Vermont Energy Investment Corp
- Assets
- $52.9m
- Revenue
- $123.1m
- Investments
- $0.0
- Employees
- 388
- Location
- Winooski, VT
- Founding
- 09/1988
- Data as of
- 12/2023
- 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 12/2023, Vermont Energy Investment Corp employed 388 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 12/2023, Vermont Energy Investment Corp generated $123.1m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 4.1% each year. All expenses for the organization totaled $121.0m during the year ending 12/2023. While expenses have increased by 3.8% per year over the past 9 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 295 individual grants totaling $32,705,956. 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
2023
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 WORKS WITH PARTNERS TO HELP THE STATE TRANSITION TO MORE AFFORDABLE, LOW CARBON ENERGY USE THROUGH EDUCATION, INCENTIVES, AND SUPPORT FOR OUR CLEAN ENERGY WORKFORCE. 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.
VEIC PROVIDES NATIONAL AND INTERNATIONAL CONSULTING SERVICES TO UTILITIES, BUSINESSES, GOVERNMENT AGENCIES, MUNICIPALITIES, AND FOUNDATIONS. WE WORK WITH OUR CLIENTS TO DECARBONIZE THEIR ENERGY SYSTEMS THROUGH OUR FOUR CORE SERVICES: ENERGY EFFICIENCY, BUILDING DECARBONIZATION, TRANSPORTATION ELECTRIFICATION, AND MAKING ELECTRICITY GRIDS CLEAN AND FLEXIBLE. WE HELP OUR CLIENTS SAVE ENERGY, REDUCE GREENHOUSE GAS EMISSIONS, AND ADVANCE SOCIAL AND ECONOMIC EQUITY. IN 2023, VEIC'S CONSULTING SERVED MORE THAN 146 CLIENTS WITH 24% OF OUR ORGANIZATION WIDE CONSULTING WORK HAVING AN EXPLICIT FOCUS ON LOW TO MODERATE INCOME COMMUNITIES. IN 2023, VEIC EXPENDED $7,097,422 IN FEDERAL GRANTS FUNDED BY THE CORONAVIRUS STATE AND LOCAL FISCAL RECOVERY FUNDS.
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 $1.4 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. (CONTINUES IN SCHEDULE O) (CONTINUED) IN 2023, THE DCSEU'S EFFORTS GENERATED $149 MILLION IN LIFETIME COST SAVINGS FOR DC RESIDENTS AND BUSINESSES, CREATED 94 GREEN JOBS FOR DISTRICT RESIDENTS, AND PREVENTED 688,000 MTCO2E IN LIFETIME GREENHOUSE GAS EMISSIONS, THE EQUIVALENT OF 77 MILLION GALLONS OF GASOLINE CONSUMED.
EFFICIENCY SMART HELPS PARTICIPATING MUNICIPAL ELECTRIC UTILITIES AND THEIR CUSTOMERS REDUCE THEIR ENERGY USE AND SAVE MONEY THROUGH TECHNICAL ASSISTANCE AND FINANCIAL INCENTIVES. SINCE 2011, EFFICIENCY SMART HAS SERVED MORE THAN 65 OF AMERICAN MUNICIPAL POWER'S MEMBER UTILITIES IN FOUR STATES. IN 2023, EFFICIENCY SMART ASSISTED AN ESTIMATED 2,914 RESIDENTIAL HOUSEHOLDS AND 193 BUSINESSES. THESE CUSTOMERS WILL REALIZE MORE THAN $27.6 MILLION IN SAVINGS OVER THE LIFETIME OF THE PRODUCTS THEY INSTALLED IN. IN ADDITION, PARTICIPATING MUNICIPAL ELECTRIC UTILITIES SAVED MORE THAN $15.5 MILLION IN ENERGY, CAPACITY AND TRANSMISSION COSTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Marc Mihaly Director | Trustee | 1 | $1,500 |
Dianne Dillon-Ridgley Director | Trustee | 1 | $2,000 |
Nancy Owens Vice Chair | OfficerTrustee | 1 | $4,250 |
Isabelina Nahmens Director | Trustee | 1 | $2,000 |
Ellen Zuckerman Chair | OfficerTrustee | 1 | $2,500 |
Janet Besser Director | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Capstone Community Action Inc Customer Incentive Processor | 12/30/23 | $2,947,817 |
Peer Consultants Pc Temp Staffing Agency | 12/30/23 | $771,378 |
Swipejobs Temp Staffing Agency | 12/30/23 | $583,619 |
Aspen Of Dc Inc Temp Staffing Agency | 12/30/23 | $393,895 |
Institute For Market Transformation Energy Consultant | 12/30/23 | $246,983 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $7,097,422 |
| 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 | $7,097,422 |
| Total Program Service Revenue | $115,279,421 |
| Investment income | $722,987 |
| 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 | $123,099,830 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $2,462,715 |
| 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. | $1,455,915 |
| Compensation of current officers, directors, key employees. | $1,054,839 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $33,603,225 |
| Pension plan accruals and contributions | $1,128,763 |
| Other employee benefits | $3,778,029 |
| Payroll taxes | $2,619,139 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $59,611 |
| Fees for services: Accounting | $79,700 |
| Fees for services: Lobbying | $78,000 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $7,626,919 |
| Advertising and promotion | $1,651,595 |
| Office expenses | $515,832 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $1,980,116 |
| Travel | $549,737 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $508,078 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $556,125 |
| Insurance | $405,176 |
| All other expenses | $0 |
| Total functional expenses | $121,025,310 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,442,651 |
| Savings and temporary cash investments | $18,395,044 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $16,586,939 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $961,803 |
| Inventories for sale or use | $6,769 |
| Prepaid expenses and deferred charges | $1,377,042 |
| Net Land, buildings, and equipment | $1,490,064 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $85,974 |
| Intangible assets | $5,315 |
| Other assets | $12,562,218 |
| Total assets | $52,913,819 |
| Accounts payable and accrued expenses | $12,093,165 |
| Grants payable | $0 |
| Deferred revenue | $226,274 |
| 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 | $2,439,338 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $9,229,339 |
| Total liabilities | $23,988,116 |
| Net assets without donor restrictions | $28,925,703 |
| 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 | $52,913,819 |
Grants Awarded
Over the last fiscal year, Vermont Energy Investment Corp has awarded $2,453,227 in support to 12 organizations.
| Grant Recipient | Amount |
|---|---|
CENTRAL VERMONT SUPERVISORY UNION PURPOSE: INDOOR AIR QUALITY | $703,991 |
CALEDONIA CENTRAL SUPERVISORY UNION PURPOSE: INDOOR AIR QUALITY | $53,098 |
CLARA MARTIN CENTER INC PURPOSE: INDOOR AIR QUALITY | $20,832 |
LYNDON INSTITUTE PURPOSE: INDOOR AIR QUALITY | $54,337 |
FRANKLIN NORTHEAST SUPERVISORY UNION PURPOSE: INDOOR AIR QUALITY | $24,000 |
ORANGE EAST SUPERVISORY UNION PURPOSE: INDOOR AIR QUALITY | $31,160 |