Vermont Electric Cooperative Inc
- Assets
- $211.6m
- Revenue
- $91.8m
- Investments
- $41.4m
- Employees
- 114
- Location
- Johnson, VT
- Founding
- 09/1940
- Data as of
- 12/2022
- EIN
- 03-0164375
Organization Overview
Vermont Electric Cooperative Inc is located in Johnson, VT. The organization was established in 1940. 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 12/2022, Vermont Electric Cooperative Inc employed 114 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Vermont 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 12/2022, Vermont Electric Cooperative Inc generated $91.8m 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 $91.8m during the year ending 12/2022. While expenses have increased by 1.6% 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
VERMONT ELECTRIC COOPERATIVE IS A MEMBER OWNED NOT-FOR-PROFIT UTILITY WHOSE MISSION IS TO PROVIDE SAFE, AFFORDABLE, AND RELIABLE ENERGY SERVICES TO ITS MEMBERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDING RELIABLE ELECTRIC SERVICE TO APPROXIMATELY 40,480 METERED ACCOUNTS, WITH SALES OF APPROXIMATELY 462,000 MWH'S.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Rebecca Towne CEO | Officer | 52 | $271,629 |
Mark Hinton 1st Class Li | 60 | $211,564 | |
Peter Rossi COO | Officer | 50 | $183,226 |
Gary Young 1st Class Li | 59 | $198,070 | |
Chris Ingalls 1st Class Li | 56 | $177,744 | |
Caroline Mashia CFO | Officer | 50 | $161,741 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Tts Tree Service Llc Tree Clearing | 12/30/22 | $1,243,089 |
Trees Llc Tree Clearing | 12/30/22 | $1,157,765 |
Riggs Distler & Company Inc Construction | 12/30/22 | $1,108,869 |
H Bros Tree Service Llc Tree Clearing | 12/30/22 | $883,798 |
Jcr Construction Co Inc Construction | 12/30/22 | $996,421 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $1,200,000 |
| 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 | $1,200,000 |
| Total Program Service Revenue | $84,402,458 |
| Investment income | $6,162,519 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $1,000 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $91,765,977 |
| 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 | $1,914,799 |
| Compensation of current officers, directors, key employees. | $777,929 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $8,630,143 |
| Pension plan accruals and contributions | $1,248,600 |
| Other employee benefits | $1,480,413 |
| Payroll taxes | $661,642 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $70,264 |
| Fees for services: Accounting | $51,500 |
| Fees for services: Lobbying | $75,000 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $1,106,943 |
| Advertising and promotion | $402 |
| Office expenses | $958,705 |
| Information technology | $893,120 |
| Royalties | $0 |
| Occupancy | $98,891 |
| Travel | $834,002 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $85,467 |
| Interest | $3,827,340 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $6,499,618 |
| Insurance | $0 |
| All other expenses | $2,223,129 |
| Total functional expenses | $91,765,977 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $170,654 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $15,884,416 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $6,278,912 |
| Prepaid expenses and deferred charges | $862,742 |
| Net Land, buildings, and equipment | $137,860,816 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $41,445,539 |
| Investments—program-related | $3,295,238 |
| Intangible assets | $0 |
| Other assets | $5,766,817 |
| Total assets | $211,565,134 |
| Accounts payable and accrued expenses | $16,926,807 |
| 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 | $103,681,835 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $346,344 |
| Total liabilities | $120,954,986 |
| 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 | $90,610,148 |
| Total liabilities and net assets/fund balances | $211,565,134 |