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Nonprofiteer
← NEW HAMPSHIRE ELECTRIC COOPERATIVE INC

Form 990 for tax year 2023

Filed by NEW HAMPSHIRE ELECTRIC COOPERATIVE INC.

Totals

Total revenue
$183,216,707
Total expenses
$185,643,480
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$183,116,343
Investment income
$6,433
Other revenue
$93,931
Total assets, end of year
$360,411,315
Total liabilities, end of year
$216,398,697
Net assets or fund balances, end of year
$144,012,618
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: ELECTRIC REVENUE

    total $176,112,557 · related or exempt $176,112,557

  • 2b · Program service revenue: POLE ATTACHMENT RENTAL

    total $3,552,850 · excluded $3,552,850

  • 2c · Program service revenue: BROADBAND REVENUE

    total $1,887,157 · related or exempt $1,887,157

  • 2d · Program service revenue: MISC. ELECTRIC REVENUE

    total $1,562,382 · related or exempt $1,562,382

  • 2e · Program service revenue: INTEREST INCOME

    total $1,397 · related or exempt $1,397

  • 3 · Investment income

    total $6,433 · related or exempt $6,433

  • 6a · Gross rents

    real property $51,644

  • 6b · Less rental expenses

    real property $35,863

  • 6c · Rental income or loss

    real property $15,781

  • 6d · Net rental income or loss

    total $15,781 · related or exempt $15,781

  • 11a · Other revenue: GAIN ON DISPOSITION OF ASSETS

    total $43,173 · related or exempt $43,173

  • 11b · Other revenue: MISC. OTHER REVENUE

    total $34,977 · related or exempt $34,977

  • 11e · Other revenue, total

    $78,150

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $4,456,393

  • 5 · Compensation of officers, directors and key employees

    total $2,986,883

  • 7 · Other salaries and wages

    total $14,616,422

  • 8 · Pension plan contributions

    total $4,319,632

  • 9 · Other employee benefits

    total $4,217,784

  • 10 · Payroll taxes

    total $1,479,017

  • 11b · Fees: legal

    total $1,462,317

  • 11c · Fees: accounting

    total $70,037

  • 11g · Fees: other

    total $1,000,953

  • 12 · Advertising and promotion

    total $7,297

  • 13 · Office expenses

    total $2,789,903

  • 14 · Information technology

    total $787,928

  • 16 · Occupancy

    total $6,911,692

  • 17 · Travel

    total $106,335

  • 19 · Conferences, conventions and meetings

    total $88,346

  • 20 · Interest

    total $5,281,238

  • 22 · Depreciation, depletion and amortization

    total $13,473,888

  • 23 · Insurance

    total $778,865

  • 24a · Other expenses: PURCHASED POWER

    total $74,604,896

  • 24b · Other expenses: TRANSMISSON EXPENSE

    total $25,206,839

  • 24c · Other expenses: DISTRIBUTION MAINT AND OP

    total $14,552,707

  • 24d · Other expenses: OTHER DEDUCTIONS

    total $5,589,692

  • 24e · All other expenses

    total $854,416

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $1,893,690 · end of year $1,450,495

  • 2 · Savings and temporary cash investments

    beginning of year $50,000 · end of year $50,000

  • 4 · Accounts receivable

    beginning of year $28,140,334 · end of year $30,567,113

  • 8 · Inventories for sale or use

    beginning of year $5,549,897 · end of year $12,085,464

  • 9 · Prepaid expenses and deferred charges

    beginning of year $2,490,112 · end of year $2,493,347

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

    $484,477,509

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

    $193,955,306

  • 10c · Land, buildings and equipment, net

    beginning of year $257,306,634 · end of year $290,522,203

  • 13 · Investments: program-related

    beginning of year $11,074,435 · end of year $10,734,903

  • 14 · Intangible assets

    beginning of year $5,597,648 · end of year $5,067,157

  • 15 · Other assets

    beginning of year $14,200,939 · end of year $7,440,633

  • 17 · Accounts payable and accrued expenses

    beginning of year $30,934,250 · end of year $36,540,988

  • 23 · Secured mortgages and notes payable

    beginning of year $125,497,837 · end of year $135,764,104

  • 24 · Unsecured notes and loans payable

    beginning of year $479,477 · end of year $25,302,929

  • 25 · Other liabilities

    beginning of year $26,590,764 · end of year $18,790,676

  • 31 · Retained earnings, endowment or other funds

    beginning of year $142,801,361 · end of year $144,012,618

Mission and programs · 2023

Mission

OUR MISSION IS TO PROVIDE OUR MEMBERS THE ABILITY TO ACCESS AFFORDABLE, RELIABLE ELECTRIC AND BROADBAND SERVICE OPTIONS THAT SUPPORT AND SIMPLIFY THEIR LIVES.

