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Nonprofiteer
← VERMONT ENERGY INVESTMENT CORP

Form 990 for tax year 2022

Filed by VERMONT ENERGY INVESTMENT CORP.

Totals

Total revenue
$108,745,667
Total expenses
$106,290,392
Contributions and grants received
$1,433,207
Grants paid
$734,368
Program service revenue
$107,168,277
Investment income
$144,183
Other revenue
$0
Total assets, end of year
$52,044,292
Total liabilities, end of year
$25,193,109
Net assets or fund balances, end of year
$26,851,183
Program services expenses (Part IX)
$102,345,619
Management and general expenses
$3,944,773
Fundraising expenses
$0
Program service expenses (Part III)
$102,345,619

Program services were 96.3% 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.

  • 1e · Government grants (contributions)

    $1,433,207

  • 2a · Program service revenue: ENERGY EFFICENCY UTILITIES

    total $95,709,020 · related or exempt $95,709,020

  • 2b · Program service revenue: ENERGY SERVICES: CONSULTING

    total $8,461,496 · related or exempt $8,461,496

  • 2c · Program service revenue: PERFORMANCE INCENTIVE AWARDS

    total $2,986,234 · related or exempt $2,986,234

  • 2d · Program service revenue: PROJECT REVENUE

    total $11,527 · related or exempt $11,527

  • 3 · Investment income

    total $144,183 · related or exempt $144,183

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $734,368 · program services $734,368

  • 5 · Compensation of officers, directors and key employees

    total $1,250,759 · program services $518,016 · management and general $732,743

  • 7 · Other salaries and wages

    total $29,538,230 · program services $22,103,547 · management and general $7,434,683

  • 8 · Pension plan contributions

    total $1,040,490 · program services $806,576 · management and general $233,914

  • 9 · Other employee benefits

    total $3,209,832 · program services $2,434,985 · management and general $774,847

  • 10 · Payroll taxes

    total $2,282,077 · program services $1,753,010 · management and general $529,067

  • 11b · Fees: legal

    total -$6,715 · management and general -$6,715

  • 11c · Fees: accounting

    total $102,764 · management and general $102,764

  • 11d · Fees: lobbying

    total $90,389 · management and general $90,389

  • 11g · Fees: other

    total $5,898,258 · program services $5,498,360 · management and general $399,898

  • 12 · Advertising and promotion

    total $1,657,701 · program services $1,657,701

  • 13 · Office expenses

    total $763,140 · program services $599,522 · management and general $163,618

  • 16 · Occupancy

    total $2,105,094 · program services $1,514,978 · management and general $590,116

  • 17 · Travel

    total $395,721 · program services $246,188 · management and general $149,533

  • 19 · Conferences, conventions and meetings

    total $263,175 · program services $217,696 · management and general $45,479

  • 22 · Depreciation, depletion and amortization

    total $471,524 · program services $189,056 · management and general $282,468

  • 23 · Insurance

    total $430,753 · management and general $430,753

  • 24a · Other expenses: INCENTIVE PAYMENTS

    total $53,071,315 · program services $53,071,315

  • 24b · Other expenses: EQUIPMENT AND SOFTWARE

    total $1,640,343 · program services $541,984 · management and general $1,098,359

  • 24c · Other expenses: OTHER EXPENSES

    total $1,026,597 · program services $273,170 · management and general $753,427

  • 24d · Other expenses: G&A ALLOC. TO PROGRAMS

    total $0 · program services $9,995,706 · management and general -$9,995,706

  • 24e · All other expenses

    total $324,577 · program services $189,441 · management and general $135,136

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $208,092 · end of year $1,377,969

