Panola-Harrison Electric
- Assets
- $68.9m
- Revenue
- $41.1m
- Investments
- $0.0
- Employees
- 42
- Location
- Marshall, TX
- Founding
- 07/1941
- Data as of
- 12/2023
- EIN
- 75-0481385
Organization Overview
Panola-Harrison Electric is located in Marshall, TX. The organization was established in 1941. According to its NTEE Classification (Y99) the organization is classified as: Mutual & Membership Benefit N.E.C., under the broad grouping of Mutual & Membership Benefit and related organizations. As of 12/2023, Panola-Harrison Electric employed 42 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Panola-Harrison Electric 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, Panola-Harrison Electric generated $41.1m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 2.2% each year. All expenses for the organization totaled $41.1m during the year ending 12/2023. While expenses have increased by 2.2% per year over the past 8 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
DISTRIBUTION OF ELECTRICITY AND RELATED SERVICES TO RURAL CUSTOMERS / MEMBERS
Describe the Organization's Program Activity:
Part 3 - Line 4a
SUPPLYING ELECTRIC SERVICE TO APPROXIMATELY 20,660 RURAL CUSTOMER METERS
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
M Austin Haynes General Manager | Officer | 50 | $162,535 |
Jay King Serviceman/service Lineman | 50 | $138,438 | |
Codie Stewart Lineman | 50 | $132,982 | |
Paul Davidson Crew Foreman | 50 | $130,272 | |
Jason Burson Serviceman/service Lineman | 50 | $123,040 | |
Tyler Whitsett Serviceman/service Lineman | 50 | $122,564 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Brexan Line Service Contractor | 12/30/23 | $2,138,833 |
Sparks Energy Inc Contractor | 12/30/23 | $1,631,199 |
Re-con Company Assistance With Substation Upgrades | 12/30/23 | $1,411,120 |
Tree Experts Right Of Way Clearing | 12/30/23 | $1,390,550 |
Tall Pine Row Maintenance Right-of-way Maintenance | 12/30/23 | $995,971 |
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 | $40,096,282 |
| Investment income | $296,807 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $4,428 |
| Net Rental Income | -$995 |
| Net Gain/Loss on Asset Sales | $15,618 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $41,068,710 |
| 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 | -$2,777,560 |
| Compensation of current officers, directors, key employees. | $1,320,793 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $2,435,372 |
| Pension plan accruals and contributions | $409,020 |
| Other employee benefits | $600,359 |
| Payroll taxes | $246,583 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $36,048 |
| Fees for services: Accounting | $18,973 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $8,290,880 |
| Advertising and promotion | $22,360 |
| Office expenses | $48,082 |
| Information technology | $36,247 |
| Royalties | $0 |
| Occupancy | $250,730 |
| Travel | $11,018 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $489,163 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,154,557 |
| Insurance | $277,380 |
| All other expenses | $0 |
| Total functional expenses | $41,068,710 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $115,094 |
| Savings and temporary cash investments | $6,172,423 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $4,685,005 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $945,702 |
| Prepaid expenses and deferred charges | $408,642 |
| Net Land, buildings, and equipment | $40,053,827 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $16,510,704 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $68,891,397 |
| Accounts payable and accrued expenses | $5,403,622 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| 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 | $11,003,781 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $9,992,477 |
| Total liabilities | $26,399,880 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $42,491,517 |
| Total liabilities and net assets/fund balances | $68,891,397 |