Northern Neck Electric Cooperative Inc
- Assets
- $111.3m
- Revenue
- $48.1m
- Investments
- $200.0k
- Employees
- 63
- Location
- Warsaw, VA
- Founding
- 04/1941
- Data as of
- 12/2023
- EIN
- 54-0322350
Organization Overview
Northern Neck Electric Cooperative Inc is located in Warsaw, VA. The organization was established in 1941. 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, Northern Neck Electric Cooperative Inc employed 63 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Northern Neck Electric Cooperative Inc 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, Northern Neck Electric Cooperative Inc generated $48.1m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 2.2% each year. All expenses for the organization totaled $43.0m during the year ending 12/2023. While expenses have increased by 1.1% 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 DISTRIBUTION OF ELECTRICITY TO THE MEMBERS OF THE COOPERATIVE
Describe the Organization's Program Activity:
Part 3 - Line 4a
SAFE AND EFFECTIVE DELIVERY OF ELECTRICITY TO THE MEMBERS OF THE COOPERATIVE. THE THREE LARGEST PROGRAM SERVICES AS MEASURED BY EXPENSES WERE AS FOLLOWS: COST OF POWER: 23,605,612 SALARIES & WAGES: 5,342,524 DEPRECIATION: 4,620,369
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Bradley H Hicks CEO | Officer | 50 | $461,963 |
William Patrick Henry VP Engineeri | 40 | $203,199 | |
Valerie Hinson VP Corp Serv | 45 | $163,297 | |
Richard E Mclendon VP Operation | 50 | $201,412 | |
Glenn Purcell VP Member Sv | 50 | $174,003 | |
Pamela M Davis VP Finance | Officer | 45 | $166,481 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Davey Resource Group Consultant | 12/30/23 | $7,119,729 |
Asplundh Row Maintenance | 12/30/23 | $2,169,769 |
Napier Utilities Const Llc Row Maintenance | 12/30/23 | $425,058 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $657,345 |
| 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 | $657,345 |
| Total Program Service Revenue | $46,722,960 |
| Investment income | $173,380 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $496,011 |
| Net Gain/Loss on Asset Sales | $8,095 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $48,058,563 |
| 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 | $745,963 |
| Compensation of current officers, directors, key employees. | $1,033,658 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $5,342,524 |
| Pension plan accruals and contributions | $1,055,764 |
| Other employee benefits | $0 |
| Payroll taxes | $477,678 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $441,173 |
| 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 | $1,330,946 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $391,799 |
| Interest | $1,546,463 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $4,620,369 |
| Insurance | $0 |
| All other expenses | -$3,247,481 |
| Total functional expenses | $42,956,641 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $1,323,179 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $9,367,506 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $2,821,037 |
| Prepaid expenses and deferred charges | $3,524,975 |
| Net Land, buildings, and equipment | $75,963,634 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $200,000 |
| Investments—program-related | $18,096,169 |
| Intangible assets | $0 |
| Other assets | $7,785 |
| Total assets | $111,304,285 |
| Accounts payable and accrued expenses | $5,159,405 |
| 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 | $51,890,849 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $3,324,380 |
| Total liabilities | $60,374,634 |
| 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 | $50,929,651 |
| Total liabilities and net assets/fund balances | $111,304,285 |