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Nonprofiteer
← VICTORIA ELECTRIC COOPERATIVE INC

Form 990 for tax year 2024

Filed by VICTORIA ELECTRIC COOPERATIVE INC.

Totals

Total revenue
$72,490,199
Total expenses
$72,643,603
Contributions and grants received
$0
Grants paid
$2,550
Program service revenue
$72,076,145
Investment income
$95,589
Other revenue
$318,465
Total assets, end of year
$174,968,149
Total liabilities, end of year
$75,067,735
Net assets or fund balances, end of year
$99,900,414
Program services expenses (Part IX)
not reported
Management and general expenses
not reported
Fundraising expenses
not reported
Program service expenses (Part III)
not reported

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: SALES OF ELECTRICITY

    total $64,692,865 · related or exempt $64,692,865

  • 2b · Program service revenue: PATRONAGE DIVIDENDS

    total $4,113,699 · related or exempt $4,113,699

  • 2c · Program service revenue: BROADBAND ACCESS

    total $2,727,467 · related or exempt $2,323,326 · unrelated business $404,141

  • 2d · Program service revenue: SERVICE FEES

    total $542,114 · related or exempt $542,114

  • 3 · Investment income

    total $83,383 · excluded $83,383

  • 7a · Gross sales of assets other than inventory

    other assets $12,206

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

    other assets $0

  • 7c · Gain or loss

    other assets $12,206

  • 7d · Net gain or loss

    total $12,206 · related or exempt $12,206

  • 10a · Gross sales of inventory

    $6,260

  • 10b · Cost of goods sold

    $0

  • 10c · Net income from sales of inventory

    total $6,260 · related or exempt $6,260

  • 11a · Other revenue: POLE ATTACHMENT INCOME

    total $286,260 · excluded $286,260

  • 11b · Other revenue: MISC NON-OPERATING INCOME

    total $25,945 · related or exempt $25,945

  • 11e · Other revenue, total

    $312,205

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $2,550

  • 4 · Benefits paid to or for members

    total $6,131,632

  • 5 · Compensation of officers, directors and key employees

    total $915,167

  • 7 · Other salaries and wages

    total $4,396,612

  • 8 · Pension plan contributions

    total $585,506

  • 9 · Other employee benefits

    total $1,003,378

  • 10 · Payroll taxes

    total $348,874

  • 20 · Interest

    total $2,209,272

  • 22 · Depreciation, depletion and amortization

    total $5,645,036

  • 24a · Other expenses: PURCHASED POWER

    total $45,937,185

  • 24b · Other expenses: DISTRIBUTION EXPENSE

    total $2,759,456

  • 24c · Other expenses: ADMINISTRATIVE AND GENE

    total $1,049,265

  • 24d · Other expenses: BROADBAND EXPENSES

    total $777,934

  • 24e · All other expenses

    total $881,736

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $2,227,872 · end of year $1,647,641

  • 2 · Savings and temporary cash investments

    beginning of year $170,000 · end of year $242,000

  • 4 · Accounts receivable

    beginning of year $3,615,063 · end of year $3,753,439

  • 8 · Inventories for sale or use

    beginning of year $3,225,064 · end of year $3,222,782

  • 9 · Prepaid expenses and deferred charges

    beginning of year $388,241 · end of year $406,642

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

    $161,468,900

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

    $55,280,906

  • 10c · Land, buildings and equipment, net

    beginning of year $102,033,567 · end of year $106,187,994

  • 13 · Investments: program-related

    beginning of year $53,994,769 · end of year $57,980,332

  • 15 · Other assets

    beginning of year $1,651,253 · end of year $1,527,319

  • 17 · Accounts payable and accrued expenses

    beginning of year $5,608,104 · end of year $5,985,267

  • 21 · Escrow or custodial account liability

    beginning of year $154,629 · end of year $177,701

  • 23 · Secured mortgages and notes payable

    beginning of year $63,376,828 · end of year $64,924,525

  • 25 · Other liabilities

    beginning of year $3,451,352 · end of year $3,980,242

  • 29 · Capital stock, trust principal or current funds

    beginning of year $88,395 · end of year $89,430

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

    beginning of year $93,059,848 · end of year $98,245,831

  • 31 · Retained earnings, endowment or other funds

    beginning of year $1,566,673 · end of year $1,565,153

Mission and programs · 2024

Mission

TO EXCEED THE EXPECTATIONS OF THOSE WE SERVE BY DELIVERING ESSENTIAL SERVICES THAT ARE SAFE, RELIABLE AND AFFORDABLE WITH A COMMITMENT TO PRESERVING OUR LEGACY, DEDICATED TO EMPOWERING OUR MEMBERS, OUR TEAM AND OUR COMMUNITY, THE COOPERATIVE WAY.

