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Nonprofiteer
← NORTHERN VIRGINIA ELECTRIC CO-OP

Form 990 for tax year 2022

Filed by NORTHERN VIRGINIA ELECTRIC CO-OP.

Totals

Total revenue
$998,080,039
Total expenses
$986,247,208
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$992,337,511
Investment income
$3,886,703
Other revenue
$1,855,825
Total assets, end of year
$1,247,676,031
Total liabilities, end of year
$430,567,479
Net assets or fund balances, end of year
$817,108,552
Program services expenses (Part IX)
$0
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
$986,247,207

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 $987,872,572 · related or exempt $987,872,572 · unrelated business $0 · excluded $0

  • 2b · Program service revenue: Electric Service

    total $3,266,969 · related or exempt $3,266,969 · unrelated business $0 · excluded $0

  • 2f · All other program service revenue

    total $1,197,970 · related or exempt $1,197,970 · unrelated business $0 · excluded $0

  • 3 · Investment income

    total $3,886,703 · related or exempt $3,886,703 · 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 $472,026 · related or exempt $472,026 · unrelated business $0 · excluded $0

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

    total $870,406 · related or exempt $870,406 · unrelated business $0 · excluded $0

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

    total $513,393 · related or exempt $513,393 · unrelated business $0 · excluded $0

  • 11d · All other revenue

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

  • 11e · Other revenue, total

    $1,855,825

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $0

  • 2 · Grants to domestic individuals

    total $0

  • 3 · Grants to foreign organizations and individuals

    total $0

  • 4 · Benefits paid to or for members

    total $10,454,130

  • 5 · Compensation of officers, directors and key employees

    total $3,039,035

  • 7 · Other salaries and wages

    total $19,443,186

  • 8 · Pension plan contributions

    total $2,417,775

  • 9 · Other employee benefits

    total $170,753

  • 10 · Payroll taxes

    total $1,731,794

  • 11a · Fees: management

    total $6,157,546

  • 11b · Fees: legal

    total $1,297,479

  • 11c · Fees: accounting

    total $337,400

  • 11d · Fees: lobbying

    total $81,725

  • 11e · Fees: professional fundraising services

    total $0

  • 11f · Fees: investment management

    total $0

  • 11g · Fees: other

    total $1,295,912

  • 12 · Advertising and promotion

    total $836,021

  • 13 · Office expenses

    total $2,922,675

  • 14 · Information technology

    total $3,047,477

  • 15 · Royalties

    total $0

  • 16 · Occupancy

    total $310,994

  • 17 · Travel

    total $114,251

  • 18 · Travel or entertainment for public officials

    total $0

  • 19 · Conferences, conventions and meetings

    total $110,949

  • 20 · Interest

    total $3,117,724

  • 21 · Payments to affiliates

    total $174,954

  • 22 · Depreciation, depletion and amortization

    total $31,005,513

  • 23 · Insurance

    total $2,015,190

  • 24a · Other expenses: Purchased Power Cost

    total $861,513,918

  • 24b · Other expenses: Transmission & Distribution

    total $12,633,763

  • 24c · Other expenses: Customer Services & Sales

    total $4,433,610

  • 24d · Other expenses: Franchise and Regulatory Cost

    total $8,829,846

  • 24e · All other expenses

    total $8,753,588

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $12,450,073 · end of year $10,916,109

  • 2 · Savings and temporary cash investments

    beginning of year $28,077,414 · end of year $21,966,063

  • 3 · Pledges and grants receivable

    beginning of year $0 · end of year $0

  • 4 · Accounts receivable

    beginning of year $59,092,260 · end of year $107,708,335

  • 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 $76,840,596 · end of year $74,892,684

  • 8 · Inventories for sale or use

    beginning of year $21,524,755 · end of year $29,322,779

  • 9 · Prepaid expenses and deferred charges

    beginning of year $10,934,367 · end of year $32,814,825

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

    $1,110,573,138

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

    $384,126,064

  • 10c · Land, buildings and equipment, net

    beginning of year $667,312,500 · end of year $726,447,074

  • 12 · Investments: other securities

    beginning of year $64,967,000 · end of year $58,944,000

  • 13 · Investments: program-related

    beginning of year $6,746,840 · end of year $6,737,632

  • 15 · Other assets

    beginning of year $123,913,546 · end of year $177,926,530

  • 17 · Accounts payable and accrued expenses

    beginning of year $38,829,469 · end of year $115,896,850

  • 18 · Grants payable

    beginning of year $0 · end of year $0

  • 19 · Deferred revenue

    beginning of year $476,455 · end of year $376,103

  • 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 $98,901,390 · end of year $92,113,802

