Form 990 for tax year 2024

Revenue

Part VIII, the statement of revenue.

• 1a · Federated campaigns

  $0

• 2a · Program service revenue: ENERGY ADMIN. SERVICES

  total $127,729,254 · related or exempt $127,729,254

• 2b · Program service revenue: RELIABILITY ADMIN. SVC

  total $78,758,225 · related or exempt $78,758,225

• 2c · Program service revenue: SCH. SYS. CONT. & DISP

  total $56,016,117 · related or exempt $56,016,117

• 2f · All other program service revenue

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

• 3 · Investment income

  total $2,087,136 · related or exempt $1,244,859 · excluded $842,277

• 6c · Rental income or loss

  real property $0 · personal property $0

• 7a · Gross sales of assets other than inventory

  other assets $20,747

• 7b · Less cost or other basis and sales expenses

  other assets $17,289

• 7c · Gain or loss

  securities $0 · other assets $3,458

• 7d · Net gain or loss

  total $3,458 · excluded $3,458

• 8c · Net income from fundraising events

  total $0

• 11d · All other revenue

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

• 11e · Other revenue, total

  $0

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $13,500 · program services $13,500

• 5 · Compensation of officers, directors and key employees

  total $19,225,495 · program services $12,602,106 · management and general $6,623,389 · fundraising $0

• 6 · Compensation of disqualified persons

  total $262,340 · program services $262,340

• 7 · Other salaries and wages

  total $102,280,355 · program services $92,604,633 · management and general $9,675,722

• 8 · Pension plan contributions

  total $15,812,015 · program services $14,316,198 · management and general $1,495,817

• 9 · Other employee benefits

  total $11,237,221 · program services $10,113,406 · management and general $1,123,815

• 10 · Payroll taxes

  total $7,604,743 · program services $6,885,334 · management and general $719,409

• 11b · Fees: legal

  total $1,267,474 · program services $944,035 · management and general $323,439

• 11c · Fees: accounting

  total $703,483 · program services $448,183 · management and general $255,300

• 11f · Fees: investment management

  total $153,222 · program services $138,727 · management and general $14,495

• 11g · Fees: other

  total $22,298,516 · program services $19,835,033 · management and general $2,463,483 · fundraising $0

• 13 · Office expenses

  total $3,352,906 · program services $2,874,207 · management and general $478,699

• 14 · Information technology

  total $25,865,404 · program services $24,270,546 · management and general $1,594,858

• 16 · Occupancy

  total $7,908,488 · program services $7,346,856 · management and general $561,632

• 17 · Travel

  total $1,429,319 · program services $1,197,756 · management and general $231,563

• 19 · Conferences, conventions and meetings

  total $750,185 · program services $608,410 · management and general $141,775

• 20 · Interest

  total $2,063,585 · program services $2,037,102 · management and general $26,483

• 22 · Depreciation, depletion and amortization

  total $31,583,239 · program services $31,428,426 · management and general $154,813

• 23 · Insurance

  total $372,172 · program services $243,955 · management and general $128,217

• 24a · Other expenses: NORTH AMERICAN ELECTRIC

  total $7,859,564 · program services $7,859,564

• 24b · Other expenses: DUES & SUBSCRIPTIONS

  total $1,649,247 · program services $1,170,802 · management and general $478,445

• 24c · Other expenses: RECRUITING/ADVERTISING

  total $177,052 · program services $160,303 · management and general $16,749

• 24d · Other expenses: NORTHEAST POWER COORD.

  total $174,931 · program services $174,931

• 24e · All other expenses

  total $549,734 · program services $532,216 · management and general $17,518 · fundraising $0

