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Nonprofiteer
← NEW HAMPSHIRE ELECTRIC COOPERATIVE INC

Form 990 for tax year 2022

Filed by NEW HAMPSHIRE ELECTRIC COOPERATIVE INC.

Totals

Total revenue
$186,063,964
Total expenses
$187,535,765
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$185,921,414
Investment income
$2,039
Other revenue
$140,511
Total assets, end of year
$326,303,689
Total liabilities, end of year
$183,502,328
Net assets or fund balances, end of year
$142,801,361
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 $179,533,473 · related or exempt $179,533,473

  • 2b · Program service revenue: POLE ATTACHMENT RENTAL REVEUE

    total $3,314,371 · excluded $3,314,371

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

    total $1,957,075 · related or exempt $1,957,075

  • 2d · Program service revenue: BROADBAND REVENUE

    total $1,113,644 · related or exempt $1,113,644

  • 2e · Program service revenue: INTEREST INCOME

    total $2,851 · related or exempt $2,851

  • 3 · Investment income

    total $2,039 · related or exempt $2,039

  • 6a · Gross rents

    real property $49,184

  • 6b · Less rental expenses

    real property $36,023

  • 6c · Rental income or loss

    real property $13,161

  • 6d · Net rental income or loss

    total $13,161 · related or exempt $13,161

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

    total $84,063 · related or exempt $84,063

  • 11b · Other revenue: MISC OTHER REVENUE

    total $43,287 · related or exempt $43,287

  • 11e · Other revenue, total

    $127,350

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $6,126,244

  • 5 · Compensation of officers, directors and key employees

    total $1,572,235

  • 7 · Other salaries and wages

    total $15,107,085

  • 8 · Pension plan contributions

    total $4,578,917

  • 9 · Other employee benefits

    total $4,144,677

  • 10 · Payroll taxes

    total $1,552,124

  • 11b · Fees: legal

    total $935,052

  • 11c · Fees: accounting

    total $103,213

  • 11g · Fees: other

    total $1,138,713

  • 12 · Advertising and promotion

    total $22,718

  • 13 · Office expenses

    total $2,680,302

  • 14 · Information technology

    total $791,560

  • 16 · Occupancy

    total $7,066,325

  • 17 · Travel

    total $44,385

  • 19 · Conferences, conventions and meetings

    total $148,105

  • 20 · Interest

    total $4,070,599

  • 22 · Depreciation, depletion and amortization

    total $12,900,376

  • 23 · Insurance

    total $727,575

  • 24a · Other expenses: PURCHASED POWER

    total $83,166,104

  • 24b · Other expenses: TRANSMISSON EXP.

    total $23,279,352

  • 24c · Other expenses: DIST, MAINTENANCE AND OPS

    total $11,496,837

  • 24d · Other expenses: OTHER DEDUCTIONS

    total $5,044,641

  • 24e · All other expenses

    total $838,626

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $59,745 · end of year $1,893,690

  • 2 · Savings and temporary cash investments

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

  • 4 · Accounts receivable

    beginning of year $22,445,413 · end of year $28,140,334

  • 8 · Inventories for sale or use

    beginning of year $4,090,545 · end of year $5,549,897

  • 9 · Prepaid expenses and deferred charges

    beginning of year $2,872,980 · end of year $2,490,112

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

    $443,249,203

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

    $185,942,569

  • 10c · Land, buildings and equipment, net

    beginning of year $240,709,898 · end of year $257,306,634

  • 13 · Investments: program-related

    beginning of year $11,529,952 · end of year $11,074,435

  • 14 · Intangible assets

    beginning of year $1,375,000 · end of year $5,597,648

  • 15 · Other assets

    beginning of year $10,343,359 · end of year $14,200,939

  • 17 · Accounts payable and accrued expenses

    beginning of year $22,954,664 · end of year $30,934,250

  • 23 · Secured mortgages and notes payable

    beginning of year $103,851,188 · end of year $125,497,837

  • 24 · Unsecured notes and loans payable

    beginning of year $4,254,053 · end of year $479,477

  • 25 · Other liabilities

    beginning of year $22,019,773 · end of year $26,590,764

  • 31 · Retained earnings, endowment or other funds

    beginning of year $140,397,214 · end of year $142,801,361

Mission and programs · 2022

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 85,000 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 2022 return.

Listed in Part VII

  • Jeffrey Morrill

    BOARD CHAIR

    Total calculated
    $36,295
    From this org
    $36,295
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Daniel Senie Partial Year

    VICE CHAIR

    Total calculated
    $9,275
    From this org
    $9,275
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Brenda Boisvert

    SECRETARY

    Total calculated
    $30,775
    From this org
    $30,775
    From related orgs
    $0
    Other
    $0
    Hours/week
    6 + 0.25 related

  • Edward French

    TREASURER

    Total calculated
    $37,975
    From this org
    $37,975
    From related orgs
    $0
    Other
    $0
    Hours/week
    10 + 0.5 related

  • Carolyn Kedersha

    ASSISTANT TR

    Total calculated
    $62,068
    From this org
    $41,568
    From related orgs
    $0
    Other
    $20,500
    Hours/week
    7 + 0.25 related

  • Thomas Mongeon

    DIRECTOR

    Total calculated
    $37,875
    From this org
    $37,875
    From related orgs
    $0
    Other
    $0
    Hours/week
    10

  • Madeline McElaney

    DIRECTOR

    Total calculated
    $30,775
    From this org
    $30,775
    From related orgs
    $0
    Other
    $0
    Hours/week
    9 + 0.25 related

