New Hampshire Electric Cooperative Inc
- Assets
- $293.5m
- Revenue
- $155.1m
- Investments
- $0.0
- Employees
- 258
- Location
- Plymouth, NH
- Founding
- 09/1971
- Data as of
- 12/2021
- EIN
- 02-0172119
Organization Overview
New Hampshire Electric Cooperative Inc is located in Plymouth, NH. The organization was established in 1971. 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, New Hampshire Electric Cooperative Inc employed 258 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. New Hampshire Electric Cooperative 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, New Hampshire Electric Cooperative Inc generated $155.1m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 1.6% each year. All expenses for the organization totaled $158.2m during the year ending 12/2021. While expenses have increased by 1.8% 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.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
NEW HAMPSHIRE ELECTRIC COOPERATIVE, INC PROVIDES ELECTRIC ENERGY AND BROADBAND SERVICES TO ITS MEMBERS THROUGHOUT THE STATE OF NEW HAMPSHIRE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
ALL RECEIPTS FROM SALE OF ELECTRIC ENERGY AND RELATED SERVICE ACTIVITIES IS EXCESS OF OPERATING COSTS ARE RECEIVED WITH THE UNDERSTANDING THAT IT IS FURNISHED BY THE PATRONS AS CAPITAL. THIS CAPITAL SHALL BE ALLOCATED TO THE COOPERATIVE MEMBER ON A PATRONAGE BASIS. CURRENTLY, NEW HAMPSHIRE ELECTRIC COOPERATIVE, INC. PROVIDES ELECTRIC ENERGY TO APPROXIMATELY 83,000 ACTIVE MEMBER SERVICES THROUGHOUT NEW HAMPSHIRE.
THE BROADBAND DIVISION, A SINGLE MEMBER LLC, PROVIDING BROADBAND INTERNET SERVICES THROUGH THE CONSTRUCTION OF A FIBER OPTIC NETWORK. WHEN CUMULATIVE NET MARGINS DERIVED FROM MEMBER SALES OF BROADBAND INTERNET SERVICES EXCEED CUMULATIVE NET LOSSES FROM SUCH SALES, THE COOPERATIVE WILL ALLOCATE PATRONAGE CAPITAL TO THE MEMBERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Steven Camerino President/chief Executive Officer (jan - Aug) | Officer | 62 | $401,183 |
James Bakas Interim Gm/vp Of Operations & Engineering | Officer | 46 | $261,474 |
Drew Dunagin VP Of Financial Services/cfo | Officer | 48.5 | $251,061 |
Brian Callnan VP Of Power Resources | Officer | 48 | $236,066 |
Michael Licata VP Of Member Services/public Affairs | Officer | 40 | $232,610 |
Geoffrey Ziminsky VP Of Technology & Business Services/cio | Officer | 49 | $213,103 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Asplundh Tree Expert Co Tree Contractor | 12/30/21 | $3,929,126 |
John Lucas Tree Expert Company Tree Contractor | 12/30/21 | $1,010,983 |
National Information Solutions Cooperative (Nisc) It Services And Support | 12/30/21 | $1,010,983 |
Energized Line Construction Line Contractor | 12/30/21 | $970,514 |
Ic Reed & Sons Inc Line Contractor | 12/30/21 | $2,112,776 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $155,000,653 |
| Investment income | $11,773 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $16,580 |
| Net Gain/Loss on Asset Sales | $73,840 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $3,888 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $155,106,734 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $5,563,563 |
| Compensation of current officers, directors, key employees. | $2,842,003 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $13,340,943 |
| Pension plan accruals and contributions | $3,904,736 |
| Other employee benefits | $3,458,816 |
| Payroll taxes | $1,356,255 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $1,153,857 |
| Fees for services: Accounting | $104,453 |
| Fees for services: Lobbying | $4,478 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $1,921,316 |
| Advertising and promotion | $29,520 |
| Office expenses | $2,483,357 |
| Information technology | $905,204 |
| Royalties | $0 |
| Occupancy | $6,791,090 |
| Travel | $29,582 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $54,247 |
| Interest | $3,202,589 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $11,896,068 |
| Insurance | $708,534 |
| All other expenses | $5,984,399 |
| Total functional expenses | $158,184,069 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $59,745 |
| Savings and temporary cash investments | $50,000 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $22,445,413 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $4,090,545 |
| Prepaid expenses and deferred charges | $2,872,980 |
| Net Land, buildings, and equipment | $240,709,898 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $11,529,952 |
| Intangible assets | $1,375,000 |
| Other assets | $10,343,359 |
| Total assets | $293,476,892 |
| Accounts payable and accrued expenses | $22,954,664 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $103,851,188 |
| Unsecured mortgages and notes payable | $4,254,053 |
| Other liabilities | $22,019,773 |
| Total liabilities | $153,079,678 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $140,397,214 |
| Total liabilities and net assets/fund balances | $293,476,892 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
New Hampshire Electric Cooperative Inc Plymouth, NH | $293,476,892 | $155,106,734 |
Vermont Electric Cooperative Inc Johnson, VT | $204,848,762 | $87,075,764 |
Eastern Maine Electric Cooperative Inc Calais, ME | $49,482,318 | $16,418,871 |
Washington Electric Co-Operative Inc East Montpelier, VT | $65,071,467 | $7,723,306 |
Citizens Energy Corp Boston, MA | $91,449,217 | $4,368,479 |
Boston Community Access & Programming Foundation Inc Roxbury, MA | $7,302,849 | $3,314,790 |
Fox Islands Electric Cooperative Inc Vinalhaven, ME | $18,896,049 | $2,614,892 |
Northeast Public Power Association Littleton, MA | $3,141,643 | $2,606,605 |
New England Power Generators Association Inc Westborough, MA | $833,586 | $1,566,455 |
New England States Committee On Electricity Osterville, MA | $2,009,182 | $1,423,476 |
Northern Maine Independent System Administration Inc Bangor, ME | $1,297,192 | $1,121,553 |
Utility Contractors Association Of New England Inc Quincy, MA | $2,709,773 | $1,139,323 |