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Nonprofiteer
← HOWARD ELECTRIC COOPERATIVE

Form 990 for tax year 2022

Filed by HOWARD ELECTRIC COOPERATIVE.

Totals

Total revenue
$8,108,424
Total expenses
$7,957,567
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$8,060,367
Investment income
$57,597
Other revenue
-$9,540
Total assets, end of year
$29,268,152
Total liabilities, end of year
$16,729,695
Net assets or fund balances, end of year
$12,538,457
Program services expenses (Part IX)
$7,957,567
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
$7,957,567

Program services were 100.0% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 2a · Program service revenue: Energy Sales

    total $7,818,081 · related or exempt $7,818,081

  • 2b · Program service revenue: Capital Credits

    total $124,672 · related or exempt $124,672

  • 2c · Program service revenue: Other Electric Revenue

    total $73,876 · related or exempt $73,876

  • 2d · Program service revenue: Equipment

    total $43,738 · related or exempt $43,738

  • 3 · Investment income

    total $57,597 · related or exempt $57,597

  • 11a · Other revenue: Subsidiary Income

    total -$9,540 · related or exempt -$9,540

  • 11e · Other revenue, total

    -$9,540

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $225,397 · program services $225,397

  • 5 · Compensation of officers, directors and key employees

    total $371,270 · program services $371,270

  • 20 · Interest

    total $423,359 · program services $423,359

  • 22 · Depreciation, depletion and amortization

    total $874,778 · program services $874,778

  • 24a · Other expenses: Purchased Power

    total $3,305,038 · program services $3,305,038

  • 24b · Other expenses: Distribution Maintenanc

    total $1,280,422 · program services $1,280,422

  • 24c · Other expenses: Customer Service

    total $390,956 · program services $390,956

  • 24d · Other expenses: Administration

    total $368,340 · program services $368,340

  • 24e · All other expenses

    total $718,007 · program services $718,007

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $923,740 · end of year $314,691

  • 2 · Savings and temporary cash investments

    beginning of year $1,861,901 · end of year $2,071,163

  • 4 · Accounts receivable

    beginning of year $503,283 · end of year $654,666

  • 8 · Inventories for sale or use

    beginning of year $651,455 · end of year $508,675

  • 9 · Prepaid expenses and deferred charges

    beginning of year $344,786 · end of year $207,371

  • 10a · Land, buildings and equipment: cost or other basis

    $29,316,117

  • 10b · Land, buildings and equipment: accumulated depreciation

    $7,494,505

  • 10c · Land, buildings and equipment, net

    beginning of year $20,601,414 · end of year $21,821,612

  • 13 · Investments: program-related

    beginning of year $3,703,080 · end of year $3,689,974

  • 17 · Accounts payable and accrued expenses

    beginning of year $592,612 · end of year $626,331

  • 19 · Deferred revenue

    beginning of year $705,000 · end of year $430,000

  • 23 · Secured mortgages and notes payable

    beginning of year $14,747,245 · end of year $15,360,928

  • 25 · Other liabilities

    beginning of year $433,117 · end of year $312,436

  • 29 · Capital stock, trust principal or current funds

    beginning of year $70,065 · end of year $70,980

  • 30 · Paid-in or capital surplus, or land, building or equipment fund

    beginning of year $0 · end of year $0

  • 31 · Retained earnings, endowment or other funds

    beginning of year $12,041,620 · end of year $12,467,477

Mission and programs · 2022

Mission

As a cooperative, Howard Electric operates on a non-profit basis. All revenue above the cost of doing business (margins) is assigned to the members under a patronage refund plan called capital credits. The cooperative assigned capital credits annually and keeps a careful record of each member's investment in the co-op.

Activities or mission (Part I)

We are proud to provide safe, reliable, affordable and clean electric power to our member-owners.

  • Providing electric energy to the members of the cooperative

    Expenses $7,957,567 · Revenue $8,108,424

As filed on the 2022 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Amber Overfelt

    CEO/General Manager

    Total calculated
    $224,391
    From this org
    $140,334
    From related orgs
    $0
    Other
    $84,057
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $136,726
    Bonus
    $0
    Other
    $3,608
    Deferred
    $61,030
    Nontaxable benefits
    $23,027
    Filer's total
    $224,391

  • Brandon Lightfoot

    Operations Manager

    Total calculated
    $182,065
    From this org
    $120,849
    From related orgs
    $0
    Other
    $61,216
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $115,036
    Bonus
    $0
    Other
    $5,813
    Deferred
    $38,189
    Nontaxable benefits
    $23,027
    Filer's total
    $182,065

  • Chad Westhues

    Construction Foreman

    Total calculated
    $149,860
    From this org
    $104,792
    From related orgs
    $0
    Other
    $45,068
    Hours/week
    44

  • Emily Bange

    CFO/HR

    Total calculated
    $144,344
    From this org
    $100,354
    From related orgs
    $0
    Other
    $43,990
    Hours/week
    45

  • Bill Westfall

    Director

    Total calculated
    $7,600
    From this org
    $7,600
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • George Frink

    Director

    Total calculated
    $6,800
    From this org
    $6,800
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Omer Conrow

    Director

    Total calculated
    $5,200
    From this org
    $5,200
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Debbie Wiswall

    Secretary

    Total calculated
    $4,200
    From this org
    $4,200
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Dale Kirby

    President

    Total calculated
    $3,800
    From this org
    $3,800
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Marvin Hilgedick

    Director

    Total calculated
    $2,800
    From this org
    $2,800
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Lee Young

    Vice President

    Total calculated
    $2,600
    From this org
    $2,600
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Oran Boulden

    Treasurer

    Total calculated
    $2,200
    From this org
    $2,200
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • Andy Cook

    Director

    Total calculated
    $1,800
    From this org
    $1,800
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

  • 2 · Substantiation required before reimbursing expenses
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement

The filer's explanations (Part III)

Part I, Line 3
Compensation of the General Manager is done by comparing the salaries of like-sized Electric Cooperatives in similar financial and physical condition, neighboring investor owned utilities and other comparative data. The Board of Directors approve the compensation package annually.

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

No itemized grants to organizations on this return.

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

  • Howard Electric Service Company LLC

    C · Communications · MO · 100% owned · share of income $2,503 · share of assets $67,404

    Directly controlled by Howard Electric Cooperative

Provenance

Return type
form_990
Tax year
2022
Filed
23 October 2023
IRS schema version
2022v5.0
Source object
202303059349301320

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