Civic Intelligence

Naknek Electric Association Inc

EIN 92-0027674 • 501(c)12 • Naknek, AK

Profile

Generation and sale of electrical energy to the communities of naknek, south naknek and king salmon, ak.

PO Box 118Naknek, AK 99633

www.naknekelectric.com

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

89th percentile

0.65x

Higher debt load relative to assets than 89% of similar nonprofits.

501(c)12 • $25M-$50M nonprofits • Source year 2024

Liabilities / Revenue

78th percentile

2.28x

Higher debt load relative to revenue than 78% of similar nonprofits.

501(c)12 • $25M-$50M nonprofits • Source year 2024

Net Margin

46th percentile

1.5%

Higher net margin than 46% of similar nonprofits.

501(c)12 • $25M-$50M nonprofits • Source year 2024

Top Officer Pay

56th percentile

$227,862

Higher top officer pay than 56% of similar nonprofits.

Top officer pay equals 1.8% of source-year revenue.

501(c)12 • $25M-$50M nonprofits • Source year 2024

Asset Growth

3rd percentile

-3.8%

Faster asset growth than 3% of similar nonprofits.

501(c)12 • $25M-$50M nonprofits • Annualized from 2023 to 2024

Revenue Growth

10th percentile

-5.7%

Faster revenue growth than 10% of similar nonprofits.

501(c)12 • $25M-$50M nonprofits • Annualized from 2023 to 2024

Assets

Down

$45,198,038

Down $1,763,407 (-3.8%) from 2023

Liabilities

Down

$29,318,864

Down $1,962,692 (-6.3%) from 2023

Net Assets

Up

$15,879,174

Up $199,285 (+1.3%) from 2023

Revenue

Down

$12,884,593

Down $785,106 (-5.7%) from 2023

Expenses

Down

$12,694,699

Down $591,671 (-4.5%) from 2023

Net Income

Down

$189,894

Down $193,435 (-50%) from 2023

Trend Graphs

Balance Sheet Trend

Grouped bars show assets, liabilities, and net assets across loaded filings.

$60M$40M$20M$0Assets 2011: $59,431,372Liabilities 2011: $50,505,061Net Assets 2011: $8,926,3112011Assets 2012: $54,674,933Liabilities 2012: $45,554,414Net Assets 2012: $9,120,5192012Assets 2013: $36,790,439Liabilities 2013: $27,379,202Net Assets 2013: $9,411,2372013Assets 2014: $36,697,671Liabilities 2014: $27,037,712Net Assets 2014: $9,659,9592014Assets 2015: $34,231,541Liabilities 2015: $24,263,010Net Assets 2015: $9,968,5312015Assets 2016: $32,369,489Liabilities 2016: $21,258,795Net Assets 2016: $11,110,6942016Assets 2017: $35,390,471Liabilities 2017: $23,127,197Net Assets 2017: $12,263,2742017Assets 2018: $48,988,693Liabilities 2018: $36,544,286Net Assets 2018: $12,444,4072018Assets 2019: $49,328,555Liabilities 2019: $36,519,131Net Assets 2019: $12,809,4242019Assets 2020: $47,332,796Liabilities 2020: $34,349,596Net Assets 2020: $12,983,2002020Assets 2021: $48,960,735Liabilities 2021: $34,000,328Net Assets 2021: $14,960,4072021Assets 2022: $48,731,346Liabilities 2022: $33,475,865Net Assets 2022: $15,255,4812022Assets 2023: $46,961,445Liabilities 2023: $31,281,556Net Assets 2023: $15,679,8892023Assets 2024: $45,198,038Liabilities 2024: $29,318,864Net Assets 2024: $15,879,1742024

Highlighted filing

2024

Assets$45,198,038
Liabilities$29,318,864
Net Assets$15,879,174

Operations Trend

Revenue, expenses, and net income by year, with the latest filing highlighted.

