HENDRICKS COUNTY RURAL ELECTRIC MEMBERSHIP CORPORATION

EIN: 350376478

DANVILLE, IN

Total Revenue
$108,323,649
Total Expenses
$108,323,649
Total Assets
$246,422,972
Net Assets
$122,980,010
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Financial Vulnerability Assessment (Tuckman-Chang)

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Financial Trends

Organization Details

Formation Year
1936
Legal Domicile
IN
Principal Officer
GREGORY A TERNET
Phone
3177455473
Tax Period
2023-01-01 to 2023-12-31

HENDRICKS COUNTY RURAL ELECTRIC MEMBERSHIP CORPORATION, founded in 1936, is a major nonprofit that reported $108.3M in total revenue in fiscal year 2023.

Mission

HENDRICKS POWER COOPERATIVE EXISTS TO DISTRIBUTE HIGH QUALITY, RELIABLE, AND COMPETITIVELY VALUED ELECTRIC ENERGY TO ITS MEMBER OWNERS IN AN ENVIRONMENTALLY RESPONSIBLE MANNER.

Program Service Accomplishments

Program 1
Expenses: $108,323,649 Revenue: $108,323,649

DISTRIBUTION OF ELECTRICITY TO MEMBERS.

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

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Financial Overview (2023)

Revenue Breakdown

Contributions & Grants $0
Program Service Revenue $104,970,766
Investment Income $529,867
Other Revenue $2,823,016
TOTAL REVENUE $108,323,649

Expense Breakdown

Grants Paid $0
Salaries & Benefits $7,679,742
Fundraising Expenses $0
Program Expenses $108,323,649
Other Expenses $91,444,811
TOTAL EXPENSES $108,323,649

Year-over-Year Comparison

2023 2022 Change
Revenue $108,323,649 $102,543,098 +0.1%
Expenses $108,323,649 $102,543,098 +0.1%
Net Income $0 $0 N/A
Key Indicators
✗ Grants to Organizations ✗ Grants to Individuals ✗ Lobbying ✓ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✗ Schedule B Required
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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

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Governance

Voting Members
10
Independent Members
10
Employees
86
Volunteers
N/A

Governance Policies

✓ Conflict of Interest Policy
✓ Whistleblower Policy
✓ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School
✗ Operated a Hospital
✗ Provided First Class Travel
⚠ Reported Conflict of Interest
✗ Reported Asset Diversion
✗ Excess Benefit Transaction
✗ Made Political Expenditures
✗ Engaged in Lobbying
✗ Operated Donor Advised Fund
✗ Maintained Art Collections
✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers
1
$609,286
Total Directors
10
$197,333
Key Employees
0
$0
Highest Compensated
5
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
MATTHEW J HESSION DIRECTOR 2.00
Director
$23,267 $0 $23,267
SUSAN WEBB DIRECTOR 3.00
Director
$19,227 $0 $19,227
R JEFFREY FLEECE SECRETARY 2.00
Director
$23,831 $0 $23,831
WILLIAM A LYNCH PRESIDENT 2.00
Director
$24,457 $0 $24,457
HAL TRUAX VICE PRESIDENT 1.00
Director
$22,437 $0 $22,437
DAVID THOMAS DIRECTOR 3.00
Director
$18,948 $0 $18,948
KEITH S COOPER TREASURER 1.00
Director
$15,798 $0 $15,798
STANLEY RYLAND DIRECTOR 2.00
Director
$14,622 $0 $14,622
CHRISTOPHER MANN DIRECTOR 3.00
Director
$17,224 $0 $17,224
BRENT SHAY DIRECTOR 1.00
Director
$17,522 $0 $17,522
GREGORY A TERNET CEO 45.00
Officer
$391,566 $217,720 $609,286
DAVID R OLMSTEAD DIRECTOR OF FINANCE & MEMB 45.00
Highest
$173,892 $79,338 $253,230
MICHAEL L GOOD DIRECTOR OF ENGINEERING 42.00
Highest
$173,032 $66,615 $239,647
AMY C WATSON DIRECTOR OF TECHNOLOGY 45.00
Highest
$173,398 $33,747 $207,145
JOSEPH A PARSONS DIRECTOR OF OPERATIONS & BUSINESS STRATEGY 45.00
Highest
$169,984 $53,133 $223,117
DEBRA J LENARDSON DIRECTOR OF HUMAN RESOURCE 40.00
Highest
$174,075 $39,826 $213,901
Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year Revenue Expenses Assets Net Income
2024 No data No data No data No data
2023 $108,323,649 $108,323,649 $246,422,972 No data
2022 $102,543,098 $102,543,098 $234,883,855 No data
2021 $97,103,288 $97,103,288 $222,904,007 No data
2020 $91,499,155 $91,499,155 $191,509,706 No data
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