Homer Electric Association Inc
- Assets
- $267.6m
- Revenue
- $106.0m
- Investments
- $0.0
- Employees
- 167
- Location
- Homer, AK
- Founding
- 07/1951
- Data as of
- 12/2022
- EIN
- 92-0014079
Organization Overview
Homer Electric Association Inc is located in Homer, AK. The organization was established in 1951. 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, Homer Electric Association Inc employed 167 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Homer 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, Homer Electric Association Inc generated $106.0m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 0.8% each year. All expenses for the organization totaled $103.7m during the year ending 12/2022. While expenses have increased by 1.3% 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
PROVIDE ELECTRICAL SERVICES TO OUR MEMBERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
HOMER ELECTRIC ASSOCIATION (HEA) OPERATES ON A COOPERATIVE BASIS AND IS IN COMPLIANCE WITH THE COOPERATIVE REQUIREMENTS. HEA PROVIDED A TOTAL OF 456,724,486 KWHS TO 33,426 CONSUMERS DURING 2022.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Bradley P Janorschke General Manager | Officer | 40 | $379,984 |
John Jungling Director Of Cyber Security | 40 | $240,247 | |
Sheri Gower Director Of Administration | 40 | $234,272 | |
Larry Jorgensen Dir Of Power, Fuels & Dispatch | 40 | $237,640 | |
Sarah Lambe Director Of Finance | Officer | 40 | $203,406 |
Steve Cannon Director Of Operations | 40 | $218,737 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
B B Landscape Grounds Maintenance | 12/30/22 | $235,162 |
Holmes Weddle Barcott Legal | 12/30/22 | $146,109 |
Collet Associates Llc Consultant | 12/30/22 | $107,415 |
Alaska Hardy Llc Grounds Maintenance | 12/30/22 | $118,536 |
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 | $11,000 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $11,000 |
| Total Program Service Revenue | $105,485,664 |
| Investment income | $147,334 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $252,000 |
| Net Gain/Loss on Asset Sales | $45,371 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $105,957,011 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $10,000 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $920,334 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| 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 | $336,772 |
| Advertising and promotion | $0 |
| Office expenses | $1,131,195 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $859,586 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $207,710 |
| Interest | $5,030,992 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $8,983,259 |
| Insurance | $0 |
| All other expenses | $705,270 |
| Total functional expenses | $103,729,655 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $3,600 |
| Savings and temporary cash investments | $2,167,281 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $9,192,990 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $333,325 |
| Inventories for sale or use | $4,174,142 |
| Prepaid expenses and deferred charges | $8,461,138 |
| Net Land, buildings, and equipment | $178,836,338 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $64,408,192 |
| Intangible assets | $0 |
| Other assets | $31,765 |
| Total assets | $267,608,771 |
| Accounts payable and accrued expenses | $12,100,280 |
| Grants payable | $0 |
| Deferred revenue | $1,549,952 |
| 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 | $128,791,487 |
| Unsecured mortgages and notes payable | $2,000,000 |
| Other liabilities | $1,296,025 |
| Total liabilities | $145,737,744 |
| 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 | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $121,871,027 |
| Total liabilities and net assets/fund balances | $267,608,771 |