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Nonprofiteer
← NEW HAMPSHIRE ELECTRIC COOPERATIVE INC

Form 990 for tax year 2024

Filed by NEW HAMPSHIRE ELECTRIC COOPERATIVE INC.

Totals

Total revenue
$176,002,857
Total expenses
$179,254,679
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$175,453,603
Investment income
$6,282
Other revenue
$542,972
Total assets, end of year
$417,557,785
Total liabilities, end of year
$269,943,949
Net assets or fund balances, end of year
$147,613,836
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.

  • 2a · Program service revenue: ELECTRIC REVENUE

    total $166,737,701 · related or exempt $166,737,701

  • 2b · Program service revenue: BROADBAND REVENUE

    total $3,978,735 · related or exempt $3,978,735

  • 2c · Program service revenue: POLE ATTACHMENT RENTAL

    total $3,250,020 · excluded $3,250,020

  • 2d · Program service revenue: MISC. ELECTRIC REVENUE

    total $1,486,575 · related or exempt $1,486,575

  • 2e · Program service revenue: INTEREST INCOME

    total $572 · related or exempt $572

  • 3 · Investment income

    total $6,282 · related or exempt $6,282

  • 6a · Gross rents

    real property $54,226

  • 6b · Less rental expenses

    real property $34,868

  • 6c · Rental income or loss

    real property $19,358

  • 6d · Net rental income or loss

    total $19,358 · related or exempt $19,358

  • 11a · Other revenue: MISC. ELECTRIC REVENUE

    total $273,564 · related or exempt $273,564

  • 11b · Other revenue: GAIN ON DISPOSITION

    total $250,050 · related or exempt $250,050

  • 11e · Other revenue, total

    $523,614

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $6,833,757

  • 5 · Compensation of officers, directors and key employees

    total $2,888,718

  • 7 · Other salaries and wages

    total $15,903,672

  • 8 · Pension plan contributions

    total $4,369,952

  • 9 · Other employee benefits

    total $3,918,296

  • 10 · Payroll taxes

    total $1,563,980

  • 11b · Fees: legal

    total $1,743,438

  • 11c · Fees: accounting

    total $77,875

  • 11g · Fees: other

    total $846,675

  • 12 · Advertising and promotion

    total $4,221

  • 13 · Office expenses

    total $2,187,654

  • 14 · Information technology

    total $922,768

  • 16 · Occupancy

    total $6,807,003

  • 17 · Travel

    total $111,343

  • 19 · Conferences, conventions and meetings

    total $95,372

  • 20 · Interest

    total $7,654,064

  • 22 · Depreciation, depletion and amortization

    total $14,672,808

  • 23 · Insurance

    total $829,320

  • 24a · Other expenses: PURCHASED POWER

    total $55,609,195

  • 24b · Other expenses: TRANSMISSON EXPENSE

    total $29,829,646

  • 24c · Other expenses: DISTRIBUTION MAINT AND OP

    total $16,132,577

  • 24d · Other expenses: OTHER DEDUCTIONS

    total $5,416,301

  • 24e · All other expenses

    total $836,044

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $1,450,495 · end of year $932,753

  • 2 · Savings and temporary cash investments

    beginning of year $50,000 · end of year $50,000

  • 4 · Accounts receivable

    beginning of year $30,567,113 · end of year $22,668,470

  • 8 · Inventories for sale or use

    beginning of year $12,085,464 · end of year $15,334,413

  • 9 · Prepaid expenses and deferred charges

    beginning of year $2,493,347 · end of year $2,655,957

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

    $551,539,336

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

    $206,814,597

  • 10c · Land, buildings and equipment, net

    beginning of year $290,522,203 · end of year $344,724,739

  • 13 · Investments: program-related

    beginning of year $10,734,903 · end of year $10,368,672

  • 14 · Intangible assets

    beginning of year $5,067,157 · end of year $5,632,456

  • 15 · Other assets

    beginning of year $7,440,633 · end of year $15,190,325

  • 17 · Accounts payable and accrued expenses

    beginning of year $36,540,988 · end of year $28,345,814

  • 23 · Secured mortgages and notes payable

    beginning of year $135,764,104 · end of year $197,697,949

  • 24 · Unsecured notes and loans payable

    beginning of year $25,302,929 · end of year $24,848,845

  • 25 · Other liabilities

    beginning of year $18,790,676 · end of year $19,051,341

  • 31 · Retained earnings, endowment or other funds

    beginning of year $144,012,618 · end of year $147,613,836

Mission and programs · 2024

Mission

OUR MISSION IS TO PROVIDE OUR MEMBERS WITH AFFORDABLE AND RELIABLE ELECTRIC AND BROADBAND SERVICE.

