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Nonprofiteer
← VERMONT ELECTRIC COOPERATIVE INC

Form 990 for tax year 2024

Filed by VERMONT ELECTRIC COOPERATIVE INC.

Totals

Total revenue
$103,906,082
Total expenses
$103,906,082
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$97,554,674
Investment income
$6,351,408
Other revenue
$0
Total assets, end of year
$233,604,394
Total liabilities, end of year
$136,320,920
Net assets or fund balances, end of year
$97,283,474
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 OPERATING INCOME

    total $97,323,848 · related or exempt $97,323,848

  • 2b · Program service revenue: NON-OPERATING INCOME

    total $230,826 · related or exempt $230,826

  • 3 · Investment income

    total $6,328,438 · excluded $6,328,438

  • 7a · Gross sales of assets other than inventory

    other assets $22,970

  • 7c · Gain or loss

    other assets $22,970

  • 7d · Net gain or loss

    total $22,970 · related or exempt $22,970

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $4,443,580

  • 5 · Compensation of officers, directors and key employees

    total $664,900

  • 7 · Other salaries and wages

    total $9,393,825

  • 8 · Pension plan contributions

    total $1,302,656

  • 9 · Other employee benefits

    total $1,596,173

  • 10 · Payroll taxes

    total $766,028

  • 11b · Fees: legal

    total $42,578

  • 11c · Fees: accounting

    total $51,335

  • 11d · Fees: lobbying

    total $68,786

  • 11g · Fees: other

    total $680,402

  • 13 · Office expenses

    total $1,074,184

  • 14 · Information technology

    total $1,322,789

  • 16 · Occupancy

    total $105,005

  • 17 · Travel

    total $1,149,274

  • 19 · Conferences, conventions and meetings

    total $156,338

  • 20 · Interest

    total $5,205,509

  • 22 · Depreciation, depletion and amortization

    total $6,685,115

  • 24a · Other expenses: PURCHASED POWER

    total $40,513,296

  • 24b · Other expenses: TRANSMISSION

    total $15,171,219

  • 24c · Other expenses: TREE TRIMMING EXPENSE

    total $4,955,352

  • 24d · Other expenses: PROPERTY TAX EXPENSE

    total $4,940,215

  • 24e · All other expenses

    total $3,617,523

Balance sheet

Part X, book values.

  • 2 · Savings and temporary cash investments

    beginning of year $1,114,944 · end of year $662,493

  • 4 · Accounts receivable

    beginning of year $17,775,279 · end of year $19,898,204

  • 8 · Inventories for sale or use

    beginning of year $7,331,544 · end of year $7,997,281

  • 9 · Prepaid expenses and deferred charges

    beginning of year $1,200,925 · end of year $1,570,780

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

    $218,169,311

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

    $74,200,192

  • 10c · Land, buildings and equipment, net

    beginning of year $138,885,091 · end of year $143,969,119

  • 12 · Investments: other securities

    beginning of year $43,572,809 · end of year $46,710,513

  • 13 · Investments: program-related

    beginning of year $5,771,762 · end of year $6,431,123

  • 15 · Other assets

    beginning of year $6,079,710 · end of year $6,364,881

  • 17 · Accounts payable and accrued expenses

    beginning of year $15,682,216 · end of year $14,035,367

  • 19 · Deferred revenue

    end of year $988,104

  • 23 · Secured mortgages and notes payable

    beginning of year $111,575,816 · end of year $120,830,938

  • 25 · Other liabilities

    beginning of year $417,243 · end of year $466,511

  • 31 · Retained earnings, endowment or other funds

    beginning of year $94,056,789 · end of year $97,283,474

Mission and programs · 2024

Mission

VERMONT ELECTRIC COOPERATIVE IS A MEMBER OWNED NOT-FOR-PROFIT WHOSE MISSION IS TO PROVIDE SAFE, AFFORDABLE, AND RELIABLE ENERGY SERVICES TO ITS MEMBERS.

Activities or mission (Part I)

VERMONT ELECTRIC COOPERATIVE IS A MEMBER OWNED NOT-FOR-PROFIT UTILITY WHOSE MISSION IS TO PROVIDE SAFE, AFFORDABLE, AND RELIABLE ENERGY SERVICES TO ITS MEMBERS.

  • PROVIDING RELIABLE ELECTRIC SERVICE TO APPROXIMATELY 41,036 METERED ACCOUNTS, WITH SALES OF APPROXIMATELY 475,065 MWH'S.

As filed on the 2024 return.

