Homer Electric Association Inc
- Assets
- $266.1m
- Revenue
- $114.0m
- Investments
- $0.0
- Employees
- 162
- Location
- Homer, AK
- Founding
- 07/1951
- Data as of
- 12/2021
- 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 12/2021, Homer Electric Association Inc employed 162 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 12/2021, Homer Electric Association Inc generated $114.0m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 2.0% each year. All expenses for the organization totaled $104.7m during the year ending 12/2021. While expenses have increased by 1.6% 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
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 480,457,441 KWHS TO 32,956 CONSUMERS DURING 2021.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Bradley P Janorschke General Manager | Officer | 40 | $347,106 |
Sheri Gower Director Of Administration | 40 | $234,205 | |
John Jungling Director Of Cyber Security | 40 | $232,723 | |
Robert Day Bradley Project Manager | 40 | $228,856 | |
Larry Jorgensen Dir Of Power, Fuels & Dispatch | 40 | $223,057 | |
Mikel Salzetti Manager Of Fuel & Renew. Dev. | 40 | $202,539 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Jay Brant General Hvac Upgrade | 12/30/21 | $1,132,963 |
Baldwin Butler Llc Legal | 12/30/21 | $251,253 |
Perkins Coie Llp Legal | 12/30/21 | $181,827 |
Pathfinder Aviation Llc Charter Air | 12/30/21 | $201,190 |
J And V Drywall Plaster Building Maintenance | 12/30/21 | $238,369 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $4,861,564 |
| All other contributions, gifts, grants, and similar amounts not included above | $10,000 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $4,871,564 |
| Total Program Service Revenue | $108,733,515 |
| Investment income | $96,120 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $252,000 |
| 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 | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $113,967,382 |
| 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. | $1,054,702 |
| 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 | $588,367 |
| Advertising and promotion | $0 |
| Office expenses | $1,659,292 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $1,030,896 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $190,855 |
| Interest | $4,955,051 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $8,597,065 |
| Insurance | $0 |
| All other expenses | $2,846,580 |
| Total functional expenses | $104,713,900 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $3,600 |
| Savings and temporary cash investments | $4,378,830 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $8,087,997 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $357,789 |
| Inventories for sale or use | $4,429,499 |
| Prepaid expenses and deferred charges | $7,692,184 |
| Net Land, buildings, and equipment | $176,953,848 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $64,157,959 |
| Intangible assets | $0 |
| Other assets | $52,997 |
| Total assets | $266,114,703 |
| Accounts payable and accrued expenses | $13,134,937 |
| Grants payable | $0 |
| Deferred revenue | $624,639 |
| 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 | $128,624,315 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $1,344,397 |
| Total liabilities | $143,728,288 |
| 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 | $122,386,415 |
| Total liabilities and net assets/fund balances | $266,114,703 |
Grants Recieved
Over the last fiscal year, we have identified 2 grants that Homer Electric Association Inc has recieved totaling $18,000.
| Awarding Organization | Amount |
|---|---|
Alaska Rural Electric Cooperative Association Educational Foundation Anchorage, AK PURPOSE: SCHOLARSHIP PROGRAM | $9,000 |
Alaska Rural Electric Cooperative Association Educational Foundation Anchorage, AK PURPOSE: SCHOLARSHIP PROGRAM | $9,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Chugach Electric Association Inc Anchorage, AK | $1,796,363,282 | $354,827,268 |
Golden Valley Electric Assn Inc Fairbanks, AK | $748,489,323 | $261,622,497 |
Matanuska Electric Association Inc Palmer, AK | $634,431,622 | $159,633,412 |
Homer Electric Association Inc Homer, AK | $266,114,703 | $113,967,382 |
Inland Power & Light Co Spokane, WA | $298,221,337 | $90,911,502 |
Breakthrough Energy Foundation Kirkland, WA | $272,263,093 | $53,009,802 |
Peninsula Light Company Inc Gig Harbor, WA | $206,412,044 | $64,241,054 |
Alaska Village Electric Cooperative Inc Anchorage, AK | $149,755,137 | $62,136,237 |
Benton Rural Electric Association Prosser, WA | $100,163,870 | $44,244,946 |
Big Bend Electric Cooperative Inc Ritzville, WA | $77,547,194 | $40,611,913 |
Orcas Power & Light Cooperative Eastsound, WA | $113,042,035 | $35,371,006 |
Columbia Rural Electric Association Inc Walla Walla, WA | $105,545,364 | $36,917,429 |