Activities or mission (Part I)

NEW HAMPSHIRE ELECTRIC COOPERATIVE, INC PROVIDES ELECTRIC ENERGY AND BROADBAND SERVICES TO ITS MEMBERS THROUGHOUT THE STATE OF NEW HAMPSHIRE.

  • ALL RECEIPTS FROM SALE OF ELECTRIC ENERGY AND RELATED SERVICE ACTIVITIES IN EXCESS OF OPERATING COSTS ARE RECEIVED WITH THE UNDERSTANDING THAT IT IS FURNISHED BY THE PATRONS AS CAPITAL. THIS CAPITAL SHALL BE ALLOCATED TO THE COOPERATIVE MEMBER ON A PATRONAGE BASIS. CURRENTLY, NEW HAMPSHIRE ELECTRIC COOPERATIVE, INC. PROVIDES ELECTRIC ENERGY TO APPROXIMATELY 85,000 ACTIVE MEMBER SERVICES THROUGHOUT NEW HAMPSHIRE.

  • THE BROADBAND DIVISION, A SINGLE MEMBER LLC, PROVIDES BROADBAND INTERNET SERVICES THROUGH THE CONSTRUCTION OF A FIBER-OPTIC NETWORK. WHEN CUMULATIVE NET MARGINS DERIVED FROM MEMBER SALES OF BROADBAND INTERNET SERVICES EXCEED CUMULATIVE LOSSES FROM SUCH SALES, THE COOPERATIVE WILL ALLOCATE PATRONAGE CAPITAL TO THE MEMBERS.

As filed on the 2024 return.

Listed in Part VII

  • William Darcy

    BOARD CHAIR

    Total calculated
    $38,500
    From this org
    $38,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    20

  • Alana Albee

    VICE CHAIR

    Total calculated
    $25,400
    From this org
    $25,400
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Jeffrey Morrill

    SECRETARY

    Total calculated
    $24,700
    From this org
    $24,700
    From related orgs
    $0
    Other
    $0
    Hours/week
    6

  • Jerry Stringham

    TREASURER

    Total calculated
    $18,100
    From this org
    $18,100
    From related orgs
    $0
    Other
    $0
    Hours/week
    6

  • Thomas Mongeon

    ASSISTANT TR

    Total calculated
    $28,350
    From this org
    $28,350
    From related orgs
    $0
    Other
    $0
    Hours/week
    7

  • Harry Veins

    DIRECTOR

    Total calculated
    $22,250
    From this org
    $22,250
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Carolyn Kedersha

    DIRECTOR

    Total calculated
    $24,200
    From this org
    $15,700
    From related orgs
    $0
    Other
    $8,500
    Hours/week
    8

  • Leo Dwyer

    DIRECTOR

    Total calculated
    $24,950
    From this org
    $24,950
    From related orgs
    $0
    Other
    $0
    Hours/week
    7

  • John Goodrich

    DIRECTOR

    Total calculated
    $12,600
    From this org
    $12,600
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Patricia Barbour

    DIRECTOR

    Total calculated
    $15,800
    From this org
    $15,800
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • Peter Laufenberg

    DIRECTOR

    Total calculated
    $13,100
    From this org
    $13,100
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • Sharon Davis

    DIRECTOR

    Total calculated
    $13,500
    From this org
    $13,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • Madeline McElaney

    DIRECTOR

    Total calculated
    $12,050
    From this org
    $12,050
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Brenda Boisvert

    DIRECTOR

    Total calculated
    $11,000
    From this org
    $11,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • Edward French

    DIRECTOR

    Total calculated
    $14,700
    From this org
    $14,700
    From related orgs
    $0
    Other
    $0
    Hours/week
    10

  • Alyssa Clemsen Roberts

    CEO

    Total calculated
    $621,291
    From this org
    $483,751
    From related orgs
    $0
    Other
    $137,540
    Hours/week
    54

    Schedule J breakdown matched by us

    Base
    $426,190
    Bonus
    $49,108
    Other
    $8,453
    Deferred
    $104,517
    Nontaxable benefits
    $33,023
    Filer's total
    $621,291

  • Kristen Taylor

    CFO/VP OF FI

    Total calculated
    $343,730
    From this org
    $238,829
    From related orgs
    $0
    Other
    $104,901
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $229,995
    Bonus
    $2,086
    Other
    $6,748
    Deferred
    $70,224
    Nontaxable benefits
    $34,677
    Filer's total
    $343,730

  • Michael Jennings

    VP- ENERGY D

    Total calculated
    $365,089
    From this org
    $270,772
    From related orgs
    $0
    Other
    $94,317
    Hours/week
    51

