Nonprofit · EIN 35-0376478
HENDRICKS COUNTY RURAL ELECTRIC MEMBERSHIP CORPORATION
Tax-exempt · DANVILLE, IN 46122
Financials
| Year ended | Form | Revenue | Expenses | Net income | Total assets | Liabilities | Net assets |
|---|---|---|---|---|---|---|---|
| December 31, 2025 | 990 | $122,004,153 | $122,004,153 | $0 | $285,392,331 | $142,597,868 | $142,794,463 |
| December 31, 2024 | 990 | $115,897,807 | $115,897,807 | $0 | $264,422,781 | $131,567,710 | $132,855,071 |
| December 31, 2023 | 990 | $108,323,649 | $108,323,649 | $0 | $246,422,972 | $123,442,962 | $122,980,010 |
Financial details: 990 for the year ended December 31, 2025
Revenue
- Contributions, gifts and grants
- $0
- Program service revenue
- $116,259,771
- Investment income
- $384,784
- Net rental income
- $482,041
- Net gain from sales of assets
- $219,075
- Other revenue
- $5,359,598
Expenses
- Grants and similar amounts paid
- $0
- Benefits paid to members
- $11,830,650
- Compensation of officers, directors and key employees
- $2,285,535
- Other salaries and wages
- $4,574,837
- Salaries, compensation and benefits (total)
- $8,861,240
- Professional fundraising fees
- $0
- Legal fees
- $53,831
- Accounting fees
- $24,779
- Occupancy
- $1,174,527
- Depreciation
- $8,715,565
- Program services (functional)
- $121,925,543
- Management and general (functional)
- $78,610
Balance sheet and other
- Total assets, start of year
- $264,422,782
- Total assets, end of year
- $285,392,331
- Total liabilities, end of year
- $142,597,868
- Net assets, end of year
- $142,794,463
- Land, buildings and equipment
- $216,111,411
- Gross unrelated business income
- $64,666
- Gross receipts
- $122,004,153
- Employees
- 86
- Volunteers
- 0
- Year formed
- 1936
- State of legal domicile
- IN
From the e-filed returns the IRS publishes as XML (latest three processing years; amended returns replace the original). PDF copies at the IRS.
Officers, directors and key employees
As listed on the 990 for the year ended December 31, 2025, highest compensation first.
| Name | Title | Hours / week | Compensation | Other / benefits |
|---|---|---|---|---|
| Gregory Ternet | CEO Officer | 45 | $471,140 | $273,138 |
| David R Olmstead | Director-Finance Mbr Svc Highest-paid employee | 45 | $199,645 | $96,249 |
| Debra S Anderson | Director-Bus Analytics Highest-paid employee | 45 | $179,586 | $110,353 |
| Joseph A Parsons | Director-Operations Highest-paid employee | 45 | $200,457 | $60,086 |
| Heather M Thompson | Director-HR Marketing Highest-paid employee | 45 | $184,882 | $68,349 |
| Amy C Watson | Director of Technology Highest-paid employee | 45 | $199,222 | $51,655 |
| Matthew Hession | Director Trustee or director | 1.23 | $26,683 | $0 |
| William A Lynch | President of Board Trustee or director, Officer | 1.18 | $25,475 | $0 |
| Susan Webb | Director Trustee or director | 2.94 | $22,773 | $0 |
| David Thomas | Director Trustee or director | 1.93 | $21,243 | $0 |
| Kevin Miller | Director Trustee or director | 2.14 | $20,364 | $0 |
| Christopher Mann | Secretary of Board Trustee or director, Officer | 1.91 | $20,250 | $0 |
| Hal Truax | Vice President of Board Trustee or director, Officer | 1.38 | $18,426 | $0 |
| Brent Shay | Director Trustee or director | 1.52 | $18,113 | $0 |
| Keith S Cooper | Treasurer of Board Trustee or director, Officer | 1.14 | $17,442 | $0 |
990 for the year ended December 31, 2024: 17 people
| Name | Title | Hours / week | Compensation | Other / benefits |
