2024-10-30T14:13:55-05:00 2023-12-31 363163136 LWG CPAS & ADVISORS 1776 N MERIDIAN ST STE 500 INDIANAPOLIS IN 46202 990 2023-01-01 350376478 HENDRICKS COUNTY RURAL ELECTRIC MEMBERSHIP CORPORATION HEND 3177455473 PO BOX 309 DANVILLE IN 46122 GREGORY A TERNET CEO 3177455473 2024-10-28 1 0 EARL L RIDLEN P00987829 3176344747 2023 2024-10-15 13:58:12Z HENDRICKS POWER COOPERATIVE GREGORY A TERNET PO BOX 309 DANVILLE IN 46122 108323649 0 X WWW.HENDRICKSPOWER.COM X 1936 IN DISTRIBUTION OF ELECTRICITY TO APPROXIMATELY 38,000 CUSTOMERS ON A COOPERATIVE BASIS. 10 10 86 0 110480 67666 0 0 99620077 104970766 181194 529867 2741827 2823016 102543098 108323649 0 0 4587122 9199096 7543466 7679742 0 0 0 90412510 91444811 102543098 108323649 0 0 234883855 246422972 118950330 123442962 115933525 122980010 HENDRICKS POWER COOPERATIVE EXISTS TO DISTRIBUTE HIGH QUALITY, RELIABLE, AND COMPETITIVELY VALUED ELECTRIC ENERGY TO ITS MEMBER OWNERS IN AN ENVIRONMENTALLY RESPONSIBLE MANNER. 0 0 108323649 108323649 DISTRIBUTION OF ELECTRICITY TO MEMBERS. 108323649 0 0 1 0 0 0 0 0 0 1 0 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 1 1 1 0 1 64 0 1 86 1 1 1 0 0 0 0 0 0 0 0 104970766 2390696 0 0 0 X 10 10 1 0 0 0 1 1 1 1 1 0 0 1 1 1 1 1 1 1 1 1 0 IN X GREGORY A TERNET 3177455473 PO BOX 309 DANVILLE IN 46122 MATTHEW J HESSION DIRECTOR 2.00 X 23267 0 0 SUSAN WEBB DIRECTOR 3.00 X 19227 0 0 R JEFFREY FLEECE SECRETARY 2.00 X 23831 0 0 WILLIAM A LYNCH PRESIDENT 2.00 X 24457 0 0 HAL TRUAX VICE PRESIDENT 1.00 X 22437 0 0 DAVID THOMAS DIRECTOR 3.00 X 18948 0 0 KEITH S COOPER TREASURER 1.00 X 15798 0 0 STANLEY RYLAND DIRECTOR 2.00 X 14622 0 0 CHRISTOPHER MANN DIRECTOR 3.00 X 17224 0 0 BRENT SHAY DIRECTOR 1.00 X 17522 0 0 GREGORY A TERNET CEO 45.00 X 391566 0 217720 DAVID R OLMSTEAD DIRECTOR OF FINANCE & MEMB 45.00 X 173892 0 79338 MICHAEL L GOOD DIRECTOR OF ENGINEERING 42.00 X 173032 0 66615 AMY C WATSON DIRECTOR OF TECHNOLOGY 45.00 X 173398 0 33747 JOSEPH A PARSONS DIRECTOR OF OPERATIONS & BUSINESS STRATEGY 45.00 X 169984 0 53133 DEBRA J LENARDSON DIRECTOR OF HUMAN RESOURCE 40.00 X 174075 0 39826 1453280 0 490379 32 0 1 0 J&J ELECTRIC PO BOX 357 KOKOMO IN 46903 EQUIPMENT INSTALLATION 2715995 ACLARA PO BOX 207514 DALLAS TX 75320 HARDWARE/SOFTWARE 1837233 HELEBO TRENCHING 689 WHITE ASH TRAIL MOORESVILLE IN 46158 EXCAVATION WORK 1381559 WILLIAMS TREE SERVICE 310 W BORDER STREET PARAGON IN 46166 TREE TRIMMING 1370472 UTILITY MANAGEMENT & CONSTRUCTION LLC 2038 W CR 900 N ROACHDALE IN 46172 EXCAVATION WORK 642931 18 ELECTRIC REVENUE 221000 104970766 104970766 104970766 384538 384538 346269 0 346269 346269 346269 145329 0 145329 145329 145329 PATRONAGE CAPITAL 221000 2138479 2138479 MISCELLANEOUS INCOME 221000 338268 227788 110480 2476747 108323649 107482362 110480 730807 9199096 9199096 1943658 1943658 4151238 4151238 476669 476669 739359 739359 368818 368818 3498858 3498858 8040725 8040725 COST OF POWER 72639154 72639154 DISTRIBUTION MAINT & OP 3325318 3325318 ADMINISTRATIVE & GENERA 2691903 2691903 CONSUMER ACCOUNTS 656003 656003 592850 592850 108323649 108323649 0 0 971135 312670 2244283 2599715 3489323 4859144 4137699 5550865 96133 136435 236507072 58604265 162880596 177902807 8045447 1732077 34492919 35429453 18526320 17899806 234883855 246422972 14071368 14803987 432764 441742 99208628 103790834 5237570 4406399 118950330 123442962 X 0 0 755170 775200 115178355 122204810 115933525 122980010 234883855 246422972 X 0 7046485 X 0 1 X 1 0 6350 6350 6350 1 INDIANA FORE 8888 KEYSTONE CROSSING STE 1600 INDIANAPOLIS IN 46240 351998087 5000 HENDRICKS COUNTY GOP 47 W MARION ST DANVILLE IN 46122 650 BRETT CLARK FOR STATE SENATE 996 S COUNTY RD 400 E AVON IN 46123 500 GREG STEUERWALD FOR STATE REPRESENTATIVE PO BOX 503 DANVILLE IN 46122 700 PART I-A A MONETARY DONATION TO POLITICAL ORGANIZATIONS. PART I-C THE 1120-POL FILED INCLUDED A VOIDED CHECK FOR $500 THAT DECREASED THE AMOUNT TO BE REPORTED. 