    Schedule J breakdown matched by us

    Base
    $261,942
    Bonus
    $2,318
    Other
    $6,512
    Deferred
    $72,390
    Nontaxable benefits
    $21,927
    Filer's total
    $365,089

  • Joshua Mazzei

    VP OF OPERAT

    Total calculated
    $326,491
    From this org
    $232,325
    From related orgs
    $0
    Other
    $94,166
    Hours/week
    52

    Schedule J breakdown matched by us

    Base
    $222,557
    Bonus
    $2,032
    Other
    $7,736
    Deferred
    $57,487
    Nontaxable benefits
    $36,679
    Filer's total
    $326,491

  • Carla Munoz

    VP OF PEOPLE

    Total calculated
    $338,853
    From this org
    $236,662
    From related orgs
    $0
    Other
    $102,191
    Hours/week
    48

    Schedule J breakdown matched by us

    Base
    $227,936
    Bonus
    $1,564
    Other
    $7,162
    Deferred
    $75,233
    Nontaxable benefits
    $26,958
    Filer's total
    $338,853

  • Sonja Gonzalez

    VP OF INFO.

    Total calculated
    $331,953
    From this org
    $237,483
    From related orgs
    $0
    Other
    $94,470
    Hours/week
    44

    Schedule J breakdown matched by us

    Base
    $228,068
    Bonus
    $1,243
    Other
    $8,172
    Deferred
    $67,643
    Nontaxable benefits
    $26,827
    Filer's total
    $331,953

  • Peter Glenshaw

    VP OF MEMBER

    Total calculated
    $262,112
    From this org
    $238,186
    From related orgs
    $0
    Other
    $23,926
    Hours/week
    42

    Schedule J breakdown matched by us

    Base
    $227,984
    Bonus
    $1,013
    Other
    $9,189
    Deferred
    $22,106
    Nontaxable benefits
    $1,820
    Filer's total
    $262,112

  • Joseph Couture

    LINEWORKER

    Total calculated
    $279,135
    From this org
    $202,831
    From related orgs
    $0
    Other
    $76,304
    Hours/week
    60

    Schedule J breakdown matched by us

    Base
    $201,646
    Bonus
    $1,017
    Other
    $168
    Deferred
    $43,281
    Nontaxable benefits
    $33,023
    Filer's total
    $279,135

  • Colin McDonough

    LINEWORKER

    Total calculated
    $268,327
    From this org
    $196,876
    From related orgs
    $0
    Other
    $71,451
    Hours/week
    59

    Schedule J breakdown matched by us

    Base
    $195,688
    Bonus
    $1,040
    Other
    $148
    Deferred
    $42,254
    Nontaxable benefits
    $29,197
    Filer's total
    $268,327

  • James Horan

    DIRECTOR OF

    Total calculated
    $253,737
    From this org
    $187,517
    From related orgs
    $0
    Other
    $66,220
    Hours/week
    44

    Schedule J breakdown matched by us

    Base
    $183,585
    Bonus
    $1,548
    Other
    $2,384
    Deferred
    $66,220
    Nontaxable benefits
    not reported
    Filer's total
    $253,737

  • Joshua Collier

    LINEWORKER

    Total calculated
    $247,829
    From this org
    $186,248
    From related orgs
    $0
    Other
    $61,581
    Hours/week
    59

    Schedule J breakdown matched by us

    Base
    $185,070
    Bonus
    $1,029
    Other
    $149
    Deferred
    $26,904
    Nontaxable benefits
    $34,677
    Filer's total
    $247,829

  • Jeremy Claar

    LINEWORKER

    Total calculated
    $242,747
    From this org
    $204,506
    From related orgs
    $0
    Other
    $38,241
    Hours/week
    60

    Schedule J breakdown matched by us

    Base
    $203,354
    Bonus
    $1,040
    Other
    $112
    Deferred
    $27,417
    Nontaxable benefits
    $10,824
    Filer's total
    $242,747

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 · Compensation committee
  • 3 · Independent compensation consultant
  • 3 · Written employment contract
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement

The filer's explanations (Part III)

SCHEDULE J, PART III
IN 2024 EXTENSIVE MUTUAL AID WAS PROVIDED TO OTHER UTILITIES RESULTING IN ADDITIONAL LINEWORKERS IDENTIFIED AS HIGHLY COMPENSATED EMPLOYEES.

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.

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

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.

  • NH BROADBAND LLC

    BROADBAND · NH · income $3,978,735 · assets $16,734,011

    Directly controlled by NHEC

Provenance

Return type
form_990
Tax year
2024
Filed
15 May 2025
IRS schema version
2024v5.0
Source object
202531349349303848

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