Form 990 for tax year 2023
Filed by CENTRAL VIRGINIA ELECTRIC COOPERATIVE.
Totals
- Total revenue
- $114,615,100
- Total expenses
- $114,878,608
- Contributions and grants received
- $0
- Grants paid
- $0
- Program service revenue
- $105,290,865
- Investment income
- $448,375
- Other revenue
- $8,875,860
- Total assets, end of year
- $454,408,898
- Total liabilities, end of year
- $372,628,463
- Net assets or fund balances, end of year
- $81,780,435
- 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: SALE & DIST. OF ELECT.
total $104,179,302 · related or exempt $104,179,302
-
2b · Program service revenue: CONTRIB. IN AID OF CONST.
total $807,708 · related or exempt $807,708
-
2c · Program service revenue: PATRONAGE ALLOCATIONS REC
total $303,855 · related or exempt $303,855
-
3 · Investment income
total $295,180 · unrelated business $150,564 · excluded $144,616
-
6a · Gross rents
personal property $268,230
-
6c · Rental income or loss
personal property $268,230
-
6d · Net rental income or loss
total $268,230 · excluded $268,230
-
7a · Gross sales of assets other than inventory
other assets $169,153
-
7b · Less cost or other basis and sales expenses
other assets $15,958
-
7c · Gain or loss
other assets $153,195
-
7d · Net gain or loss
total $153,195 · excluded $153,195
-
11a · Other revenue: FIBER LEASE INTEREST
total $7,518,065 · unrelated business $7,518,065
-
11b · Other revenue: SUBSIDIARY ANCILLARY SVCS
total $2,767,584 · unrelated business $2,767,584
-
11c · Other revenue: FIBER LEASE REVENUE
total $34,320 · unrelated business $34,320
-
11d · All other revenue
total -$1,712,339 · related or exempt -$1,712,339
-
11e · Other revenue, total
$8,607,630
Functional expenses
Part IX, the statement of functional expenses.
-
4 · Benefits paid to or for members
total $2,072,090
-
5 · Compensation of officers, directors and key employees
total $2,029,142
-
7 · Other salaries and wages
total $14,015,927
-
8 · Pension plan contributions
total $2,402,762
-
9 · Other employee benefits
total -$123,193
-
10 · Payroll taxes
total $1,243,739
-
11b · Fees: legal
total $156,478
-
17 · Travel
total $4,331,549
-
19 · Conferences, conventions and meetings
total $319,097
-
20 · Interest
total $11,356,500
-
22 · Depreciation, depletion and amortization
total $9,072,984
-
24a · Other expenses: COST OF POWER
total $65,979,616
-
24b · Other expenses: DISTRIBUTION - MAINT
total $5,174,542
-
24c · Other expenses: DISTRIBUTION - OPERATION
total $3,568,099
-
24d · Other expenses: SUBSIDIARY ANCILLARY SVCS
total $2,234,964
-
24e · All other expenses
total -$8,955,688
Balance sheet
Part X, book values.
-
1 · Cash, non-interest-bearing
beginning of year $1,544,374
-
4 · Accounts receivable
beginning of year $21,730,613 · end of year $19,946,731
-
7 · Other notes and loans receivable
end of year $9,965,840
-
8 · Inventories for sale or use
beginning of year $6,380,356 · end of year $7,104,167
-
9 · Prepaid expenses and deferred charges
beginning of year $14,926,640 · end of year $7,803,109
-
10a · Land, buildings and equipment: cost or other basis
$338,479,645
-
10b · Land, buildings and equipment: accumulated depreciation
$90,540,589
-
10c · Land, buildings and equipment, net
beginning of year $242,055,197 · end of year $247,939,056
-
13 · Investments: program-related
beginning of year $3,225,214 · end of year $3,507,182
-
15 · Other assets
beginning of year $131,469,591 · end of year $158,142,813
-
17 · Accounts payable and accrued expenses
beginning of year $13,084,429 · end of year $11,850,116
-
23 · Secured mortgages and notes payable
beginning of year $321,972,901 · end of year $352,315,576
-
25 · Other liabilities
beginning of year $6,249,314 · end of year $8,462,771
-
31 · Retained earnings, endowment or other funds
beginning of year $80,025,341 · end of year $81,780,435
Mission and programs · 2023
Mission
SAFE AND EFFECTIVE DELIVERY OF ELECTRICITY TO THE MEMBERS OF CENTRAL VIRGINIA ELECTRIC COOPERATIVE.
-
SAFE AND EFFECTIVE DISTRIBUTION OF ELECTRICITY TO THE MEMBERS OF CENTRAL VIRGINIA ELECTRIC COOPERATIVE. THE THREE LARGEST PROGRAM SERVICES AS MEASURED BY EXPENSES ARE AS FOLLOWS: COST OF POWER 65,979,616 OTHER SALARIES AND WAGES 14,015,927 INTEREST 11,356,500
As filed on the 2023 return.
