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Nonprofiteer
← NORTHERN VIRGINIA ELECTRIC CO-OP

Form 990 for tax year 2023

Filed by NORTHERN VIRGINIA ELECTRIC CO-OP.

Totals

Total revenue
$875,409,915
Total expenses
$858,829,865
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$864,007,865
Investment income
$8,353,906
Other revenue
$3,048,144
Total assets, end of year
$1,386,742,429
Total liabilities, end of year
$542,184,202
Net assets or fund balances, end of year
$844,558,227
Program services expenses (Part IX)
$0
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
$858,829,865

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: Electricity Sales

    total $859,835,887 · related or exempt $859,835,887 · unrelated business $0 · excluded $0

  • 2b · Program service revenue: Electric Service

    total $2,981,512 · related or exempt $2,981,512 · unrelated business $0 · excluded $0

  • 2f · All other program service revenue

    total $1,190,466 · related or exempt $1,190,466 · unrelated business $0 · excluded $0

  • 3 · Investment income

    total $8,353,906 · related or exempt $8,353,906 · unrelated business $0 · excluded $0

  • 4 · Income from investment of tax-exempt bond proceeds

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

  • 5 · Royalties

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

  • 6c · Rental income or loss

    real property $0 · personal property $0

  • 7c · Gain or loss

    securities $0 · other assets $0

  • 11a · Other revenue: Fiber Optic Projects

    total $908,420 · related or exempt $908,420 · unrelated business $0 · excluded $0

  • 11b · Other revenue: Patronage Capital from Associate Org

    total $7,925 · related or exempt $7,925 · unrelated business $0 · excluded $0

  • 11c · Other revenue: Other Cap Crs & Patronage Dividends

    total $398,897 · related or exempt $398,897 · unrelated business $0 · excluded $0

  • 11d · All other revenue

    total $1,732,902 · related or exempt $1,732,902 · unrelated business $0 · excluded $0

  • 11e · Other revenue, total

    $3,048,144

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $11,327,585

  • 5 · Compensation of officers, directors and key employees

    total $3,496,558

  • 7 · Other salaries and wages

    total $24,980,887

  • 8 · Pension plan contributions

    total $2,391,328

  • 9 · Other employee benefits

    total -$2,123,006

  • 10 · Payroll taxes

    total $1,978,813

  • 11a · Fees: management

    total $6,451,816

  • 11b · Fees: legal

    total $922,328

  • 11c · Fees: accounting

    total $334,520

  • 11d · Fees: lobbying

    total $102,763

  • 11g · Fees: other

    total $1,642,667

  • 12 · Advertising and promotion

    total $911,259

  • 13 · Office expenses

    total $5,742,216

  • 14 · Information technology

    total $4,055,078

  • 16 · Occupancy

    total $315,279

  • 17 · Travel

    total $178,168

  • 19 · Conferences, conventions and meetings

    total $183,108

  • 20 · Interest

    total $1,588,181

  • 21 · Payments to affiliates

    total $3,726

  • 22 · Depreciation, depletion and amortization

    total $31,156,462

  • 23 · Insurance

    total $2,479,134

  • 24a · Other expenses: Purchased Power Cost

    total $722,765,160

  • 24b · Other expenses: Transmission & Distribution

    total $15,901,950

  • 24c · Other expenses: Customer Services & Sales

    total $5,212,884

  • 24d · Other expenses: Franchise and Regulatory Cost

    total $9,317,610

  • 24e · All other expenses

    total $7,513,391

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $10,916,109 · end of year $18,583,952

