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Nonprofiteer
← NORTHERN VIRGINIA ELECTRIC CO-OP

Form 990 for tax year 2024

Filed by NORTHERN VIRGINIA ELECTRIC CO-OP.

Totals

Total revenue
$907,031,155
Total expenses
$882,172,109
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$887,403,035
Investment income
$16,891,289
Other revenue
$2,736,831
Total assets, end of year
$1,526,017,248
Total liabilities, end of year
$645,133,888
Net assets or fund balances, end of year
$880,883,360
Program services expenses (Part IX)
$0
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
$882,172,109

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.

  • 2a · Program service revenue: Electricity Sales

    total $883,338,310 · related or exempt $883,338,310 · unrelated business $0 · excluded $0

  • 2b · Program service revenue: Electric Service

    total $2,818,018 · related or exempt $2,818,018 · unrelated business $0 · excluded $0

  • 2f · All other program service revenue

    total $1,246,707 · related or exempt $1,246,707 · unrelated business $0 · excluded $0

  • 3 · Investment income

    total $16,891,289 · related or exempt $16,891,289 · unrelated business $0 · excluded $0

  • 4 · Income from investment of tax-exempt bond proceeds

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 5 · Royalties

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 6c · Rental income or loss

    real property $0 · personal property $0

  • 7c · Gain or loss

    securities $0 · other assets $0

  • 11a · Other revenue: Fiber Optic Projects

    total $2,847,004 · related or exempt $2,847,004 · unrelated business $0 · excluded $0

  • 11b · Other revenue: Patronage Capital from Associate Org

    total -$1,559,244 · related or exempt -$1,559,244 · unrelated business $0 · excluded $0

  • 11c · Other revenue: Other Cap Crs & Patronage Dividends

    total $502,001 · related or exempt $502,001 · unrelated business $0 · excluded $0

  • 11d · All other revenue

    total $947,070 · related or exempt $947,070 · unrelated business $0 · excluded $0

  • 11e · Other revenue, total

    $2,736,831

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $15,892,839

  • 5 · Compensation of officers, directors and key employees

    total $3,716,635

  • 7 · Other salaries and wages

    total $24,972,669

  • 8 · Pension plan contributions

    total $2,405,746

  • 9 · Other employee benefits

    total -$1,586,427

  • 10 · Payroll taxes

    total $2,186,795

  • 11a · Fees: management

    total $7,270,271

  • 11b · Fees: legal

    total $1,616,882

  • 11c · Fees: accounting

    total $249,084

  • 11d · Fees: lobbying

    total $90,805

  • 11e · Fees: professional fundraising services

    total $0

  • 11f · Fees: investment management

    total $0

  • 11g · Fees: other

    total $1,431,080

  • 12 · Advertising and promotion

    total $726,761

  • 13 · Office expenses

    total $6,253,600

  • 14 · Information technology

    total $3,973,557

  • 15 · Royalties

    total $0

  • 16 · Occupancy

    total $318,690

  • 17 · Travel

    total $251,975

  • 18 · Travel or entertainment for public officials

    total $0

  • 19 · Conferences, conventions and meetings

    total $199,198

  • 20 · Interest

    total $953,474

  • 21 · Payments to affiliates

    total $3,726

  • 22 · Depreciation, depletion and amortization

    total $37,590,369

  • 23 · Insurance

    total $2,818,486

  • 24a · Other expenses: Purchased Power Cost

    total $732,528,845

  • 24b · Other expenses: Transmission & Distribution

    total $13,311,159

  • 24c · Other expenses: Customer Services & Sales

    total $4,788,208

  • 24d · Other expenses: Franchise and Regulatory Cost

    total $12,110,302

  • 24e · All other expenses

    total $8,097,380

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $18,583,952 · end of year $154,334,316