$15M$10M$5.0M$0Revenue 2011: $9,055,144Expenses 2011: $8,869,628Net Income 2011: $185,5162011Revenue 2012: $9,906,134Expenses 2012: $9,710,220Net Income 2012: $195,9142012Revenue 2013: $10,237,560Expenses 2013: $9,929,276Net Income 2013: $308,2842013Revenue 2014: $11,350,036Expenses 2014: $11,065,432Net Income 2014: $284,6042014Revenue 2015: $11,156,521Expenses 2015: $10,819,868Net Income 2015: $336,6532015Revenue 2016: $9,725,888Expenses 2016: $8,846,482Net Income 2016: $879,4062016Revenue 2017: $9,922,535Expenses 2017: $8,767,846Net Income 2017: $1,154,6892017Revenue 2018: $10,153,861Expenses 2018: $9,972,673Net Income 2018: $181,1882018Revenue 2019: $12,047,236Expenses 2019: $11,682,059Net Income 2019: $365,1772019Revenue 2020: $10,092,392Expenses 2020: $9,918,561Net Income 2020: $173,8312020Revenue 2021: $11,351,355Expenses 2021: $9,374,038Net Income 2021: $1,977,3172021Revenue 2022: $12,949,477Expenses 2022: $12,654,298Net Income 2022: $295,1792022Revenue 2023: $13,669,699Expenses 2023: $13,286,370Net Income 2023: $383,3292023Revenue 2024: $12,884,593Expenses 2024: $12,694,699Net Income 2024: $189,8942024

Highlighted filing

2024

Revenue$12,884,593
Expenses$12,694,699
Net Income$189,894

Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$45.2$29.3$15.9$12.9$12.7$0.19
2023Detailed filing. Detailed filing data is available for this year.$47.0$31.3$15.7$13.7$13.3$0.38
2022Detailed filing. Detailed filing data is available for this year.$48.7$33.5$15.3$12.9$12.7$0.30
2021Detailed filing. Detailed filing data is available for this year.$49.0$34.0$15.0$11.4$9.37$1.98
2020Detailed filing. Detailed filing data is available for this year.$47.3$34.3$13.0$10.1$9.92$0.17
2019Detailed filing. Detailed filing data is available for this year.$49.3$36.5$12.8$12.0$11.7$0.37
2018Detailed filing. Detailed filing data is available for this year.$49.0$36.5$12.4$10.2$9.97$0.18
2017Detailed filing. Detailed filing data is available for this year.$35.4$23.1$12.3$9.92$8.77$1.15
2016Detailed filing. Detailed filing data is available for this year.$32.4$21.3$11.1$9.73$8.85$0.88
2015Summary only. Only limited summary data is available for this year.$34.2$24.3$9.97$11.2$10.8$0.34
2014Summary only. Only limited summary data is available for this year.$36.7$27.0$9.66$11.4$11.1$0.28
2013Summary only. Only limited summary data is available for this year.$36.8$27.4$9.41$10.2$9.93$0.31
2012Summary only. Only limited summary data is available for this year.$54.7$45.6$9.12$9.91$9.71$0.20
2011Summary only. Only limited summary data is available for this year.$59.4$50.5$8.93$9.06$8.87$0.19
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jan 1, 2024 to Dec 31, 2024
Signed
May 6, 2025
Return Version
2024v5.1
Gross Receipts
$12,884,593
Mission and Program Overview

Mission

Generation and sale of electrical energy to the communities of Naknek, South Naknek and King Salmon, Alaska.