  • 2 · Savings and temporary cash investments

    beginning of year $21,966,063 · end of year $157,869,514

  • 3 · Pledges and grants receivable

    beginning of year $0 · end of year $0

  • 4 · Accounts receivable

    beginning of year $107,708,335 · end of year $125,453,176

  • 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

  • 7 · Other notes and loans receivable

    beginning of year $74,892,684 · end of year $73,114,822

  • 8 · Inventories for sale or use

    beginning of year $29,322,779 · end of year $42,179,277

  • 9 · Prepaid expenses and deferred charges

    beginning of year $32,814,825 · end of year $6,481,224

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

    $1,156,876,751

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

    $402,543,180

  • 10c · Land, buildings and equipment, net

    beginning of year $726,447,074 · end of year $754,333,571

  • 11 · Investments: publicly traded securities

    beginning of year $0 · end of year $0

  • 12 · Investments: other securities

    beginning of year $58,944,000 · end of year $63,733,000

  • 13 · Investments: program-related

    beginning of year $6,737,632 · end of year $6,436,764

  • 15 · Other assets

    beginning of year $177,926,530 · end of year $138,557,129

  • 17 · Accounts payable and accrued expenses

    beginning of year $115,896,850 · end of year $54,474,296

  • 18 · Grants payable

    beginning of year $0 · end of year $0

  • 19 · Deferred revenue

    beginning of year $376,103 · end of year $307,186

  • 20 · Tax-exempt bond liabilities

    beginning of year $0 · end of year $0

  • 21 · Escrow or custodial account liability

    beginning of year $0 · end of year $0

  • 22 · Loans and payables to officers and key people

    beginning of year $0 · end of year $0

  • 23 · Secured mortgages and notes payable

    beginning of year $92,113,802 · end of year $85,757,678

  • 24 · Unsecured notes and loans payable

    beginning of year $0

  • 25 · Other liabilities

    beginning of year $222,180,724 · end of year $401,645,042

  • 29 · Capital stock, trust principal or current funds

    beginning of year $650,108 · end of year $632,297

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

    beginning of year $36,778,914 · end of year $47,666,350

  • 31 · Retained earnings, endowment or other funds

    beginning of year $779,679,530 · end of year $796,259,580

Mission and programs · 2023

Mission

Creating value for its members, employees and communities by providing safe, reliable electricity and quality products at competitive prices. Distribution of Electricity (180,323 Meters/Customers)

Activities or mission (Part I)

Our mission is creating value for its members, employees and communities by providing safe, reliable electricity and quality products at competitive prices; serving approximately 180,323 meters/customers.

  • Provide affordable service to its 180,323 members with 99.99% average system reliability rate. NOVEC returned to its member-owners $11.3M in patronage capital; connected 1,526 meters and completed $46M in net new construction during the fiscal year.

    Expenses $858,829,865 · Revenue $864,007,865

As filed on the 2023 return.

Listed in Part VII

  • Schleicher David

    President & CEO

    Total calculated
    $819,080
    From this org
    $789,905
    From related orgs
    $0
    Other
    $29,175
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $681,905
    Bonus
    $80,000
    Other
    $28,000
    Deferred
    $19,800
    Nontaxable benefits
    $9,375
    Filer's total
    $819,080

  • Toulme Patrick

    Vice President & Corporate Counsel

    Total calculated
    $496,662
    From this org
    $376,287
    From related orgs
    $0
    Other
    $120,375
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $330,837
    Bonus
    $36,000
    Other
    $9,449
    Deferred
    $10,980
    Nontaxable benefits
    $109,395
    Filer's total
    $496,661

  • Rollins Wilbur

    Senior Vice President - Finance & Accounting

    Total calculated
    $459,142
    From this org
    $354,027
    From related orgs
    $0
    Other
    $105,115
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $348,822
    Bonus
    $0
    Other
    $5,205
    Deferred
    $9,900
    Nontaxable benefits
    $95,214
    Filer's total
    $459,141

  • Arnold Singleton

    Vice President - Engineering

    Total calculated
    $400,225
    From this org
    $343,045
    From related orgs
    $0
    Other
    $57,180
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $327,838
    Bonus
    $11,000
    Other
    $4,207
    Deferred
    $26,882
    Nontaxable benefits
    $30,297
    Filer's total
    $400,224