Activities or mission (Part I)

NEW HAMPSHIRE ELECTRIC COOPERATIVE, INC PROVIDES ELECTRIC ENERGY AND BROADBAND SERVICES TO ITS MEMBERS THROUGHOUT THE STATE OF NEW HAMPSHIRE.

  • ALL RECEIPTS FROM SALE OF ELECTRIC ENERGY AND RELATED SERVICE ACTIVITIES IN EXCESS OF OPERATING COSTS ARE RECEIVED WITH THE UNDERSTANDING THAT IT IS FURNISHED BY THE PATRONS AS CAPITAL. THIS CAPITAL SHALL BE ALLOCATED TO THE COOPERATIVE MEMBER ON A PATRONAGE BASIS. CURRENTLY, NEW HAMPSHIRE ELECTRIC COOPERATIVE, INC. PROVIDES ELECTRIC ENERGY TO APPROXIMATELY 88,000 ACTIVE MEMBER SERVICES THROUGHOUT NEW HAMPSHIRE.

  • THE BROADBAND DIVISION, A SINGLE MEMBER LLC, PROVIDES 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 LOSSES FROM SUCH SALES, THE COOPERATIVE WILL ALLOCATE PATRONAGE CAPITAL TO THE MEMBERS.

As filed on the 2023 return.

Listed in Part VII

  • Sharon Davis

    BOARD CHAIR

    Total calculated
    $33,300
    From this org
    $33,300
    From related orgs
    $0
    Other
    $0
    Hours/week
    7

  • Madeline McElaney

    VICE CHAIR

    Total calculated
    $30,750
    From this org
    $30,750
    From related orgs
    $0
    Other
    $0
    Hours/week
    11

  • Brenda Boisvert

    SECRETARY

    Total calculated
    $26,550
    From this org
    $26,550
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • Edward French

    TREASURER

    Total calculated
    $34,400
    From this org
    $34,400
    From related orgs
    $0
    Other
    $0
    Hours/week
    7

  • Carolyn Kedersha

    ASSISTANT TR

    Total calculated
    $30,700
    From this org
    $8,200
    From related orgs
    $0
    Other
    $22,500
    Hours/week
    7

  • Jeffrey Morrill

    DIRECTOR

    Total calculated
    $28,600
    From this org
    $28,600
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • Thomas Mongeon

    DIRECTOR

    Total calculated
    $33,200
    From this org
    $33,200
    From related orgs
    $0
    Other
    $0
    Hours/week
    8

  • William Darcy

    DIRECTOR

    Total calculated
    $35,300
    From this org
    $35,300
    From related orgs
    $0
    Other
    $0
    Hours/week
    13

  • Leo Dwyer

    DIRECTOR

    Total calculated
    $24,450
    From this org
    $24,450
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Alana Albee

    DIRECTOR

    Total calculated
    $25,050
    From this org
    $25,050
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Harry Veins

    DIRECTOR

    Total calculated
    $26,300
    From this org
    $26,300
    From related orgs
    $0
    Other
    $0
    Hours/week
    7

  • Alyssa Clemsen Roberts

    CEO

    Total calculated
    $583,749
    From this org
    $472,335
    From related orgs
    $0
    Other
    $111,414
    Hours/week
    52

    Schedule J breakdown matched by us

    Base
    $402,558
    Bonus
    $62,418
    Other
    $7,359
    Deferred
    $81,476
    Nontaxable benefits
    $29,938
    Filer's total
    $583,749

  • James Bakas

    COO

    Total calculated
    $337,077
    From this org
    $289,601
    From related orgs
    $0
    Other
    $47,476
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $66,232
    Bonus
    $1,874
    Other
    $221,495
    Deferred
    $17,538
    Nontaxable benefits
    $29,938
    Filer's total
    $337,077

  • Kristen Taylor

    CFO/VP OF FI

    Total calculated
    $265,489
    From this org
    $204,387
    From related orgs
    $0
    Other
    $61,102
    Hours/week
    48

    Schedule J breakdown matched by us

    Base
    $198,605
    Bonus
    $1,374
    Other
    $4,408
    Deferred
    $31,164
    Nontaxable benefits
    $29,938
    Filer's total
    $265,489

  • Michael Jennings

    VP OF POWER

    Total calculated
    $324,943
    From this org
    $251,461
    From related orgs
    $0
    Other
    $73,482
    Hours/week
    52

