Formed
1937
Legal Domicile
Ga
Voting Board Members
7
Independent Board Members
7
Employees
121

Preparer

Firm
Mcnair Mclemore Middlebrooks & Co LLC
Address
POST OFFICE BOX ONE, MACON, GA 31202-0001
Preparer
H Terrell Mcmichael Jr
Phone
4787466277
Supplemental Narrative

Additional Explanations

Form 990, Page 2, Part III, Line 4D

NA

Form 990, Part XI, Line 9

Patronage capital credits 12,826,409 asc 980 - deferred revenue recognition 5,625,000 donated capital/retired capital credits 1,303,684 capital credit retirements -gain 186,149 membership fees 1,740 other comprehensive income 947,350 retirement of capital credits -6,479,223 asc 980 - deferred revenue deferral -12,000,000 total 2,411,109

Financial Statement Notes

Schedule D, Page 4, Part XIII

The corporation's financial statements were audited as of march 31, 2023 and 2022.

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IRS990/Form990PartVIISectionAGrp/TitleTxt7DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt8PRESIDENT &
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IRS990/Form990PartVIISectionAGrp/TitleTxt10ENGINEERING
IRS990/Form990PartVIISectionAGrp/TitleTxt11VP ENGINEERI
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IRS990ScheduleD/InvstProgramRelatedOrgGrp/Desc2OTHER INV IN ASSOC ORGS
IRS990ScheduleD/InvstProgramRelatedOrgGrp/Desc3INVESTMENT IN ASSOC ORG. - GRESCO
IRS990ScheduleD/InvstProgramRelatedOrgGrp/Desc4CONTRIBUTED CAPITAL - GTC
IRS990ScheduleD/InvstProgramRelatedOrgGrp/Desc5INV CAPITAL TERM CERTIFICATES - CFC
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IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0REGULATORY LIABILITES - ASC 980
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc1ACCUM PROV FOR PENSION & BENEFITS
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc2CONSUMER DEPOSITS
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0THE CORPORATION'S FINANCIAL STATEMENTS WERE AUDITED AS OF MARCH 31, 2023 AND 2022.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE D, PAGE 4, PART XIII
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Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$283$144$139$91.7$91.7$0.00
2023Detailed filing. Detailed filing data is available for this year.$255$125$130$84.8$84.8$0.00
2022Facts available. Structured filing facts are available, but richer extracted sections are limited.$243$115$128$87.1$87.1$0.00
2021Facts available. Structured filing facts are available, but richer extracted sections are limited.$228$114$114$84.0$84.0$0.00
2020Facts available. Structured filing facts are available, but richer extracted sections are limited.$228$120$108$80.2$80.2$0.00
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$214$119$94.7$83.2$83.2$0.00
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$191$101$90.1$82.5$82.5$0.00
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$176$91.4$84.5$74.8$74.8$0.00
2016XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$179$96.6$81.9$77.6$77.6$0.00
2015Summary only. Only limited summary data is available for this year.$180$106$73.7$77.8$77.8$0.00
2014Summary only. Only limited summary data is available for this year.$174$100$73.6$76.7$76.7$0.00
2013Summary only. Only limited summary data is available for this year.$160$91.8$68.0$70.4$70.4$0.00
2012Summary only. Only limited summary data is available for this year.$155$88.5$66.8$69.1$69.1$0.00
2011Summary only. Only limited summary data is available for this year.$153$89.2$63.8$71.0$71.0$0.00
Peer Organizations

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