913399 913399 12692417 6041319 6651098 12906938 8624705 4282233 209994318 43938241 166056077 177902807 PATRONAGE CAPITAL - WVPA 30790525 C PATRONAGE CAPITAL AND INVESTMENTS 1162609 C SUBSIDIARY HPC SERVICES, LLC -11760 C SUBSIDIARY MARK-IT-RIGHT, LLC 1024290 C SUBSIDIARY HP CONNECT, LLC -903174 C COBANK 2197221 C CFC 1169742 C 35429453 UNBILLED REVENUE 7997077 MISC DEFERRED DEBITS - PREPAID LOAN 210417 MISC DEFERRED DEBITS - HP CONNECT LT PORTION OF LOAN 9692312 17899806 CONSUMER ADVANCES FOR CONSTRUCTION 2532200 ACCUMULATIVE PROVISION FOR MEDICAL LEAVE 1487465 OBLIGATIONS UNDER CAPITAL LEASES 386734 4406399 X 108323649 0 108323649 0 108323649 99124553 0 99124553 9199096 9199096 108323649 PART X, LINE 2: THE COOPERATIVE HAS ADOPTED ACCOUNTING STANDARDS CODIFICATION (ASC) 740-10 AS IT RELATES TO UNCERTAIN TAX POSITIONS. CURRENTLY, THE COOPERATIVE'S FORMS 990 FOR 2020 - 2022 ARE SUBJECT TO EXAMINATION BY THE INTERNAL REVENUE SERVICE AND THE INDIANA DEPARTMENT OF REVENUE. THE COOPERATIVE IS NOT CURRENTLY BEING EXAMINED BY THESE JURISDICTIONS AND MANAGEMENT BELIEVES ITS TAX-EXEMPT STATUS WOULD BE UPHELD UNDER EXAMINATION. NO PROVISION FOR UNCERTAIN TAX POSITIONS HAS BEEN RECORDED AT DECEMBER 31, 2023 AND 2022. PART XII LINE 4B BENEFITS PAID TO OR FOR MEMBERS (SEE 990 CORE FORM - PART IX, LINE 4) 9,199,096 X 1 1 X X X X 0 0 0 GREGORY A TERNET CEO 347570 0 0 0 43996 0 184307 0 33413 0 609286 0 0 0 DAVID R OLMSTEAD DIRECTOR OF FINANCE & MEMB 157375 0 5200 0 11317 0 44708 0 34630 0 253230 0 0 0 MICHAEL L GOOD DIRECTOR OF ENGINEERING 156838 0 6700 0 9494 0 38353 0 28262 0 239647 0 0 0 JOSEPH A PARSONS DIRECTOR OF OPERATIONS & BUSINESS ST 158846 0 7200 0 3938 0 19573 0 33560 0 223117 0 0 0 DEBRA J LENARDSON DIRECTOR OF HUMAN RESOURCE 162410 0 5200 0 6465 0 26958 0 12868 0 213901 0 0 0 AMY C WATSON DIRECTOR OF TECHNOLOGY 144000 0 5200 0 24198 0 31918 0 1829 0 207145 0 0 0 PART I, LINE 3 INDEPENDENT COMPENSATION CONSULTANT AND COMPENSATION SURVEYS USED TO DETERMINE A SALARY RANGE FOR CEO. THE BOARD REFERS TO SALARY RANGE TO HELP DETERMINE COMPENSATION FOR CEO. FORM 990, PART VI, SECTION A, LINE 2 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. FORM 990, PART VI, SECTION A, LINE 6 HENDRICKS COUNTY REMC IS A COOPERATIVE OWNED BY APPROXIMATELY 38,000 MEMBERS. FORM 990, PART VI, SECTION A, LINE 7A 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 TEN (10) BOARD MEMBERS TO SERVE AS THE GOVERNING BODY. FORM 990, PART VI, SECTION A, LINE 7B 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. FORM 990, PART VI, SECTION B, LINE 11B 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. FORM 990, PART VI, SECTION B, LINE 12C 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. FORM 990, PART VI, SECTION B, LINE 15 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. FORM 990, PART VI, SECTION C, LINE 19 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. FORM 990, PART XI, LINE 9: BENEFITS PAID TO OR FOR THE MEMBERS 9,199,096. RETIREMENT OF PATRONAGE CAPITAL -3,201,348. INCREASES IN MEMBERSHIPS 20,030. FORFEITURE OF UNCLAIMED PATRONAGE 1,028,704. ROUNDING 3. FORM 990, PART IX, LINE 4 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. FRM 990, PART X, LINE 4 THE LONG-TERM PORTION ON 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 $9,692,312. HPC SERVICES LLC PO BOX 309 DANVILLE IN 46122 352124686 LINE LOCATES & FIBER IN HENDRICKS COUNTY REMC C 4037328 16606373 1.00000 1 1 0 0 1 0 1 0 1 0 0 0 1 1 0 0 0 1 0 0 HPC SERVICES LLC A 537 ACTUAL HPC SERVICES LLC D -482742 ACTUAL HPC SERVICES LLC F 50000 ACTUAL HPC SERVICES LLC H 54614 ACTUAL HPC SERVICES LLC L 280272 ACTUAL HPC SERVICES LLC M 553109 ACTUAL HPC SERVICES LLC Q 47893 ACTUAL