Central Virginia Electric Cooperative
- Assets
- $375.9m
- Revenue
- $102.2m
- Investments
- $0.0
- Employees
- 118
- Location
- Lovingston, VA
- Founding
- 03/1939
- Data as of
- 12/2021
- EIN
- 54-0164798
Organization Overview
Central Virginia Electric Cooperative is located in Lovingston, VA. The organization was established in 1939. 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, Central Virginia Electric Cooperative employed 118 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Central Virginia 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, Central Virginia Electric Cooperative generated $102.2m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 2.6% each year. All expenses for the organization totaled $102.4m during the year ending 12/2021. While expenses have increased by 2.7% 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.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
SAFE AND EFFECTIVE DELIVERY OF ELECTRICITY TO THE MEMBERS OF CENTRAL VIRGINIA ELECTRIC COOPERATIVE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SAFE AND EFFECTIVE DISTRIBUTION OF ELECTRICITY TO THE MEMBERS OF CENTRAL VIRGINIA ELECTRIC COOPERATIVE. THE THREE LARGEST PROGRAM SERVICES AS MEASURED BY EXPENSES ARE AS FOLLOWS: COST OF POWER 57,475,183 OTHER SALARIES AND WAGES 10,173,927 DEPRECIATION 9,051,224
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Gary E Wood President & | Officer | 50 | $606,551 |
Charles Maurhoff VP Oper. & E | Officer | 50 | $308,879 |
Tina M Mallia Vice Preside | Officer | 50 | $276,149 |
Melissa Gay Member Svcs | 40 | $220,098 | |
Matthew Wood Info Tech Mg | 40 | $202,119 | |
Lynne Beardsley Hr Manager | 40 | $200,638 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
N & S Construction Inc Construction | 12/30/21 | $21,629,144 |
Xylem Tree Experts R/w Trimming | 12/30/21 | $1,640,401 |
Pike Electric Llc Construction | 12/30/21 | $1,189,860 |
Volt Power Llc Construction | 12/30/21 | $6,238,117 |
Powertech Engineering Llc Construction | 12/30/21 | $778,102 |
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 | $600,000 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $600,000 |
| Total Program Service Revenue | $98,548,710 |
| Investment income | $341,962 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $288,985 |
| Net Gain/Loss on Asset Sales | $89,728 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $102,220,456 |
| 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 | $5,805,631 |
| Compensation of current officers, directors, key employees. | $1,643,864 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $10,134,490 |
| Pension plan accruals and contributions | $2,429,061 |
| Other employee benefits | -$65,153 |
| Payroll taxes | $906,085 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $353,477 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $2,207,887 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $57,075 |
| Interest | $7,171,499 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $9,051,224 |
| Insurance | $0 |
| All other expenses | -$5,935,209 |
| Total functional expenses | $102,417,904 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $14,205,000 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $17,768,375 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $5,753,845 |
| Inventories for sale or use | $5,747,819 |
| Prepaid expenses and deferred charges | $1,283,384 |
| Net Land, buildings, and equipment | $235,246,531 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $3,034,459 |
| Intangible assets | $0 |
| Other assets | $92,819,499 |
| Total assets | $375,858,912 |
| Accounts payable and accrued expenses | $11,507,690 |
| 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 | $283,325,656 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $5,608,203 |
| Total liabilities | $300,441,549 |
| 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 | $75,417,363 |
| Total liabilities and net assets/fund balances | $375,858,912 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Central Virginia Electric Cooperative has recieved totaling $67,069.
| Awarding Organization | Amount |
|---|---|
United Way Of Greater Richmond Richmond, VA PURPOSE: DONOR DIRECTS FUNDS(DESIGNATIONS) FOR ENERGY SHARE | $67,069 |
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 |