|---|---|---|---|---|
| GREGORY A TERNET | CEO Officer | 45 | $414,956 | $262,809 |
| DAVID R OLMSTEAD | DIRECTOR OF FINANCE & MEMB Highest-paid employee | 45 | $180,462 | $78,935 |
| MICHAEL L GOOD | DIRECTOR OF ENGINEERING Highest-paid employee | 45 | $180,165 | $65,944 |
| JOSEPH A PARSONS | DIRECTOR OF OPERATIONS & B Highest-paid employee | 45 | $182,862 | $51,903 |
| AMY C WATSON | DIRECTOR OF TECHNOLOGY Highest-paid employee | 45 | $183,323 | $42,865 |
| DEBRA J LENARDSON | DIRECTOR OF HUMAN RESOURCE Highest-paid employee | 40 | $182,190 | $43,847 |
| HAL TRUAX | VICE PRESIDENT Trustee or director | 1.87 | $26,753 | $0 |
| MATTHEW J HESSION | DIRECTOR Trustee or director | 1.18 | $25,561 | $0 |
| WILLIAM A LYNCH | PRESIDENT Trustee or director, Officer | 1.29 | $25,415 | $0 |
| DAVID THOMAS | DIRECTOR Trustee or director | 2.43 | $20,404 | $0 |
| SUSAN WEBB | DIRECTOR Trustee or director | 2.58 | $20,319 | $0 |
| CHRISTOPHER MANN | SECRETARY (START 07/24) Trustee or director, Officer | 2 | $18,899 | $0 |
| BRENT SHAY | DIRECTOR Trustee or director | 1.66 | $18,601 | $0 |
| KEITH S COOPER | TREASURER Trustee or director | 1.22 | $16,783 | $0 |
| KEVIN MILLER | DIRECTOR Trustee or director | 0.89 | $8,742 | $0 |
| R JEFFREY FLEECE | SECRETARY (THRU 07/24) Trustee or director, Officer | 0.54 | $8,357 | $0 |
| STANLEY RYLAND | DIRECTOR (THRU 07/24) Trustee or director | 0.47 | $8,059 | $0 |
990 for the year ended December 31, 2023: 16 people
| Name | Title | Hours / week | Compensation | Other / benefits |
|---|---|---|---|---|
| GREGORY A TERNET | CEO Officer | 45 | $391,566 | $217,720 |
| DAVID R OLMSTEAD | DIRECTOR OF FINANCE & MEMB Highest-paid employee | 45 | $173,892 | $79,338 |
| MICHAEL L GOOD | DIRECTOR OF ENGINEERING Highest-paid employee | 42 | $173,032 | $66,615 |
| JOSEPH A PARSONS | DIRECTOR OF OPERATIONS & BUSINESS STRATEGY Highest-paid employee | 45 | $169,984 | $53,133 |
| DEBRA J LENARDSON | DIRECTOR OF HUMAN RESOURCE Highest-paid employee | 40 | $174,075 | $39,826 |
| AMY C WATSON | DIRECTOR OF TECHNOLOGY Highest-paid employee | 45 | $173,398 | $33,747 |
| WILLIAM A LYNCH | PRESIDENT Trustee or director | 2 | $24,457 | $0 |
| R JEFFREY FLEECE | SECRETARY Trustee or director | 2 | $23,831 | $0 |
| MATTHEW J HESSION | DIRECTOR Trustee or director | 2 | $23,267 | $0 |
| HAL TRUAX | VICE PRESIDENT Trustee or director | 1 | $22,437 | $0 |
| SUSAN WEBB | DIRECTOR Trustee or director | 3 | $19,227 | $0 |
| DAVID THOMAS | DIRECTOR Trustee or director | 3 | $18,948 | $0 |
| BRENT SHAY | DIRECTOR Trustee or director | 1 | $17,522 | $0 |
| CHRISTOPHER MANN | DIRECTOR Trustee or director | 3 | $17,224 | $0 |
| KEITH S COOPER | TREASURER Trustee or director | 1 | $15,798 | $0 |
| STANLEY RYLAND | DIRECTOR Trustee or director | 2 | $14,622 | $0 |
Address and contacts
- Address (IRS master file)
- PO BOX 309, DANVILLE, IN 46122-0309
- Principal officer (990 for 2025)
- GREGORY A TERNET, PO BOX 309, DANVILLE, IN 46122
- Signed the 990
- Lorri Snelbaker, Manager of Finance and Accounting
- Phone
- (317) 745-5473
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 accomplishments
- DISTRIBUTION OF ELECTRICITY TO MEMBERSExpenses $121,925,543 · revenue $121,072,662
What it must file and when
IRS records say it files Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N. Its accounting year ends in December, so each return is due on the 15th day of the 5th month after that.