Generation and sale of electrical energy to the communities of naknek, south naknek and king salmon, ak.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$17,807,085$17,562,392▼ $244,693
Prepaid Expenses and Deferred Charges$17,301,733$16,844,593▼ $457,140
Rtn Earn Endowment Incm Other Fnds$15,679,889$15,879,174▲ $199,285
Inventories for Sale or Use$4,899,839$4,899,940▲ $101
Investments Other Securities$3,767,429$4,018,429▲ $251,000
Cash and Non-Interest-Bearing Accounts$1,795,718$944,665▼ $851,053
Accounts Receivable$849,326$790,310▼ $59,016
Savings and Temporary Cash Investments$20,329$21,015▲ $686
Pd in Cap Srpls Land Bldg Eqp Fund$0$0→ $0
Cap Stk Tr Prin Current Funds$0$0→ $0
Total Assets$46,961,445$45,198,038▼ $1,763,407
Other Assets Total$519,986$116,694▼ $403,292
Liabilities
Mortgage Notes Payable Secured by Investment Property$25,968,078$24,139,961▼ $1,828,117
Other Liabilities$5,189,160$5,002,493▼ $186,667
Accounts Payable and Accrued Expenses$124,318$176,410▲ $52,092
Total Liabilities$31,281,556$29,318,864▼ $1,962,692
Net Assets / Fund Balance
Total Net Assets Fund Balance$15,679,889$15,879,174▲ $199,285
Total Liabilities and Net Assets / Fund Balance$46,961,445$45,198,038▼ $1,763,407

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$16,160,849$24,079,307$40,240,156
Buildings$672,375$1,294,006$1,966,381
Other Land Buildings$703,715-$703,715
Land$25,453-$25,453
Other Securities$2,640,532--
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Dianne KingGeneral ManagerFT$172,171$55,691$227,862
Jeffery KashevarofPlant ForemanFT$142,026$48,651$190,677
Jeffery SinkularLinemanFT$137,529$48,173$185,702
Pero SkaricOperatorFT$135,580$49,571$185,151
Ronald ZiminOperatorFT$134,977$49,049$184,026
Michael JamesOperatorFT$131,622$48,482$180,104
Nanci LyonVice-president-$4,017$504$4,521
Earl HubbDirector-$1,650$504$2,154
Cathryn StilesDirector-$1,575$504$2,079
Sylvia AlfordDirector-$1,575$504$2,079
Tim McdermottPresident-$975$504$1,479
Lisa AndersonSecretary/treasurer-$900$504$1,404
Dan SeitzDirector-$675$294$969

Highest Paid Contractors

ContractorServicesLocationCompensation
Huber Consulting GroupFinance & Accounting10310 S 16TH AVE, Phoenix, AZ 85041$176,587
Revenue and Support

Revenue Composition

Contributions and Grants
$7,937
Program Service Revenue
$12,555,207
Investment Income
$126,927
Other Revenue
$194,522
Change in Net Assets
$189,894

Audited Revenue Reconciliation

Revenue per Audited Statements
$12,884,593
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$9,361
Total Revenue per Audited Statements
$12,893,954
Total Revenue per Form 990
$12,884,593
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$12,452,152
Salaries, Compensation, and Employee Benefits$242,547
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
All Other Expenses---$1,318,904
Depreciation Depletion---$1,317,008
Other Expenses---$826,866
Interest---$485,811
Current Officers, Directors, Trustees, and Key Employees---$242,547
Total Functional Expenses$0$0$0$12,694,699

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$12,694,699
Total Expenses per Audited Statements$12,694,699
Total Expenses per Form 990$12,694,699
Expenses Not Reported on Financial Statements$0
Expenses Not Reported on Form 990$0
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Cfc Fuel Loan$2,826,832
Current Portion Ltd$1,637,857
Accrued Liabilities$295,699
Consumer Deposits$242,105
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Business relationship with 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
Yes
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section A, Line 6

An individual must become a member of the cooperative in order to receive electric service. Membership entitles the individual to vote at the annual meeting, any special membership meetings and to elect each director of the board of directors. Minutes are kept of all meetings and are read and approved at subsequent meetings.

Form 990, Part VI, Section A, Line 7A

An individual must become a member of the cooperative in order to receive electric service. Membership entitles the individual to vote at the annual meeting, any special membership meetings and to elect each director of the board of directors. Minutes are kept of all meetings and are read and approved at subsequent meetings.

