Homer Electric Association Inc

Nonprofit profile at a glance

EIN
920014079
IRS 990 coverage
2010–2024
Forms available
Form 990 2024
Location
Homer, AK, USA
Phone
9072358551
Rating confidence
Limited

Official website

Reported finances

Revenue
$116,132,775
Expenses
$113,857,098
Assets
$270,588,003
Liabilities
$151,411,868

Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.

Leadership & pay

17 people listed

Executive titles in this filing

  • Bradley P Janorschke (Chief Executive Officer)
  • Dan Furlong (President)
  • Robert Wall (Vice President)

Highest reported compensation

  • Bradley P Janorschke (Chief Executive Officer): $613,053 total reported compensation
  • John Jungling (Chief Technology Officer): $435,552 total reported compensation
  • Sheri Gower (Chief Adminstrative Officer): $423,253 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

To safely provide reliable electricity to our members and our community through superior customer service and innovative energy solutions at fair and reasonable prices.

What it reported doing in 2024

Homer electric association (hea) operates on a cooperative basis and is in compliance with the cooperative requirements. Hea provided a total of 490,194,730 kwhs to 34,519 consumers during 2024.

Operating model

Revenue model
Earned-program. 100% of the money available for current operations came from fees and other program revenue.
Distribution model
Cannot be determined from the filing. The filing does not provide enough consistent spending detail to tell whether the nonprofit works directly or through others.

The verdict

- The available evidence is not sufficient to produce an overall rating for this filing. This is not a warning sign.

Rating breakdown

  • Financial Efficiency: NotEnoughData
  • Transparency & Controls: 87
  • Accountability: 100
  • Sustainability: 48
  • Growth: 60

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: Limited
  • Program expense ratio: Limited
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 68th percentile among comparable filings
  • Pay-setting controls: 3 of 6 controls in place; rating input score 50
    • Compensation committee: Missing
    • Independent consultant: Pass
    • Other Form 990s reviewed: Missing
    • Written employment contract: Pass
    • Compensation survey or study: Missing
    • Board or committee approval: Pass
  • Foreign activity oversight: Limited
  • Grant itemization coverage: 100%; rating input score 100; 77th percentile among comparable filings
  • Major donor itemization: Limited
  • Related-party transparency: Yes; rating input score 100

Accountability

  • Independent voting board: 100%; rating input score 100; 77th percentile among comparable filings
  • Governance controls: 9 of 9 controls in place; rating input score 100
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • Other executive compensation review process: Pass
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 2%; rating input score 42; 42nd percentile among comparable filings
  • Total-asset coverage ratio: 2.38; rating input score 69; 69th percentile among comparable filings
  • Liabilities to assets ratio: 0.56; rating input score 31; 31st percentile among comparable filings
  • Officer compensation ratio: 2.9%; rating input score 39; 39th percentile among comparable filings

Growth

  • Program expense growth: Limited
  • Revenue growth: 2.9% per year; rating input score 100; 21st percentile among comparable filings
  • Asset growth: 2.1% per year; rating input score 100; 15th percentile among comparable filings

Details

  • Where the money goes: Financial trends and filed revenue, expense, asset, and liability detail
  • Governance: 9 of 9 board members independent · 9 of 9 filing controls reported
  • Programs: 1 filed program accomplishment
  • Leadership: top reported pay $613K · 17 people listed · 3 of 6 pay-setting controls reported
  • Highest-paid contractors: 5 contractors listed · $1M reported
  • Consistency: 14 of 14 current checks pass
  • Schedules: 5 filed schedules · includes grants, executive pay, and related organizations
  • Filing history: 14 filing years from 2010 to 2024
  • Contacts: How to reach this organization
  • Money network: 17 filed money-flow records
  • Related organizations: 1 filed related-organization link
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.
  • Staff and benefit plans: Retirement and health plans the organization files with the Department of Labor, and the people in them.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

Grant-readiness screening is separate from the live rating, not a measure of program quality. Review the source records before making a grant decision.

  • Moderate — Sustainability: Operating margin scored 42/100.
  • Moderate — Sustainability: Liabilities to assets ratio scored 31/100.
  • Moderate — Sustainability: Officer compensation ratio scored 39/100.
  • High — Grant Readiness: Federal audit findings: this organization reported findings in its latest federal Single Audit.