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Nonprofiteer
← VERMONT ELECTRIC COOPERATIVE INC

Form 990 for tax year 2023

Filed by VERMONT ELECTRIC COOPERATIVE INC.

Totals

Total revenue
$100,257,337
Total expenses
$100,257,337
Contributions and grants received
$1,388,600
Grants paid
$0
Program service revenue
$92,767,721
Investment income
$6,101,016
Other revenue
$0
Total assets, end of year
$221,732,064
Total liabilities, end of year
$127,675,275
Net assets or fund balances, end of year
$94,056,789
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.

  • 1e · Government grants (contributions)

    $1,388,600

  • 2a · Program service revenue: ELECTRIC OPERATING INCOME

    total $92,492,998 · related or exempt $92,492,998

  • 2b · Program service revenue: NON-OPERATING INCOME

    total $274,723 · related or exempt $274,723

  • 3 · Investment income

    total $6,099,316 · excluded $6,099,316

  • 7a · Gross sales of assets other than inventory

    other assets $1,700

  • 7c · Gain or loss

    other assets $1,700

  • 7d · Net gain or loss

    total $1,700 · related or exempt $1,700

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $4,132,506

  • 5 · Compensation of officers, directors and key employees

    total $630,659

  • 7 · Other salaries and wages

    total $9,339,557

  • 8 · Pension plan contributions

    total $1,201,651

  • 9 · Other employee benefits

    total $1,468,034

  • 10 · Payroll taxes

    total $712,758

  • 11b · Fees: legal

    total $56,830

  • 11c · Fees: accounting

    total $46,500

  • 11d · Fees: lobbying

    total $82,286

  • 11g · Fees: other

    total $574,259

  • 12 · Advertising and promotion

    total $374

  • 13 · Office expenses

    total $1,015,741

  • 14 · Information technology

    total $1,177,636

  • 16 · Occupancy

    total $95,048

  • 17 · Travel

    total $974,300

  • 19 · Conferences, conventions and meetings

    total $123,118

  • 20 · Interest

    total $4,437,764

  • 22 · Depreciation, depletion and amortization

    total $6,547,439

  • 24a · Other expenses: PURCHASED POWER

    total $43,806,343

  • 24b · Other expenses: TRANSMISSION

    total $13,774,091

  • 24c · Other expenses: PROPERTY TAX EXPENSE

    total $3,856,754

  • 24d · Other expenses: TREE TRIMMING EXPENSE

    total $3,570,169

  • 24e · All other expenses

    total $2,633,520

Balance sheet

Part X, book values.

  • 2 · Savings and temporary cash investments

    beginning of year $170,654 · end of year $1,114,944

  • 4 · Accounts receivable

    beginning of year $15,884,416 · end of year $17,775,279

  • 8 · Inventories for sale or use

    beginning of year $6,278,912 · end of year $7,331,544

  • 9 · Prepaid expenses and deferred charges

    beginning of year $862,742 · end of year $1,200,925

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

    $209,152,114

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

    $70,267,023

  • 10c · Land, buildings and equipment, net

    beginning of year $137,860,816 · end of year $138,885,091

  • 12 · Investments: other securities

    beginning of year $41,445,539 · end of year $43,572,809

  • 13 · Investments: program-related

    beginning of year $3,295,238 · end of year $5,771,762

  • 15 · Other assets

    beginning of year $5,766,817 · end of year $6,079,710

  • 17 · Accounts payable and accrued expenses

    beginning of year $16,926,807 · end of year $15,682,216

  • 23 · Secured mortgages and notes payable

    beginning of year $103,681,835 · end of year $111,575,816

  • 25 · Other liabilities

    beginning of year $346,344 · end of year $417,243

  • 31 · Retained earnings, endowment or other funds

    beginning of year $90,610,148 · end of year $94,056,789

Mission and programs · 2023

Mission

VERMONT ELECTRIC COOPERATIVE IS A MEMBER OWNED NOT-FOR-PROFIT WHOSE MISSION IS TO PROVIDE SAFE, AFFORDABLE, AND RELIABLE ENERGY SERVICES TO ITS MEMBERS.

Activities or mission (Part I)

VERMONT ELECTRIC COOPERATIVE IS A MEMBER OWNED NOT-FOR-PROFIT UTILITY WHOSE MISSION IS TO PROVIDE SAFE, AFFORDABLE, AND RELIABLE ENERGY SERVICES TO ITS MEMBERS.

  • PROVIDING RELIABLE ELECTRIC SERVICE TO APPROXIMATELY 40,726 METERED ACCOUNTS, WITH SALES OF APPROXIMATELY 462,308 MWH'S.

As filed on the 2023 return.

