Holy Cross Electric Assoc Inc
- Assets
- $346.8m
- Revenue
- $144.0m
- Investments
- $0.0
- Employees
- 180
- Location
- Glenwood Springs, CO
- Founding
- 09/1949
- Data as of
- 12/2021
- EIN
- 84-0229176
Organization Overview
Holy Cross Electric Assoc Inc is located in Glenwood Springs, CO. The organization was established in 1949. 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 12/2021, Holy Cross Electric Assoc Inc employed 180 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Holy Cross Electric Assoc Inc 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 12/2021, Holy Cross Electric Assoc Inc generated $144.0m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 2.6% each year. All expenses for the organization totaled $143.0m during the year ending 12/2021. While expenses have increased by 3.7% per year over the past 7 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
HOLY CROSS ENERGY PROVIDES SAFE, RELIABLE, AFFORDABLE, AND SUSTAINABLE ENERGY AND SERVICES THAT IMPROVE THE QUALITY OF LIFE FOR OUR MEMBERS AND THEIR COMMUNITIES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
HOLY CROSS ENERGY IS A COOPERATIVE CORPORATION WITH 160+ EMPLOYEES SERVING 58,000+ 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.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Bryan Hannegan President And CEO | Officer | 45 | $530,911 |
Rick Arnhold VP Eagle/vail District | Officer | 45 | $289,739 |
David Bleakley VP Engineering | Officer | 45 | $224,309 |
John Rowley VP Human Resources & Risk Mgmt | Officer | 45 | $221,047 |
Bob Farmer VP Information Technology | Officer | 45 | $219,530 |
David O'neil VP Operations | Officer | 45 | $205,731 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Ward Electric Company Inc Construction | 12/30/21 | $2,397,525 |
Sunsense Solar Inc Construction | 12/30/21 | $1,610,321 |
Mccarter And English Llp Legal | 12/30/21 | $982,104 |
Nreca Investment Mgt | 12/30/21 | $6,679,266 |
Advanced Underground Construction Excavation | 12/30/21 | $2,808,839 |
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 | $143,556,574 |
| Investment income | $65,126 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | -$23,876 |
| Net Gain/Loss on Asset Sales | -$73,345 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $143,962,151 |
| 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 | $8,883,301 |
| Compensation of current officers, directors, key employees. | $3,222,582 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $19,823,662 |
| Pension plan accruals and contributions | $5,077,470 |
| Other employee benefits | $3,997,477 |
| Payroll taxes | $1,412,854 |
| 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 | $7,228,547 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $13,472,267 |
| Insurance | $0 |
| All other expenses | $337,748 |
| Total functional expenses | $142,978,775 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $8,962,829 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $12,013,513 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $477,747 |
| Inventories for sale or use | $4,441,069 |
| Prepaid expenses and deferred charges | $8,310,748 |
| Net Land, buildings, and equipment | $299,817,929 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $9,799,320 |
| Intangible assets | $0 |
| Other assets | $2,945,905 |
| Total assets | $346,769,060 |
| Accounts payable and accrued expenses | $24,282,334 |
| Grants payable | $0 |
| Deferred revenue | $20,206,234 |
| 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 | $162,319,187 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $3,616,419 |
| Total liabilities | $210,424,174 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $62,121,430 |
| Paid-in or capital surplus, or land, building, or equipment fund | $53,487,033 |
| Retained earnings, endowment, accumulated income, or other funds | $20,736,423 |
| Total liabilities and net assets/fund balances | $346,769,060 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Holy Cross Electric Assoc Inc has recieved totaling $30,000.
| Awarding Organization | Amount |
|---|---|
Community Office For Resource Efficiency Aspen, CO PURPOSE: BUILDING EFFICIENCY | $30,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Intermountain Rural Electric Association Sedalia, CO | $1,228,049,117 | $331,307,918 |
United Power Inc Brighton, CO | $596,297,380 | $312,195,991 |
Midwest Energy Inc Hays, KS | $627,319,066 | $242,109,196 |
Nebraska Electric Generation And Transmission Cooperative Inc Columbus, NE | $24,698,351 | $237,875,387 |
Powder River Energy Corporation Sundance, WY | $476,284,680 | $160,024,088 |
Kansas Electric Power Cooperative Inc Topeka, KS | $324,892,215 | $155,298,946 |
Holy Cross Electric Assoc Inc Glenwood Springs, CO | $346,769,060 | $143,962,151 |
Poudre Valley Rural Electric Association Inc Fort Collins, CO | $294,330,752 | $138,618,060 |
Mountain View Electric Assoc Inc Limon, CO | $390,883,600 | $130,263,584 |
Wheatland Electric Cooperative Inc Scott City, KS | $396,291,837 | $135,504,562 |
Sulphur Springs Valley Electric Cooperative Inc Willcox, AZ | $321,892,538 | $124,995,046 |
Trico Electric Cooperative Inc Marana, AZ | $268,045,549 | $107,861,208 |