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Nonprofiteer
← HOLY CROSS ELECTRIC ASSOC INC

Form 990 for tax year 2023

Filed by HOLY CROSS ELECTRIC ASSOC INC.

Totals

Total revenue
$158,826,315
Total expenses
$156,584,524
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$157,876,343
Investment income
$646,574
Other revenue
$303,398
Total assets, end of year
$375,282,436
Total liabilities, end of year
$224,303,453
Net assets or fund balances, end of year
$150,978,983
Program services expenses (Part IX)
$0
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
not reported

Program services were 0.0% 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: Electric Revenues

    total $155,510,204 · related or exempt $155,510,204

  • 2b · Program service revenue: Capital Credits

    total $1,291,819 · related or exempt $1,291,819

  • 2c · Program service revenue: Electric Property Rent

    total $214,454 · excluded $214,454

  • 2d · Program service revenue: Other Operating Revenue

    total $859,866 · related or exempt $859,866

  • 3 · Investment income

    total $593,903 · excluded $593,903

  • 6a · Gross rents

    personal property $43,000

  • 6b · Less rental expenses

    personal property $56,460

  • 6c · Rental income or loss

    personal property -$13,460

  • 6d · Net rental income or loss

    total -$13,460 · related or exempt -$13,460

  • 7a · Gross sales of assets other than inventory

    other assets $52,671

  • 7c · Gain or loss

    other assets $52,671

  • 7d · Net gain or loss

    total $52,671 · excluded $52,671

  • 11a · Other revenue: Rebates

    total $10,233 · excluded $10,233

  • 11b · Other revenue: Liquidated Damages

    total $306,625 · excluded $306,625

  • 11e · Other revenue, total

    $316,858

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $9,621,748

  • 5 · Compensation of officers, directors and key employees

    total $2,635,454

  • 7 · Other salaries and wages

    total $2,172,570

  • 20 · Interest

    total $6,963,459

  • 22 · Depreciation, depletion and amortization

    total $14,911,630

  • 24a · Other expenses: Cost of Power

    total $78,930,945 · program services $78,930,945

  • 24b · Other expenses: Distribution Expense

    total $18,618,353 · program services $18,618,353

  • 24c · Other expenses: Customer Accounts

    total $6,001,759 · program services $6,001,759

  • 24d · Other expenses: Admin & General

    total $14,769,750 · program services $14,769,750

  • 24e · All other expenses

    total $1,958,856

Balance sheet

Part X, book values.

  • 2 · Savings and temporary cash investments

    beginning of year $7,732,805 · end of year $7,682,047

  • 4 · Accounts receivable

    beginning of year $14,293,316 · end of year $14,959,620

  • 7 · Other notes and loans receivable

    beginning of year $2,663,000 · end of year $4,532,386

  • 8 · Inventories for sale or use

    beginning of year $6,282,166 · end of year $7,110,865

  • 9 · Prepaid expenses and deferred charges

    beginning of year $8,849,667 · end of year $8,655,141

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

    $529,311,501

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

    $210,448,419

  • 10c · Land, buildings and equipment, net

    beginning of year $308,086,073 · end of year $318,863,082

  • 13 · Investments: program-related

    beginning of year $10,460,283 · end of year $11,127,289

  • 15 · Other assets

    beginning of year $1,614,976 · end of year $2,352,006

  • 17 · Accounts payable and accrued expenses

    beginning of year $27,027,673 · end of year $28,166,377

  • 19 · Deferred revenue

    beginning of year $27,684,120 · end of year $30,405,187

  • 23 · Secured mortgages and notes payable

    beginning of year $158,264,063 · end of year $161,957,994

  • 25 · Other liabilities

    beginning of year $3,724,792 · end of year $3,773,895

  • 29 · Capital stock, trust principal or current funds

    beginning of year $63,869,956 · end of year $63,659,911

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

    beginning of year $56,286,008 · end of year $75,455,535

  • 31 · Retained earnings, endowment or other funds

    beginning of year $23,125,674 · end of year $11,863,537

Mission and programs · 2023

Mission

Holy Cross Energy provides safe, reliable, affordable, and sustainable energy and services that improve the quality of life for our members and their communities.

  • HOLY CROSS ENERGY IS A COOPERATIVE CORPORATION WITH 165+ EMPLOYEES SERVING 60,000+ ACTIVE METERS. HOLY CROSS ENERGY PROUDLY SERVES ITS MEMBERS; FROM MAJOR SKI RESORTS IN THE ASPEN AND VAIL AREAS AS WELL AS FARMS, RANCHES, AND FRIENDLY RURAL COMMUNITIES THAT PROVIDE PEOPLE AND RESOURCES FOR THE TOURISM AND OUTDOOR RECREATION INDUSTRIES.

As filed on the 2023 return.