    Schedule J breakdown matched by us

    Base
    $245,645
    Bonus
    $1,374
    Other
    $4,442
    Deferred
    $53,397
    Nontaxable benefits
    $20,085
    Filer's total
    $324,943

  • Joshua Mazzei

    VP OF OPERAT

    Total calculated
    $280,066
    From this org
    $201,400
    From related orgs
    $0
    Other
    $78,666
    Hours/week
    49

    Schedule J breakdown matched by us

    Base
    $199,426
    Bonus
    $1,374
    Other
    $600
    Deferred
    $48,728
    Nontaxable benefits
    $29,938
    Filer's total
    $280,066

  • Carla Munoz

    VP OF PEOPLE

    Total calculated
    $226,240
    From this org
    $204,545
    From related orgs
    $0
    Other
    $21,695
    Hours/week
    46

    Schedule J breakdown matched by us

    Base
    $163,232
    Bonus
    $36,621
    Other
    $4,692
    Deferred
    $6,610
    Nontaxable benefits
    $15,085
    Filer's total
    $226,240

  • Jonathan Nelson

    VP OF BROADB

    Total calculated
    $223,702
    From this org
    $170,720
    From related orgs
    $0
    Other
    $52,982
    Hours/week
    41

    Schedule J breakdown matched by us

    Base
    $150,824
    Bonus
    $15,645
    Other
    $4,251
    Deferred
    $37,845
    Nontaxable benefits
    $15,137
    Filer's total
    $223,702

  • Sonja Gonzalez

    CIO

    Total calculated
    $146,635
    From this org
    $129,869
    From related orgs
    $0
    Other
    $16,766
    Hours/week
    41

  • Peter Glenshaw

    VP OF MEMBER

    Total calculated
    $117,365
    From this org
    $116,238
    From related orgs
    $0
    Other
    $1,127
    Hours/week
    40

  • Brian Callnan

    VP OF POWER

    Total calculated
    $153,015
    From this org
    $117,261
    From related orgs
    $0
    Other
    $35,754
    Hours/week
    44

  • Dennis Western

    DIRECTOR OF

    Total calculated
    $231,890
    From this org
    $177,671
    From related orgs
    $0
    Other
    $54,219
    Hours/week
    41

    Schedule J breakdown matched by us

    Base
    $173,930
    Bonus
    $1,374
    Other
    $2,367
    Deferred
    $34,134
    Nontaxable benefits
    $20,085
    Filer's total
    $231,890

  • Brian Jerry

    WORKING FORE

    Total calculated
    $227,434
    From this org
    $174,895
    From related orgs
    $0
    Other
    $52,539
    Hours/week
    56

    Schedule J breakdown matched by us

    Base
    $172,964
    Bonus
    $1,487
    Other
    $444
    Deferred
    $22,601
    Nontaxable benefits
    $29,938
    Filer's total
    $227,434

  • Jeremy Claar

    LINEWORKER

    Total calculated
    $202,662
    From this org
    $171,428
    From related orgs
    $0
    Other
    $31,234
    Hours/week
    56

    Schedule J breakdown matched by us

    Base
    $169,807
    Bonus
    $1,512
    Other
    $109
    Deferred
    $21,547
    Nontaxable benefits
    $9,687
    Filer's total
    $202,662

  • Jeffrey McKenzie

    DISTRICT REP

    Total calculated
    $178,118
    From this org
    $164,698
    From related orgs
    $0
    Other
    $13,420
    Hours/week
    52

    Schedule J breakdown matched by us

    Base
    $162,183
    Bonus
    $1,487
    Other
    $1,028
    Deferred
    $4,948
    Nontaxable benefits
    $8,472
    Filer's total
    $178,118

  • Robert Howland

    DIR. OF POWE

    Total calculated
    $200,231
    From this org
    $161,882
    From related orgs
    $0
    Other
    $38,349
    Hours/week
    42

    Schedule J breakdown matched by us

    Base
    $156,306
    Bonus
    $1,374
    Other
    $4,202
    Deferred
    $36,264
    Nontaxable benefits
    $2,085
    Filer's total
    $200,231

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 · Written employment contract
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee
  • 4a · Severance or change-of-control payment

Answered no

  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement

The filer's explanations (Part III)

SCHEDULE J, PAGE 1, PART I, LINE 4
JAMES BAKAS 193,128 0 0

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.

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

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.

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

  • NH BROADBAND LLC

    BROADBAND · NH · income $1,887,157 · assets $10,339,418

    Directly controlled by NHEC

Provenance

Return type
form_990
Tax year
2023
Filed
15 April 2024
IRS schema version
2023v5.0
Source object
202411289349302266

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