Form 990 for tax year 2023
Filed by HARRISON RURAL ELECTRIFICATION ASSOCIATION INC.
Totals
- Total revenue
- $13,495,859
- Total expenses
- $12,405,205
- Contributions and grants received
- $0
- Grants paid
- $200
- Program service revenue
- $13,458,448
- Investment income
- -$40,035
- Other revenue
- $77,446
- Total assets, end of year
- $46,066,139
- Total liabilities, end of year
- $20,576,831
- Net assets or fund balances, end of year
- $25,489,308
- 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: SALE OF ELECTRICITY
total $13,458,448 · related or exempt $13,458,448
-
3 · Investment income
total $9,472 · excluded $9,472
-
7a · Gross sales of assets other than inventory
other assets $50,796
-
7b · Less cost or other basis and sales expenses
other assets $100,303
-
7c · Gain or loss
other assets -$49,507
-
7d · Net gain or loss
total -$49,507 · excluded -$49,507
-
11a · Other revenue: PATRONAGE CAP FROM ASSOC ORG
total $71,589 · related or exempt $71,589
-
11b · Other revenue: MERCH, JOBBING & CONTRACTS
total $5,857 · related or exempt $5,857
-
11e · Other revenue, total
$77,446
Functional expenses
Part IX, the statement of functional expenses.
-
1 · Grants to domestic organizations and governments
total $200
-
5 · Compensation of officers, directors and key employees
total $190,573
-
7 · Other salaries and wages
total $1,813,388
-
8 · Pension plan contributions
total $426,077
-
10 · Payroll taxes
total $151,813
-
11b · Fees: legal
total $7,005
-
11c · Fees: accounting
total $26,025
-
11g · Fees: other
total $16,872
-
12 · Advertising and promotion
total $500
-
13 · Office expenses
total $18,540
-
14 · Information technology
total $82,607
-
16 · Occupancy
total $221,468
-
19 · Conferences, conventions and meetings
total $65,962
-
20 · Interest
total $786,642
-
22 · Depreciation, depletion and amortization
total $1,539,528
-
24a · Other expenses: COST OF POWER
total $4,884,467
-
24b · Other expenses: DISTRIBUTION - MAINTENANC
total $1,190,387
-
24c · Other expenses: CONSUMER ACCOUNT
total $514,980
-
24d · Other expenses: DISTRIBUTION - OPERATIONS
total $172,915
-
24e · All other expenses
total $295,256
Balance sheet
Part X, book values.
-
2 · Savings and temporary cash investments
beginning of year $2,138,956 · end of year $2,445,824
-
4 · Accounts receivable
beginning of year $1,260,834 · end of year $1,054,891
-
9 · Prepaid expenses and deferred charges
beginning of year $71,606 · end of year $83,048
-
10a · Land, buildings and equipment: cost or other basis
$53,320,705
-
10b · Land, buildings and equipment: accumulated depreciation
$14,598,039
-
10c · Land, buildings and equipment, net
beginning of year $35,808,466 · end of year $38,722,666
-
12 · Investments: other securities
beginning of year $979,946 · end of year $1,009,051
-
15 · Other assets
beginning of year $2,875,199 · end of year $2,750,659
-
17 · Accounts payable and accrued expenses
beginning of year $1,448,049 · end of year $1,528,615
-
19 · Deferred revenue
beginning of year $810 · end of year $810
-
23 · Secured mortgages and notes payable
beginning of year $16,179,217 · end of year $18,474,000
-
25 · Other liabilities
beginning of year $1,315,201 · end of year $573,406
-
30 · Paid-in or capital surplus, or land, building or equipment fund
beginning of year $24,066,023 · end of year $25,363,216
-
31 · Retained earnings, endowment or other funds
beginning of year $125,707 · end of year $126,092
Mission and programs · 2023
Mission
HARRISON RURAL ELECTRIFICATION ASSOCIATION'S (HREA) SOLE PURPOSE IS TO PROVIDE ITS MEMBERS WITH THE LOWEST COST ELECTRICITY AVAILABLE.
-
HREA SELLS ELECTRIC TO RURAL AREA CUSTOMERS AT THE LOWEST POSSIBLE COST. HREA BUILDS LINES WHERE INVESTOR OWNED UTILITIES DO NOT WANT TO BUILD. HREA IS OWNED BY THE MEMBERS THAT IT SERVES.
-
HREA CONTRIBUTES TO AND MAILS TO CUSTOMERS A MONTHLY MAGAZINE CALLED COUNTRY LIVING WHICH HAS A SECTION TITLED "ILLUMINATOR" IN ORDER TO KEEP CUSTOMERS APPRAISED OF CURRENT ELECTRIC ISSUES AND ISSUES AFFECTING THEIR CO-OP.
-
HREA IS INVOLVED WITH THE COMMUNITY BY MAKING VARIOUS DONATIONS TO ORGANIZATIONS.
-
HREA MAKES ANNUAL TRIPS TO LOCAL SCHOOLS PROMOTING SAFETY AND PARTICIPATES WITH OTHER AREA ORGANIZATIONS.
As filed on the 2023 return. The filer continues this part on Schedule O, which is not shown here.
Listed in Part VII
-
Terry StoutTERRY STOUT
CEO/GENERAL
- Total calculated
- $227,345
- From this org
- $156,823
- From related orgs
- $0
- Other
- $70,522
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $156,823
- Bonus
- not reported
- Other
- not reported
- Deferred
- $43,134
- Nontaxable benefits
- $27,388
- Filer's total
- $227,345
-
C Brooks SharpC BROOKS SHARP
PRESIDENT
- Total calculated
- $7,000
- From this org
- $7,000
- From related orgs
- $0
- Other
- $0
- Hours/week
- 1.25
-
Jeff NelsonJEFF NELSON
BOARD MEMBER
- Total calculated
- $6,000
- From this org
- $6,000
- From related orgs
- $0
- Other
- $0
- Hours/week
- 1.25
-
Ronald WatsonRONALD WATSON
BOARD MEMBER
- Total calculated
- $4,750
- From this org
- $4,750
- From related orgs
- $0
- Other
- $0
- Hours/week
- 1.25
-
Greg RobertsonGREG ROBERTSON
VICE PRESIDE
- Total calculated
- $4,500
- From this org
- $4,500
- From related orgs
- $0
- Other
- $0
- Hours/week
- 1.25
-
Glen Cox JrGLEN COX JR
BOARD MEMBER
- Total calculated
- $4,250
- From this org
- $4,250
- From related orgs
- $0
- Other
- $0
- Hours/week
- 1.25
-
William SuanWILLIAM SUAN
BOARD MEMBER
- Total calculated
- $4,000
- From this org
- $4,000
- From related orgs
- $0
- Other
- $0
- Hours/week
- 1.25
-
Philip MacMillanPHILIP MACMILLAN
BOARD MEMBER
- Total calculated
- $3,250
- From this org
- $3,250
- From related orgs
- $0
- Other
- $0
- Hours/week
- 1.25
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
None.
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.
Provenance
- Return type
- form_990
- Tax year
- 2023
- Filed
- 29 October 2024
- IRS schema version
- 2023v5.0
- Source object
- 202423169349301302
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