Northern Virginia Electric Co-Op
- Assets
- $1.1b
- Revenue
- $676.7m
- Investments
- $65.0m
- Employees
- 323
- Location
- Manassas, VA
- Founding
- 10/1945
- Data as of
- 12/2021
- 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 12/2021, Novec employed 323 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 12/2021, Novec generated $676.7m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 5.3% each year. All expenses for the organization totaled $649.6m during the year ending 12/2021. While expenses have increased by 5.3% 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
OUR MISSION IS CREATING VALUE FOR ITS MEMBERS, EMPLOYEES AND COMMUNITIES BY PROVIDING SAFE, RELIABLE ELECTRICITY AND QUALITY PRODUCTS AT COMPETITIVE PRICES; SERVING APPROXIMATELY 177,383 METERS/CUSTOMERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDE AFFORDABLE SERVICE TO ITS 177,383 MEMBERS WITH 99.99% AVERAGE SYSTEM RELIABILITY RATE. NOVEC RETURNED TO ITS MEMBER-OWNERS $6.7M IN PATRONAGE CAPITAL; CONNECTED 1,731 METERS AND COMPLETED $34M 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 | Officer | 40 | $907,254 |
J Manley Garber Trust Past Director | 0 | $326,223 | |
Rollins Wilbur Senior Vice President - Finance | Officer | 40 | $309,769 |
Schleicher David Vice President - Admin Substations Telecom | Officer | 40 | $289,689 |
Bisson Robert Vice President - Electric System Development | Officer | 40 | $270,623 |
Toulme Patrick Vice President & Corporate Counsel | Officer | 40 | $260,679 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
C W Wright Construction Company Substation Construction | 12/30/21 | $4,374,194 |
Leo Construction Company Underground Utility Construction | 12/30/21 | $6,343,610 |
New River Electrical Corp Construction | 12/30/21 | $2,862,762 |
Lee Electrical Construction Construction | 12/30/21 | $1,496,630 |
Lewis Tree Service Inc Construction/row | 12/30/21 | $2,092,457 |
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 | $664,572,993 |
| Investment income | $3,908,960 |
| 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 | $676,666,779 |
| 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 | $6,717,072 |
| Compensation of current officers, directors, key employees. | $2,630,364 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $18,457,275 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $2,462,857 |
| Other employee benefits | -$802,919 |
| Payroll taxes | $1,634,093 |
| Fees for services: Management | $4,918,584 |
| Fees for services: Legal | $625,947 |
| Fees for services: Accounting | $336,782 |
| Fees for services: Lobbying | $79,765 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $978,909 |
| Advertising and promotion | $833,165 |
| Office expenses | $3,734,385 |
| Information technology | $2,251,108 |
| Royalties | $0 |
| Occupancy | $314,897 |
| Travel | $30,654 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $48,450 |
| Interest | $1,243,202 |
| Payments to affiliates | $198,240 |
| Depreciation, depletion, and amortization | $29,060,948 |
| Insurance | $1,553,501 |
| All other expenses | $6,226,785 |
| Total functional expenses | $649,621,354 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $12,450,073 |
| Savings and temporary cash investments | $28,077,414 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $59,092,260 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $76,840,596 |
| Inventories for sale or use | $21,524,755 |
| Prepaid expenses and deferred charges | $10,934,367 |
| Net Land, buildings, and equipment | $667,312,500 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $64,967,000 |
| Investments—program-related | $6,746,840 |
| Intangible assets | $0 |
| Other assets | $123,913,546 |
| Total assets | $1,071,859,351 |
| Accounts payable and accrued expenses | $38,829,469 |
| Grants payable | $0 |
| Deferred revenue | $476,455 |
| 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 | $98,901,390 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $120,287,927 |
| Total liabilities | $258,495,241 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $672,797 |
| Paid-in or capital surplus, or land, building, or equipment fund | $44,844,614 |
| Retained earnings, endowment, accumulated income, or other funds | $767,846,699 |
| Total liabilities and net assets/fund balances | $1,071,859,351 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Northern Virginia Electric Co-Op has recieved totaling $95,374.
| Awarding Organization | Amount |
|---|---|
United Way Of Greater Richmond Richmond, VA PURPOSE: DONOR DIRECTS FUNDS(DESIGNATIONS) FOR ENERGY SHARE | $95,374 |
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 |