Washington Electric Co-Operative Inc
- Assets
- $65.5m
- Revenue
- $7.9m
- Investments
- $11.0m
- Employees
- 39
- Location
- East Montpelier, VT
- Founding
- 06/1940
- Data as of
- 12/2023
- EIN
- 03-0165895
Organization Overview
Washington Electric Co-Operative Inc is located in East Montpelier, 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 12/2023, Washington Electric Co-Operative Inc employed 39 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Washington Electric Co-Operative 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 12/2023, Washington Electric Co-Operative Inc generated $7.9m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 0.6% each year. All expenses for the organization totaled $7.9m during the year ending 12/2023. While expenses have increased by 0.6% per year over the past 8 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE RESIDENTIAL AND COMMERCIAL ELECTRICAL SERVICE TO COOPERATIVE MEMBERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDE RESIDENTIAL AND COMMERCIAL ELECTRICAL SERVICE TO COOPERATIVE MEMBERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Teia Greenslit Dir Of Finan | 45 | $143,444 | |
Jason Preston Maintenance | 50 | $181,723 | |
Dave Kresock Dir Of Oper | 45 | $164,624 | |
Kevin Lanphear Lineworker | 50 | $172,451 | |
Amos Turner Construction | 47 | $172,079 | |
Louis Porter General Mana | Officer | 41 | $158,323 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Asplundh Tree Expert Co Tree Trimming | 12/30/23 | $798,529 |
Riggs Distler & Company Stom Restoratio | 12/30/23 | $716,308 |
Matt Foster Logging And Tree Service Tree Trimming | 12/30/23 | $772,774 |
Rich's Tree Service Tree Trimming | 12/30/23 | $148,533 |
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 | $2,083 |
| Investment income | $1,238,479 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $41,032 |
| Net Gain/Loss on Asset Sales | $13,039 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $6,526,359 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $7,858,542 |
| 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 | $1,067,670 |
| Compensation of current officers, directors, key employees. | $189,781 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $865,530 |
| Pension plan accruals and contributions | $289,373 |
| Other employee benefits | $206,061 |
| Payroll taxes | $86,997 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $64,659 |
| Fees for services: Accounting | $36,760 |
| Fees for services: Lobbying | $12,026 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $6,683 |
| Advertising and promotion | $0 |
| Office expenses | $20,141 |
| Information technology | $164,417 |
| Royalties | $0 |
| Occupancy | $9,875 |
| Travel | $22,161 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $1,177,046 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,507,851 |
| Insurance | $83,717 |
| All other expenses | -$32,185 |
| Total functional expenses | $7,858,542 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $820,735 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $4,034,287 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $547,801 |
| Prepaid expenses and deferred charges | $837,979 |
| Net Land, buildings, and equipment | $47,389,617 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $10,961,455 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $958,047 |
| Total assets | $65,549,921 |
| Accounts payable and accrued expenses | $3,190,314 |
| 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 | $34,925,598 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $1,192,994 |
| Total liabilities | $39,308,906 |
| 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 | $26,241,015 |
| Total liabilities and net assets/fund balances | $65,549,921 |