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Nonprofiteer
← HOWARD ELECTRIC COOPERATIVE

Form 990 for tax year 2023

Filed by HOWARD ELECTRIC COOPERATIVE.

Totals

Total revenue
$8,918,400
Total expenses
$8,082,805
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$8,712,132
Investment income
$206,268
Other revenue
$0
Total assets, end of year
$31,290,611
Total liabilities, end of year
$17,915,659
Net assets or fund balances, end of year
$13,374,952
Program services expenses (Part IX)
$8,082,805
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
$8,082,805

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 $8,372,731 · related or exempt $8,372,731

  • 2b · Program service revenue: Capital Credits

    total $301,384 · related or exempt $301,384

  • 2c · Program service revenue: Other Electric Revenue

    total $43,828 · related or exempt $43,828

  • 2d · Program service revenue: Equipment

    total -$5,811 · related or exempt -$5,811

  • 3 · Investment income

    total $206,268 · related or exempt $206,268

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $247,677 · program services $247,677

  • 5 · Compensation of officers, directors and key employees

    total $420,441 · program services $420,441

  • 20 · Interest

    total $482,606 · program services $482,606

  • 22 · Depreciation, depletion and amortization

    total $927,299 · program services $927,299

  • 24a · Other expenses: Purchased Power

    total $3,367,828 · program services $3,367,828

  • 24b · Other expenses: Distribution Maintenanc

    total $1,351,860 · program services $1,351,860

  • 24c · Other expenses: Customer Service

    total $366,321 · program services $366,321

  • 24d · Other expenses: Administration

    total $292,940 · program services $292,940

  • 24e · All other expenses

    total $625,833 · program services $625,833

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $314,691 · end of year $264,464

  • 2 · Savings and temporary cash investments

    beginning of year $2,071,163 · end of year $3,558,850

  • 4 · Accounts receivable

    beginning of year $654,666 · end of year $599,994

  • 8 · Inventories for sale or use

    beginning of year $508,675 · end of year $485,360

  • 9 · Prepaid expenses and deferred charges

    beginning of year $207,371 · end of year $183,448

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

    $30,567,404

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

    $8,134,396

  • 10c · Land, buildings and equipment, net

    beginning of year $21,821,612 · end of year $22,433,008

  • 13 · Investments: program-related

    beginning of year $3,689,974 · end of year $3,765,487

  • 17 · Accounts payable and accrued expenses

    beginning of year $626,331 · end of year $602,773

  • 19 · Deferred revenue

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

  • 23 · Secured mortgages and notes payable

    beginning of year $15,360,928 · end of year $16,579,283

  • 25 · Other liabilities

    beginning of year $312,436 · end of year $303,603

  • 29 · Capital stock, trust principal or current funds

    beginning of year $70,980 · end of year $71,880

  • 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 $12,467,477 · end of year $13,303,072

Mission and programs · 2023

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 $8,082,805 · Revenue $8,918,400

As filed on the 2023 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
    $221,208
    From this org
    $148,312
    From related orgs
    $0
    Other
    $72,896
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $143,853
    Bonus
    $0
    Other
    $4,459
    Deferred
    $49,864
    Nontaxable benefits
    $23,032
    Filer's total
    $221,208

  • Emily Bange

    CFO/HR

    Total calculated
    $165,371
    From this org
    $121,846
    From related orgs
    $0
    Other
    $43,525
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $121,154
    Bonus
    $0
    Other
    $692
    Deferred
    $20,493
    Nontaxable benefits
    $23,032
    Filer's total
    $165,371

  • Brandon Lightfoot

    Operations Manager

    Total calculated
    $164,978
    From this org
    $120,387
    From related orgs
    $0
    Other
    $44,591
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $117,977
    Bonus
    $0
    Other
    $2,410
    Deferred
    $21,559
    Nontaxable benefits
    $23,032
    Filer's total
    $164,978

  • Chad Westhues

    Construction Foreman

    Total calculated
    $147,336
    From this org
    $112,181
    From related orgs
    $0
    Other
    $35,155
    Hours/week
    45

  • Kyle Allinson

    Journeyman Lineman

    Total calculated
    $141,179
    From this org
    $109,687
    From related orgs
    $0
    Other
    $31,492
    Hours/week
    45

  • Nathan Sanders

    Journeyman Lineman

    Total calculated
    $135,394
    From this org
    $103,899
    From related orgs
    $0
    Other
    $31,495
    Hours/week
    45

  • George Frink

    Director

    Total calculated
    $8,200
    From this org
    $8,200
    From related orgs
    $0
    Other
    $0
    Hours/week
    8

  • Brenda Dougherty

    Director/Custodian

    Total calculated
    $8,000
    From this org
    $8,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Omer Conrow

    Director

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

  • Debbie Wiswall

    Secretary

    Total calculated
    $4,400
    From this org
    $4,400
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Dale Kirby

    President

    Total calculated
    $3,200
    From this org
    $3,200
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • Lee Young

    Vice President

    Total calculated
    $3,200
    From this org
    $3,200
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • David Kunze

    Director

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

  • Bill Westfall

    Director

    Total calculated
    $2,400
    From this org
    $2,400
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Marvin Hilgedick

    Director

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

  • Oran Boulden

    Treasurer

    Total calculated
    $1,400
    From this org
    $1,400
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Andy Cook

    Director

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

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 -$11,485 · share of assets $54,229

    Directly controlled by Howard Electric Cooperative

Provenance

Return type
form_990
Tax year
2023
Filed
13 September 2024
IRS schema version
2023v5.1
Source object
202402749349300205

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