Vermont Energy Investment Corp
- Assets
- $38.4m
- Revenue
- $94.9m
- Investments
- $0.0
- Employees
- 314
- Location
- Winooski, VT
- Founding
- 09/1988
- Data as of
- 12/2021
- EIN
- 03-0304418
Organization Overview
Vermont Energy Investment Corp is located in Winooski, VT. The organization was established in 1988. According to its NTEE Classification (C35) the organization is classified as: Energy Resources Conservation & Development, under the broad grouping of Environment and related organizations. As of 12/2021, Vermont Energy Investment Corp employed 314 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Vermont Energy Investment Corp is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 12/2021, Vermont Energy Investment Corp generated $94.9m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 1.4% each year. All expenses for the organization totaled $90.9m during the year ending 12/2021. While expenses have increased by 0.8% 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.
Since 2020, Vermont Energy Investment Corp has awarded 283 individual grants totaling $30,252,729. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
VEIC IS A SUSTAINABLE ENERGY COMPANY ON A MISSION TO GENERATE THE ENERGY (CONTINUES IN SCHED O)(CONTINUED) SOLUTIONS THE WORLD NEEDS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
EFFICIENCY VERMONT PROVIDES VERMONTERS WITH OBJECTIVE GUIDANCE AND INCENTIVES TO IMPROVE THE AFFORDABILITY AND COMFORT OF THEIR HOMES, BUSINESSES, INSTITUTIONS, AND COMMUNITIES THROUGH ENERGY EFFICIENCY. THE INVESTMENTS THAT VERMONTERS HAVE MADE IN ENERGY EFFICIENCY SINCE EFFICIENCY VERMONT'S INCEPTION IN 2000 WILL SAVE THEM OVER $3 BILLION OVER THE LIFETIME OF THOSE INVESTMENTS AND AVOID OVER 13 MILLION TONS OF CO2E.
THE DC SUSTAINABLE ENERGY UTILITY (DCSEU) IS THE ONLY UTILITY IN THE COUNTRY THAT COMBINES ENERGY SAVINGS GOALS WITH SOCIAL EQUITY GOALS. SINCE 2011, THE DCSEU HAS HELPED DISTRICT RESIDENTS, BUSINESSES, AND INSTITUTIONS GENERATE MORE THAN $1.3 BILLION IN LIFETIME ENERGY COST SAVINGS, AND PREVENT MORE THAN 6.2 MILLION TONS OF GREENHOUSE GAS EMISSIONS. THE DCSEU HAS INVESTED MORE THAN $50 MILLION IN ENERGY EFFICIENCY AND RENEWABLE ENERGY PROJECTS IN LOW - INCOME COMMUNITIES. OUR WORK IS BUILDING A BRIGHTER ECONOMIC, ENVIRONMENTAL, AND ENERGY FUTURE FOR THE DISTRICT.
EFFICIENCY SMART HELPS PARTICIPATING MUNICIPAL ELECTIRC UTILITIES AND THEIR CUSTOMERS REDUCE THEIR ENERGY USE AND SAVE MONEY THROUGH TECHINCAL ASSISTANCE AND FINANCIAL INCENTIVES. EFFICIENCY SMART HELPS PARTICIPATING MUNICIPAL ELECTRIC UTILITES AND THEIR CUSTOMERS REDUCE THEIR ENERGY USE AND SAVE MONEY THROUGH TECHNICAL ASSISTANCE AND FINANCIAL INCENTIVES. SINCE 2011, EFFICIENTY SMART HAS SERVED MORE THAN 60 OF AMERICAN MUNICIPAL POWER'S MEMBER UTILITIES IN FOUR STATES. IN 2021, EFFICIENCY SMART ASSISTED AND ESTIMATED 5,318 RESIDENTAIAL HOUSEHOLDS AND 183 BUSINESSES. THESE CUSTOMERS WILL REALIZE MORE THAN $16.9 MILLION IN SAVINGS OVER THE LIFETIME OF THE PRODUCTS THEY INSTALLED IN 2021. (CONTINUES IN SCHEDULE O)(CONTINUED) IN ADDITION, PARTICIPATING MUNICIPAL ELECTRIC UTILITIES SAVED MORE THAN $10.1 MILLION IN ENERGY, CAPACITY AND TRANSMISSION COSTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Rebecca Foster CEO | Officer | 37.5 | $205,733 |
Matthew Dooley Director, Energy Services | 37.5 | $180,271 | |
Theodore Trabue Director, Dc Seu | Officer | 37.5 | $177,475 |
Carol Weston Director, Evt Operations | Officer | 37.5 | $167,096 |
Patricia Boyd Director, Technology And Innovation | 37.5 | $157,222 | |
Angela Johnson Director, Finance | 37.5 | $155,962 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Capstone Community Action Inc Customer Incentive Processor | 12/30/21 | $927,104 |
Peer Consultants Pc Temp Staffing Agency | 12/30/21 | $839,517 |
Corestaff Services Inc Temp Staffing Agency | 12/30/21 | $647,987 |
Cascade Energy Energy Consultant | 12/30/21 | $426,975 |
Institute For Market Transformation Energy Consultant | 12/30/21 | $195,721 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $500,673 |