  • 2 · Savings and temporary cash investments

    beginning of year $16,912,391 · end of year $12,845,617

  • 4 · Accounts receivable

    beginning of year $13,177,280 · end of year $20,062,046

  • 7 · Other notes and loans receivable

    beginning of year $4,737,033 · end of year $2,887,561

  • 8 · Inventories for sale or use

    beginning of year $30,786 · end of year $12,686

  • 9 · Prepaid expenses and deferred charges

    beginning of year $1,394,353 · end of year $1,372,051

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

    $7,502,793

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

    $5,977,537

  • 10c · Land, buildings and equipment, net

    beginning of year $853,064 · end of year $1,525,256

  • 13 · Investments: program-related

    beginning of year $95,137 · end of year $81,005

  • 14 · Intangible assets

    beginning of year $5,315 · end of year $5,315

  • 15 · Other assets

    beginning of year $978,061 · end of year $11,874,786

  • 17 · Accounts payable and accrued expenses

    beginning of year $11,182,580 · end of year $12,271,007

  • 19 · Deferred revenue

    beginning of year $326,165 · end of year $169,898

  • 23 · Secured mortgages and notes payable

    beginning of year $2,486,859 · end of year $2,551,319

  • 25 · Other liabilities

    beginning of year $0 · end of year $10,200,885

  • 27 · Net assets without donor restrictions

    beginning of year $24,395,908 · end of year $26,851,183

Mission and programs · 2022

Mission

VEIC IS A SUSTAINABLE ENERGY COMPANY ON A MISSION TO GENERATE THE ENERGY SOLUTIONS THE WORLD NEEDS (CONTINUES IN SCHEDULE O). (CONTINUED) FOR OVER 35 YEARS VEIC HAS BEEN WORKING WITH GOVERNMENTS, UTILITIES, FOUNDATIONS AND BUSINESSES ACROSS NORTH AMERICA TO DEVELOP AND DEPLOY CLEAN ENERGY SERVICES THAT PROVIDE IMMEDIATE AND LASTING CHANGE. WITH EXPERTISE IN ENERGY EFFICIENCY, BUILDING AND TRANSPORTATION ELECTRIFICATION, AND NEW APPROACHES FOR A CLEAN AND FLEXIBLE GRID, VEIC BRINGS INNOVATIVE SOLUTIONS TO THE MARKET THAT MEET GOALS AND REDUCE GREENHOUSE GAS (GHG). VEIC IS NATIONALLY RECOGNIZED FOR DEVELOPING PILOTS AND PROGRAMS THAT OPTIMIZE ENERGY USE, REDUCE ENERGY BURDENS FOR LOW-INCOME CUSTOMERS, AND ADVANCE NEW TECHNOLOGIES. IN ADDITION TO OUR FULL-SERVICE CONSULTING BUSINESS, VEIC ADMINISTERS THREE LARGE-SCALE SUSTAINABLE ENERGY PROGRAMS: EFFICIENCY VERMONT, EFFICIENCY SMART, AND THE DC SUSTAINABLE ENERGY UTILITY (DCSEU).

Activities or mission (Part I)

VEIC IS A SUSTAINABLE ENERGY COMPANY ON A MISSION TO GENERATE THE ENERGY (CONTINUES IN SCHED O)(CONTINUED) SOLUTIONS THE WORLD NEEDS.

  • EFFICIENCY VERMONT WORKS WITH PARTNERS TO HELP THE STATE TRANSITION TO MORE AFFORDABLE, LOW CARBON ENERGY USE THROUGH EDUCATION, INCENTIVES, AND SUPPORT FOR OUR CLEAN ENERGY WORKFORCE. THE INVESTMENTS THAT VERMONTERS HAVE MADE IN ENERGY EFFICIENCY SINCE EFFICIENCY VERMONT'S INCEPTION IN 2000 WILL SAVE THEM OVER $3 BILLION OVER THE LIFETIME OF THOSE INVESTMENTS, AND AVOID OVER 13 MILLION TONS OF CO2E.

    Expenses $58,228,605 · Grants $734,368 · Revenue $59,593,738

  • THE DC SUSTAINABLE ENERGY UTILITY (DCSEU) IS THE ONLY UTILITY IN THE COUNTRY THAT COMBINES ENERGY SAVINGS GOALS WITH SOCIAL EQUITY GOALS. SINCE 2011, THE DCSEU HAS HELPED DISTRICT RESIDENTS, BUSINESSES, AND INSTITUTIONS GENERATE MORE THAN $1.4 BILLION IN LIFETIME ENERGY COST SAVINGS, AND PREVENT MORE THAN 6.2 MILLION TONS OF GREENHOUSE GAS EMISSIONS. THE DCSEU HAS INVESTED MORE THAN $50 MILLION IN ENERGY EFFICIENCY AND RENEWABLE ENERGY PROJECTS IN LOW-INCOME COMMUNITIES. OUR WORK IS BUILDING A BRIGHTER ECONOMIC, ENVIRONMENTAL, AND ENERGY FUTURE FOR THE DISTRICT. (CONTINUES IN SCHEDULE O) (CONTINUED) IN 2022, THE DCSEU'S EFFORTS GENERATED $149 MILLION IN LIFETIME COST SAVINGS FOR DC RESIDENTS AND BUSINESSES, CREATED 94 GREEN JOBS FOR DISTRICT RESIDENTS, AND PREVENTED 688,000 MTCO2E IN LIFETIME GREENHOUSE GAS EMISSIONS, THE EQUIVALENT OF 77 MILLION GALLONS OF GASOLINE CONSUMED.

