Miami-Cass County Rural Electric Membership Corporation
- Assets
- $51.8m
- Revenue
- $17.9m
- Investments
- $8.4m
- Employees
- 26
- Location
- Peru, IN
- Founding
- 09/1939
- Data as of
- 12/2022
- EIN
- 35-0512035
Organization Overview
Miami-Cass County Rural Electric Membership Corporation, operating under the name Miami-Cass Remc, is located in Peru, IN. The organization was established in 1939. According to its NTEE Classification (W80) the organization is classified as: Public Utilities, under the broad grouping of Public & Societal Benefit and related organizations. As of 12/2022, Miami-Cass Remc employed 26 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Miami-Cass Remc is a 501(c)(12) and as such, is described as a "Benevolent Life Insurance Association, Mutual Ditch or Irrigation Company, Mutual or Cooperative Telephone Company" by the IRS.
For the year ending 12/2022, Miami-Cass Remc generated $17.9m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 1.4% each year. All expenses for the organization totaled $18.2m during the year ending 12/2022. While expenses have increased by 3.1% per year over the past 7 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE DEPENDABLE ELECTRICITY FOR OUR MEMBERS AT REASONABLE COSTS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
DISTRIBUTION OF ELECTRICITY TO RURAL CUSTOMERS
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jim Savage President | OfficerTrustee | 1.88 | $14,098 |
Todd Smith Vice President | OfficerTrustee | 3.86 | $15,392 |
Cindy Scott Secretary/treasurer | OfficerTrustee | 1.38 | $12,502 |
Tony Caldwell Director | Trustee | 2.23 | $12,580 |
Mark Hahn Director | Trustee | 2.14 | $12,210 |
Scott Marschand Director | Trustee | 3.89 | $13,099 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Qc Communications Inc Trenching & Fiber Installation | 12/30/22 | $1,092,028 |
Mint City Utility Services Llc Right Of Way Services | 12/30/22 | $232,873 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $17,523,718 |
| Investment income | $50,788 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$1,106 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $17,910,824 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $422,385 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $425,858 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $385,595 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $701,446 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,371,498 |
| Insurance | $0 |
| All other expenses | $447,362 |
| Total functional expenses | $18,164,219 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $4,134,757 |
| Savings and temporary cash investments | $5,044 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $711,026 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $2,142,910 |
| Inventories for sale or use | $466,713 |
| Prepaid expenses and deferred charges | $3,856,704 |
| Net Land, buildings, and equipment | $32,036,233 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $8,411,848 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $3,240 |
| Total assets | $51,768,475 |
| Accounts payable and accrued expenses | $2,282,110 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $21,522,974 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $1,998,128 |
| Total liabilities | $25,803,212 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $155,400 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $25,809,863 |
| Total liabilities and net assets/fund balances | $51,768,475 |