Listed in Part VII
-
Gary E WoodGARY E WOOD
PRESIDENT &
- Total calculated
- $813,688
- From this org
- $733,485
- From related orgs
- $0
- Other
- $80,203
- Hours/week
- 50 + 20 related
Schedule J breakdown matched by us
- Base
- $531,149
- Bonus
- $80,192
- Other
- $122,144
- Deferred
- $61,405
- Nontaxable benefits
- $18,798
- Filer's total
- $813,688
-
Charles MaurhoffCHARLES MAURHOFF
COO
- Total calculated
- $494,467
- From this org
- $420,266
- From related orgs
- $0
- Other
- $74,201
- Hours/week
- 50 + 20 related
Schedule J breakdown matched by us
- Base
- $319,993
- Bonus
- $52,852
- Other
- $47,421
- Deferred
- $55,403
- Nontaxable benefits
- $18,798
- Filer's total
- $494,467
-
Tina M MalliaTINA M MALLIA
CFO
- Total calculated
- $448,287
- From this org
- $377,059
- From related orgs
- $0
- Other
- $71,228
- Hours/week
- 50 + 20 related
Schedule J breakdown matched by us
- Base
- $312,218
- Bonus
- $52,782
- Other
- $12,059
- Deferred
- $52,430
- Nontaxable benefits
- $18,798
- Filer's total
- $448,287
-
Melissa GayMELISSA GAY
MEMBER SVCS
- Total calculated
- $329,369
- From this org
- $270,938
- From related orgs
- $0
- Other
- $58,431
- Hours/week
- 40 + 8 related
Schedule J breakdown matched by us
- Base
- $217,995
- Bonus
- $22,195
- Other
- $30,748
- Deferred
- $39,633
- Nontaxable benefits
- $18,798
- Filer's total
- $329,369
-
Matthew WoodMATTHEW WOOD
INFO TECH MG
- Total calculated
- $293,965
- From this org
- $238,659
- From related orgs
- $0
- Other
- $55,306
- Hours/week
- 40 + 8 related
Schedule J breakdown matched by us
- Base
- $200,395
- Bonus
- $22,148
- Other
- $16,116
- Deferred
- $36,508
- Nontaxable benefits
- $18,798
- Filer's total
- $293,965
-
Lynne BeardsleyLYNNE BEARDSLEY
HR MANAGER
- Total calculated
- $285,827
- From this org
- $230,161
- From related orgs
- $0
- Other
- $55,666
- Hours/week
- 40 + 8 related
Schedule J breakdown matched by us
- Base
- $202,776
- Bonus
- $21,921
- Other
- $5,464
- Deferred
- $36,868
- Nontaxable benefits
- $18,798
- Filer's total
- $285,827
-
Jason PalmerJASON PALMER
OPERATIONS M
- Total calculated
- $274,142
- From this org
- $218,759
- From related orgs
- $0
- Other
- $55,383
- Hours/week
- 40 + 8 related
Schedule J breakdown matched by us
- Base
- $202,859
- Bonus
- $22,522
- Other
- -$6,622
- Deferred
- $36,585
- Nontaxable benefits
- $18,798
- Filer's total
- $274,142
-
Charles WardCHARLES WARD
ENG SVCS MAN
- Total calculated
- $258,984
- From this org
- $197,553
- From related orgs
- $0
- Other
- $61,431
- Hours/week
- 40 + 8 related
Schedule J breakdown matched by us
- Base
- $188,150
- Bonus
- $5,721
- Other
- $3,682
- Deferred
- $42,633
- Nontaxable benefits
- $18,798
- Filer's total
- $258,984
-
Gloria W VestGLORIA W VEST
DIRECTOR
- Total calculated
- $31,300
- From this org
- $31,300
- From related orgs
- $0
- Other
- $0
- Hours/week
- 8 + 6 related
-
Brian BatesBRIAN BATES
SECRETARY
- Total calculated
- $31,050
- From this org
- $31,050
- From related orgs
- $0
- Other
- $0
- Hours/week
- 8 + 6 related
-
Frank Baber IIIFRANK BABER III
VICE-CHAIRMA
- Total calculated
- $31,050
- From this org
- $31,050
- From related orgs
- $0
- Other
- $0
- Hours/week
- 8 + 6 related
-
Ht Brown JrHT BROWN JR
CHAIRMAN
- Total calculated
- $31,050
- From this org
- $31,050
- From related orgs
- $0
- Other
- $0
- Hours/week
- 8 + 6 related
-
Roberta HarloweROBERTA HARLOWE
DIRECTOR
- Total calculated
- $30,800
- From this org
- $30,800
- From related orgs
- $0
- Other
- $0
- Hours/week
- 8 + 6 related
-
George GoinGEORGE GOIN
DIRECTOR
- Total calculated
- $30,050
- From this org
- $30,050
- From related orgs
- $0
- Other
- $0
- Hours/week
- 8 + 6 related
-
Jace GoodlingJACE GOODLING
TREASURER
- Total calculated
- $30,050
- From this org
- $30,050
- From related orgs
- $0
- Other
- $0
- Hours/week
- 8 + 6 related
-
R Kinckle RobinsonR KINCKLE ROBINSON
DIRECTOR
- Total calculated
- $29,550
- From this org
- $29,550
- From related orgs
- $0
- Other
- $0
- Hours/week
- 8 + 6 related
-
Henry ChilesHENRY CHILES
DIRECTOR
- Total calculated
- $27,800
- From this org
- $27,800
- From related orgs
- $0
- Other
- $0
- Hours/week
- 8 + 6 related
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 · Form 990 of other organizations
- 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.
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.
-
CENTRAL VIRGINIA SERVICES INC
C CORP · INTERNET · VA · 100% owned · share of income -$1,715,139 · share of assets $226,827,525 · controlled entity
Directly controlled by C CORP
Provenance
- Return type
- form_990
- Tax year
- 2023
- Filed
- 21 October 2024
- IRS schema version
- 2023v5.0
- Source object
- 202442969349301514
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