Harmon Electric Association Inc
- Assets
- $39.9m
- Revenue
- $12.2m
- Investments
- $0.0
- Employees
- 26
- Location
- Hollis, OK
- Founding
- 03/1940
- Data as of
- 12/2022
- EIN
- 73-0274135
Organization Overview
Harmon Electric Association Inc is located in Hollis, OK. The organization was established in 1940. 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, Harmon Electric Association Inc employed 26 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Harmon Electric 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, Harmon Electric Association Inc generated $12.2m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 3.2% each year. All expenses for the organization totaled $12.3m during the year ending 12/2022. While expenses have increased by 3.2% per year over the past 8 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 QUALITY AND RELIABLE ELECTRIC SERVICE TO MEMBERS OF THE COOPERATIVE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDING ELECTRIC ENERGY TO OUR MEMBERS ON A COOPERATIVE BASIS THROUGH THE ALLOCATION OF PATRONAGE CAPITAL. THERE WERE 3,640 ACTIVE SERVICES AT YEAR END.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
James Conley Asst. Secretary/treasurer | OfficerTrustee | 0.5 | $6,050 |
James Reeves Secretary/treasurer | OfficerTrustee | 0.5 | $5,950 |
Kathleen Faughn Trustee (may-Dec) | Trustee | 0.75 | $4,100 |
Lee Sparkman Vice President | OfficerTrustee | 1 | $3,450 |
Jean Pence Trustee | Trustee | 1 | $3,250 |
Burk Bullington President | OfficerTrustee | 0.5 | $2,250 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Cox Powerline Construction | 12/30/16 | $902,688 |
C H Guernsey Engineering | 12/30/16 | $854,181 |
Northeast Texas Power Construction | 12/30/16 | $415,261 |
Sparks Energy Construction | 12/30/16 | $241,921 |
R&r Powerline Construction | 12/30/16 | $210,843 |
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 | $12,013,263 |
| Investment income | $49,848 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $4,154 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | -$3,017 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $12,240,511 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $10,700 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $532,532 |
| Compensation of current officers, directors, key employees. | $295,372 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $958,087 |
| Pension plan accruals and contributions | $264,526 |
| Other employee benefits | $217,575 |
| Payroll taxes | $82,747 |
| 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 | $704,947 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,420,488 |
| Insurance | $0 |
| All other expenses | $250,664 |
| Total functional expenses | $12,279,889 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $254,726 |
| Savings and temporary cash investments | $2,062,839 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $586,599 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $28,310 |
| Inventories for sale or use | $405,343 |
| Prepaid expenses and deferred charges | $5,326,588 |
| Net Land, buildings, and equipment | $26,637,936 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $4,154,802 |
| Intangible assets | $0 |
| Other assets | $458,704 |
| Total assets | $39,915,847 |
| Accounts payable and accrued expenses | $588,652 |
| 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 | $26,759,038 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $3,369,791 |
| Total liabilities | $30,717,481 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $7,935 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $9,190,431 |
| Total liabilities and net assets/fund balances | $39,915,847 |