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Nonprofiteer
← VERMONT ENERGY INVESTMENT CORP

Form 990 for tax year 2023

Filed by VERMONT ENERGY INVESTMENT CORP.

Totals

Total revenue
$123,099,830
Total expenses
$121,025,310
Contributions and grants received
$7,097,422
Grants paid
$2,462,715
Program service revenue
$115,279,421
Investment income
$722,987
Other revenue
$0
Total assets, end of year
$52,913,819
Total liabilities, end of year
$23,988,116
Net assets or fund balances, end of year
$28,925,703
Program services expenses (Part IX)
$116,196,717
Management and general expenses
$4,828,593
Fundraising expenses
$0
Program service expenses (Part III)
$116,196,717

Program services were 96.0% 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.

  • 1e · Government grants (contributions)

    $7,097,422

  • 2a · Program service revenue: ENERGY EFFICENCY UTILITIES

    total $102,279,432 · related or exempt $102,279,432

  • 2b · Program service revenue: ENERGY SERVICES: CONSULTING

    total $11,256,546 · related or exempt $11,256,546

  • 2c · Program service revenue: PERFORMANCE INCENTIVE AWARDS

    total $1,735,912 · related or exempt $1,735,912

  • 2d · Program service revenue: PROJECT REVENUE

    total $7,531 · related or exempt $7,531

  • 3 · Investment income

    total $722,987 · related or exempt $64,172 · excluded $658,815

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $2,462,715 · program services $2,462,715

  • 5 · Compensation of officers, directors and key employees

    total $1,455,915 · program services $401,076 · management and general $1,054,839

  • 7 · Other salaries and wages

    total $33,603,225 · program services $24,610,092 · management and general $8,993,133

  • 8 · Pension plan contributions

    total $1,128,763 · program services $856,090 · management and general $272,673

  • 9 · Other employee benefits

    total $3,778,029 · program services $2,798,167 · management and general $979,862

  • 10 · Payroll taxes

    total $2,619,139 · program services $1,910,858 · management and general $708,281

  • 11b · Fees: legal

    total $59,611 · management and general $59,611

  • 11c · Fees: accounting

    total $79,700 · management and general $79,700

  • 11d · Fees: lobbying

    total $78,000 · management and general $78,000

  • 11g · Fees: other

    total $7,626,919 · program services $7,132,057 · management and general $494,862

  • 12 · Advertising and promotion

    total $1,651,595 · program services $1,651,546 · management and general $49

  • 13 · Office expenses

    total $515,832 · program services $267,870 · management and general $247,962

  • 16 · Occupancy

    total $1,980,116 · program services $1,333,853 · management and general $646,263

  • 17 · Travel

    total $549,737 · program services $315,285 · management and general $234,452

  • 19 · Conferences, conventions and meetings

    total $508,078 · program services $354,085 · management and general $153,993

  • 22 · Depreciation, depletion and amortization

    total $556,125 · program services $216,281 · management and general $339,844

  • 23 · Insurance

    total $405,176 · management and general $405,176

  • 24a · Other expenses: INCENTIVE PAYMENTS

    total $59,254,526 · program services $59,254,526

  • 24b · Other expenses: EQUIPMENT AND SOFTWARE

    total $1,605,644 · program services $471,309 · management and general $1,134,335

  • 24c · Other expenses: OTHER EXPENSES

    total $1,106,465 · program services $529,012 · management and general $577,453

  • 24d · Other expenses: G&A ALLOC. TO PROGRAMS

    total $0 · program services $11,631,895 · management and general -$11,631,895

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $1,377,969 · end of year $1,442,651

