Vermont Low Income Trust For Electricity Inc
- Assets
- $10.6m
- Revenue
- $1.0m
- Investments
- $9.0m
- Employees
- 0
- Location
- Montpelier, VT
- Founding
- 01/2014
- Data as of
- 12/2022
- EIN
- 45-5403701
Organization Overview
Vermont Low Income Trust For Electricity Inc is located in Montpelier, VT. The organization was established in 2014. According to its NTEE Classification (S20) the organization is classified as: Community & Neighborhood Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Vermont Low Income Trust For Electricity Inc is a 501(c)(4) and as such, is described as a "Civic League, Social Welfare Organization, and Local Association of Employees" by the IRS.
For the year ending 12/2022, Vermont Low Income Trust For Electricity Inc generated $1.0m in total revenue. The organization has seen a slow decline revenue. Over the past 8 years, revenues have fallen by an average of 0.0% each year. All expenses for the organization totaled $1.5m during the year ending 12/2022. You can explore the organizations financials more deeply in the financial statements section below.
Since 2014, Vermont Low Income Trust For Electricity Inc has awarded 85 individual grants totaling $9,528,987. 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
ADVANCEMENT OF THE PUBLIC GOOD THOUGH FUNDING ENERGY PROJECTS AND INITIATIVES THAT SERVE LOW INCOME VERMONTERS AND FURTHER ENERGY POLICIES CONSISTENT WITH VERMONT'S COMPREHENSIVE ENERGY PLAN AND; THE NAMING OF THREE INDEPENDENT DIRECTORS TO THE BOARD OF VELCO.
Describe the Organization's Program Activity:
Part 3 - Line 4a
EFFICIENCY/ LOW INCOME PROGRAMSVLITE PROVIDED FUNDING FOR PROGRAMS THROUGH NEIGHBORWORKS OF WESTERN VERMONT, THE VERMONT OFFICE OF ECONOMIC OPPORTUNITY AND VERMONT ELECTRIC COOP.
COMPREHENSIVE ENERGY PLANVLITE PROVIDED FUNDING THROUGH VERMONT WORKS FOR WOMEN AND RESOURCE.
Get More from Intellispect for FreeCreate a free account to get more data, nonprofit salaries, advanced search and more.
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Richard Rubin Vice President | OfficerTrustee | 3 | $750 |
Hal Cohen Secretary | OfficerTrustee | 3 | $750 |
Sarah Hofmann Treasurer | OfficerTrustee | 1 | $0 |
Peter Walke Director | Trustee | 1 | $0 |
Anthony Klein President (6/22) | OfficerTrustee | 4 | $750 |
Larry Lackey Director | Trustee | 1 | $0 |
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 | $0 |
| Investment income | $1,034,669 |
| 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 | $1,034,669 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $1,442,550 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $3,350 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $77,371 |
| Advertising and promotion | $295 |
| Office expenses | $1,107 |
| Information technology | $1,000 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $584 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $4,665 |
| All other expenses | $0 |
| Total functional expenses | $1,531,710 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $13,903 |
| Savings and temporary cash investments | $1,640,362 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $8,990,300 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $10,644,565 |
| Accounts payable and accrued expenses | $1,113,264 |
| 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 | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $1,113,264 |
| 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 | $9,531,301 |
| Total liabilities and net assets/fund balances | $10,644,565 |
Grants Awarded
Over the last fiscal year, Vermont Low Income Trust For Electricity Inc has awarded $1,442,550 in support to 14 organizations.
| Grant Recipient | Amount |
|---|---|
NEIGHBORWORKS OF WESTERN VT PURPOSE: Energy efficiency low income VT | $198,000 |
STOWE ELECTRIC DEPARTMENT PURPOSE: Energy efficiency low income VT | $125,000 |
WASHINGTON ELECTRIC CO-OP PURPOSE: Energy efficiency low income VT | $100,000 |
RESOURCE PURPOSE: VT Comprehensive Energy plan | $75,000 |
VT COUNCIL ON RURAL DEVELOPMENT PURPOSE: VT Comprehensive Energy plan | $190,000 |
BURLINGTON ELECTRIC DEPARTMENT PURPOSE: Energy efficiency low income VT | $74,550 |