Valley Electric Association Inc
- Assets
- $317.0m
- Revenue
- $92.1m
- Investments
- $0.0
- Employees
- 152
- Location
- Pahrump, NV
- Founding
- Data as of
- 12/2021
- EIN
- 88-0089964
Organization Overview
Valley Electric Association Inc is located in Pahrump, NV. As of 12/2021, Valley Electric Association Inc employed 152 individuals. Valley Electric Association 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 12/2021, Valley Electric Association Inc generated $92.1m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 4 years, the organization has seen revenues fall by an average of (4.8%) each year. All expenses for the organization totaled $105.3m during the year ending 12/2021. As we would expect to see with falling revenues, expenses have declined by (4.4%) per year over the past 4 years. 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
TO PROVIDE QUALITY AND RELIABLE ELECTRIC AND INTERNET SERVICE TO MEMBERS OF THE COOPERATIVE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDING ELECTRIC ENERGY TO OUR MEMBERS ON A COOPERATIVE BASIS THROUGH THE ALLOCATION OF PATRONAGE CAPITAL. THERE WERE 24,124 ACTIVE SERVICES AT YEAR END.
PRIOR TO THE MEMBERSHIP APPROVED BYLAW AMENDMENTS IN 2018, THE COOPERATIVE PROVIDED INTERNET/BROADBAND SERVICES TO ALL SUBSCRIBERS ON A NON-PATRONAGE AND UNRELATED BUSINESS INCOME BASIS. ONE OF THE MEMBERSHIP APPROVED BYLAW AMENDMENTS IS TO PROVIDE INTERNET/BROADBAND SERVICES TO MEMBERS ON A PATRONAGE, NONPROFIT BASIS. THEREFORE, THE COOPERATIVE HAS EXPANDED ITS EXEMPT PURPOSES TO INCLUDE THE PROVISION OF INTERNET/BROADBAND SERVICES TO MEMBERS ON A PATRONAGE BASIS. SUCH SERVICES CONTINUE TO BE PROVIDED TO NON-MEMBERS ON A NON-PATRONAGE BASIS. THERE WERE 11,274 ACTIVE SERVICES AT YEAR END.
SOLPOWER AND SOLPOWER CAPITAL (SOLPOWER) ARE WHOLLY SUBSIDIARIES OF VEA; SOLPOWER WAS FORMED IN 2020 TO PROVIDE SOLAR POWER SERVICES TO MEMBERS OF VEA.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Bart Thurgood Evp Human Resources | Officer | 40 | $385,611 |
Mark Stallons CEO | Officer | 40 | $350,708 |
Nathan Johnson Evp Broadband | Officer | 40 | $339,832 |
Steve Morrison CFO | Officer | 40 | $283,717 |
Mindy Morrow Director Of Admin & Accounting | Officer | 40 | $250,069 |
Christopher Tomchuk Director Of Trans Energy Services | Officer | 40 | $236,865 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
National Information Solutions Cooperati Software Provider | 12/30/21 | $435,991 |
St Moritz Security Security Services | 12/30/21 | $306,172 |
Davison Van Cleve Pc Legal Services | 12/30/21 | $322,987 |
Layton Tree Service Llc Tree Trimmers | 12/30/21 | $299,385 |
Hdr Engineering Consultant | 12/30/21 | $324,063 |
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 | $91,739,173 |
| Investment income | $21,874 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $96,614 |
| Net Gain/Loss on Asset Sales | -$847 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | -$19,229 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $92,074,698 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $30,925 |
| Grants and other assistance to domestic individuals. | $12,500 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $3,620,005 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $7,412,038 |
| Pension plan accruals and contributions | $3,206,914 |
| Other employee benefits | $3,429,586 |
| Payroll taxes | $772,108 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| 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 | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $8,308,272 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $12,788,063 |
| Insurance | $0 |
| All other expenses | $1,331,780 |
| Total functional expenses | $105,291,692 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $6,842,076 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $3,228,876 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $1,373,873 |
| Inventories for sale or use | $5,359,891 |
| Prepaid expenses and deferred charges | $53,710,562 |
| Net Land, buildings, and equipment | $235,157,943 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $8,278,722 |
| Intangible assets | $0 |
| Other assets | $3,016,458 |
| Total assets | $316,968,401 |
| Accounts payable and accrued expenses | $13,388,746 |
| 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 | $225,652,767 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $9,391,335 |
| Total liabilities | $248,432,848 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $168,290 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $68,367,263 |
| Total liabilities and net assets/fund balances | $316,968,401 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Valley Electric Association Inc has recieved totaling $2,000.
| Awarding Organization | Amount |
|---|---|
Fengzheng Cultural Foundation Frankfort, KY PURPOSE: EDUCATION | $2,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Western Governors University Salt Lake City, UT | $621,679,021 | $1,020,118,520 |
Asante Medford, OR | $2,030,793,202 | $1,067,000,527 |
Camp Bowie Service Center Oakland, CA | $146,481,054 | $935,370,038 |
Compassion International Incorporated Colorado Springs, CO | $364,011,907 | $953,223,395 |
Childrens Hospital Of Orange County Orange, CA | $1,359,092,221 | $992,003,540 |
Southern California Schools Voluntary Employees Benefits Assoc San Diego, CA | $183,534,319 | $919,105,914 |
Adventist Health System-West Roseville, CA | $3,327,906,475 | $789,421,387 |
Scl Health - Front Range Inc Broomfield, CO | $769,910,245 | $929,785,452 |
Prime Healthcare Foundation Inc Ontario, CA | $1,893,168,414 | $990,033,576 |
Loma Linda Mercantile Loma Linda, CA | $5,623,174 | $892,472,678 |
Chan Zuckerberg Initiative Foundation Palo Alto, CA | $7,102,375,761 | $894,057,700 |
Grossmont Hospital Corporation San Diego, CA | $1,425,066,151 | $963,761,157 |