  • 2 · Savings and temporary cash investments

    beginning of year $12,845,617 · end of year $18,395,044

  • 4 · Accounts receivable

    beginning of year $20,062,046 · end of year $16,586,939

  • 7 · Other notes and loans receivable

    beginning of year $1,532,985 · end of year $961,803

  • 8 · Inventories for sale or use

    beginning of year $12,686 · end of year $6,769

  • 9 · Prepaid expenses and deferred charges

    beginning of year $1,372,051 · end of year $1,377,042

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

    $8,023,727

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

    $6,533,663

  • 10c · Land, buildings and equipment, net

    beginning of year $1,525,256 · end of year $1,490,064

  • 13 · Investments: program-related

    beginning of year $81,005 · end of year $85,974

  • 14 · Intangible assets

    beginning of year $5,315 · end of year $5,315

  • 15 · Other assets

    beginning of year $13,229,362 · end of year $12,562,218

  • 17 · Accounts payable and accrued expenses

    beginning of year $12,271,007 · end of year $12,093,165

  • 19 · Deferred revenue

    beginning of year $169,898 · end of year $226,274

  • 23 · Secured mortgages and notes payable

    beginning of year $2,551,319 · end of year $2,439,338

  • 25 · Other liabilities

    beginning of year $10,200,885 · end of year $9,229,339

  • 27 · Net assets without donor restrictions

    beginning of year $26,851,183 · end of year $28,925,703

Mission and programs · 2023

Mission

VEIC IS A SUSTAINABLE ENERGY COMPANY ON A MISSION TO GENERATE THE ENERGY SOLUTIONS THE WORLD NEEDS (CONTINUES IN SCHEDULE O). (CONTINUED) FOR OVER 35 YEARS VEIC HAS BEEN WORKING WITH GOVERNMENTS, UTILITIES, FOUNDATIONS AND BUSINESSES ACROSS NORTH AMERICA TO DEVELOP AND DEPLOY CLEAN ENERGY SERVICES THAT PROVIDE IMMEDIATE AND LASTING CHANGE. WITH EXPERTISE IN ENERGY EFFICIENCY, BUILDING AND TRANSPORTATION ELECTRIFICATION, AND NEW APPROACHES FOR A CLEAN AND FLEXIBLE GRID, VEIC BRINGS INNOVATIVE SOLUTIONS TO THE MARKET THAT MEET GOALS AND REDUCE GREENHOUSE GAS (GHG). VEIC IS NATIONALLY RECOGNIZED FOR DEVELOPING PILOTS AND PROGRAMS THAT OPTIMIZE ENERGY USE, REDUCE ENERGY BURDENS FOR LOW-INCOME CUSTOMERS, AND ADVANCE NEW TECHNOLOGIES. IN ADDITION TO OUR FULL-SERVICE CONSULTING BUSINESS, VEIC ADMINISTERS THREE LARGE-SCALE SUSTAINABLE ENERGY PROGRAMS: EFFICIENCY VERMONT, EFFICIENCY SMART, AND THE DC SUSTAINABLE ENERGY UTILITY (DCSEU).

Activities or mission (Part I)

VEIC IS A SUSTAINABLE ENERGY COMPANY ON A MISSION TO GENERATE THE ENERGY (CONTINUES IN SCHED O)(CONTINUED) SOLUTIONS THE WORLD NEEDS.

  • EFFICIENCY VERMONT WORKS WITH PARTNERS TO HELP THE STATE TRANSITION TO MORE AFFORDABLE, LOW CARBON ENERGY USE THROUGH EDUCATION, INCENTIVES, AND SUPPORT FOR OUR CLEAN ENERGY WORKFORCE. THE INVESTMENTS THAT VERMONTERS HAVE MADE IN ENERGY EFFICIENCY SINCE EFFICIENCY VERMONT'S INCEPTION IN 2000 WILL SAVE THEM OVER $3 BILLION OVER THE LIFETIME OF THOSE INVESTMENTS, AND AVOID OVER 13 MILLION TONS OF CO2E.

    Expenses $60,143,557 · Revenue $62,231,449

  • THE DC SUSTAINABLE ENERGY UTILITY (DCSEU) IS THE ONLY UTILITY IN THE COUNTRY THAT COMBINES ENERGY SAVINGS GOALS WITH SOCIAL EQUITY GOALS. SINCE 2011, THE DCSEU HAS HELPED DISTRICT RESIDENTS, BUSINESSES, AND INSTITUTIONS GENERATE MORE THAN $1.4 BILLION IN LIFETIME ENERGY COST SAVINGS, AND PREVENT MORE THAN 6.2 MILLION TONS OF GREENHOUSE GAS EMISSIONS. THE DCSEU HAS INVESTED MORE THAN $50 MILLION IN ENERGY EFFICIENCY AND RENEWABLE ENERGY PROJECTS IN LOW-INCOME COMMUNITIES. OUR WORK IS BUILDING A BRIGHTER ECONOMIC, ENVIRONMENTAL, AND ENERGY FUTURE FOR THE DISTRICT. (CONTINUES IN SCHEDULE O) (CONTINUED) IN 2023, THE DCSEU'S EFFORTS GENERATED $149 MILLION IN LIFETIME COST SAVINGS FOR DC RESIDENTS AND BUSINESSES, CREATED 94 GREEN JOBS FOR DISTRICT RESIDENTS, AND PREVENTED 688,000 MTCO2E IN LIFETIME GREENHOUSE GAS EMISSIONS, THE EQUIVALENT OF 77 MILLION GALLONS OF GASOLINE CONSUMED.

