Northern Virginia Electric Co-Op
- Assets
- $1.2b
- Revenue
- $998.1m
- Investments
- $58.9m
- Employees
- 327
- Location
- Manassas, VA
- Founding
- 10/1945
- Data as of
- 12/2022
- EIN
- 54-0346923
Organization Overview
Northern Virginia Electric Co-Op, operating under the name Novec, is located in Manassas, VA. The organization was established in 1945. 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 12/2022, Novec employed 327 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Novec 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 12/2022, Novec generated $998.1m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 9.8% each year. All expenses for the organization totaled $986.2m during the year ending 12/2022. While expenses have increased by 10.3% per year over the past 8 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
OUR MISSION IS CREATING VALUE FOR ITS MEMBERS, EMPLOYEES AND COMMUNITIES BY PROVIDING SAFE, RELIABLE ELECTRICITY AND QUALITY PRODUCTS AT COMPETITIVE PRICES; SERVING APPROXIMATELY 178,903 METERS/CUSTOMERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDE AFFORDABLE SERVICE TO ITS 178,903 MEMBERS WITH 99.99% AVERAGE SYSTEM RELIABILITY RATE. NOVEC RETURNED TO ITS MEMBER-OWNERS $6.7M IN PATRONAGE CAPITAL; CONNECTED 1,544 METERS AND COMPLETED $53M IN NET NEW CONSTRUCTION DURING THE FISCAL YEAR.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Feuerberg Stanley C President/ceo | 40 | $892,947 | |
Schleicher David President & CEO | Officer | 40 | $594,360 |
Rollins Wilbur Senior Vice President - Finance | Officer | 40 | $328,891 |
Bisson Robert Vice President - Electric System Development | Officer | 40 | $300,107 |
Toulme Patrick Vice President & Corporate Counsel | Officer | 40 | $293,624 |
Dailey Michael Vice President - Energy Bus Development | Officer | 40 | $292,593 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Leo Construction Company Underground Utility Construction | 12/30/22 | $7,729,479 |
C W Wright Construction Company Substation Construction | 12/30/22 | $6,010,115 |
Lewis Tree Service Inc Row Vegetation Management | 12/30/22 | $2,623,970 |
Lee Electrical Construction Construction | 12/30/22 | $2,429,752 |
New River Electrical Corp Construction | 12/30/22 | $5,686,991 |
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 | $992,337,511 |
| Investment income | $3,886,703 |
| 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 | $998,080,039 |
| 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 | $10,454,130 |
| Compensation of current officers, directors, key employees. | $3,039,035 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $19,443,186 |
| Pension plan accruals and contributions | $2,417,775 |
| Other employee benefits | $170,753 |
| Payroll taxes | $1,731,794 |
| Fees for services: Management | $6,157,546 |
| Fees for services: Legal | $1,297,479 |
| Fees for services: Accounting | $337,400 |
| Fees for services: Lobbying | $81,725 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $1,295,912 |
| Advertising and promotion | $836,021 |
| Office expenses | $2,922,675 |
| Information technology | $3,047,477 |
| Royalties | $0 |
| Occupancy | $310,994 |
| Travel | $114,251 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $110,949 |
| Interest | $3,117,724 |
| Payments to affiliates | $174,954 |
| Depreciation, depletion, and amortization | $31,005,513 |
| Insurance | $2,015,190 |
| All other expenses | $8,753,588 |
| Total functional expenses | $986,247,208 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $10,916,109 |
| Savings and temporary cash investments | $21,966,063 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $107,708,335 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $74,892,684 |
| Inventories for sale or use | $29,322,779 |
| Prepaid expenses and deferred charges | $32,814,825 |
| Net Land, buildings, and equipment | $726,447,074 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $58,944,000 |
| Investments—program-related | $6,737,632 |
| Intangible assets | $0 |
| Other assets | $177,926,530 |
| Total assets | $1,247,676,031 |
| Accounts payable and accrued expenses | $115,896,850 |
| Grants payable | $0 |
| Deferred revenue | $376,103 |
| 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 | $92,113,802 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $222,180,724 |
| Total liabilities | $430,567,479 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $650,108 |
| Paid-in or capital surplus, or land, building, or equipment fund | $36,778,914 |
| Retained earnings, endowment, accumulated income, or other funds | $779,679,530 |
| Total liabilities and net assets/fund balances | $1,247,676,031 |