Homer Electric Association Inc

Organization Overview

Homer Electric Association Inc is located in Homer, AK. The organization was established in 1951. 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, Homer Electric Association Inc employed 162 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Homer Electric Association 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, Homer Electric Association Inc generated $114.0m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 2.0% each year. All expenses for the organization totaled $104.7m during the year ending 12/2021. While expenses have increased by 1.6% 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.

Mission & Program ActivityExcerpts From the 990 Filing

TAX YEAR

2021

Describe the Organization's Mission:

Part 3 - Line 1

PROVIDE ELECTRICAL SERVICES TO OUR MEMBERS.

Describe the Organization's Program Activity:

Part 3 - Line 4a

HOMER ELECTRIC ASSOCIATION (HEA) OPERATES ON A COOPERATIVE BASIS AND IS IN COMPLIANCE WITH THE COOPERATIVE REQUIREMENTS. HEA PROVIDED A TOTAL OF 480,457,441 KWHS TO 32,956 CONSUMERS DURING 2021.


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Financial Statements

Statement of Revenue
Federated campaigns$0
Membership dues$0
Fundraising events$0
Related organizations$0
Government grants $4,861,564
All other contributions, gifts, grants, and similar amounts not included above$10,000
Noncash contributions included in lines 1a–1f $0
Total Revenue from Contributions, Gifts, Grants & Similar$4,871,564
Total Program Service Revenue$108,733,515
Investment income $96,120
Tax Exempt Bond Proceeds $0
Royalties $0
Net Rental Income $252,000
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 $113,967,382

Grants Recieved

Over the last fiscal year, we have identified 2 grants that Homer Electric Association Inc has recieved totaling $18,000.

Awarding OrganizationAmount
$9,000
$9,000
View Grant Recipient Profile

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