  • 2 · Savings and temporary cash investments

    beginning of year $157,869,514 · end of year $77,191,173

  • 3 · Pledges and grants receivable

    beginning of year $0 · end of year $0

  • 4 · Accounts receivable

    beginning of year $125,453,176 · end of year $71,506,297

  • 5 · Loans and receivables from officers and key people

    beginning of year $0 · end of year $0

  • 6 · Loans and receivables from disqualified persons

    beginning of year $0 · end of year $0

  • 7 · Other notes and loans receivable

    beginning of year $73,114,822 · end of year $70,353,912

  • 8 · Inventories for sale or use

    beginning of year $42,179,277 · end of year $53,802,764

  • 9 · Prepaid expenses and deferred charges

    beginning of year $6,481,224 · end of year $6,961,573

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

    $1,296,842,490

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

    $423,213,101

  • 10c · Land, buildings and equipment, net

    beginning of year $754,333,571 · end of year $873,629,389

  • 11 · Investments: publicly traded securities

    beginning of year $0

  • 12 · Investments: other securities

    beginning of year $63,733,000 · end of year $68,079,000

  • 13 · Investments: program-related

    beginning of year $6,436,764 · end of year $6,351,535

  • 15 · Other assets

    beginning of year $138,557,129 · end of year $143,807,289

  • 17 · Accounts payable and accrued expenses

    beginning of year $54,474,296 · end of year $52,962,304

  • 18 · Grants payable

    beginning of year $0

  • 19 · Deferred revenue

    beginning of year $307,186 · end of year $263,240

  • 20 · Tax-exempt bond liabilities

    beginning of year $0

  • 21 · Escrow or custodial account liability

    beginning of year $0

  • 22 · Loans and payables to officers and key people

    beginning of year $0

  • 23 · Secured mortgages and notes payable

    beginning of year $85,757,678 · end of year $80,031,179

  • 25 · Other liabilities

    beginning of year $401,645,042 · end of year $511,877,165

  • 29 · Capital stock, trust principal or current funds

    beginning of year $632,297 · end of year $616,514

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

    beginning of year $47,666,350 · end of year $59,148,221

  • 31 · Retained earnings, endowment or other funds

    beginning of year $796,259,580 · end of year $821,118,625

Mission and programs · 2024

Mission

Creating value for its members, employees and communities by providing safe, reliable electricity and quality products at competitive prices. Distribution of Electricity (182,074 Meters/Customers)

Activities or mission (Part I)

Our mission is creating value for its members, employees and communities by providing safe, reliable electricity and quality products at competitive prices; serving approximately 182,074 meters/customers.

  • Provide affordable service to its 182,074 members with 99.99% average system reliability rate. NOVEC returned to its member-owners $15.9M in patronage capital; connected 1,837 meters and completed $140M in net new construction during the fiscal year.

    Expenses $882,172,109 · Revenue $887,403,034

As filed on the 2024 return.

Listed in Part VII

  • David Schleicher

    President and CEO

    Total calculated
    $890,306
    From this org
    $805,090
    From related orgs
    $0
    Other
    $85,216
    Hours/week
    42

    Schedule J breakdown matched by us

    Base
    $725,380
    Bonus
    $50,000
    Other
    $29,710
    Deferred
    $37,731
    Nontaxable benefits
    $47,485
    Filer's total
    $890,306

  • Wilbur Rollins

    Sr VP Finance

    Total calculated
    $554,824
    From this org
    $433,984
    From related orgs
    $0
    Other
    $120,840
    Hours/week
    42

    Schedule J breakdown matched by us

    Base
    $373,549
    Bonus
    $55,000
    Other
    $5,435
    Deferred
    $10,350
    Nontaxable benefits
    $110,490
    Filer's total
    $554,824

  • Patrick Toulme

    VP and Corporate Counsel

    Total calculated
    $553,481
    From this org
    $416,382
    From related orgs
    $0
    Other
    $137,099
    Hours/week
    42

    Schedule J breakdown matched by us

    Base
    $353,386
    Bonus
    $53,000
    Other
    $9,996
    Deferred
    $11,940
    Nontaxable benefits
    $125,159
    Filer's total
    $553,481

  • Arnold Singleton

    VP Engineering

    Total calculated
    $502,331
    From this org
    $415,036
    From related orgs
    $0
    Other
    $87,295
    Hours/week
    42