    Expenses $36,715,387 · Revenue $38,250,220

  • EFFICIENCY SMART HELPS PARTICIPATING MUNICIPAL ELECTRIC UTILITIES AND THEIR CUSTOMERS REDUCE THEIR ENERGY USE AND SAVE MONEY THROUGH TECHNICAL ASSISTANCE AND FINANCIAL INCENTIVES. SINCE 2011, EFFICIENCY SMART HAS SERVED MORE THAN 65 OF AMERICAN MUNICIPAL POWER'S MEMBER UTILITIES IN FOUR STATES. IN 2023, EFFICIENCY SMART ASSISTED AN ESTIMATED 2,914 RESIDENTIAL HOUSEHOLDS AND 193 BUSINESSES. THESE CUSTOMERS WILL REALIZE MORE THAN $27.6 MILLION IN SAVINGS OVER THE LIFETIME OF THE PRODUCTS THEY INSTALLED IN. IN ADDITION, PARTICIPATING MUNICIPAL ELECTRIC UTILITIES SAVED MORE THAN $15.5 MILLION IN ENERGY, CAPACITY AND TRANSMISSION COSTS.

    Expenses $3,272,185 · Revenue $3,533,645

  • VEIC PROVIDES NATIONAL AND INTERNATIONAL CONSULTING SERVICES TO UTILITIES, BUSINESSES, GOVERNMENT AGENCIES, MUNICIPALITIES, AND FOUNDATIONS. WE WORK WITH OUR CLIENTS TO DECARBONIZE THEIR ENERGY SYSTEMS THROUGH OUR FOUR CORE SERVICES: ENERGY EFFICIENCY, BUILDING DECARBONIZATION, TRANSPORTATION ELECTRIFICATION, AND MAKING ELECTRICITY GRIDS CLEAN AND FLEXIBLE. WE HELP OUR CLIENTS SAVE ENERGY, REDUCE GREENHOUSE GAS EMISSIONS, AND ADVANCE SOCIAL AND ECONOMIC EQUITY. IN 2023, VEIC'S CONSULTING SERVED MORE THAN 146 CLIENTS WITH 24% OF OUR ORGANIZATION WIDE CONSULTING WORK HAVING AN EXPLICIT FOCUS ON LOW TO MODERATE INCOME COMMUNITIES. IN 2023, VEIC EXPENDED $7,097,422 IN FEDERAL GRANTS FUNDED BY THE CORONAVIRUS STATE AND LOCAL FISCAL RECOVERY FUNDS.

    Expenses $16,065,588 · Grants $2,462,715 · Revenue $11,328,279

As filed on the 2023 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • MARC MIHALY

    DIRECTOR

    Total calculated
    $1,500
    From this org
    $1,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • DIANNE DILLON-RIDGLEY

    DIRECTOR

    Total calculated
    $2,000
    From this org
    $2,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • NANCY OWENS

    VICE CHAIR

    Total calculated
    $4,250
    From this org
    $4,250
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • ISABELINA NAHMENS

    DIRECTOR

    Total calculated
    $2,000
    From this org
    $2,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • ELLEN ZUCKERMAN

    CHAIR

    Total calculated
    $2,500
    From this org
    $2,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • JANET BESSER

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • CEDERICK ANTHONY PICKETT

    DIRECTOR

    Total calculated
    $2,000
    From this org
    $2,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • OSWALDO ACOSTA

    TREASURER

    Total calculated
    $3,000
    From this org
    $3,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • BRANDI COLANDER

    DIRECTOR

    Total calculated
    $2,500
    From this org
    $2,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • MERRIAN BORGESON

    DIRECTOR

    Total calculated
    $2,000
    From this org
    $2,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • DALE BRYK

    DIRECTOR

    Total calculated
    $1,000
    From this org
    $1,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • JACOB PARK

    DIRECTOR

    Total calculated
    $1,000
    From this org
    $1,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • TONY PICKETT

    SECRETARY

    Total calculated
    $0
    Hours/week
    1

  • REBECCA FOSTER

    CHIEF EXECUTIVE OFFICER

    Total calculated
    $330,269
    From this org
    $315,599
    From related orgs
    $0
    Other
    $14,670
    Hours/week
    37.5

    Schedule J breakdown matched by us

    Base
    $312,849
    Bonus
    $2,000
    Other
    $750
    Deferred
    $12,737
    Nontaxable benefits
    $1,933
    Filer's total
    $330,269

  • KATHERINE MEYERS

    CHIEF FINANCIAL OFFICER

    Total calculated
    $210,491
    From this org
    $200,641
    From related orgs
    $0
    Other
    $9,850
    Hours/week
    37.5

    Schedule J breakdown matched by us

    Base
    $195,941
    Bonus
    $2,000
    Other
    $2,700
    Deferred
    $9,780
    Nontaxable benefits
    $70
    Filer's total
    $210,491

  • STEPHANIE PHILLIPS

    CHIEF GENERAL COUNSEL

    Total calculated
    $186,834
    From this org
    $178,144
    From related orgs
    $0
    Other
    $8,690
    Hours/week
    37.5

