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← HOMER ELECTRIC ASSOCIATION INC

Form 990 for tax year 2022

Filed by HOMER ELECTRIC ASSOCIATION INC.

Totals

Total revenue
$105,957,011
Total expenses
$103,729,655
Contributions and grants received
$11,000
Grants paid
$10,000
Program service revenue
$105,485,664
Investment income
$192,705
Other revenue
$267,642
Total assets, end of year
$267,608,771
Total liabilities, end of year
$145,737,744
Net assets or fund balances, end of year
$121,871,027
Program services expenses (Part IX)
not reported
Management and general expenses
not reported
Fundraising expenses
not reported
Program service expenses (Part III)
not reported

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.

  • 1f · All other contributions, gifts and grants

    $11,000

  • 2a · Program service revenue: ELECTRICAL SERVICE REVENUE

    total $104,911,118 · related or exempt $104,911,118

  • 2b · Program service revenue: CAPITAL CREDITS ALLOCATION

    total $574,546 · related or exempt $574,546

  • 3 · Investment income

    total $147,334 · excluded $147,334

  • 4 · Income from investment of tax-exempt bond proceeds

    total $0

  • 5 · Royalties

    total $0

  • 6a · Gross rents

    real property $252,000

  • 6b · Less rental expenses

    real property $0

  • 6c · Rental income or loss

    real property $252,000 · personal property $0

  • 6d · Net rental income or loss

    total $252,000 · related or exempt $252,000

  • 7a · Gross sales of assets other than inventory

    other assets $45,371

  • 7c · Gain or loss

    other assets $45,371

  • 7d · Net gain or loss

    total $45,371 · excluded $45,371

  • 8a · Fundraising events: gross income

    $0

  • 8b · Fundraising events: direct expenses

    $0

  • 8c · Net income from fundraising events

    total $0

  • 9a · Gaming: gross income

    $0

  • 9b · Gaming: direct expenses

    $0

  • 9c · Net income from gaming

    total $0

  • 10a · Gross sales of inventory

    $0

  • 10b · Cost of goods sold

    $0

  • 10c · Net income from sales of inventory

    total $0

  • 11a · Other revenue: MISCELLANEOUS REVENUE

    total $15,642 · excluded $15,642

  • 11e · Other revenue, total

    $15,642

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $0

  • 2 · Grants to domestic individuals

    total $10,000

  • 3 · Grants to foreign organizations and individuals

    total $0

  • 4 · Benefits paid to or for members

    total $0

  • 5 · Compensation of officers, directors and key employees

    total $920,334

  • 6 · Compensation of disqualified persons

    total $0

  • 7 · Other salaries and wages

    total $0

  • 8 · Pension plan contributions

    total $0

  • 9 · Other employee benefits

    total $0

  • 10 · Payroll taxes

    total $0

  • 11a · Fees: management

    total $0

  • 11b · Fees: legal

    total $0

  • 11c · Fees: accounting

    total $0

  • 11d · Fees: lobbying

    total $0

  • 11e · Fees: professional fundraising services

    total $0

  • 11f · Fees: investment management

    total $0

  • 11g · Fees: other

    total $336,772

  • 12 · Advertising and promotion

    total $0

  • 13 · Office expenses

    total $1,131,195

  • 14 · Information technology

    total $0

  • 15 · Royalties

    total $0

  • 16 · Occupancy

    total $859,586

  • 17 · Travel

    total $0

  • 18 · Travel or entertainment for public officials

    total $0

  • 19 · Conferences, conventions and meetings

    total $207,710

  • 20 · Interest

    total $5,030,992

  • 21 · Payments to affiliates

    total $0

  • 22 · Depreciation, depletion and amortization

    total $8,983,259

  • 23 · Insurance

    total $0

  • 24a · Other expenses: PURCHASED POWER COST

    total $67,680,513

  • 24b · Other expenses: DISTRIBUTION OPS & MAINT

    total $9,816,787

  • 24c · Other expenses: ADMINISTRATIVE & GENERAL

