Central Virginia Electric Cooperative
- Assets
- $454.4m
- Revenue
- $114.6m
- Investments
- $0.0
- Employees
- 127
- Location
- Lovingston, VA
- Founding
- 03/1939
- Data as of
- 12/2023
- 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 12/2023, Central Virginia Electric Cooperative employed 127 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 12/2023, Central Virginia Electric Cooperative generated $114.6m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 3.3% each year. All expenses for the organization totaled $114.9m during the year ending 12/2023. While expenses have increased by 3.4% 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.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
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 65,979,616 OTHER SALARIES AND WAGES 14,015,927 INTEREST 11,356,500
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Gary E Wood President & | Officer | 50 | $733,485 |
Charles Maurhoff COO | Officer | 50 | $420,266 |
Tina M Mallia CFO | Officer | 50 | $377,059 |
Melissa Gay Member Svcs | 40 | $270,938 | |
Matthew Wood Info Tech Mg | 40 | $238,659 | |
Lynne Beardsley Hr Manager | 40 | $230,161 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
N & S Construction Inc Construction | 12/30/23 | $5,951,804 |
Peak Substation Services Llc Construction | 12/30/23 | $2,718,163 |
Carolina Power And Signalization Construction | 12/30/23 | $3,312,530 |
Stuartc Irby Co Construction | 12/30/23 | $1,609,260 |
Xylem Tree Experts R/w Trimming | 12/30/23 | $1,391,452 |
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 | $105,290,865 |
| Investment income | $295,180 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $268,230 |
| Net Gain/Loss on Asset Sales | $153,195 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $114,615,100 |
| 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 | $2,072,090 |
| Compensation of current officers, directors, key employees. | $2,029,142 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $14,015,927 |
| Pension plan accruals and contributions | $2,402,762 |
| Other employee benefits | -$123,193 |
| Payroll taxes | $1,243,739 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $156,478 |
| 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 | $4,331,549 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $319,097 |
| Interest | $11,356,500 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $9,072,984 |
| Insurance | $0 |
| All other expenses | -$8,955,688 |
| Total functional expenses | $114,878,608 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $19,946,731 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $9,965,840 |
| Inventories for sale or use | $7,104,167 |
| Prepaid expenses and deferred charges | $7,803,109 |
| Net Land, buildings, and equipment | $247,939,056 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $3,507,182 |
| Intangible assets | $0 |
| Other assets | $158,142,813 |
| Total assets | $454,408,898 |
| Accounts payable and accrued expenses | $11,850,116 |
| 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 | $352,315,576 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $8,462,771 |
| Total liabilities | $372,628,463 |
| 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 | $81,780,435 |
| Total liabilities and net assets/fund balances | $454,408,898 |