HARMON ELECTRIC ASSOCIATION INC (EIN 730274135) - Form 990 Financial Analysis & Trantor Score

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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

1938

Legal Domicile

Principal Officer

AARON PAXTON

Phone

5806883342

Tax Period

2023-01-01 to 2023-12-31

HARMON ELECTRIC ASSOCIATION INC, founded in 1938, is a mid-sized nonprofit that reported $12.1M in total revenue in fiscal year 2023.

Mission

TO PROVIDE QUALITY AND RELIABLE ELECTRIC SERVICE TO MEMBERS OF THE COOPERATIVE.

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

Financial Overview (2023)

Revenue Breakdown

Contributions & Grants $0

Program Service Revenue $11,903,498

Investment Income $67,236

Other Revenue $163,870

TOTAL REVENUE $12,134,604

Expense Breakdown

Grants Paid $15,842

Salaries & Benefits $1,872,582

Fundraising Expenses $0

Other Expenses $9,262,475

TOTAL EXPENSES $12,130,134

Year-over-Year Comparison

	2023	2022	Change
Revenue	$12,134,604	$12,240,511	0.0%
Expenses	$12,130,134	$12,279,889	0.0%
Net Income	$4,470	$-39,378	-1.1%

Key Indicators

✗ Grants to Organizations ✗ Grants to Individuals ✗ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✗ Schedule B Required

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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

Independent Members

Employees

Volunteers

N/A

Governance Policies

✗ Conflict of Interest Policy

✗ Whistleblower Policy

✗ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School

✗ Operated a Hospital

✗ Provided First Class Travel

✗ Reported Conflict of Interest

✗ Reported Asset Diversion

✗ Excess Benefit Transaction

✗ Made Political Expenditures

✗ Engaged in Lobbying

✗ Operated Donor Advised Fund

✗ Maintained Art Collections

✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers

$268,794

Total Directors

$33,700

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
BURK BULLINGTON	PRESIDENT	0.50	Officer Director	$2,900	$0	$2,900
LEE SPARKMAN	VICE PRESIDENT	0.50	Officer Director	$2,700	$0	$2,700
JAMES REEVES	SECRETARY/TREASURER	1.50	Officer Director	$7,900	$0	$7,900
JEAN PENCE	TRUSTEE	1.00	Director	$4,100	$0	$4,100
JAMES CONLEY	ASST. SECRETARY/TREASURER	1.50	Officer Director	$5,700	$0	$5,700
BRADEN CUNNINGHAM	TRUSTEE	0.50	Director	$1,900	$0	$1,900
KATHLEEN FAUGHN	TRUSTEE	3.50	Director	$8,500	$0	$8,500
AARON PAXTON	GENERAL MANAGER	50.00	Officer	$193,315	$56,279	$249,594
LISA A RICHARD	MANAGER ADMIN & FINANCE	50.00	Highest	$120,365	$90,492	$210,857
MONTY WORTHEN	OPERATIONS DIRECTOR	45.00	Highest	$131,163	$76,752	$207,915
TOMMY CASWELL	FOREMAN	50.00	Highest	$122,108	$89,861	$211,969
ALEXANDER VELASQUEZ	CONSTRUCTION FOREMAN	46.00	Highest	$113,029	$45,717	$158,746
BRADLEY WHISENANT	MANAGER MEMBER SERVICES/SAFETY	40.00	Highest	$103,677	$74,093	$177,770

Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year	Revenue	Expenses	Assets	Net Income
2024	No data	No data	No data	No data
2023	$12,134,604	$12,130,134	$39,406,521	$4,470
2022	$12,240,511	$12,279,889	$39,915,847	$-39,378
2021	$10,529,498	$10,521,239	$37,312,602	$8,259
2020	$9,747,032	$9,513,630	$37,423,214	$233,402
2019	$9,796,118	$9,819,562	$36,949,988	$-23,444
2018	$9,769,165	$9,769,165	$36,869,398	No data

HARMON ELECTRIC ASSOCIATION INC