    Schedule J breakdown matched by us

    Base
    $355,713
    Bonus
    $56,000
    Other
    $3,322
    Deferred
    $28,025
    Nontaxable benefits
    $59,269
    Filer's total
    $502,329

  • Thomas Pierpoint Jr

    VP Operations

    Total calculated
    $495,590
    From this org
    $430,066
    From related orgs
    $0
    Other
    $65,524
    Hours/week
    42

    Schedule J breakdown matched by us

    Base
    $363,054
    Bonus
    $56,000
    Other
    $11,012
    Deferred
    $29,775
    Nontaxable benefits
    $35,748
    Filer's total
    $495,589

  • Gilbert Jaramillo

    VP

    Total calculated
    $487,231
    From this org
    $364,737
    From related orgs
    $0
    Other
    $122,494
    Hours/week
    42

    Schedule J breakdown matched by us

    Base
    $321,634
    Bonus
    $40,000
    Other
    $3,102
    Deferred
    $11,035
    Nontaxable benefits
    $111,459
    Filer's total
    $487,230

  • Joyce Johnson

    VP Human Resources

    Total calculated
    $411,366
    From this org
    $324,828
    From related orgs
    $0
    Other
    $86,538
    Hours/week
    42

    Schedule J breakdown matched by us

    Base
    $316,880
    Bonus
    $5,000
    Other
    $2,947
    Deferred
    $27,905
    Nontaxable benefits
    $58,633
    Filer's total
    $411,365

  • Lisa Hooker

    VP Public Relations

    Total calculated
    $394,673
    From this org
    $334,901
    From related orgs
    $0
    Other
    $59,772
    Hours/week
    42

    Schedule J breakdown matched by us

    Base
    $297,933
    Bonus
    $34,000
    Other
    $2,970
    Deferred
    $22,634
    Nontaxable benefits
    $37,137
    Filer's total
    $394,674

  • Daniel Swingle

    VP Electric System Operations

    Total calculated
    $367,666
    From this org
    $273,013
    From related orgs
    $0
    Other
    $94,653
    Hours/week
    42

    Schedule J breakdown matched by us

    Base
    $231,149
    Bonus
    $40,000
    Other
    $1,864
    Deferred
    $5,681
    Nontaxable benefits
    $88,972
    Filer's total
    $367,666

  • John Rainey

    Manager Special Projects

    Total calculated
    $321,795
    From this org
    $237,595
    From related orgs
    $0
    Other
    $84,200
    Hours/week
    42

    Schedule J breakdown matched by us

    Base
    $201,397
    Bonus
    $27,468
    Other
    $8,730
    Deferred
    $4,900
    Nontaxable benefits
    $79,300
    Filer's total
    $321,795

  • James Sirmons

    Technician

    Total calculated
    $286,899
    From this org
    $232,358
    From related orgs
    $0
    Other
    $54,541
    Hours/week
    42

    Schedule J breakdown matched by us

    Base
    $213,199
    Bonus
    $6,413
    Other
    $12,746
    Deferred
    $20,077
    Nontaxable benefits
    $34,464
    Filer's total
    $286,899

  • Kyle R Sarvis

    Lead Line Technician

    Total calculated
    $285,977
    From this org
    $219,256
    From related orgs
    $0
    Other
    $66,721
    Hours/week
    73

    Schedule J breakdown matched by us

    Base
    $217,089
    Bonus
    $1,986
    Other
    $180
    Deferred
    $6,781
    Nontaxable benefits
    $59,940
    Filer's total
    $285,976

  • Howard Spinner

    Manager Regulatory and Rates

    Total calculated
    $284,116
    From this org
    $214,140
    From related orgs
    $0
    Other
    $69,976
    Hours/week
    42

    Schedule J breakdown matched by us

    Base
    $185,202
    Bonus
    $24,155
    Other
    $4,783
    Deferred
    $6,332
    Nontaxable benefits
    $63,645
    Filer's total
    $284,117