Activities or mission (Part I)

TO PROVIDE ELECTRIC & BROADBAND INTERNET GOODS & SERVICES TO MEMBERS ON A COOPERATIVE BASIS.

  • ELECTRIC DIVISION:PROVIDING ELECTRIC ENERGY TO OUR MEMBERS ON A COOPERATIVE BASIS THROUGH THE ALLOCATION OF PATRONAGE CAPITAL. THERE WERE 25,087 ACTIVE SERVICES AT YEAR END.

  • INFINIUM DIVISION:PROVIDING 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 NET LOSSES FROM SUCH SALES, THE COOPERATIVE WILL ALLOCATE PATRONAGE CAPITAL TO THE MEMBERS. THERE WERE 2,727 SUBSCRIBERS OF THE INFINIUM DIVISION AT YEAR END.

As filed on the 2024 return.

Listed in Part VII

  • Richard Adams

    DIRECTOR

    Total calculated
    $23,275
    From this org
    $23,275
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • John Beck

    ASSISTANT SECRETARY

    Total calculated
    $17,681
    From this org
    $17,681
    From related orgs
    $0
    Other
    $0
    Hours/week
    6

  • Tammie Boyd

    SECRETARY/TREASURER

    Total calculated
    $23,555
    From this org
    $23,555
    From related orgs
    $0
    Other
    $0
    Hours/week
    12.7

  • Raymond Brandl Jr

    DIRECTOR

    Total calculated
    $22,685
    From this org
    $22,685
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Byron Hausmann

    VICE PRESIDENT

    Total calculated
    $26,095
    From this org
    $26,095
    From related orgs
    $0
    Other
    $0
    Hours/week
    4.4

  • James Hayes

    DIRECTOR

    Total calculated
    $23,975
    From this org
    $23,975
    From related orgs
    $0
    Other
    $0
    Hours/week
    7.5

  • Michael Maraggia

    DIRECTOR

    Total calculated
    $17,431
    From this org
    $17,431
    From related orgs
    $0
    Other
    $0
    Hours/week
    1.6

  • Samuel F Ruschhaupt III

    PRESIDENT

    Total calculated
    $19,075
    From this org
    $19,075
    From related orgs
    $0
    Other
    $0
    Hours/week
    3.5

  • Blaine Warzecha

    GENERAL MANAGER

    Total calculated
    $366,022
    From this org
    $272,712
    From related orgs
    $0
    Other
    $93,310
    Hours/week
    55

    Schedule J breakdown matched by us

    Base
    $261,657
    Bonus
    $10,500
    Other
    $555
    Deferred
    $60,160
    Nontaxable benefits
    $33,150
    Filer's total
    $366,022

  • Jessica Gray

    CHIEF FINANCIAL OFFICER

    Total calculated
    $193,693
    From this org
    $157,875
    From related orgs
    $0
    Other
    $35,818
    Hours/week
    52

    Schedule J breakdown matched by us

    Base
    $151,608
    Bonus
    $6,080
    Other
    $187
    Deferred
    $21,725
    Nontaxable benefits
    $14,093
    Filer's total
    $193,693

  • Patrick Uresti

    ENGINEERING MANAGER

    Total calculated
    $181,680
    From this org
    $159,703
    From related orgs
    $0
    Other
    $21,977
    Hours/week
    48

    Schedule J breakdown matched by us

    Base
    $152,117
    Bonus
    $6,057
    Other
    $1,529
    Deferred
    $7,599
    Nontaxable benefits
    $14,378
    Filer's total
    $181,680

  • Laddy Brown

    OPERATIONS SUPERINDENDENT

    Total calculated
    $216,843
    From this org
    $140,195
    From related orgs
    $0
    Other
    $76,648
    Hours/week
    48

    Schedule J breakdown matched by us

    Base
    $132,866
    Bonus
    $4,922
    Other
    $2,407
    Deferred
    $43,041
    Nontaxable benefits
    $33,607
    Filer's total
    $216,843

  • David Nerada

    SERVICE LINE SUPERVISOR

    Total calculated
    $196,573
    From this org
    $138,187
    From related orgs
    $0
    Other
    $58,386
    Hours/week
    48

    Schedule J breakdown matched by us

    Base
    $132,971
    Bonus
    $4,661
    Other
    $555
    Deferred
    $26,220
    Nontaxable benefits
    $32,166
    Filer's total
    $196,573

  • Adam Estrada

    INFORMATION TECH MANAGER

    Total calculated
    $162,708
    From this org
    $124,991
    From related orgs
    $0
    Other
    $37,717
    Hours/week
    48

