Rappahannock Electric Cooperative
- Assets
- $1.2b
- Revenue
- $535.5m
- Investments
- $1.0m
- Employees
- 481
- Location
- Fredericksburg, VA
- Founding
- 12/1942
- Data as of
- 12/2023
- EIN
- 54-1135340
Organization Overview
Rappahannock Electric Cooperative is located in Fredericksburg, VA. The organization was established in 1942. 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, Rappahannock Electric Cooperative employed 481 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Rappahannock 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, Rappahannock Electric Cooperative generated $535.5m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 1.5% each year. All expenses for the organization totaled $518.6m 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 RAPPAHANNOCK ELECTRIC COOPERATIVE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SAFE AND EFFECTIVE DELIVERY OF ELECTRICITY TO THE MEMBERS OF RAPPAHANNOCK ELECTRIC COOPERATIVE. THE THREE LARGEST PROGRAM SERVICES, AS MEASURED BY EXPENSES ARE AS FOLLOWS: COST OF POWER 333,093,366 OTHER SALARIES AND WAGES 50,329,552 DEPRECIATION 48,295,585
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
John D Hewa President & | Officer | 60 | $889,738 |
Peter N Muhoro Chief Strat | Officer | 55 | $429,442 |
Tracey B Steiner Chief Eng & | Officer | 55 | $401,202 |
Lawrence G Andrews Chief Admin | Officer | 60 | $353,561 |
John M Arp Chief Eng & | Officer | 40 | $336,067 |
Leesetta J Brock Principal En | 55 | $335,813 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Lee Electrical Construction Construction | 12/30/23 | $11,629,930 |
S & N Communications Construction | 12/30/23 | $20,598,649 |
Cw Wright Construction Construction | 12/30/23 | $6,770,951 |
Lewis Tree Service Inc Row Clearing | 12/30/23 | $6,174,201 |
Rappahannock Electric Comm Inc Info Technology | 12/30/23 | $5,852,102 |
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 | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $529,839,451 |
| Investment income | $3,235,793 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $1,597,760 |
| Net Gain/Loss on Asset Sales | $411,873 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $316 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $535,480,140 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $44,300 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $11,209,532 |
| Compensation of current officers, directors, key employees. | $4,093,543 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $50,329,552 |
| Pension plan accruals and contributions | $9,778,337 |
| Other employee benefits | $34,678 |
| Payroll taxes | $4,270,436 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $501,029 |
| Fees for services: Accounting | $116,756 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $1,647,674 |
| Office expenses | $0 |
| Information technology | $10,766,767 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $870,098 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $586,189 |
| Interest | $20,803,856 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $48,295,585 |
| Insurance | $794,266 |
| All other expenses | -$21,236,113 |
| Total functional expenses | $518,647,835 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $46,467,346 |
| Savings and temporary cash investments | $214,867 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $76,946,596 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $22,217,791 |
| Prepaid expenses and deferred charges | $11,155,102 |
| Net Land, buildings, and equipment | $881,490,348 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $1,029,157 |
| Investments—program-related | $159,178,196 |
| Intangible assets | $0 |
| Other assets | $769,096 |
| Total assets | $1,199,468,499 |
| Accounts payable and accrued expenses | $51,515,229 |
| 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 | $621,807,734 |
| Unsecured mortgages and notes payable | $7,507,563 |
| Other liabilities | $76,569,470 |
| Total liabilities | $757,399,996 |
| 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 | $442,068,503 |
| Total liabilities and net assets/fund balances | $1,199,468,499 |
Grants Awarded
Over the last fiscal year, Rappahannock Electric Cooperative has awarded $24,000 in support to 3 organizations.
| Grant Recipient | Amount |
|---|---|
COMM AWARENESS OF RAPP ELEC PURPOSE: Charitable giving within community | $6,000 |
PROJECT BIG HEART PURPOSE: Charitable giving within community | $8,000 |
THE VA FOUNDATION FOR COM CO PURPOSE: Provide access to education | $10,000 |