  • Thomas Pierpoint Jr

    Vice President - Operations

    Total calculated
    $391,667
    From this org
    $357,399
    From related orgs
    $0
    Other
    $34,268
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $334,925
    Bonus
    $12,000
    Other
    $10,474
    Deferred
    $28,436
    Nontaxable benefits
    $5,832
    Filer's total
    $391,667

  • Jaramillo Gilbert

    Vice President - Power Supply

    Total calculated
    $356,760
    From this org
    $279,362
    From related orgs
    $0
    Other
    $77,398
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $208,401
    Bonus
    $69,258
    Other
    $1,703
    Deferred
    $8,509
    Nontaxable benefits
    $68,889
    Filer's total
    $356,760

  • Swingle Daniel

    Vice President - Electric System Operations

    Total calculated
    $331,045
    From this org
    $244,934
    From related orgs
    $0
    Other
    $86,111
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $213,311
    Bonus
    $29,900
    Other
    $1,725
    Deferred
    $5,975
    Nontaxable benefits
    $80,136
    Filer's total
    $331,047

  • Dailey Michael

    Vice President - Energy Bus Development

    Total calculated
    $323,270
    From this org
    $253,588
    From related orgs
    $0
    Other
    $69,682
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $208,808
    Bonus
    $39,000
    Other
    $5,780
    Deferred
    $7,515
    Nontaxable benefits
    $62,167
    Filer's total
    $323,270

  • Hooker Lisa

    Vice President - Communications

    Total calculated
    $302,125
    From this org
    $267,767
    From related orgs
    $0
    Other
    $34,358
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $209,384
    Bonus
    $55,500
    Other
    $2,883
    Deferred
    $20,330
    Nontaxable benefits
    $14,027
    Filer's total
    $302,124

  • Rainey John

    Dir - Origination and Plant Ops

    Total calculated
    $294,931
    From this org
    $216,715
    From related orgs
    $0
    Other
    $78,216
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $184,249
    Bonus
    $27,375
    Other
    $5,090
    Deferred
    $5,256
    Nontaxable benefits
    $72,960
    Filer's total
    $294,930

  • Spinner Howard

    Manager - Regulatory & Rates

    Total calculated
    $259,903
    From this org
    $199,600
    From related orgs
    $0
    Other
    $60,303
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $170,541
    Bonus
    $24,750
    Other
    $4,309
    Deferred
    $5,907
    Nontaxable benefits
    $54,396
    Filer's total
    $259,903

  • Crouch Curt R

    Manager Civil Engineering, Land Mgmt & Permitting

    Total calculated
    $236,794
    From this org
    $189,879
    From related orgs
    $0
    Other
    $46,915
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $165,613
    Bonus
    $23,892
    Other
    $374
    Deferred
    $19,117
    Nontaxable benefits
    $27,799
    Filer's total
    $236,795

  • Williams Benjamin B

    Lead Line Technician

    Total calculated
    $228,421
    From this org
    $188,997
    From related orgs
    $0
    Other
    $39,424
    Hours/week
    68

    Schedule J breakdown matched by us

    Base
    $187,295
    Bonus
    $1,511
    Other
    $191
    Deferred
    $12,582
    Nontaxable benefits
    $26,841
    Filer's total
    $228,420

  • Hartung Paul J

    Manager - Substation & Telecom

    Total calculated
    $224,322
    From this org
    $178,595
    From related orgs
    $0
    Other
    $45,727
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $154,144
    Bonus
    $22,958
    Other
    $1,492
    Deferred
    $17,993
    Nontaxable benefits
    $27,735
    Filer's total
    $224,322

  • Joyce Johnson

    Vice President - Human Resources

    Total calculated
    $220,060
    From this org
    $195,199
    From related orgs
    $0
    Other
    $24,861
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $147,323
    Bonus
    $0
    Other
    $47,876
    Deferred
    $12,441
    Nontaxable benefits
    $12,420
    Filer's total
    $220,060