    Schedule J breakdown matched by us

    Base
    $119,769
    Bonus
    $5,000
    Other
    $222
    Deferred
    $5,698
    Nontaxable benefits
    $32,019
    Filer's total
    $162,708

  • Richard Varela

    CREW FOREMAN

    Total calculated
    $172,399
    From this org
    $123,719
    From related orgs
    $0
    Other
    $48,680
    Hours/week
    49

    Schedule J breakdown matched by us

    Base
    $119,046
    Bonus
    $4,083
    Other
    $590
    Deferred
    $22,078
    Nontaxable benefits
    $26,602
    Filer's total
    $172,399

  • John Rodarte

    CREW FOREMAN

    Total calculated
    $169,361
    From this org
    $124,981
    From related orgs
    $0
    Other
    $44,380
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $120,832
    Bonus
    $4,045
    Other
    $104
    Deferred
    $10,945
    Nontaxable benefits
    $33,435
    Filer's total
    $169,361

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

  • 2 · Substantiation required before reimbursing expenses
  • 3 · Compensation committee
  • 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)

PART II, COLUMN C:
INCLUDED IN THIS AMOUNT IS THE INCREASE IN ACTUARIAL VALUE OF BENEFITS PAYABLE UNDER A DEFINED BENEFIT RETIREMENT PLAN. THE CONTRIBUTION RATE FOR PARTICIPANTS IN THE NRECA R&S DEFINED BENEFIT PENSION PLAN ARE THE SAME FOR ALL INDIVIDUALS IN THIS MULTI-EMPLOYER PLAN. THE CHANGE IN ACTUARIAL VALUE FOR EACH PARTICIPANT, HOWEVER, VARIES WITH AGE, YEARS OF SERVICE AND THE CURRENT INTEREST RATE ENVIRONMENT. IN OTHER WORDS, THE OLDER A PLAN PARTICIPANT IS, THE GREATER THE INCREASE IN THAT INDIVIDUAL'S CHANGE IN ACTUARIAL VALUE, ALL OTHER THINGS BEING EQUAL. BECAUSE THIS RELATES TO A MULTI-EMPLOYER PLAN, CASH CONTRIBUTIONS TO THE PLAN IN LIEU OF THE ACTUARIAL INCREASE ARE EXPENSED IN THE FINANCIAL STATEMENTS. BLAINE WARZECHA: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 44,077 EMPLOYER CONTRIBUTION TO 401(K) PLAN 16,083 TOTAL REPORTED IN COLUMN C $ 60,160 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (44,077) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 37,142 EXPENSE TO THE COOPERATIVE $ 53,225 LADDY BROWN: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 34,658 EMPLOYER CONTRIBUTION TO 401(K) PLAN 8,383 TOTAL REPORTED IN COLUMN C $ 43,041 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (34,658) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 18,235 EXPENSE TO THE COOPERATIVE $ 26,618 DAVID NERADA: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 17,917 EMPLOYER CONTRIBUTION TO 401(K) PLAN 8,303 TOTAL REPORTED IN COLUMN C $ 26,220 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (17,917) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 15,314 EXPENSE TO THE COOPERATIVE $ 23,617 JESSICA GRAY: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 12,609 EMPLOYER CONTRIBUTION TO 401(K) PLAN 9,116 TOTAL REPORTED IN COLUMN C $ 21,725 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (12,609) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 21,556 EXPENSE TO THE COOPERATIVE $ 30,672 PATRICK URESTI: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 7,001 EMPLOYER CONTRIBUTION TO 401(K) PLAN 598 TOTAL REPORTED IN COLUMN C $ 7,599 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (7,001) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 8,991 EXPENSE TO THE COOPERATIVE $ 9,589 RICHARD VARELA: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 18,343 EMPLOYER CONTRIBUTION TO 401(K) PLAN 3,735 TOTAL REPORTED IN COLUMN C $ 22,078 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (18,343) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 12,922 EXPENSE TO THE COOPERATIVE $ 16,657 JOHN RODARTE: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 3,295 EMPLOYER CONTRIBUTION TO 401(K) PLAN 7,650 TOTAL REPORTED IN COLUMN C $ 10,945 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (3,295) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 12,854 EXPENSE TO THE COOPERATIVE $ 20,504 ADAM ESTRADA: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN $ 5,698 EMPLOYER CONTRIBUTION TO 401(K) PLAN -0- TOTAL REPORTED IN COLUMN C $ 5,698 LESS: ACTUARIAL INCREASE IN DEFINED BENEFIT PLAN (5,698) ADD: CASH CONTRIBUTION TO DEFINED BENEFIT PLAN 17,812 EXPENSE TO THE COOPERATIVE $ 17,812

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
2024
Filed
11 September 2025
IRS schema version
2024v5.2
Source object
202533149349305483

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