Listed in Part VII

  • Bryan Hannegan

    President and CEO

    Total calculated
    $794,943
    From this org
    $650,376
    From related orgs
    $0
    Other
    $144,567
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $562,371
    Bonus
    $88,005
    Other
    not reported
    Deferred
    $109,633
    Nontaxable benefits
    $34,934
    Filer's total
    $794,943

  • David Bleakley

    VP Engineering

    Total calculated
    $430,350
    From this org
    $271,574
    From related orgs
    $0
    Other
    $158,776
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $246,733
    Bonus
    $24,841
    Other
    not reported
    Deferred
    $124,416
    Nontaxable benefits
    $34,360
    Filer's total
    $430,350

  • David C ONeil

    VP Operations

    Total calculated
    $429,740
    From this org
    $281,423
    From related orgs
    $0
    Other
    $148,317
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $247,347
    Bonus
    $24,610
    Other
    $9,466
    Deferred
    $113,410
    Nontaxable benefits
    $34,907
    Filer's total
    $429,740

  • Barry Croissant

    Manager Facilities

    Total calculated
    $428,798
    From this org
    $229,734
    From related orgs
    $0
    Other
    $199,064
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $157,784
    Bonus
    $12,334
    Other
    $59,616
    Deferred
    $164,717
    Nontaxable benefits
    $34,347
    Filer's total
    $428,798

  • Manuel Gomez

    Director Fiber & Broadband

    Total calculated
    $415,994
    From this org
    $338,833
    From related orgs
    $0
    Other
    $77,161
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $338,833
    Bonus
    not reported
    Other
    not reported
    Deferred
    $57,692
    Nontaxable benefits
    $19,469
    Filer's total
    $415,994

  • Jenna Weatherred

    VP Member & Community Relati

    Total calculated
    $398,275
    From this org
    $268,558
    From related orgs
    $0
    Other
    $129,717
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $244,117
    Bonus
    $24,441
    Other
    not reported
    Deferred
    $94,818
    Nontaxable benefits
    $34,899
    Filer's total
    $398,275

  • Samuel Whelan

    VP Finance

    Total calculated
    $372,396
    From this org
    $256,041
    From related orgs
    $0
    Other
    $116,355
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $232,613
    Bonus
    $23,428
    Other
    not reported
    Deferred
    $81,501
    Nontaxable benefits
    $34,854
    Filer's total
    $372,396

  • John Rowley

    Director Human Resources

    Total calculated
    $346,245
    From this org
    $230,970
    From related orgs
    $0
    Other
    $115,275
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $209,176
    Bonus
    $14,844
    Other
    $6,950
    Deferred
    $80,628
    Nontaxable benefits
    $34,647
    Filer's total
    $346,245

  • Trina Zagar-Brown

    VP Business Services

    Total calculated
    $332,316
    From this org
    $226,271
    From related orgs
    $0
    Other
    $106,045
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $209,396
    Bonus
    $16,875
    Other
    not reported
    Deferred
    $74,121
    Nontaxable benefits
    $31,924
    Filer's total
    $332,316

  • Russ Winder

    Manager Construction Enginee

    Total calculated
    $329,927
    From this org
    $218,202
    From related orgs
    $0
    Other
    $111,725
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $173,878
    Bonus
    $13,665
    Other
    $30,659
    Deferred
    $77,235
    Nontaxable benefits
    $34,490
    Filer's total
    $329,927

  • Ladd Epp

    Manager Cyber & Physical Sec

    Total calculated
    $319,290
    From this org
    $224,865
    From related orgs
    $0
    Other
    $94,425
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $208,661
    Bonus
    not reported
    Other
    $16,204
    Deferred
    $65,777
    Nontaxable benefits
    $28,648
    Filer's total
    $319,290

  • Dave Munk

    Director

    Total calculated
    $45,000
    From this org
    $45,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    11

  • Adam Quinton

    Director

    Total calculated
    $38,250
    From this org
    $38,250
    From related orgs
    $0
    Other
    $0
    Hours/week
    9

  • Kristen Bertuglia

    Director

    Total calculated
    $30,000
    From this org
    $30,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    6

  • Robert Gardner

    Director

    Total calculated
    $26,250
    From this org
    $26,250
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Alex Degolia

    Director

    Total calculated
    $24,250
    From this org
    $24,250
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • Keith Klesner

    Director

    Total calculated
    $23,000
    From this org
    $23,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • Linn Brooks

    Director

    Total calculated
    $13,750
    From this org
    $13,750
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • David Campbell

    Director

    Total calculated
    $9,250
    From this org
    $9,250
    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

  • 1a · Discretionary spending account
  • 1b · Written policy on the line-1a expenses
  • 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)

Benefit information (Part I, line 1a)
BOARD MEMBERS USE DISCRETIONARY ACCOUNT TO ATTEND INDUSTRY SPECIFIC TRAINING OR CONFERENCES THAT ARE NOT DIRECTLY RELATED TO THEIR BOARD OF DIRECTOR DUTIES.

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.

  • Energy and Services Experts

    C Corp · Communication · CO · 100% owned · share of assets $7,273 · controlled entity

    Directly controlled by HCEA

Provenance

Return type
form_990
Tax year
2023
Filed
25 September 2024
IRS schema version
2023v5.1
Source object
202412709349300341

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