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Organizations Hendricks County Rural Electric Membership Corporation

Hendricks County Rural Electric Membership Corporation

Fiscal year ending 2024. Filed on October 30, 2025.

PO Box 309
Danville, Indiana 46122

Hendricks County Rural Electric Membership Corporation (EIN: 35-0376478), also known as Hendricks Power Cooperative, has filed an IRS Form 990 since fiscal year 2020. In its fiscal year 2024 IRS Form 990 filing, Hendricks County Rural Electric Membership Corporation, a 501(c)(12) mutual or cooperative insurance or utility provider, reported compensation for 6 out of 85 total employees. Among the employees shown here, the average compensation is $311,710. The highest compensated employee at Hendricks County Rural Electric Membership Corporation is Gregory A Ternet with fiscal year 2024 compensation of $677,765. Hendricks County Rural Electric Membership Corporation changed its name from Hendricks County REMC in 2022.

Revenue, expenses, and employee compensation

Revenue

$115,897,807

Expenses

$115,897,807

Employee compensation

$8,479,241
Revenue, expenses, and employee compensation over time

Reported Compensated Employees

Gregory A Ternet
Chief Executive Officer
$677,765
$414,956 No related comp$262,809
David R Olmstead
Director of Finance and MEMB
$259,397
$180,462 No related comp$78,935
Michael L Good
Engineering Director
$246,109
$180,165 No related comp$65,944
Joseph A Parsons
Director of Operations and B
$234,765
$182,862 No related comp$51,903
Amy C Watson
Technology Director
$226,188
$183,323 No related comp$42,865
Debra J Lenardson
Human Resources Director
$226,037
$182,190 No related comp$43,847

Benchmark Employee Compensation

Non-Employee Board Members

Hal Truax
Vice President
$26,753
$26,753 No related compNo other comp
Matthew J Hession
Director
$25,561
$25,561 No related compNo other comp
William A Lynch
President
$25,415
$25,415 No related compNo other comp
David Thomas
Director
$20,404
$20,404 No related compNo other comp
Susan Webb
Director
$20,319
$20,319 No related compNo other comp
Christopher Mann
Secretary (Start 07/24)
$18,899
$18,899 No related compNo other comp
Brent Shay
Director
$18,601
$18,601 No related compNo other comp
Keith S Cooper
Treasurer
$16,783
$16,783 No related compNo other comp
Kevin Miller
Director
$8,742
$8,742 No related compNo other comp
R Jeffrey Fleece
Secretary (Thru 07/24)
$8,357
$8,357 No related compNo other comp
Stanley Ryland
Director (Part-Year)
$8,059
$8,059 No related compNo other comp

Contractors

J&J Electric
Equipment Installation
$3,173,962
Aclara Technologies LLC
Hardware/Software
$1,488,400
Helebo Trenching Inc.
Excavation Work
$1,359,125
Utility Management & Construction LLC
Excavation Work
$1,350,255
Williams Tree Service
Tree Trimming
$1,229,780

Mission Statement

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

Revisions to this organization profile

October 30, 2025:
2024 Hendricks County Rural Electric Membership Corporation 990 filed
October 30, 2024:
2023 Hendricks County Rural Electric Membership Corporation 990 filed
September 29, 2023:
2022 Hendricks County Rural Electric Membership Corporation 990 filed

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