Vepp Inc

Organization Overview

Vepp Inc is located in Manchester Center, VT. The organization was established in 1999. According to its NTEE Classification (W99) the organization is classified as: Public & Societal Benefit N.E.C., under the broad grouping of Public & Societal Benefit and related organizations. As of 06/2020, Vepp Inc employed 4 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations.

For the year ending 06/2020, Vepp Inc generated $557.1k in total revenue. This represents relatively stable growth, over the past 5 years the organization has increased revenue by an average of 3.5% each year. All expenses for the organization totaled $544.1k during the year ending 06/2020. While expenses have increased by 2.9% per year over the past 5 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.

Mission & Program ActivityExcerpts From the 990 Filing

TAX YEAR

2020

Describe the Organization's Mission:

Part 3 - Line 1

TO ACT UNDER THE VERMONT PUBLIC UTILITY COMMISSION AS THE PURCHASING AGENT FOR ELECTRICITY IN THE STATE OF VERMONT.

Describe the Organization's Program Activity:

Part 3 - Line 4a

THE STATE OF VERMONT HAS INITIATED A UNIQUE SYSTEM OF ELECTRIC POWER PURCHASING CREATED IN RESPONSE TO FEDERAL AND STATE LEGISLATION. THE PUBLIC UTILITIES REGULATORY POLICY ACT OF 1978 (PURPA) REQUIRES THAT ELECTRIC UTILITY COMPANIES PURCHASE ELECTRICITY OFFERED BY OWNERS OF CERTAIN QUALIFYING ELECTRIC GENERATING FACILITIES. SIMILARLY, A NEWER STATE LAW, V.S.A. 30 8005 ALSO REQUIRES ELECTRIC UTILITY COMPANIES TO PURCHASE ELECTRICITY OFFERED BY OWNERS OF CERTAIN QUALIFYING RENEWABLE ELECTRIC GENERATING FACILITIES. UNDER STATE LAW AND RULES PROMULGATED BY THE VERMONT PUBLIC UTILITY COMMISSION, RATES TO BE PAID FOR THIS ELECTRICITY ARE APPROVED BY THE PUBLIC UTILITY COMMISSION ON A STATEWIDE BASIS. VERMONT'S RETAIL UTILITIES ARE REQUIRED TO PURCHASE THIS ELECTRICITY ON A PRO RATA BASIS TO THEIR STATE LOAD. THE INTEGRATED SYSTEM OF ELECTRIC POWER PURCHASING IN THE STATE NECESSARILY REQUIRES THE STATE GOVERNMENT TO ASSUME FUNCTIONS MORE COMMONLY CARRIED OUT BY PRIVATE PARTIES. BECAUSE UTILITIES AND THE OWNERS OF MAJOR QUALIFIED FACILITIES TRANSACTING UNDER THIS SYSTEM DO NOT CONTRACT DIRECTLY WITH ONE ANOTHER FOR PURCHASE AND SALE OF ELECTRICITY, AN INTERMEDIARY IS REQUIRED TO ENSURE PROPER POWER AND FINANCIAL ACCOUNTING FOR THE STATEWIDE PURCHASING SYSTEM, TO MONITOR COMPLIANCE WITH CONTRACTS, AND IF NECESSARY TO ENFORCE THE TERMS OF THOSE CONTRACTS. THIS INTERMEDIARY IS KNOWN AS THE PURCHASING AGENT, AN ENTITY DESIGNATED BY THE PUBLIC UTILITY COMMISSION TO PERFORM THE POWER AND FINANCIAL ACCOUNTING FUNCTIONS ASSOCIATED WITH THE SYSTEM.ON MARCH 15, 1996, THE VERMONT PUBLIC UTILITY COMMISSION DESIGNATED VEPP INC. (VEPPI) AS THE PURCHASING AGENT FOR THE STATE. SIMILARLY, ON APRIL 13, 2007 VEPPI WAS DESIGNATED AS THE SPEED FACILITATOR FOR THE STATE (SUBSEQUENTLY CHANGED TO STANDARD OFFER FACILITATOR). IN THOSE CAPACITIES VEPPI IS REQUIRED TO PURCHASE ELECTRICITY FROM THE OWNERS OF QUALIFYING RENEWABLE ENERGY GENERATION FACILITIES. VEPPI IS ALSO REQUIRED TO ENTER INTO CONTRACTS FOR THE PURCHASE OF THE ELECTRICITY. EACH SUCH CONTRACT MUST BE APPROVED BY THE STATE COMMISSION AT RATES APPROVED BY THE STATE COMMISSION AT THE TIME THE CONTRACT IS EXECUTED. OTHER REQUIREMENTS OF THE PURCHASING AGENT AND STANDARD OFFER FACILITATOR INCLUDE BILLING AND COLLECTION OF PAYMENTS FROM THE ELECTRIC UTILITIES AND REMITTANCE TO THE OWNERS OF THE QUALIFIED FACILITIES, METERING QUALIFIED FACILITY OUTPUT, AND GENERALLY MANAGING THE TWO STATEWIDE POWER PURCHASING PROGRAMS UNDER RULES OF THE STATE COMMISSION. VEPPI PERFORMS THESE FUNCTIONS IN SUPPORT OF THE STATE, UNDER THE TERMS OF ITS DESIGNATION AS PURCHASING AGENT AND STANDARD OFFER FACILITATOR.


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Board, Officers & Key Employees

Name (title)Compensation
Carolyn Alderman
Secretary
$143,408
Linda Nelson
Vice President
$0
Brian Waxler
Treasurer
$0
Matthew Rubin
President
$0
Andrew Locke
Director
$0
Kathleen Keenan
Public Director
$0

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$545,715
Investment income $11,404
Tax Exempt Bond Proceeds $0
Royalties $0
Net Rental Income $0
Net Gain/Loss on Asset Sales $0
Net Income from Fundraising Events $0
Net Income from Gaming Activities $0
Net Income from Sales of Inventory $0
Miscellaneous Revenue$0
Total Revenue $557,119

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