Harrison Rural Electrification Association Inc
- Assets
- $43.1m
- Revenue
- $14.6m
- Investments
- $979.9k
- Employees
- 30
- Location
- Bridgeport, WV
- Founding
- 10/1938
- Data as of
- 12/2022
- EIN
- 55-0189745
Organization Overview
Harrison Rural Electrification Association Inc is located in Bridgeport, WV. The organization was established in 1938. According to its NTEE Classification (S21) the organization is classified as: Community Coalitions, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 12/2022, Harrison Rural Electrification Association Inc employed 30 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Harrison Rural Electrification Association Inc 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, Harrison Rural Electrification Association Inc generated $14.6m in total revenue. The organization has seen a slow decline revenue. Over the past 8 years, revenues have fallen by an average of (0.1%) each year. All expenses for the organization totaled $13.3m during the year ending 12/2022. As we would expect to see with falling revenues, expenses have declined by (0.5%) per year over the past 8 years. 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
HARRISON RURAL ELECTRIFICATION ASSOCIATION'S (HREA) SOLE PURPOSE IS TO PROVIDE ITS MEMBERS WITH THE LOWEST COST ELECTRICITY AVAILABLE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
HREA SELLS ELECTRIC TO RURAL AREA CUSTOMERS AT THE LOWEST POSSIBLE COST. HREA BUILDS LINES WHERE INVESTOR OWNED UTILITIES DO NOT WANT TO BUILD. HREA IS OWNED BY THE MEMBERS THAT IT SERVES.
HREA MAKES ANNUAL TRIPS TO LOCAL SCHOOLS PROMOTING SAFETY AND PARTICIPATES WITH OTHER AREA ORGANIZATIONS.
HREA CONTRIBUTES TO AND MAILS TO CUSTOMERS A MONTHLY MAGAZINE CALLED COUNTRY LIVING WHICH HAS A SECTION TITLED "ILLUMINATOR" IN ORDER TO KEEP CUSTOMERS APPRAISED OF CURRENT ELECTRIC ISSUES AND ISSUES AFFECTING THEIR CO-OP.
HREA IS INVOLVED WITH THE COMMUNITY BY MAKING VARIOUS DONATIONS TO ORGANIZATIONS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Terry Stout Ceo/general | Officer | 40 | $160,072 |
Sam Satterfield Operations M | 40 | $114,253 | |
Glen Cox Jr Board Member | Trustee | 1.25 | $6,600 |
Ronald Watson Board Member | OfficerTrustee | 1.25 | $5,500 |
Philip Macmillan Board Member | Trustee | 1.25 | $5,000 |
Jeff Nelson Board Member | Trustee | 1.25 | $4,250 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Cw Wright Construction Inc Construction | 12/30/22 | $139,401 |
Fila's Tree Service Row Maint | 12/30/22 | $860,160 |
Hlh Aviation Row Maintenance | 12/30/22 | $358,200 |
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 | $14,688,056 |
| Investment income | $9,472 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$156,090 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $14,627,050 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $200 |
| 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. | $191,772 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,794,336 |
| Pension plan accruals and contributions | $428,900 |
| Other employee benefits | $0 |
| Payroll taxes | $162,375 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $205 |
| Fees for services: Accounting | $23,780 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $33,474 |
| Advertising and promotion | $1,809 |
| Office expenses | $14,687 |
| Information technology | $5,400 |
| Royalties | $0 |
| Occupancy | $251,883 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $56,995 |
| Interest | $669,272 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,352,038 |
| Insurance | $0 |
| All other expenses | $382,453 |
| Total functional expenses | $13,251,312 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $2,138,956 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,260,834 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $71,606 |
| Net Land, buildings, and equipment | $35,808,466 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $979,946 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $2,875,199 |
| Total assets | $43,135,007 |
| Accounts payable and accrued expenses | $1,448,049 |
| Grants payable | $0 |
| Deferred revenue | $810 |
| 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 | $16,179,217 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $1,315,201 |
| Total liabilities | $18,943,277 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $24,066,023 |
| Retained earnings, endowment, accumulated income, or other funds | $125,707 |
| Total liabilities and net assets/fund balances | $43,135,007 |