Overview
What is Heart Of Texas Electric Cooperative Inc?
Heart of Texas Electric Cooperative Inc is a nonprofit organization based in McGregor, Texas. With a team of 78 employees, they are dedicated to providing electricity to rural communities in the Lone Star State. They offer electric services to approximately 23,977 active accounts, operating on a cooperative basis. This means members share the ownership and control of the organization while enjoying the benefits of reliable electrical power. The cooperative ethos also extends to patronage capital, which is allocated based on electricity usage among the members.
Official website here: www.hotec.coop
Is Heart Of Texas Electric Cooperative Inc legitimate?
Heart Of Texas Electric Cooperative Inc is a legitimate nonprofit organization registered as a 501(c)(12) entity. Heart Of Texas Electric Cooperative Inc submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
Executive Compensation: $349,472
Professional Fundraising Fees: $0
Other Salaries and Wages: $489,825
For more financial information, click here
Official website here: www.hotec.coop
What is the mission statement of Heart Of Texas Electric Cooperative Inc?
Heart of Texas Electric Cooperative Inc is dedicated to delivering electricity to rural communities in Texas on a cooperative basis. Their goal is to provide this essential service to their members, supplying a total of 23,977 active services at year-end. The cooperative allocates patronage capital to its members, allowing them to share in the financial success of the organization. Through their operations, they aim to ensure the availability of electricity to enhance the quality of life for those living in rural areas. By working together in this cooperative manner, Heart of Texas Electric Cooperative Inc is committed to lighting up the lives of its members in Texas.
Official website here: www.hotec.coop
Who is the CEO of Heart Of Texas Electric Cooperative Inc?
Brandon Young is the Gm/Ceo of Heart Of Texas Electric Cooperative Inc. The CEO's salary of Heart Of Texas Electric Cooperative Inc is $193,293 and their total compensation is $298,124.
Official website here: www.hotec.coop
What is the revenue of Heart Of Texas Electric Cooperative Inc?
Heart Of Texas Electric Cooperative Inc's revenue in 2022 was $71,261,483.
Official website here: www.hotec.coop
Who are the executives of Heart Of Texas Electric Cooperative Inc and what are their salaries?
The average compensation at Heart Of Texas Electric Cooperative Inc during 2022 was $10,760. There are 78 employees at Heart Of Texas Electric Cooperative Inc.
Here are 13 key members and their salaries (Heart Of Texas Electric Cooperative Inc's CEO's salary is $193,293 and their total compensation is $298,124):
- Compensation: $193,293
- Related: $0
- Other: $104,831
- Compensation: $120,753
- Related: $0
- Other: $60,298
- Compensation: $105,171
- Related: $0
- Other: $51,622
- Compensation: $119,642
- Related: $0
- Other: $32,339
- Compensation: $6,665
- Related: $0
- Other: $4
- Compensation: $6,400
- Related: $0
- Other: $6
- Compensation: $6,200
- Related: $0
- Other: $6
- Compensation: $6,050
- Related: $0
- Other: $6
- Compensation: $6,032
- Related: $0
- Other: $3
- Compensation: $5,975
- Related: $0
- Other: $6
- Compensation: $5,900
- Related: $0
- Other: $6
- Compensation: $5,900
- Related: $0
- Other: $3
- Compensation: $2,184
- Related: $0
- Other: $3
Official website here: www.hotec.coop
Where can I find the form 990 for Heart Of Texas Electric Cooperative Inc?
Heart Of Texas Electric Cooperative Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.hotec.coop
Learn more at the official website: www.hotec.coop
Mission Statement of Heart Of Texas Electric Cooperative Inc
Heart of Texas Electric Cooperative Inc, a cooperative entity, is dedicated to extending electricity access to rural communities in Texas. By operating on a cooperative basis, this organization ensures the provision of essential electric services to its members, numbering 23,977 at the end of the previous year. The allocation of patronage capital to these members underpins the cooperative nature of the organization.
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Impact
October, 2024
Heart of Texas Electric Cooperative Inc significantly impacts rural communities in Texas by providing reliable electricity on a cooperative basis. With 23,977 active services, the cooperative ensures that members receive electricity tailored to their needs, all while promoting mutual benefit through the allocation of patronage capital. This approach fosters a sense of community engagement and financial responsibility among its members, helping to sustain and enhance the quality of life in the areas it serves. By focusing on rural electrification, the cooperative plays a crucial role in empowering local economies and promoting growth in traditionally underserved regions.
This information is meant to be a general summary of Heart Of Texas Electric Cooperative Inc. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2022.
- Investment Income: -$45,552
- Program Service Revenue: $71,170,734
- Gross Receipts: $71,397,032
Assets and Liabilities:
- Total Assets: $119,447,821
- Total Liabilities: $38,790,920
- Net Assets: $80,656,901
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
SALE OF ELECTRICITY
Revenue
$70,636,764
MEMBER ACCOUNT PENALTIES/FEES
Revenue
$360,842
PATRONAGE CAPITAL CREDITS
Revenue
$163,273
MISC ELECTRIC REVENUE
Revenue
$9,850
DONATED MEMBERSHIP FEES
Revenue
$5
Organization Details
Founding Year
2007
Phone
(254) 840-2871Principal Officer
Brandon Young
Main Address
1111 S JOHNSON DRIVE, MCGREGOR, TX, 76657
Website
www.hotec.coopNTEE Category
Code: Y22 - Mutual benefit
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