  • 24 · Unsecured notes and loans payable

    beginning of year $0 · end of year $0

  • 25 · Other liabilities

    beginning of year $120,287,927 · end of year $222,180,724

  • 29 · Capital stock, trust principal or current funds

    beginning of year $672,797 · end of year $650,108

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

    beginning of year $44,844,614 · end of year $36,778,914

  • 31 · Retained earnings, endowment or other funds

    beginning of year $767,846,699 · end of year $779,679,530

Mission and programs · 2022

Mission

Creating value for its members, employees and communities by providing safe, reliable electricity and quality products at competitive prices. Distribution of Electricity (178,903 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 178,903 meters/customers.

  • Provide affordable service to its 178,903 members with 99.99% average system reliability rate. NOVEC returned to its member-owners $6.7M in patronage capital; connected 1,544 meters and completed $53M in net new construction during the fiscal year.

    Expenses $986,247,207 · Revenue $992,337,511

As filed on the 2022 return.

Listed in Part VII

  • Feuerberg Stanley C

    President/CEO

    Total calculated
    $930,645
    From this org
    $892,947
    From related orgs
    $0
    Other
    $37,698
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $608,336
    Bonus
    $275,000
    Other
    $9,610
    Deferred
    $9,150
    Nontaxable benefits
    $28,548
    Filer's total
    $930,644

  • Schleicher David

    President & CEO

    Total calculated
    $623,163
    From this org
    $594,360
    From related orgs
    $0
    Other
    $28,803
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $557,756
    Bonus
    $29,000
    Other
    $7,604
    Deferred
    $24,238
    Nontaxable benefits
    $4,565
    Filer's total
    $623,163

  • Rollins Wilbur

    Senior Vice President - Finance

    Total calculated
    $423,281
    From this org
    $328,891
    From related orgs
    $0
    Other
    $94,390
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $324,338
    Bonus
    $0
    Other
    $4,553
    Deferred
    $9,761
    Nontaxable benefits
    $84,629
    Filer's total
    $423,281

  • Bisson Robert

    Vice President - Electric System Development

    Total calculated
    $388,702
    From this org
    $300,107
    From related orgs
    $0
    Other
    $88,595
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $265,768
    Bonus
    $27,500
    Other
    $6,839
    Deferred
    $8,955
    Nontaxable benefits
    $79,640
    Filer's total
    $388,702

  • Toulme Patrick

    Vice President & Corporate Counsel

    Total calculated
    $382,229
    From this org
    $293,624
    From related orgs
    $0
    Other
    $88,605
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $258,208
    Bonus
    $32,000
    Other
    $3,416
    Deferred
    $8,894
    Nontaxable benefits
    $79,711
    Filer's total
    $382,229

  • Dailey Michael

    Vice President - Energy Bus Development

    Total calculated
    $378,513
    From this org
    $292,593
    From related orgs
    $0
    Other
    $85,920
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $256,703
    Bonus
    $32,500
    Other
    $3,390
    Deferred
    $8,916
    Nontaxable benefits
    $77,004
    Filer's total
    $378,513

  • Rainey John

    Dir - Origination and Plant Ops

    Total calculated
    $283,608
    From this org
    $210,953
    From related orgs
    $0
    Other
    $72,655
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $177,955
    Bonus
    $28,109
    Other
    $4,888
    Deferred
    $6,409
    Nontaxable benefits
    $66,246
    Filer's total
    $283,607

  • Jaramillo Gilbert

    Manager - PWR Portfolio Opt & Bus Devel

    Total calculated
    $274,541
    From this org
    $205,594
    From related orgs
    $0
    Other
    $68,947
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $175,828
    Bonus
    $28,129
    Other
    $1,636
    Deferred
    $6,276
    Nontaxable benefits
    $62,671
    Filer's total
    $274,540

  • Swingle Daniel

    Vice President - Electric System Operations

    Total calculated
    $265,689
    From this org
    $198,182
    From related orgs
    $0
    Other
    $67,507
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $177,252
    Bonus
    $19,500
    Other
    $1,430
    Deferred
    $6,090
    Nontaxable benefits
    $61,417
    Filer's total
    $265,689

