Howard Electric Cooperative
- Assets
- $31.3m
- Revenue
- $8.9m
- Investments
- $0.0
- Employees
- 17
- Location
- Fayette, MO
- Founding
- 06/1939
- Data as of
- 12/2023
- EIN
- 43-0330970
Organization Overview
Howard Electric Cooperative is located in Fayette, MO. The organization was established in 1939. According to its NTEE Classification (W80) the organization is classified as: Public Utilities, under the broad grouping of Public & Societal Benefit and related organizations. As of 12/2023, Howard Electric Cooperative employed 17 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Howard Electric Cooperative is a 501(c)(12) and as such, is described as a "Benevolent Life Insurance Association, Mutual Ditch or Irrigation Company, Mutual or Cooperative Telephone Company" by the IRS.
For the year ending 12/2023, Howard Electric Cooperative generated $8.9m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 3.8% each year. All expenses for the organization totaled $8.1m during the year ending 12/2023. While expenses have increased by 2.7% per year over the past 9 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
WE ARE PROUD TO PROVIDE SAFE, RELIABLE, AFFORDABLE AND CLEAN ELECTRIC POWER TO OUR MEMBER-OWNERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDING ELECTRIC ENERGY TO THE MEMBERS OF THE COOPERATIVE
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Amber Overfelt Ceo/general Manager | Officer | 50 | $148,312 |
Emily Bange Cfo/hr | Officer | 45 | $121,846 |
Brandon Lightfoot Operations Manager | 45 | $120,387 | |
Chad Westhues Construction Foreman | 45 | $112,181 | |
Kyle Allinson Journeyman Lineman | 45 | $109,687 | |
Nathan Sanders Journeyman Lineman | 45 | $103,899 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Kiowa Line Builders Line Construction | 12/30/23 | $290,280 |
Burbridge Tree Service Row Clearing | 12/30/23 | $172,300 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $8,712,132 |
| Investment income | $206,268 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $8,918,400 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $247,677 |
| Compensation of current officers, directors, key employees. | $420,441 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $482,606 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $927,299 |
| Insurance | $0 |
| All other expenses | $625,833 |
| Total functional expenses | $8,082,805 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $264,464 |
| Savings and temporary cash investments | $3,558,850 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $599,994 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $485,360 |
| Prepaid expenses and deferred charges | $183,448 |
| Net Land, buildings, and equipment | $22,433,008 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $3,765,487 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $31,290,611 |
| Accounts payable and accrued expenses | $602,773 |
| Grants payable | $0 |
| Deferred revenue | $430,000 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $16,579,283 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $303,603 |
| Total liabilities | $17,915,659 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $71,880 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $13,303,072 |
| Total liabilities and net assets/fund balances | $31,290,611 |