Old Dominion Electric Cooperative
- Assets
- $2.2b
- Revenue
- $801.4m
- Investments
- $279.0m
- Employees
- 153
- Location
- Glen Allen, VA
- Founding
- 01/1971
- Data as of
- 12/2021
- EIN
- 23-7048405
Organization Overview
Old Dominion Electric Cooperative is located in Glen Allen, VA. The organization was established in 1971. 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, Old Dominion Electric Cooperative employed 153 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Old Dominion Electric Cooperative 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, Old Dominion Electric Cooperative generated $801.4m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (3.8%) each year. All expenses for the organization totaled $796.5m during the year ending 12/2021. As we would expect to see with falling revenues, expenses have declined by (3.8%) per year over the past 7 years. You can explore the organizations financials more deeply in the financial statements section below.
Since 2020, Old Dominion Electric Cooperative has awarded 23 individual grants totaling $236,750. 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
PROVIDE WHOLESALE POWER TO MEMBER COOPERATIVES
Describe the Organization's Program Activity:
Part 3 - Line 4a
OLD DOMINION IS A NOT-FOR-PROFIT WHOLESALE POWER SUPPLY COOPERATIVE ENGAGED IN THE BUSINESS OF PROVIDING WHOLESALE ELECTRIC SERVICE TO ITS MEMBER COOPERATIVES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Marcus M Harris President & CEO | Officer | 40 | $801,739 |
Dale R Beam Sr. VP Power Supply | Officer | 40 | $765,704 |
Kirk D Johnson Sr. VP Of Member Engagemen | Officer | 40 | $339,954 |
Bryan S Rogers Sr. VP & CFO | Officer | 40 | $332,904 |
Michael L Hearn General Counsel | Officer | 40 | $317,397 |
Peter F Gallini VP Power Supply | 40 | $248,294 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Aces Power Marketing Energy Management | 12/30/21 | $2,149,797 |
General Electric International Mechanical Contractor | 12/30/21 | $2,034,409 |
M Davis & Sons Inc Mechanical Contractor | 12/30/21 | $828,159 |
Thompson Coburn Llp Legal Services | 12/30/21 | $744,727 |
Richardson-wayland Electrical Co Electrical Contractor | 12/30/21 | $414,953 |
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 | $780,639,871 |
| Investment income | $20,173,526 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $5,470 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $801,442,287 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $187,417 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $20,046,539 |
| Compensation of current officers, directors, key employees. | $4,801,357 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $10,527,830 |
| Pension plan accruals and contributions | $2,677,137 |
| Other employee benefits | $1,301,510 |
| Payroll taxes | $1,674,803 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $1,017,159 |
| Fees for services: Accounting | $379,340 |
| Fees for services: Lobbying | $61,500 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $5,373,494 |
| Advertising and promotion | $16,803 |
| Office expenses | $1,092,413 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $396,480 |
| Travel | $108,623 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $160,909 |
| Interest | $55,997,580 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $87,236,428 |
| Insurance | $730,226 |
| All other expenses | $30,015,894 |
| Total functional expenses | $796,453,743 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $13,028,906 |
| Savings and temporary cash investments | $89,014,815 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $76,859,826 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $61,807,989 |
| Prepaid expenses and deferred charges | $93,409,233 |
| Net Land, buildings, and equipment | $1,555,899,381 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $279,018,860 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $2,169,039,010 |
| Accounts payable and accrued expenses | $201,825,771 |
| 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 | $1,069,799,945 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $432,636,336 |
| Total liabilities | $1,704,262,052 |
| 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 | $464,776,958 |
| Total liabilities and net assets/fund balances | $2,169,039,010 |
Grants Awarded
Over the last fiscal year, Old Dominion Electric Cooperative has awarded $112,250 in support to 12 organizations.
| Grant Recipient | Amount |
|---|---|
Aberdeen, MD PURPOSE: GENERAL SUPPORT | $22,500 |
Lk Frederick, VA PURPOSE: GENERAL SUPPORT | $12,000 |
South Boston, VA PURPOSE: SCHOLARSHIPS AND SPONSORSHIP | $10,000 |
Elkton, MD PURPOSE: CCPS ANN PROGRAM DEFICIENCY | $10,000 |
Richmond, VA PURPOSE: GENERAL SUPPORT | $10,000 |
LOUISA COUNTY HIGH SCHOOL PURPOSE: SCHOLARSHIPS & EQUPMENT | $8,250 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
East Kentucky Power Cooperative Inc Winchester, KY | $3,550,114,968 | $954,101,068 |
Middle Tennessee Electric Membership Corporation Murfreesboro, TN | $972,885,002 | $816,151,968 |
Old Dominion Electric Cooperative Glen Allen, VA | $2,169,039,010 | $801,442,287 |
Northern Virginia Electric Co-Op Manassas, VA | $1,071,859,351 | $676,666,779 |
Kenergy Corp Henderson, KY | $260,651,880 | $473,591,627 |
Southern Maryland Electric Cooperative Inc Hughesville, MD | $1,114,931,504 | $461,053,058 |
Rappahannock Electric Cooperative Fredericksburg, VA | $1,043,159,165 | $419,807,187 |
Cumberland Electric Membership Corp Clarksville, TN | $559,882,187 | $327,722,843 |
Energyunited Electric Membership Corporation Statesville, NC | $513,896,783 | $280,523,963 |
Volunteer Energy Cooperative Decatur, TN | $369,462,846 | $270,037,507 |
Shenandoah Valley Electric Cooperative Inc Rockingham, VA | $571,380,010 | $240,751,246 |
Duck River Electric Membership Corporation Shelbyville, TN | $294,861,810 | $219,371,768 |