Form 990, Part VI, Section A, Line 7B

An individual must become a member of the cooperative in order to receive electric service. Membership entitles the individual to vote at the annual meeting, any special membership meetings and to elect each director of the board of directors. Minutes are kept of all meetings and are read and approved at subsequent meetings.

Form 990, Part VI, Section B, Line 11B

Form 990 is reviewed by the board of directors prior to signing.

Form 990, Part VI, Section B, Line 12C

Directors sign and file a written conflict of interest statement annually. The conflict of interest policy is reviewed annually by the board of directors and management.

Form 990, Part VI, Section B, Line 15A

The board of directors, by vote, sets the rate of compensation for the general manager.

Form 990, Part VI, Section C, Line 19

Members are given a copy of the articles of incorporation and by-laws at the time of joining. Copies of changes are given to members any time changes are made. Copies of the audited financial statements are mailed to members each year with annual meeting information. The tariff is public information and any changes to the tariff are made after public meetings are conducted. Information will be provided any time upon request.

Filing and Contact Details

Filer

Filer Name
Naknek Electric Association Inc
EIN
92-0027674
Phone
9072464261
Address
PO BOX 118, NAKNEK, AK 99633

Signing Officer

Name
Mark Huber
Title
CFO
Phone
9072464261
Signed
2025-05-06
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Mark Huber
Formed
1949
Legal Domicile
Ak
Voting Board Members
7
Independent Board Members
7
Employees
27
Volunteers
0

Preparer

Firm
Aldrich Cpas and Advisors Llp
Address
680 HAWTHORNE AVE SE 140, SALEM, OR 97301
Preparer
Ryan M Johnson CPA
Phone
5035857774
Supplemental Narrative

Additional Explanations

Form 990, Part IX, Line 24E

Distribution operations 794,464. Distribution maintenance 350,995. Consumer accounts 161,009. Taxes 12,436.

FORM 990, PART XI, LINE 9:

Change in memberships 30.

Financial Statement Notes

PART X, LINE 2:

The association follows accounting standards generally accepted in the united states of america related to the recognition of uncertain tax positions. The association recognizes accrued interest and penalties associated with uncertain tax positions as part of the income tax provision, when applicable. The association does not have any uncertain tax positions and there were no amounts accrued in the financial statements related to uncertain tax positions in 2024 or 2023.

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IRS990/Form990PartVIISectionAGrp/TitleTxt4DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt5DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt6DIRECTOR
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IRS990/Form990PartVIISectionAGrp/TitleTxt8LINEMAN
IRS990/Form990PartVIISectionAGrp/TitleTxt9OPERATOR
IRS990/Form990PartVIISectionAGrp/TitleTxt10PLANT FOREMAN
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IRS990/Form990PartVIISectionAGrp/TitleTxt12OPERATOR
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IRS990/GrantsToOrganizationsInd00
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IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0CONSUMER DEPOSITS
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IRS990ScheduleD/OtherSecuritiesGrp/Desc0INVESTMENTS-OTHER COST METHOD
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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0THE ASSOCIATION FOLLOWS ACCOUNTING STANDARDS GENERALLY ACCEPTED IN THE UNITED STATES OF AMERICA RELATED TO THE RECOGNITION OF UNCERTAIN TAX POSITIONS. THE ASSOCIATION RECOGNIZES ACCRUED INTEREST AND PENALTIES ASSOCIATED WITH UNCERTAIN TAX POSITIONS AS PART OF THE INCOME TAX PROVISION, WHEN APPLICABLE. THE ASSOCIATION DOES NOT HAVE ANY UNCERTAIN TAX POSITIONS AND THERE WERE NO AMOUNTS ACCRUED IN THE FINANCIAL STATEMENTS RELATED TO UNCERTAIN TAX POSITIONS IN 2024 OR 2023.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0PART X, LINE 2:
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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/NontaxableBenefitsFilingOrgAmt129488

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