  • Spinner Howard

    Manager - Regulatory Affairs

    Total calculated
    $249,823
    From this org
    $185,211
    From related orgs
    $0
    Other
    $64,612
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $160,066
    Bonus
    $22,944
    Other
    $2,201
    Deferred
    $5,647
    Nontaxable benefits
    $58,965
    Filer's total
    $249,823

  • Hollcroft II Mason L

    Manager - System Construction

    Total calculated
    $241,615
    From this org
    $179,653
    From related orgs
    $0
    Other
    $61,962
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $152,951
    Bonus
    $22,789
    Other
    $3,913
    Deferred
    $5,429
    Nontaxable benefits
    $56,533
    Filer's total
    $241,615

  • Williams Benjamin B

    Lead Line Technician

    Total calculated
    $229,726
    From this org
    $194,223
    From related orgs
    $0
    Other
    $35,503
    Hours/week
    72

    Schedule J breakdown matched by us

    Base
    $194,042
    Bonus
    $0
    Other
    $181
    Deferred
    $12,377
    Nontaxable benefits
    $23,126
    Filer's total
    $229,726

  • Crouch Curt R

    Manager Civil Engineering

    Total calculated
    $221,190
    From this org
    $181,774
    From related orgs
    $0
    Other
    $39,416
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $158,482
    Bonus
    $22,933
    Other
    $360
    Deferred
    $15,377
    Nontaxable benefits
    $24,038
    Filer's total
    $221,190

  • Krovi Sai S

    Program and PMO Manager

    Total calculated
    $220,412
    From this org
    $190,687
    From related orgs
    $0
    Other
    $29,725
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $154,496
    Bonus
    $35,438
    Other
    $753
    Deferred
    $16,904
    Nontaxable benefits
    $12,821
    Filer's total
    $220,412

  • Hooker Lisa

    Vice President - Public Relations

    Total calculated
    $217,023
    From this org
    $188,639
    From related orgs
    $0
    Other
    $28,384
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $168,680
    Bonus
    $18,000
    Other
    $1,960
    Deferred
    $16,786
    Nontaxable benefits
    $11,598
    Filer's total
    $217,024

  • Hartung Paul J

    Lead Line Technician

    Total calculated
    $213,125
    From this org
    $173,523
    From related orgs
    $0
    Other
    $39,602
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $149,317
    Bonus
    $22,838
    Other
    $1,368
    Deferred
    $15,809
    Nontaxable benefits
    $23,793
    Filer's total
    $213,125

  • Whyte Kevin M

    Director System Engineering

    Total calculated
    $209,795
    From this org
    $172,002
    From related orgs
    $0
    Other
    $37,793
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $149,282
    Bonus
    $22,438
    Other
    $282
    Deferred
    $14,029
    Nontaxable benefits
    $23,764
    Filer's total
    $209,795

  • Gilbride Cynthia

    Treasurer

    Total calculated
    $44,904
    From this org
    $39,325
    From related orgs
    $0
    Other
    $5,579
    Hours/week
    1.23

  • House Wade C

    Chairman

    Total calculated
    $42,973
    From this org
    $37,514
    From related orgs
    $0
    Other
    $5,459
    Hours/week
    1.27

  • Ragan Michael E

    Secretary

    Total calculated
    $42,454
    From this org
    $36,635
    From related orgs
    $0
    Other
    $5,819
    Hours/week
    1.23

  • Chesley James

    Vice Chairperson

    Total calculated
    $42,301
    From this org
    $36,793
    From related orgs
    $0
    Other
    $5,508
    Hours/week
    1.23

  • George Brent

    Director

    Total calculated
    $42,057
    From this org
    $37,675
    From related orgs
    $0
    Other
    $4,382
    Hours/week
    6

  • Albrite Jr Cleil W

    Director

    Total calculated
    $41,583
    From this org
    $37,201
    From related orgs
    $0
    Other
    $4,382
    Hours/week
    0.96

  • Bruno Mark

    Director

    Total calculated
    $37,882
    From this org
    $37,500
    From related orgs
    $0
    Other
    $382
    Hours/week
    4.55

  • Middleton Edith

    Past Director's Wife

    Total calculated
    $21,556
    From this org
    $20,296
    From related orgs
    $0
    Other
    $1,260
    Hours/week
    0

  • Grove Walter R

    Past Director

    Total calculated
    $15,360
    From this org
    $13,680
    From related orgs
    $0
    Other
    $1,680
    Hours/week
    0

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 · Written employment contract
  • 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.

  • 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
2022
Filed
6 November 2023
IRS schema version
2022v5.0
Source object
202323129349300042

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