Listed in Part VII

  • Rebecca Towne

    CEO

    Total calculated
    $337,425
    From this org
    $290,781
    From related orgs
    $0
    Other
    $46,644
    Hours/week
    52

    Schedule J breakdown matched by us

    Base
    $285,225
    Bonus
    $4,548
    Other
    $1,008
    Deferred
    $20,667
    Nontaxable benefits
    $25,977
    Filer's total
    $337,425

  • Mark Hinton

    1ST CLASS LI

    Total calculated
    $307,756
    From this org
    $256,022
    From related orgs
    $0
    Other
    $51,734
    Hours/week
    60

    Schedule J breakdown matched by us

    Base
    $254,042
    Bonus
    not reported
    Other
    $1,980
    Deferred
    $27,824
    Nontaxable benefits
    $23,910
    Filer's total
    $307,756

  • Jessee Sweet

    1ST CLASS LI

    Total calculated
    $256,838
    From this org
    $214,878
    From related orgs
    $0
    Other
    $41,960
    Hours/week
    55

    Schedule J breakdown matched by us

    Base
    $212,355
    Bonus
    not reported
    Other
    $2,523
    Deferred
    $9,046
    Nontaxable benefits
    $32,914
    Filer's total
    $256,838

  • Caroline Mashia

    CFO

    Total calculated
    $251,747
    From this org
    $207,227
    From related orgs
    $0
    Other
    $44,520
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $193,664
    Bonus
    $3,618
    Other
    $9,945
    Deferred
    $15,058
    Nontaxable benefits
    $29,462
    Filer's total
    $251,747

  • Chad Lanou

    1ST CLASS LI

    Total calculated
    $251,570
    From this org
    $221,112
    From related orgs
    $0
    Other
    $30,458
    Hours/week
    54

    Schedule J breakdown matched by us

    Base
    $220,461
    Bonus
    not reported
    Other
    $651
    Deferred
    $28,281
    Nontaxable benefits
    $2,177
    Filer's total
    $251,570

  • Joshua McCoy

    1ST CLASS LI

    Total calculated
    $249,914
    From this org
    $238,417
    From related orgs
    $0
    Other
    $11,497
    Hours/week
    57

    Schedule J breakdown matched by us

    Base
    $238,141
    Bonus
    not reported
    Other
    $276
    Deferred
    $9,579
    Nontaxable benefits
    $1,918
    Filer's total
    $249,914

  • Peter Rossi

    COO

    Total calculated
    $246,475
    From this org
    $197,906
    From related orgs
    $0
    Other
    $48,569
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $193,542
    Bonus
    $3,626
    Other
    $738
    Deferred
    $14,560
    Nontaxable benefits
    $34,009
    Filer's total
    $246,475

  • Travis Elwood

    1ST CLASS LI

    Total calculated
    $235,023
    From this org
    $220,595
    From related orgs
    $0
    Other
    $14,428
    Hours/week
    52

    Schedule J breakdown matched by us

    Base
    $220,145
    Bonus
    not reported
    Other
    $450
    Deferred
    $10,862
    Nontaxable benefits
    $3,566
    Filer's total
    $235,023

  • George Lague

    DIRECTOR

    Total calculated
    $9,091
    From this org
    $9,075
    From related orgs
    $0
    Other
    $16
    Hours/week
    6

  • Paul Lambert

    1ST VICE PRE

    Total calculated
    $8,955
    From this org
    $8,955
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Ken Hoeppner

    DIRECTOR

    Total calculated
    $8,112
    From this org
    $8,105
    From related orgs
    $0
    Other
    $7
    Hours/week
    4

  • Carol Maroni

    2ND VICE PRE

    Total calculated
    $7,846
    From this org
    $7,830
    From related orgs
    $0
    Other
    $16
    Hours/week
    3

  • Rich Goggin

    PRESIDENT

    Total calculated
    $7,191
    From this org
    $7,175
    From related orgs
    $0
    Other
    $16
    Hours/week
    6

  • Thomas Bailey

    DIRECTOR

    Total calculated
    $6,620
    From this org
    $5,955
    From related orgs
    $0
    Other
    $665
    Hours/week
    5

  • Charlie Van Winkle

    TREASURER

    Total calculated
    $6,246
    From this org
    $6,230
    From related orgs
    $0
    Other
    $16
    Hours/week
    8

  • Mark Woodward

    DIRECTOR

    Total calculated
    $5,541
    From this org
    $5,525
    From related orgs
    $0
    Other
    $16
    Hours/week
    6

  • Jody Dunklee

    SECRETARY

    Total calculated
    $5,446
    From this org
    $5,430
    From related orgs
    $0
    Other
    $16
    Hours/week
    3

  • Bonnie Pratt

    DIRECTOR

    Total calculated
    $5,116
    From this org
    $5,100
    From related orgs
    $0
    Other
    $16
    Hours/week
    2

  • Jeffery Wilson

    DIRECTOR

    Total calculated
    $4,475
    From this org
    $4,475
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • Don Worth

    DIRECTOR

    Total calculated
    $2,890
    From this org
    $2,875
    From related orgs
    $0
    Other
    $15
    Hours/week
    3

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 · Compensation survey or study
  • 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.

Provenance

Return type
form_990
Tax year
2024
Filed
7 April 2025
IRS schema version
2024v5.0
Source object
202541359349304699

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