  • William Darcy

    DIRECTOR

    Total calculated
    $34,269
    From this org
    $34,269
    From related orgs
    $0
    Other
    $0
    Hours/week
    33

  • Leo Dwyer

    DIRECTOR

    Total calculated
    $29,825
    From this org
    $29,825
    From related orgs
    $0
    Other
    $0
    Hours/week
    34

  • Alana Albee

    DIRECTOR

    Total calculated
    $26,725
    From this org
    $26,725
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Sharon Davis

    DIRECTOR

    Total calculated
    $32,125
    From this org
    $32,125
    From related orgs
    $0
    Other
    $0
    Hours/week
    8 + 1 related

  • Harry Veins Partial Year

    DIRECTOR

    Total calculated
    $16,850
    From this org
    $16,850
    From related orgs
    $0
    Other
    $0
    Hours/week
    4 + 0.25 related

  • Alyssa Clemsen Roberts

    CEO

    Total calculated
    $160,871
    From this org
    $134,175
    From related orgs
    $0
    Other
    $26,696
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $95,371
    Bonus
    not reported
    Other
    $38,804
    Deferred
    $18,736
    Nontaxable benefits
    $7,960
    Filer's total
    $160,871

  • James Bakas

    INTERIM GM/C

    Total calculated
    $351,951
    From this org
    $248,554
    From related orgs
    $0
    Other
    $103,397
    Hours/week
    44

    Schedule J breakdown matched by us

    Base
    $242,304
    Bonus
    $6,250
    Other
    not reported
    Deferred
    $69,130
    Nontaxable benefits
    $34,267
    Filer's total
    $351,951

  • Drew Dunagin

    VP FIN. SERV

    Total calculated
    $318,444
    From this org
    $232,837
    From related orgs
    $0
    Other
    $85,607
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $227,287
    Bonus
    $5,550
    Other
    not reported
    Deferred
    $52,628
    Nontaxable benefits
    $32,979
    Filer's total
    $318,444

  • Brian Callnan

    VP POWER RES

    Total calculated
    $321,376
    From this org
    $234,663
    From related orgs
    $0
    Other
    $86,713
    Hours/week
    49

    Schedule J breakdown matched by us

    Base
    $228,913
    Bonus
    $5,750
    Other
    not reported
    Deferred
    $53,509
    Nontaxable benefits
    $33,204
    Filer's total
    $321,376

  • Geoffrey Ziminsky

    VP TECH. BUS

    Total calculated
    $264,921
    From this org
    $198,686
    From related orgs
    $0
    Other
    $66,235
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $193,936
    Bonus
    $4,750
    Other
    not reported
    Deferred
    $45,536
    Nontaxable benefits
    $20,699
    Filer's total
    $264,921

  • Michael Licata

    VP MEM. SERV

    Total calculated
    $212,871
    From this org
    $158,988
    From related orgs
    $0
    Other
    $53,883
    Hours/week
    52

    Schedule J breakdown matched by us

    Base
    $153,988
    Bonus
    $5,000
    Other
    not reported
    Deferred
    $31,779
    Nontaxable benefits
    $22,104
    Filer's total
    $212,871

  • Michael Jennings

    ENGINEERING

    Total calculated
    $231,443
    From this org
    $170,750
    From related orgs
    $0
    Other
    $60,693
    Hours/week
    56

    Schedule J breakdown matched by us

    Base
    $166,747
    Bonus
    $4,003
    Other
    not reported
    Deferred
    $36,972
    Nontaxable benefits
    $23,721
    Filer's total
    $231,443

  • Joshua Mazzei

    MANGR OF OPE

    Total calculated
    $231,271
    From this org
    $159,229
    From related orgs
    $0
    Other
    $72,042
    Hours/week
    46

    Schedule J breakdown matched by us

    Base
    $155,416
    Bonus
    $3,813
    Other
    not reported
    Deferred
    $36,628
    Nontaxable benefits
    $35,414
    Filer's total
    $231,271

  • Jeremy Claar

    LINEWORKER I

    Total calculated
    $189,035
    From this org
    $161,246
    From related orgs
    $0
    Other
    $27,789
    Hours/week
    57

    Schedule J breakdown matched by us

    Base
    $159,137
    Bonus
    $2,109
    Other
    not reported
    Deferred
    $17,311
    Nontaxable benefits
    $10,478
    Filer's total
    $189,035

  • David Nedeau

    LINEWORKER I

    Total calculated
    $202,561
    From this org
    $151,539
    From related orgs
    $0
    Other
    $51,022
    Hours/week
    53

    Schedule J breakdown matched by us

    Base
    $149,103
    Bonus
    $2,436
    Other
    not reported
    Deferred
    $17,635
    Nontaxable benefits
    $33,387
    Filer's total
    $202,561

  • Arthur Cornelissen

    LINEWORKER I

    Total calculated
    $190,555
    From this org
    $151,886
    From related orgs
    $0
    Other
    $38,669
    Hours/week
    53

    Schedule J breakdown matched by us

    Base
    $149,450
    Bonus
    $2,436
    Other
    not reported
    Deferred
    $4,402
    Nontaxable benefits
    $34,267
    Filer's total
    $190,555

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
  • 4b · Supplemental nonqualified retirement plan

Answered no

  • 4a · Severance or change-of-control payment
  • 4c · Equity-based compensation arrangement

The filer's explanations (Part III)

SCHEDULE J, PAGE 1, PART I, LINE 4
CAROLYN KEDERSHA 0 32,443 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 -$1,471,801 · assets $4,597,337

    Directly controlled by NHEC

Provenance

Return type
form_990
Tax year
2022
Filed
1 May 2023
IRS schema version
2022v5.0
Source object
202331219349301643

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