  • Michael Hudak

    Service Technician

    Total calculated
    $279,285
    From this org
    $215,620
    From related orgs
    $0
    Other
    $63,665
    Hours/week
    68

    Schedule J breakdown matched by us

    Base
    $210,075
    Bonus
    $2,999
    Other
    $2,546
    Deferred
    $17,863
    Nontaxable benefits
    $45,803
    Filer's total
    $279,286

  • Gerald Gardner

    Lead Line Technician

    Total calculated
    $266,495
    From this org
    $224,414
    From related orgs
    $0
    Other
    $42,081
    Hours/week
    80

    Schedule J breakdown matched by us

    Base
    $221,059
    Bonus
    $3,020
    Other
    $335
    Deferred
    $6,736
    Nontaxable benefits
    $35,345
    Filer's total
    $266,495

  • Heather V Anderson

    Manager System Engineering

    Total calculated
    $264,310
    From this org
    $223,223
    From related orgs
    $0
    Other
    $41,087
    Hours/week
    42

    Schedule J breakdown matched by us

    Base
    $197,156
    Bonus
    $24,538
    Other
    $1,529
    Deferred
    $19,105
    Nontaxable benefits
    $21,982
    Filer's total
    $264,310

  • Grove Walter R

    Past Director

    Total calculated
    $52,680
    From this org
    $51,000
    From related orgs
    $0
    Other
    $1,680
    Hours/week
    0

    Schedule J breakdown matched by us

    Base
    $0
    Bonus
    $0
    Other
    $51,000
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $51,000

  • Michael E Ragan

    Secretary

    Total calculated
    $48,462
    From this org
    $42,331
    From related orgs
    $0
    Other
    $6,131
    Hours/week
    1.23

  • Cynthia Gilbride

    Treasurer

    Total calculated
    $47,990
    From this org
    $42,095
    From related orgs
    $0
    Other
    $5,895
    Hours/week
    1.04

  • James Chesley

    Vice Chairman

    Total calculated
    $47,842
    From this org
    $42,021
    From related orgs
    $0
    Other
    $5,821
    Hours/week
    1.35

  • Wade C House

    Chairman

    Total calculated
    $47,740
    From this org
    $41,970
    From related orgs
    $0
    Other
    $5,770
    Hours/week
    1.27

  • Brent George

    Director

    Total calculated
    $46,190
    From this org
    $41,795
    From related orgs
    $0
    Other
    $4,395
    Hours/week
    0.92

  • Mark Bruno

    Director

    Total calculated
    $46,190
    From this org
    $41,795
    From related orgs
    $0
    Other
    $4,395
    Hours/week
    0.92

  • Cleil W Albrite Jr

    Director

    Total calculated
    $46,190
    From this org
    $41,795
    From related orgs
    $0
    Other
    $4,395
    Hours/week
    0.92

  • Middleton Edith

    Past Director's Wife

    Total calculated
    $17,426
    From this org
    $16,166
    From related orgs
    $0
    Other
    $1,260
    Hours/week
    0

    Schedule J breakdown matched by us

    Base
    $0
    Bonus
    $0
    Other
    $16,166
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $16,166

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

None.

Answered no

  • 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.

Related corporations and trusts

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

  • NOVEC Holdings Inc

    C · Holding Co of consol taxable entities · DE · 100% owned

    Directly controlled by Northern Virginia Electric Cooperative

  • NOVEC Energy Solutions Inc

    C · Retail sale of Natural Gas · VA · 100% owned

    Directly controlled by NOVEC Holdings Inc

  • NOVEC Solutions Inc

    C · Sale of Home Gens, Water Heaters, Surge Protect Warr Plans, Elec Trsf Switches,Fbr Optic Leases · VA · 100% owned

    Directly controlled by NOVEC Holdings Inc

  • South Boston Energy LLC dba NOVEC Energy Production Halifax Cty Biomass

    C · 49 Megawatt Biomass generation power plant · VA · 100% owned

    Directly controlled by NOVEC Holdings Inc

Provenance

Return type
form_990
Tax year
2024
Filed
10 November 2025
IRS schema version
2024v5.0
Source object
202543149349305659

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