    Expenses $33,428,071 · Revenue $34,850,973

  • EFFICIENCY SMART HELPS PARTICIPATING MUNICIPAL ELECTIRC UTILITIES AND THEIR CUSTOMERS REDUCE THEIR ENERGY USE AND SAVE MONEY THROUGH TECHINCAL ASSISTANCE AND FINANCIAL INCENTIVES. SINCE 2011, EFFICIENCY SMART HAS SERVED MORE THAN 65 OF AMERICAN MUNICIPAL POWER'S MEMBER UTILITIES IN FOUR STATES. IN 2022, EFFICIENCY SMART ASSISTED AN ESTIMATED 4,669 RESIDENTIAL HOUSEHOLDS AND 206 BUSINESSES. THESE CUSTOMERS WILL REALIZE MORE THAN $29.5 MILLION IN SAVINGS OVER THE LIFETIME OF THE PRODUCTS THEY INSTALLED IN. IN ADDITION, PARTICIPATING MUNICIPAL ELECTRIC UTILITIES SAVED MORE THAN $17.6 MILLION IN ENERGY, CAPACITY AND TRANSMISSION COSTS.

    Expenses $3,522,163 · Revenue $4,250,542

  • ENERGY SERVICES: VEIC PROVIDES NATIONAL AND INTERNATIONAL CONSULTING SERVICES TO UTILITIES, BUSINESSES, GOVERNMENT AGENCIES, MUNICIPALITIES AND FOUNDATIONS. WE WORK WITH OUR CLIENTS TO DECARBONIZE THEIR ENERGY SYSTEMS THROUGH OUR FOUR CORE SERVICES: ENERGY EFFICIENCY, BUILDING DECARBONIZATION, TRANSPORTATION ELECTRIFICATION, AND MAKING ELECTRICITY GRIDS CLEAN AND FLEXIBLE. WE HELP OUR CLIENTS SAVE ENERGY, REDUCE GREENHOUSE GAS EMISSIONS, AND ADVANCE SOCIAL AND ECONOMIC EQUITY. IN 2022, VEIC'S CONSULTING SERVICES SPANNED MORE THAN 24 STATES AND PROVINCES, INCLUDING CONTINUED GROWTH OF WORK IN HAWAII AND CALIFORNIA, AND SERVED MORE THAN 72 CLIENTS.

    Expenses $7,166,780 · Revenue $8,617,207

As filed on the 2022 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Marc Mihaly

    DIRECTOR

    Total calculated
    $3,000
    From this org
    $3,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Elizabeth Wilson

    DIRECTOR

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

  • Dianne Dillon-Ridgley

    DIRECTOR

    Total calculated
    $2,000
    From this org
    $2,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Nancy Owens

    DIRECTOR

    Total calculated
    $2,000
    From this org
    $2,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Isabelina Nahmens

    DIRECTOR

    Total calculated
    $2,000
    From this org
    $2,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Nick Richardson

    BOARD CHAIR

    Total calculated
    $4,100
    From this org
    $4,100
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Ellen Zuckerman

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Janet Besser

    DIRECTOR

    Total calculated
    $3,000
    From this org
    $3,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Cederick Anthony Pickett

    DIRECTOR

    Total calculated
    $2,000
    From this org
    $2,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Oswaldo Acosta

    DIRECTOR

    Total calculated
    $3,000
    From this org
    $3,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Brandi Colander

    DIRECTOR

    Total calculated
    $1,500
    From this org
    $1,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Merrian Borgeson

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Kurt Janson

    CHIEF GENERAL COUNSEL

    Total calculated
    $159,544
    From this org
    $151,296
    From related orgs
    $0
    Other
    $8,248
    Hours/week
    37.5

    Schedule J breakdown matched by us

    Base
    $146,090
    Bonus
    $2,006
    Other
    $3,200
    Deferred
    $7,394
    Nontaxable benefits
    $854
    Filer's total
    $159,544

  • Rebecca Foster

    CEO

    Total calculated
    $277,420
    From this org
    $247,021
    From related orgs
    $0
    Other
    $30,399
    Hours/week
    37.5

    Schedule J breakdown matched by us

    Base
    $243,740
    Bonus
    $2,006
    Other
    $1,275
    Deferred
    $9,623
    Nontaxable benefits
    $20,776
    Filer's total
    $277,420