    Schedule J breakdown matched by us

    Base
    $172,694
    Bonus
    $2,000
    Other
    $3,450
    Deferred
    $8,620
    Nontaxable benefits
    $70
    Filer's total
    $186,834

  • PETER WALKE

    MANAGING DIRECTOR, EFFICIENCY VT

    Total calculated
    $186,491
    From this org
    $183,180
    From related orgs
    $0
    Other
    $3,311
    Hours/week
    37.5

    Schedule J breakdown matched by us

    Base
    $180,554
    Bonus
    $2,000
    Other
    $626
    Deferred
    $1,819
    Nontaxable benefits
    $1,492
    Filer's total
    $186,491

  • LOUIS HUTCHINSON

    CHIEF OPERATING OFFICER

    Total calculated
    $192,921
    From this org
    $190,988
    From related orgs
    $0
    Other
    $1,933
    Hours/week
    37.5

    Schedule J breakdown matched by us

    Base
    $190,488
    Bonus
    $0
    Other
    $500
    Deferred
    $0
    Nontaxable benefits
    $1,933
    Filer's total
    $192,921

  • ERNEST JOLLY

    MANAGING DIRECTOR, DCSEU

    Total calculated
    $231,251
    From this org
    $228,997
    From related orgs
    $0
    Other
    $2,254
    Hours/week
    37.5

    Schedule J breakdown matched by us

    Base
    $226,622
    Bonus
    $0
    Other
    $2,375
    Deferred
    $2,160
    Nontaxable benefits
    $94
    Filer's total
    $231,251

  • MATTHEW DOOLEY

    MANAGING DIRECTOR, ENERGY SERVICES

    Total calculated
    $219,888
    From this org
    $210,434
    From related orgs
    $0
    Other
    $9,454
    Hours/week
    37.5

    Schedule J breakdown matched by us

    Base
    $205,734
    Bonus
    $2,000
    Other
    $2,700
    Deferred
    $9,384
    Nontaxable benefits
    $70
    Filer's total
    $219,888

  • ANGELA JOHNSON

    DIRECTOR, FINANCE, DCSEU

    Total calculated
    $195,669
    From this org
    $186,090
    From related orgs
    $0
    Other
    $9,579
    Hours/week
    37.5

    Schedule J breakdown matched by us

    Base
    $184,090
    Bonus
    $2,000
    Other
    $0
    Deferred
    $8,739
    Nontaxable benefits
    $840
    Filer's total
    $195,669

  • PIERRE VAN DER MERWE

    CHIEF TECHNOLOGY OFFICER

    Total calculated
    $199,322
    From this org
    $187,385
    From related orgs
    $0
    Other
    $11,937
    Hours/week
    37.5

    Schedule J breakdown matched by us

    Base
    $183,860
    Bonus
    $2,000
    Other
    $1,525
    Deferred
    $10,004
    Nontaxable benefits
    $1,933
    Filer's total
    $199,322

  • LISA HARRIS

    CHIEF PEOPLE OFFICER

    Total calculated
    $213,237
    From this org
    $206,497
    From related orgs
    $0
    Other
    $6,740
    Hours/week
    37.5

    Schedule J breakdown matched by us

    Base
    $204,119
    Bonus
    $2,000
    Other
    $378
    Deferred
    $5,367
    Nontaxable benefits
    $1,373
    Filer's total
    $213,237

  • BRIAN KEALOHA

    CHIEF GROWTH AND IMPACT OFFICER

    Total calculated
    $208,830
    From this org
    $206,795
    From related orgs
    $0
    Other
    $2,035
    Hours/week
    37.5

    Schedule J breakdown matched by us

    Base
    $204,795
    Bonus
    $2,000
    Other
    $0
    Deferred
    $1,933
    Nontaxable benefits
    $102
    Filer's total
    $208,830

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

  • 3 · Independent compensation consultant
  • 3 · Form 990 of other organizations
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee
  • 4a · Severance or change-of-control payment

Answered no

  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

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

The 10 largest by cash amount. The API serves every itemized grant.

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.

  • COMMONS ENERGY L3C

    PROVIDE ENERGY IMPROVEMENT SERVICES TO UNDERSERVED PUBLIC BUILDINGS · VT · income $99,796 · assets $2,328,341

    Directly controlled by VERMONT ENERGY INVESTMENT CORPORATION

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

  • SUN SHARES LLC

    C · ELECTRIC POWER · VT · 100% owned · share of income $9,969 · share of assets $39,328

    Directly controlled by VEIC

Provenance

Return type
form_990
Tax year
2023
Filed
8 October 2024
IRS schema version
2023v5.1
Source object
202443179349300629

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