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $4,413 · end of year $4,413

• 2 · Savings and temporary cash investments

  beginning of year $70,007,375 · end of year $231,264,975

• 4 · Accounts receivable

  beginning of year $34,120,967 · end of year $43,802,953

• 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

• 9 · Prepaid expenses and deferred charges

  beginning of year $31,421,723 · end of year $22,328,073

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

  $513,254,096

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

  $401,747,018

• 10c · Land, buildings and equipment, net

  beginning of year $109,658,636 · end of year $111,507,078

• 12 · Investments: other securities

  beginning of year $0

• 13 · Investments: program-related

  beginning of year $0

• 15 · Other assets

  beginning of year $267,890,089 · end of year $291,330,270

• 17 · Accounts payable and accrued expenses

  beginning of year $43,714,720 · end of year $56,901,746

• 19 · Deferred revenue

  beginning of year $47,662,266 · end of year $64,425,752

• 20 · Tax-exempt bond liabilities

  beginning of year $36,560,989 · end of year $33,395,432

• 21 · Escrow or custodial account liability

  beginning of year $317,435,036 · end of year $466,662,165

• 22 · Loans and payables to officers and key people

  beginning of year $0 · end of year $0

• 24 · Unsecured notes and loans payable

  beginning of year $49,998,177 · end of year $74,879,640

• 25 · Other liabilities

  beginning of year $17,732,015 · end of year $3,973,027

The filer's explanations (Part III)

Schedule J, Part I, Line 1a Tax indemnification and gross-up payments

DURING 2024, ONE OF ISO NEW ENGLAND'S OFFICERS AND ONE KEY EMPLOYEE RECEIVED A RETIREMENT GIFT THAT WAS GROSSED UP. ONE OF THESE GIFTS HAD AN AFTER-TAX VALUE OF $500 AND A RELATED $208 TAX GROSS UP, WHILE THE OTHER HAD AN AFTER-TAX VALUE OF $1,000 AND A RELATED $495 TAX GROSS UP. One Five Highest Paid Employee received a gift card for $25 and a related tax gross up of $14.40 - the gift card was provided as gratitude for providing energy market training for individuals both internal and external to the company. All ISO New England employees that provided energy market training in 2024 were given a gift card that was grossed-up for tax purposes.

Schedule J, Part I, Line 3 Arrangement used to establish the top management official's compensation

COMPENSATION IS APPROVED IN ADVANCE BY THE BOARD OF DIRECTORS (THE "BOARD"). SCHEDULE O, FORM 990, PART VI, SECTION B, LINE 15 PROVIDES A COMPLETE DESCRIPTION OF THE ESTABLISHMENT OF COMPENSATION FOR ISO NEW ENGLAND'S CHIEF EXECUTIVE OFFICER, AND OTHER OFFICERS OF THE COMPANY.

Schedule J, Part I, Line 4a Severance or change-of-control payment

MARK KARL RECEIVED SEVERANCE PAYMENT IN THE AMOUNT OF $393,047. MICHAEL TANIWHA RECEIVED SEVERANCE PAYMENT IN THE AMOUNT OF $197,928.

Schedule J, Part I, Line 7 Non-fixed payments

ISO New England currently administers two incentive compensation plans that both provide for non-fixed payments: an annual performance incentive plan (the "API Plan") and a deferred performance incentive plan (the "DPI Plan"). Subject to certain eligibility criteria, most employees may receive an API Plan award based upon a formula that takes into account organizational performance, individual performance, annual base pay (as December 31st of the plan year) and a grade-related salary percentage. Organizational performance is measured by the Board of Directors of ISO New England (the "Board") against goals and objectives developed by the Compensation and Human Resources Committee of the Board (the "Committee"), other Board committees, and the Board at the commencement of each plan year. The individual performance of an officer is evaluated by the Committee and the Board. The final API Plan award for an officer is calculated and paid once the Board determines the scores for organizational performance and individual performance for the plan year. The DPI Plan awards are available to officers and are based upon the achievement of organizational and individual long-term goals established by recommendations of the Committee (with input from other Board committees) and with the approval of the Board. Similar to the API Plan, the DPI Plan awards are calculated using an eligible employee's base salary in effect as of December 31st of the plan year and a grade-related salary percentage; however, DPI Plan awards generally are paid two and one-half years after the end of the plan year. The Board assesses the performance of the organization and the individual at the end of each plan year, and reassesses the organization's progress towards its long-term goals and objectives two and one-half years later, immediately prior to the calculation and pay-out of the DPI Plan award. Under both plans, ISO New England reserves the right to reduce or eliminate plan awards if the eligible employee or the organization underperforms or there is a major collapse of the bulk electric power system managed by ISO New England.