Vermont Electric Cooperative Inc
- Assets
- $204.8m
- Revenue
- $87.1m
- Investments
- $42.4m
- Employees
- 117
- Location
- Johnson, VT
- Founding
- 09/1940
- Data as of
- 12/2021
- 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 12/2021, Vermont Electric Cooperative Inc employed 117 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 12/2021, Vermont Electric Cooperative Inc generated $87.1m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 0.9% each year. All expenses for the organization totaled $87.1m during the year ending 12/2021. While expenses have increased by 0.9% 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
VERMONT ELECTRIC COOPERATIVE IS A MEMBER OWNED NOT-FOR-PROFIT UTILITY WHOSE MISSION IS TO PROVIDE ENERGY AND OTHER APPROPRIATE SERVICES TO ITS MEMBERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDING RELIABLE ELECTRIC SERVICE TO APPROXIMATELY 40,150 METERED ACCOUNTS, WITH SALES OF APPROXIMATELY 455,400 MWH'S.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Rebecca Towne CEO | Officer | 52 | $264,931 |
Michael Bursell CFO | Officer | 45 | $240,845 |
Mark Hinton 1st Class Li | 58 | $197,953 | |
Victoria Brown General Coun | 45 | $175,387 | |
Peter Rossi COO | Officer | 50 | $174,167 |
Chris Ingalls 1st Class Li | 56 | $171,812 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Trees Llc Tree Clearing | 12/30/21 | $1,096,302 |
Tts Tree Service Llc Tree Clearing | 12/30/21 | $966,891 |
Larch Tree Service Llc Tree Clearing | 12/30/21 | $954,380 |
H Bros Tree Service Llc Tree Clearing | 12/30/21 | $682,602 |
Jcr Construction Co Inc Construction | 12/30/21 | $1,368,000 |
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 | $81,215,592 |
| Investment income | $5,792,515 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $67,657 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $87,075,764 |
| 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 | $6,076,631 |
| Compensation of current officers, directors, key employees. | $635,049 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $8,092,097 |
| Pension plan accruals and contributions | $1,216,358 |
| Other employee benefits | $1,373,120 |
| Payroll taxes | $633,903 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $97,257 |
| Fees for services: Accounting | $56,500 |
| Fees for services: Lobbying | $75,495 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $865,033 |
| Advertising and promotion | $0 |
| Office expenses | $958,828 |
| Information technology | $716,651 |
| Royalties | $0 |
| Occupancy | $86,747 |
| Travel | $628,028 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $70,116 |
| Interest | $3,536,603 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $6,404,619 |
| Insurance | $0 |
| All other expenses | $2,495,346 |
| Total functional expenses | $87,075,765 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $405,445 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $12,241,930 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $5,734,999 |
| Prepaid expenses and deferred charges | $697,419 |
| Net Land, buildings, and equipment | $134,434,125 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $42,373,279 |
| Investments—program-related | $3,441,305 |
| Intangible assets | $0 |
| Other assets | $5,520,260 |
| Total assets | $204,848,762 |
| Accounts payable and accrued expenses | $16,849,144 |
| 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 | $97,578,318 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $372,553 |
| Total liabilities | $114,800,015 |
| 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 | $90,048,747 |
| Total liabilities and net assets/fund balances | $204,848,762 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
New York Independent System Operator Inc Rensselaer, NY | $628,580,444 | $195,505,613 |
New Hampshire Electric Cooperative Inc Plymouth, NH | $293,476,892 | $155,106,734 |
New Water Street Corporation New York, NY | $813,800,441 | $168,631,992 |
Vermont Electric Cooperative Inc Johnson, VT | $204,848,762 | $87,075,764 |
School And Municipal Energy Cooperative Of Western New York West Seneca, NY | $5,155,004 | $20,423,578 |
Steuben Rural Electric Cooperative Inc Bath, NY | $38,467,203 | $11,402,118 |
Griffiss Utility Services Corporation Rome, NY | $55,633,471 | $10,494,870 |
Otsego Electric Cooperative Inc Hartwick, NY | $49,068,805 | $10,412,060 |
Delaware County Electric Cooperative Inc Delhi, NY | $31,160,673 | $9,563,968 |
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 |
Oneida-Madison Electric Cooperative Inc Bouckville, NY | $7,515,717 | $2,856,346 |