    total $4,294,034

  • 24d · Other expenses: CONSUMER ACCOUNTS & SALES

    total $3,753,203

  • 24e · All other expenses

    total $705,270

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $3,600 · end of year $3,600

  • 2 · Savings and temporary cash investments

    beginning of year $4,378,830 · end of year $2,167,281

  • 3 · Pledges and grants receivable

    beginning of year $0 · end of year $0

  • 4 · Accounts receivable

    beginning of year $8,087,997 · end of year $9,192,990

  • 5 · Loans and receivables from officers and key people

    beginning of year $0 · end of year $0

  • 6 · Loans and receivables from disqualified persons

    beginning of year $0 · end of year $0

  • 7 · Other notes and loans receivable

    beginning of year $357,789 · end of year $333,325

  • 8 · Inventories for sale or use

    beginning of year $4,429,499 · end of year $4,174,142

  • 9 · Prepaid expenses and deferred charges

    beginning of year $7,692,184 · end of year $8,461,138

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

    $311,924,053

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

    $133,087,715

  • 10c · Land, buildings and equipment, net

    beginning of year $176,953,848 · end of year $178,836,338

  • 11 · Investments: publicly traded securities

    beginning of year $0 · end of year $0

  • 12 · Investments: other securities

    beginning of year $0 · end of year $0

  • 13 · Investments: program-related

    beginning of year $64,157,959 · end of year $64,408,192

  • 14 · Intangible assets

    beginning of year $0 · end of year $0

  • 15 · Other assets

    beginning of year $52,997 · end of year $31,765

  • 17 · Accounts payable and accrued expenses

    beginning of year $13,134,937 · end of year $12,100,280

  • 18 · Grants payable

    beginning of year $0 · end of year $0

  • 19 · Deferred revenue

    beginning of year $624,639 · end of year $1,549,952

  • 20 · Tax-exempt bond liabilities

    beginning of year $0 · end of year $0

  • 21 · Escrow or custodial account liability

    beginning of year $0 · end of year $0

  • 22 · Loans and payables to officers and key people

    beginning of year $0 · end of year $0

  • 23 · Secured mortgages and notes payable

    beginning of year $128,624,315 · end of year $128,791,487

  • 24 · Unsecured notes and loans payable

    beginning of year $0 · end of year $2,000,000

  • 25 · Other liabilities

    beginning of year $1,344,397 · end of year $1,296,025

  • 29 · Capital stock, trust principal or current funds

    beginning of year $0 · end of year $0

  • 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 $122,386,415 · end of year $121,871,027

Mission and programs · 2022

Mission

TO SAFELY PROVIDE RELIABLE ELECTRICITY TO OUR MEMBERS AND OUR COMMUNITY THROUGH SUPERIOR CUSTOMER SERVICE AND INNOVATIVE ENERGY SOLUTIONS AT FAIR AND REASONABLE PRICES.

Activities or mission (Part I)

PROVIDE ELECTRICAL SERVICES TO OUR MEMBERS.

  • 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.

As filed on the 2022 return.

Listed in Part VII

  • Bradley P Janorschke

    General Manager

    Total calculated
    $554,200
    From this org
    $379,984
    From related orgs
    $0
    Other
    $174,216
    Hours/week
    40 + 1 related

    Schedule J breakdown matched by us

    Base
    $354,984
    Bonus
    $25,000
    Other
    not reported
    Deferred
    $125,751
    Nontaxable benefits
    $48,465
    Filer's total
    $554,200

  • John Jungling

    Director of Cyber Security

    Total calculated
    $384,155
    From this org
    $240,247
    From related orgs
    $0
    Other
    $143,908
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $240,247
    Bonus
    not reported
    Other
    not reported
    Deferred
    $97,733
    Nontaxable benefits
    $46,175
    Filer's total
    $384,155