  • Katherine Meyers

    CFO

    Total calculated
    $191,165
    From this org
    $181,018
    From related orgs
    $0
    Other
    $10,147
    Hours/week
    37.5

    Schedule J breakdown matched by us

    Base
    $175,812
    Bonus
    $2,006
    Other
    $3,200
    Deferred
    $8,833
    Nontaxable benefits
    $1,314
    Filer's total
    $191,165

  • Theodore Trabue

    DIRECTOR, DC SEU THROUGH JULY 2022

    Total calculated
    $323,414
    From this org
    $316,079
    From related orgs
    $0
    Other
    $7,335
    Hours/week
    37.5

    Schedule J breakdown matched by us

    Base
    $119,943
    Bonus
    $2,006
    Other
    $194,130
    Deferred
    $6,855
    Nontaxable benefits
    $480
    Filer's total
    $323,414

  • Brandon Bowles

    INTERIM DIRECTOR, DC SEU

    Total calculated
    $213,259
    From this org
    $212,333
    From related orgs
    $0
    Other
    $926
    Hours/week
    37.5

    Schedule J breakdown matched by us

    Base
    $188,631
    Bonus
    $20,502
    Other
    $3,200
    Deferred
    $0
    Nontaxable benefits
    $926
    Filer's total
    $213,259

  • Matthew Dooley

    DIRECTOR, ENERGY SERVICES

    Total calculated
    $221,841
    From this org
    $210,643
    From related orgs
    $0
    Other
    $11,198
    Hours/week
    37.5

    Schedule J breakdown matched by us

    Base
    $185,437
    Bonus
    $22,006
    Other
    $3,200
    Deferred
    $10,272
    Nontaxable benefits
    $926
    Filer's total
    $221,841

  • Patricia Boyd

    DIR., TECHNOLOGY & INNOVATION

    Total calculated
    $186,526
    From this org
    $168,623
    From related orgs
    $0
    Other
    $17,903
    Hours/week
    37.5

    Schedule J breakdown matched by us

    Base
    $166,117
    Bonus
    $2,006
    Other
    $500
    Deferred
    $8,677
    Nontaxable benefits
    $9,226
    Filer's total
    $186,526

  • Angela Johnson

    DIRECTOR, FINANCE

    Total calculated
    $190,922
    From this org
    $174,953
    From related orgs
    $0
    Other
    $15,969
    Hours/week
    37.5

    Schedule J breakdown matched by us

    Base
    $172,010
    Bonus
    $2,006
    Other
    $937
    Deferred
    $6,815
    Nontaxable benefits
    $9,154
    Filer's total
    $190,922

  • Pierre Van Der Merwe

    CHIEF TECHNOLOGY OFFICER

    Total calculated
    $197,177
    From this org
    $167,336
    From related orgs
    $0
    Other
    $29,841
    Hours/week
    37.5

    Schedule J breakdown matched by us

    Base
    $164,830
    Bonus
    $2,006
    Other
    $500
    Deferred
    $9,065
    Nontaxable benefits
    $20,776
    Filer's total
    $197,177

  • Lisa Harris

    CHIEF PEOPLE OFFICER

    Total calculated
    $200,988
    From this org
    $190,048
    From related orgs
    $0
    Other
    $10,940
    Hours/week
    37.5

    Schedule J breakdown matched by us

    Base
    $186,907
    Bonus
    $2,006
    Other
    $1,135
    Deferred
    $1,929
    Nontaxable benefits
    $9,011
    Filer's total
    $200,988

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 · Independent compensation consultant
  • 3 · Form 990 of other organizations
  • 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
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

The filer's explanations (Part III)

PART I, LINE 4 (A)
THEODORE TRABUE, FORMER MANAGING DIRECTOR FOR THE DC SUSTAINABLE ENERGY UTILITY, RECEIVED A $175,000 SEVERANCE PAYMENT IN 2022, WHICH WAS FUNDED BY NON-CONTRACT-RELATED VEIC RESERVES.

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.

Disregarded entities

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

  • COMMONS ENERGY L3C

    PROVIDE ENERGY IMPROVEMENT SERVICES TO UNDERSERVED PUBLIC BUILDINGS · VT · income $71,637 · assets $2,290,498

    Directly controlled by VERMONT ENERGY INVESTMENT CORPORATION

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

  • SUN SHARES LLC

    C · ELECTRIC POWER · VT · 100% owned · share of income $10,868 · share of assets $31,546

    Directly controlled by VEIC

Provenance

Return type
form_990
Tax year
2022
Filed
20 September 2023
IRS schema version
2022v5.0
Source object
202312649349301016

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