Washington Electric Co-Operative Inc
- Assets
- $65.1m
- Revenue
- $7.7m
- Investments
- $10.4m
- Employees
- 52
- Location
- East Montpelier, VT
- Founding
- 06/1940
- Data as of
- 12/2021
- EIN
- 03-0165895
Organization Overview
Washington Electric Co-Operative Inc is located in East Montpelier, VT. The organization was established in 1940. According to its NTEE Classification (W80) the organization is classified as: Public Utilities, under the broad grouping of Public & Societal Benefit and related organizations. As of 12/2021, Washington Electric Co-Operative Inc employed 52 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Washington Electric Co-Operative Inc is a 501(c)(12) and as such, is described as a "Benevolent Life Insurance Association, Mutual Ditch or Irrigation Company, Mutual or Cooperative Telephone Company" by the IRS.
For the year ending 12/2021, Washington Electric Co-Operative Inc generated $7.7m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 0.9% each year. All expenses for the organization totaled $7.7m during the year ending 12/2021. While expenses have increased by 0.9% per year over the past 7 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE RESIDENTIAL AND COMMERCIAL ELECTRICAL SERVICE TO COOPERATIVE MEMBERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDE RESIDENTIAL AND COMMERCIAL ELECTRICAL SERVICE TO COOPERATIVE MEMBERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Patricia Richards General Mana | Officer | 42.8 | $249,177 |
Amos Turner Construction | 48.3 | $147,113 | |
Jason Preston Maintenance | 49.3 | $146,619 | |
Jason Smith Construction | 48.7 | $139,748 | |
Cheryl Willette Director Of | 45.1 | $138,682 | |
Kyle Sands Lineworker | 48 | $134,175 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Matt Foster Logging And Tree Service Tree Trimming | 12/30/21 | $737,860 |
Tarrant Marks & Gillies Legal Counsel | 12/30/21 | $116,610 |
Rich's Tree Service Tree Trimming | 12/30/21 | $211,429 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $1,586 |
| Investment income | $1,112,659 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $38,887 |
| Net Gain/Loss on Asset Sales | -$39,552 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $6,556,213 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $7,723,306 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $1,040,782 |
| Compensation of current officers, directors, key employees. | $239,872 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $879,115 |
| Pension plan accruals and contributions | $298,465 |
| Other employee benefits | $166,252 |
| Payroll taxes | $97,578 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $115,672 |
| Fees for services: Accounting | $41,820 |
| Fees for services: Lobbying | $1,776 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $2,841 |
| Advertising and promotion | $0 |
| Office expenses | $20,400 |
| Information technology | $153,468 |
| Royalties | $0 |
| Occupancy | $10,606 |
| Travel | $49 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $1,239,132 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,440,606 |
| Insurance | $68,734 |
| All other expenses | $39,457 |
| Total functional expenses | $7,723,306 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,365,514 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $2,714,724 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $410,018 |
| Prepaid expenses and deferred charges | $1,190,032 |
| Net Land, buildings, and equipment | $48,163,751 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $10,390,238 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $837,190 |
| Total assets | $65,071,467 |
| Accounts payable and accrued expenses | $2,759,659 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $35,858,651 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $1,017,010 |
| Total liabilities | $39,635,320 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $25,436,147 |
| Total liabilities and net assets/fund balances | $65,071,467 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Washington Electric Co-Operative Inc has recieved totaling $70,000.
| Awarding Organization | Amount |
|---|---|
Vermont Low Income Trust For Electricity Inc Montpelier, VT PURPOSE: Efficiency prog for low income VT | $70,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Steuben Rural Electric Cooperative Inc Bath, NY | $38,467,203 | $11,402,118 |
Griffiss Utility Services Corporation Rome, NY | $55,633,471 | $10,494,870 |
Otsego Electric Cooperative Inc Hartwick, NY | $49,068,805 | $10,412,060 |
Delaware County Electric Cooperative Inc Delhi, NY | $31,160,673 | $9,563,968 |
Washington Electric Co-Operative Inc East Montpelier, VT | $65,071,467 | $7,723,306 |
Citizens Energy Corp Boston, MA | $91,449,217 | $4,368,479 |
Oneida-Madison Electric Cooperative Inc Bouckville, NY | $7,515,717 | $2,856,346 |
Boston Community Access & Programming Foundation Inc Roxbury, MA | $7,302,849 | $3,314,790 |
Northeast Public Power Association Littleton, MA | $3,141,643 | $2,606,605 |
Independent Power Producers Of New York Inc Albany, NY | $2,361,660 | $1,877,380 |
New England Power Generators Association Inc Westborough, MA | $833,586 | $1,566,455 |
New England States Committee On Electricity Osterville, MA | $2,009,182 | $1,423,476 |