| 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 | $500,673 |
| Total Program Service Revenue | $94,351,785 |
| Investment income | $82,834 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $94,935,292 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $458,071 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $1,112,538 |
| Compensation of current officers, directors, key employees. | $721,060 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $24,311,843 |
| Pension plan accruals and contributions | $952,897 |
| Other employee benefits | $2,757,617 |
| Payroll taxes | $1,916,972 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $85,294 |
| Fees for services: Accounting | $72,814 |
| Fees for services: Lobbying | $60,000 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $5,239,876 |
| Advertising and promotion | $1,735,374 |
| Office expenses | $1,056,855 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $1,756,478 |
| Travel | $112,824 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $172,953 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $348,769 |
| Insurance | $420,399 |
| All other expenses | $0 |
| Total functional expenses | $90,928,851 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $208,092 |
| Savings and temporary cash investments | $16,912,391 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $13,177,280 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $4,737,033 |
| Inventories for sale or use | $30,786 |
| Prepaid expenses and deferred charges | $1,394,353 |
| Net Land, buildings, and equipment | $853,064 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $95,137 |
| Intangible assets | $5,315 |
| Other assets | $978,061 |
| Total assets | $38,391,512 |
| Accounts payable and accrued expenses | $11,182,580 |
| Grants payable | $0 |
| Deferred revenue | $326,165 |
| 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 | $2,486,859 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $13,995,604 |
| Net assets without donor restrictions | $24,395,908 |
| 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 | $0 |
| Total liabilities and net assets/fund balances | $38,391,512 |
Grants Awarded
Over the last fiscal year, Vermont Energy Investment Corp has awarded $380,343 in support to 7 organizations.
| Grant Recipient | Amount |
|---|---|
Thetford Center, VT PURPOSE: INDOOR AIR QUALITY | $122,250 |
TWO RIVERS SUPERVISORY UNION PURPOSE: INDOOR AIR QUALITY | $85,791 |
ELMORE MORRISTOWN UNIFIED UNION SCHOOL DISTRICT PURPOSE: INDOOR AIR QUALITY | $68,763 |
MOUNT ABRAHAM UNIFIED SCHOOL DISTRICT PURPOSE: INDOOR AIR QUALITY | $55,380 |
ADDISON CENTRAL SCHOOL DISTRICT PURPOSE: INDOOR AIR QUALITY | $26,630 |
Burlington, VT PURPOSE: INDOOR AIR QUALITY | $14,900 |
Grants Recieved
Over the last fiscal year, we have identified 2 grants that Vermont Energy Investment Corp has recieved totaling $59,920.
| Awarding Organization | Amount |
|---|---|
Vermont Community Foundation Middlebury, VT PURPOSE: GENERAL PURPOSE | $34,920 |
John Merck Fund Harrison, NY PURPOSE: TO ACCELERATE DEPLOYMENT OF PLUG-IN ELECTRIC VEHICLES AND ELECTRIC TRANSPORTATION INFRASTRUCTURE IN VERMONT. | $25,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Iso New England Inc Holyoke, MA | $660,644,997 | $201,685,559 |
Vermont Energy Investment Corp Winooski, VT | $38,391,512 | $94,935,292 |
Energy Federation Inc Marlborough, MA | $39,580,023 | $16,691,076 |
Efficiency Forward Inc Medford, MA | $5,907,697 | $9,722,584 |
Center For Ecotechnology Inc Dalton, MA | $5,279,642 | $8,781,564 |
New York City Energy Efficiency Corporation New York, NY | $49,730,328 | $4,961,348 |
Environment Next Inc East Aurora, NY | $24,217,627 | $8,709,351 |
E4thefuture Framingham, MA | $19,416,406 | $1,363,963 |
Northeast Energy Efficiency Partnerships Inc Lexington, MA | $4,479,644 | $4,251,266 |
Deploy-Us Inc Boston, MA | $2,976,414 | $4,253,205 |
Interstate Renewable Energy Council Albany, NY | $3,755,320 | $4,093,970 |
National Wind Technology Consortium Albany, NY | $2,138,543 | $2,465,652 |