Listed in Part VII

  • Rebecca Towne

    CEO

    Total calculated
    $323,598
    From this org
    $279,262
    From related orgs
    $0
    Other
    $44,336
    Hours/week
    52

    Schedule J breakdown matched by us

    Base
    $274,355
    Bonus
    $3,899
    Other
    $1,008
    Deferred
    $19,834
    Nontaxable benefits
    $24,502
    Filer's total
    $323,598

  • Mark Hinton

    1ST CLASS LI

    Total calculated
    $290,823
    From this org
    $241,944
    From related orgs
    $0
    Other
    $48,879
    Hours/week
    57

    Schedule J breakdown matched by us

    Base
    $240,059
    Bonus
    not reported
    Other
    $1,885
    Deferred
    $26,630
    Nontaxable benefits
    $22,249
    Filer's total
    $290,823

  • Peter Rossi

    COO

    Total calculated
    $248,331
    From this org
    $201,944
    From related orgs
    $0
    Other
    $46,387
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $185,042
    Bonus
    $6,271
    Other
    $10,631
    Deferred
    $14,753
    Nontaxable benefits
    $31,634
    Filer's total
    $248,331

  • Caroline Mashia

    CFO

    Total calculated
    $245,398
    From this org
    $199,206
    From related orgs
    $0
    Other
    $46,192
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $183,851
    Bonus
    $3,826
    Other
    $11,529
    Deferred
    $14,569
    Nontaxable benefits
    $31,623
    Filer's total
    $245,398

  • Jessee Sweet

    1ST CLASS LI

    Total calculated
    $238,085
    From this org
    $199,379
    From related orgs
    $0
    Other
    $38,706
    Hours/week
    53

    Schedule J breakdown matched by us

    Base
    $196,975
    Bonus
    not reported
    Other
    $2,404
    Deferred
    $8,253
    Nontaxable benefits
    $30,453
    Filer's total
    $238,085

  • Joshua McCoy

    1ST CLASS LI

    Total calculated
    $236,505
    From this org
    $226,051
    From related orgs
    $0
    Other
    $10,454
    Hours/week
    56

    Schedule J breakdown matched by us

    Base
    $225,787
    Bonus
    not reported
    Other
    $264
    Deferred
    $8,657
    Nontaxable benefits
    $1,797
    Filer's total
    $236,505

  • Christopher Connelley

    1ST CLASS LI

    Total calculated
    $225,349
    From this org
    $204,730
    From related orgs
    $0
    Other
    $20,619
    Hours/week
    54

    Schedule J breakdown matched by us

    Base
    $202,392
    Bonus
    not reported
    Other
    $2,338
    Deferred
    $8,245
    Nontaxable benefits
    $12,374
    Filer's total
    $225,349

  • Chad Lanou

    1ST CLASS LI

    Total calculated
    $220,722
    From this org
    $197,661
    From related orgs
    $0
    Other
    $23,061
    Hours/week
    52

    Schedule J breakdown matched by us

    Base
    $197,037
    Bonus
    not reported
    Other
    $624
    Deferred
    $21,045
    Nontaxable benefits
    $2,016
    Filer's total
    $220,722

  • Paul Lambert

    1ST VICE PRE

    Total calculated
    $8,710
    From this org
    $8,710
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Carol Maroni

    2ND VICE PRE

    Total calculated
    $7,496
    From this org
    $7,480
    From related orgs
    $0
    Other
    $16
    Hours/week
    4

  • George Lague

    DIRECTOR

    Total calculated
    $7,466
    From this org
    $7,450
    From related orgs
    $0
    Other
    $16
    Hours/week
    10

  • Thomas Bailey

    DIRECTOR

    Total calculated
    $6,115
    From this org
    $5,450
    From related orgs
    $0
    Other
    $665
    Hours/week
    3

  • Ken Hoeppner

    DIRECTOR

    Total calculated
    $6,087
    From this org
    $6,080
    From related orgs
    $0
    Other
    $7
    Hours/week
    2

  • Charlie Van Winkle

    DIRECTOR

    Total calculated
    $6,021
    From this org
    $6,005
    From related orgs
    $0
    Other
    $16
    Hours/week
    6

  • Rich Goggin

    PRESIDENT

    Total calculated
    $5,916
    From this org
    $5,900
    From related orgs
    $0
    Other
    $16
    Hours/week
    4

  • Mark Woodward

    DIRECTOR

    Total calculated
    $5,846
    From this org
    $5,830
    From related orgs
    $0
    Other
    $16
    Hours/week
    5

  • Don Worth

    DIRECTOR

    Total calculated
    $5,665
    From this org
    $5,650
    From related orgs
    $0
    Other
    $15
    Hours/week
    2

  • Jody Dunklee

    SECRETARY

    Total calculated
    $5,446
    From this org
    $5,430
    From related orgs
    $0
    Other
    $16
    Hours/week
    3.5

  • Bonnie Pratt

    DIRECTOR

    Total calculated
    $4,341
    From this org
    $4,325
    From related orgs
    $0
    Other
    $16
    Hours/week
    2

  • John Ward

    TREASURER

    Total calculated
    $1,896
    From this org
    $1,880
    From related orgs
    $0
    Other
    $16
    Hours/week
    4

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 · 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

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.

Provenance

Return type
form_990
Tax year
2023
Filed
10 April 2024
IRS schema version
2023v5.0
Source object
202431289349301673

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