Harmon Electric Association Inc
- Assets
- $37.3m
- Revenue
- $10.5m
- Investments
- $0.0
- Employees
- 25
- Location
- Hollis, OK
- Founding
- 03/1940
- Data as of
- 12/2021
- 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 12/2021, Harmon Electric Association Inc employed 25 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 12/2021, Harmon Electric Association Inc generated $10.5m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 1.5% each year. All expenses for the organization totaled $10.5m during the year ending 12/2021. While expenses have increased by 1.4% 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
2021
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 3,605 ACTIVE SERVICES AT YEAR END.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Aaron Paxton General Manager | Officer | 50 | $169,641 |
Donette Long Manager Admin & Finance | 40 | $132,465 | |
Monty Worthen Manager Of Operations | 40 | $116,951 | |
Tommy Caswell Operations Supervisor | 40 | $111,069 | |
James Reeves Secretary/treasurer | OfficerTrustee | 1 | $2,250 |
Burk Bullington President | OfficerTrustee | 0.5 | $1,650 |
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 | $10,298,442 |
| Investment income | $16,758 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $3,994 |
| 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 | $2,416 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $10,529,498 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $9,616 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $209,325 |
| Compensation of current officers, directors, key employees. | $253,432 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $909,356 |
| Pension plan accruals and contributions | $249,749 |
| Other employee benefits | $218,854 |
| Payroll taxes | $78,231 |
| 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 | $564,105 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,381,250 |
| Insurance | $0 |
| All other expenses | $235,990 |
| Total functional expenses | $10,521,239 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $479,124 |
| Savings and temporary cash investments | $51,986 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $734,142 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $51,886 |
| Inventories for sale or use | $264,711 |
| Prepaid expenses and deferred charges | $5,571,989 |
| Net Land, buildings, and equipment | $25,587,085 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $4,081,802 |
| Intangible assets | $0 |
| Other assets | $489,877 |
| Total assets | $37,312,602 |
| Accounts payable and accrued expenses | $559,887 |
| 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 | $24,553,300 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $3,494,279 |
| Total liabilities | $28,607,466 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $7,860 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $8,697,276 |
| Total liabilities and net assets/fund balances | $37,312,602 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Black River Electric Cooperative Fredericktown, MO | $138,131,330 | $49,558,459 |
Jemez Mountains Electric Cooperative Inc Espanola, NM | $130,164,432 | $49,848,005 |
Navarro County Electric Cooperative Inc Corsicana, TX | $102,970,554 | $49,278,830 |
Y W Electric Association Inc Colorado Rea 38 Akron, CO | $130,403,627 | $47,254,335 |
Rural Electric Co Op Inc Lindsay, OK | $94,050,768 | $47,989,459 |
Kiamichi Electric Cooperative Inc Wilburton, OK | $118,158,279 | $46,432,215 |
New Mac Electric Cooperative Inc Neosho, MO | $135,294,797 | $45,962,047 |
C & L Electric Cooperative Corporation Star City, AR | $139,600,891 | $49,154,793 |
Houston County Electric Cooperative Inc Crockett, TX | $158,669,671 | $45,143,222 |
Morgan County Rural Electric Association Fort Morgan, CO | $104,279,755 | $45,102,816 |
North Plains Electric Cooperative Incorporated Perryton, TX | $109,565,276 | $41,899,328 |
Three Rivers Electric Cooperative Linn, MO | $111,680,117 | $44,711,641 |