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Nonprofiteer
← FOX ISLANDS ELECTRIC COOPERATIVE INC

Form 990 for tax year 2024

Filed by FOX ISLANDS ELECTRIC COOPERATIVE INC.

Totals

Total revenue
$3,097,346
Total expenses
$3,097,346
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$0
Investment income
$37,201
Other revenue
$3,060,145
Total assets, end of year
$19,206,621
Total liabilities, end of year
$11,147,601
Net assets or fund balances, end of year
$8,059,020
Program services expenses (Part IX)
$0
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
not reported

Program services were 0.0% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 3 · Investment income

    total $37,201 · excluded $37,201

  • 10a · Gross sales of inventory

    $3,775,575

  • 10b · Cost of goods sold

    $1,143,342

  • 10c · Net income from sales of inventory

    total $2,632,233 · related or exempt $2,632,233

  • 11a · Other revenue: REC SALES

    total $301,001 · related or exempt $301,001

  • 11b · Other revenue: RENT FROM ELECTRIC PROPERTY

    total $90,498 · related or exempt $90,498

  • 11c · Other revenue: OTHER REVENUE

    total $29,262 · related or exempt $29,262

  • 11d · All other revenue

    total $7,151 · related or exempt $7,151

  • 11e · Other revenue, total

    $427,912

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $619,331

  • 5 · Compensation of officers, directors and key employees

    total $153,556

  • 7 · Other salaries and wages

    total $388,125

  • 9 · Other employee benefits

    total $2,444

  • 10 · Payroll taxes

    total $42,075

  • 11a · Fees: management

    total $579

  • 11b · Fees: legal

    total $377

  • 11c · Fees: accounting

    total $48,000

  • 11g · Fees: other

    total $3,755

  • 13 · Office expenses

    total $29,741

  • 14 · Information technology

    total $8,614

  • 16 · Occupancy

    total $3,256

  • 20 · Interest

    total $429,160

  • 22 · Depreciation, depletion and amortization

    total $895,989

  • 23 · Insurance

    total $46,631

  • 24a · Other expenses: OUTSIDE SERVICES - OTHER

    total $130,000

  • 24b · Other expenses: CUSTOMER RECORDS

    total $114,359

  • 24c · Other expenses: REGULATOR COMMISSION EXPE

    total $89,305

  • 24d · Other expenses: GENERAL MISC. EXPENSES

    total $29,258

  • 24e · All other expenses

    total $62,791

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $1,581,303 · end of year $1,456,644

  • 4 · Accounts receivable

    beginning of year $731,916 · end of year $776,398

  • 8 · Inventories for sale or use

    beginning of year $190,200 · end of year $186,528

  • 9 · Prepaid expenses and deferred charges

    beginning of year $185,587 · end of year $46,220

  • 10a · Land, buildings and equipment: cost or other basis

    $30,237,946

  • 10b · Land, buildings and equipment: accumulated depreciation

    $13,772,776

  • 10c · Land, buildings and equipment, net

    beginning of year $16,510,358 · end of year $16,465,170

  • 13 · Investments: program-related

    beginning of year $198,805 · end of year $212,582

  • 15 · Other assets

    beginning of year $67,828 · end of year $63,079

  • 17 · Accounts payable and accrued expenses

    beginning of year $418,842 · end of year $506,392

  • 23 · Secured mortgages and notes payable

    beginning of year $11,371,052 · end of year $10,453,133

  • 25 · Other liabilities

    beginning of year $188,819 · end of year $188,076

  • 30 · Paid-in or capital surplus, or land, building or equipment fund

    beginning of year $23,257 · end of year $22,447

  • 31 · Retained earnings, endowment or other funds

    beginning of year $7,464,027 · end of year $8,036,573

Mission and programs · 2024

Mission

TO PROVIDE RELIABLE, AFFORDABLE, AND ENVIRONMENTALLY RESPONSIBLE ELECTRIC SERVICE TO RESIDENTIAL, COMMERCIAL, AND INDUSTRIAL CUSTOMERS ON THE ISLANDS OF NORTH HAVEN AND VINALHAVEN, MAINE.

Activities or mission (Part I)

DISTRIBUTION OF ELECTRICAL SERVICES TO VINALHAVEN AND NORTH HAVEN ISLANDS IN MAINE.

  • 1. TO PROVIDE RELIABLE, AFFORDABLE, AND ENVIRONMENTALLY RESPONSIBLE ELECTRIC SERVICE TO RESIDENTIAL, COMMERCIAL, AND INDUSTRIAL CUSTOMERS ON THE ISLANDS OF NORTH HAVEN AND VINALHAVEN, MAINE. 2. WIND POWER PROJECT COMPLETED AND IN SERVICE IN NOVEMBER OF 2009.

As filed on the 2024 return.

Listed in Part VII

  • Amy Turner

    CEO

    Total calculated
    $153,556
    From this org
    $153,556
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $145,556
    Bonus
    $800
    Other
    $7,200
    Deferred
    not reported
    Nontaxable benefits
    not reported
    Filer's total
    $153,556

  • Loren Bunker

    LINE SUPERVI

    Total calculated
    $120,762
    From this org
    $120,762
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

  • Joseph Bickford

    LINEMAN

    Total calculated
    $108,345
    From this org
    $108,345
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

  • Kathleen Macy

    DIRECTOR

    Total calculated
    $110
    From this org
    $110
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Jeffrey Martin

    TREASURER

    Total calculated
    $110
    From this org
    $110
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Don Young

    DIRECTOR

    Total calculated
    $110
    From this org
    $110
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Chad King

    VICE PRESIDE

    Total calculated
    $100
    From this org
    $100
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Sheri Romer

    SECRETARY

    Total calculated
    $100
    From this org
    $100
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Alan Lazaro

    DIRECTOR

    Total calculated
    $90
    From this org
    $90
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Dennis Pratt

    DIRECTOR

    Total calculated
    $90
    From this org
    $90
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • L Patrick Trainor

    PRESIDENT

    Total calculated
    $90
    From this org
    $90
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Aaron Cabot

    DIRECTOR

    Total calculated
    $60
    From this org
    $60
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

  • 1a · Housing allowance or residence for personal use
  • 1b · Written policy on the line-1a expenses
  • 3 · Approval by the board or compensation committee

Answered no

  • 2 · Substantiation required before reimbursing expenses
  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

No itemized grants to organizations on this return.

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

  • FOX ISLANDS WIND LLC

    GENERATION · ME

Provenance

Return type
form_990
Tax year
2024
Filed
1 May 2025
IRS schema version
2024v5.0
Source object
202531289349304453

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