  • Robert Studds Jr

    Line Technician, 1st Class

    Total calculated
    $217,561
    From this org
    $188,623
    From related orgs
    $0
    Other
    $28,938
    Hours/week
    75

    Schedule J breakdown matched by us

    Base
    $185,726
    Bonus
    $2,764
    Other
    $133
    Deferred
    $16,566
    Nontaxable benefits
    $12,372
    Filer's total
    $217,561

  • Krovi Sai S

    Program and PMO Manager

    Total calculated
    $211,126
    From this org
    $188,831
    From related orgs
    $0
    Other
    $22,295
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $163,004
    Bonus
    $23,842
    Other
    $1,986
    Deferred
    $18,061
    Nontaxable benefits
    $4,234
    Filer's total
    $211,127

  • Bisson Robert

    Vice President - Electric System Development

    Total calculated
    $106,351
    From this org
    $96,963
    From related orgs
    $0
    Other
    $9,388
    Hours/week
    40

  • Ragan Michael E

    Secretary

    Total calculated
    $46,198
    From this org
    $40,200
    From related orgs
    $0
    Other
    $5,998
    Hours/week
    1.04

  • Gilbride Cynthia

    Treasurer

    Total calculated
    $45,960
    From this org
    $40,200
    From related orgs
    $0
    Other
    $5,760
    Hours/week
    1.35

  • Chesley James

    Vice Chairperson

    Total calculated
    $45,887
    From this org
    $40,200
    From related orgs
    $0
    Other
    $5,687
    Hours/week
    1.36

  • House Wade C

    Chairman

    Total calculated
    $45,838
    From this org
    $40,200
    From related orgs
    $0
    Other
    $5,638
    Hours/week
    1.23

  • George Brent

    Director

    Total calculated
    $45,789
    From this org
    $41,400
    From related orgs
    $0
    Other
    $4,389
    Hours/week
    5.09

  • Albrite Jr Cleil W

    Director

    Total calculated
    $45,789
    From this org
    $41,400
    From related orgs
    $0
    Other
    $4,389
    Hours/week
    0.92

  • Bruno Mark

    Director

    Total calculated
    $43,160
    From this org
    $41,400
    From related orgs
    $0
    Other
    $1,760
    Hours/week
    4.36

  • Middleton Edith

    Past Director's Wife

    Total calculated
    $16,743
    From this org
    $15,483
    From related orgs
    $0
    Other
    $1,260
    Hours/week
    0

    Schedule J breakdown matched by us

    Base
    $0
    Bonus
    $0
    Other
    $15,483
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $15,483

  • Grove Walter R

    Past Director

    Total calculated
    $13,680
    From this org
    $12,000
    From related orgs
    $0
    Other
    $1,680
    Hours/week
    0

    Schedule J breakdown matched by us

    Base
    $0
    Bonus
    $0
    Other
    $12,000
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $12,000

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

None.

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.

  • NOVEC Holdings Inc

    C · Holding Co of consol taxable entities · DE · 100% owned

    Directly controlled by Northern Virginia Electric Cooperative

  • NOVEC Energy Solutions Inc

    C · Retail sale of Natural Gas · VA · 100% owned

    Directly controlled by NOVEC Holdings Inc

  • NOVEC Solutions Inc

    C · Sale of Home Gens, Water Heaters, Surge Protect Warr Plans, Elec Trsf Switches,Fbr Optic Leases · VA · 100% owned

    Directly controlled by NOVEC Holdings Inc

  • South Boston Energy LLC dba NOVEC Energy Production Halifax Cty Biomass

    C · 49 Megawatt Biomass generation power plant · VA · 100% owned

    Directly controlled by NOVEC Holdings Inc

Provenance

Return type
form_990
Tax year
2023
Filed
8 November 2024
IRS schema version
2023v5.0
Source object
202433139349301333

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