  • Sheri Gower

    Director of Administration

    Total calculated
    $375,557
    From this org
    $234,272
    From related orgs
    $0
    Other
    $141,285
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $234,272
    Bonus
    not reported
    Other
    not reported
    Deferred
    $95,356
    Nontaxable benefits
    $45,929
    Filer's total
    $375,557

  • Larry Jorgensen

    Dir of Power, Fuels & Dispatch

    Total calculated
    $373,471
    From this org
    $237,640
    From related orgs
    $0
    Other
    $135,831
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $237,640
    Bonus
    not reported
    Other
    not reported
    Deferred
    $90,351
    Nontaxable benefits
    $45,480
    Filer's total
    $373,471

  • Sarah Lambe

    Director of Finance

    Total calculated
    $331,283
    From this org
    $203,406
    From related orgs
    $0
    Other
    $127,877
    Hours/week
    40 + 1 related

    Schedule J breakdown matched by us

    Base
    $203,406
    Bonus
    not reported
    Other
    not reported
    Deferred
    $83,212
    Nontaxable benefits
    $44,665
    Filer's total
    $331,283

  • Steve Cannon

    Director of Operations

    Total calculated
    $322,075
    From this org
    $218,737
    From related orgs
    $0
    Other
    $103,338
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $217,279
    Bonus
    $1,458
    Other
    not reported
    Deferred
    $58,457
    Nontaxable benefits
    $44,881
    Filer's total
    $322,075

  • Keriann Baker

    Director of Member Services

    Total calculated
    $297,421
    From this org
    $211,775
    From related orgs
    $0
    Other
    $85,646
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $211,775
    Bonus
    not reported
    Other
    not reported
    Deferred
    $42,747
    Nontaxable benefits
    $42,899
    Filer's total
    $297,421

  • David Thomas

    Manager of Strategic Affairs

    Total calculated
    $280,771
    From this org
    $205,575
    From related orgs
    $0
    Other
    $75,196
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $205,575
    Bonus
    not reported
    Other
    not reported
    Deferred
    $33,247
    Nontaxable benefits
    $41,949
    Filer's total
    $280,771

  • Erin McKittrick

    Vice President

    Total calculated
    $8,250
    From this org
    $8,250
    From related orgs
    $0
    Other
    $0
    Hours/week
    2 + 0.5 related

  • Dan Furlong

    President

    Total calculated
    $5,500
    From this org
    $5,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    2 + 0.5 related

  • Robert Wall

    Director

    Total calculated
    $4,150
    From this org
    $4,150
    From related orgs
    $0
    Other
    $0
    Hours/week
    1 + 0.5 related

  • Charles Rudstrom

    Deputy Secretary

    Total calculated
    $3,850
    From this org
    $3,850
    From related orgs
    $0
    Other
    $0
    Hours/week
    1 + 0.5 related

  • James Duffield II

    Secretary/Treasurer

    Total calculated
    $3,500
    From this org
    $3,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    1 + 0.5 related

  • Charles Mike Chenault

    Director

    Total calculated
    $2,750
    From this org
    $2,750
    From related orgs
    $0
    Other
    $0
    Hours/week
    1 + 0.5 related

  • Edward Oberts

    Director

    Total calculated
    $1,850
    From this org
    $1,850
    From related orgs
    $0
    Other
    $0
    Hours/week
    2 + 0.5 related

  • Eugene A Levine

    Director

    Total calculated
    $1,750
    From this org
    $1,750
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Wayne H Ogle

    Director

    Total calculated
    $1,500
    From this org
    $1,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    1 + 0.5 related

  • Dan Chay

    Director

    Total calculated
    $1,000
    From this org
    $1,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    1 + 0.5 related

  • Louis Flora

    Director

    Total calculated
    $750
    From this org
    $750
    From related orgs
    $0
    Other
    $0
    Hours/week
    1 + 0.5 related

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

  • 3 · Independent compensation consultant
  • 3 · Written employment contract
  • 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

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.

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

Provenance

Return type
form_990
Tax year
2022
Filed
15 November 2023
IRS schema version
2022v5.0
Source object
202303199349311595

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