| Tax year | Year ended | Due | IRS public records |
|---|---|---|---|
| 2025 | December 31, 2025 | May 15, 2026 | 990 on file |
| 2024 | December 31, 2024 | May 15, 2025 | 990 on file |
| 2023 | December 31, 2023 | May 15, 2024 | 990 on file |
IRS record
- EIN
- 35-0376478
- Tax-exempt status
- 501(c)(12): Benevolent life insurance association or mutual company
- Donations deductible
- No
- Exempt since
- 1937
- Accounting year ends
- December
- Files
- Form 990 or 990-EZ
Filing history
| Form | Year ended | Revenue | Expenses | Assets | Return |
|---|---|---|---|---|---|
| 990 | December 2025 | $122,004,153 | $122,004,153 | $285,392,331 | XML |
| 990 | December 2024 | $115,897,807 | $115,897,807 | $264,422,781 | XML |
| 990 | December 2023 | $108,323,649 | $108,323,649 | $246,422,972 | XML |
| 990 | December 2022 | $102,543,098 | $102,543,098 | $234,883,855 | IRS |
| 990 | December 2021 | – | – | – | IRS |
| 990 | December 2020 | – | – | – | IRS |
990-N: the IRS bulk file holds only the latest e-Postcard per organization; earlier years come from archived copies of that file since 2020 and can have gaps (the IRS e-Postcard search lists every one). 990, 990-EZ, 990-PF, 990-T: every e-filed return in the IRS e-file index since 2019; XML for the latest three processing years, amounts from the IRS Statistics of Income extracts before that. PDF copies and determination letters at the IRS (search EIN 35-0376478).
Questions about HENDRICKS COUNTY RURAL ELECTRIC MEMBERSHIP CORPORATION
- What is the EIN of HENDRICKS COUNTY RURAL ELECTRIC MEMBERSHIP CORPORATION?
- The employer identification number (EIN) of HENDRICKS COUNTY RURAL ELECTRIC MEMBERSHIP CORPORATION is 35-0376478.
- Is HENDRICKS COUNTY RURAL ELECTRIC MEMBERSHIP CORPORATION tax-exempt?
- Yes. The IRS lists it as tax-exempt under section 501(c)(12) since 1937.
- Are donations to HENDRICKS COUNTY RURAL ELECTRIC MEMBERSHIP CORPORATION tax-deductible?
- No. The IRS master file says contributions to it are not deductible.
- Which annual return does HENDRICKS COUNTY RURAL ELECTRIC MEMBERSHIP CORPORATION file?
- Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N.
- When is the next return of HENDRICKS COUNTY RURAL ELECTRIC MEMBERSHIP CORPORATION due?
- The return for tax year 2026 (the year ending December 31, 2026) is due May 17, 2027. Form 8868 extends it by six months; the 990-N cannot be extended.
- When did HENDRICKS COUNTY RURAL ELECTRIC MEMBERSHIP CORPORATION last file with the IRS?
- The latest return in the IRS public files is the 990 for the year ended December 2025.
- Who is the principal officer of HENDRICKS COUNTY RURAL ELECTRIC MEMBERSHIP CORPORATION?
- The 990 for the year ended December 31, 2025 names GREGORY A TERNET.
- Who are the officers and directors of HENDRICKS COUNTY RURAL ELECTRIC MEMBERSHIP CORPORATION?
- The 990 for the year ended December 31, 2025 lists 15 people; 15 received compensation from the organization, the highest $471,140 (Gregory Ternet, CEO).
- How much revenue does HENDRICKS COUNTY RURAL ELECTRIC MEMBERSHIP CORPORATION have?
- On its 990 for the year ended December 31, 2025 it reported revenue of $122,004,153, expenses of $122,004,153 and total assets of $285,392,331 at year end.
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