Northern Neck Electric Cooperative Inc
- Assets
- $102.3m
- Revenue
- $40.3m
- Investments
- $200.0k
- Employees
- 62
- Location
- Warsaw, VA
- Founding
- 04/1941
- Data as of
- 12/2021
- EIN
- 54-0322350
Organization Overview
Northern Neck Electric Cooperative Inc is located in Warsaw, VA. The organization was established in 1941. 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, Northern Neck Electric Cooperative Inc employed 62 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Northern Neck Electric Cooperative 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, Northern Neck Electric Cooperative Inc generated $40.3m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 0.3% each year. All expenses for the organization totaled $39.0m during the year ending 12/2021. While expenses have increased by 0.0% 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
SAFE AND EFFECTIVE DISTRIBUTION OF ELECTRICITY TO THE MEMBERS OF THE COOPERATIVE
Describe the Organization's Program Activity:
Part 3 - Line 4a
SAFE AND EFFECTIVE DELIVERY OF ELECTRICITY TO THE MEMBERS OF THE COOPERATIVE. THE THREE LARGEST PROGRAM SERVICES AS MEASURED BY EXPENSES WERE AS FOLLOWS: COST OF POWER: 20,331,579 SALARIES & WAGES: 4,890,835 DEPRECIATION: 4,438,416
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Bradley H Hicks CEO | Officer | 50 | $345,613 |
William Patrick Henry VP Engineeri | 45 | $185,831 | |
James A Moss VP Operation | 48 | $183,479 | |
Richard E Mclendon VP Member Se | 50 | $181,267 | |
Pamela M Davis VP Finance | Officer | 45 | $149,162 |
John W Harhai Foreman, Lin | 45 | $122,446 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Asplundh Row Maintenance | 12/30/21 | $1,976,667 |
Napier Utilities Const Llc Row Maintenance | 12/30/21 | $544,703 |
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 | $39,795,874 |
| Investment income | $32,441 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $405,141 |
| Net Gain/Loss on Asset Sales | $85,313 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $40,320,421 |
| 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 | $2,719,105 |
| Compensation of current officers, directors, key employees. | $878,170 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $4,890,835 |
| Pension plan accruals and contributions | $936,231 |
| Other employee benefits | $85,951 |
| Payroll taxes | $430,850 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $48,605 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $852,350 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $206,961 |
| Interest | $1,461,508 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $4,437,552 |
| Insurance | $0 |
| All other expenses | -$2,829,430 |
| Total functional expenses | $39,026,890 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,212,420 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $6,601,760 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $1,985,949 |
| Prepaid expenses and deferred charges | $2,624,835 |
| Net Land, buildings, and equipment | $72,196,866 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $200,000 |
| Investments—program-related | $17,447,307 |
| Intangible assets | $0 |
| Other assets | $8,104 |
| Total assets | $102,277,241 |
| Accounts payable and accrued expenses | $2,267,208 |
| 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 | $46,325,173 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $4,457,417 |
| Total liabilities | $53,049,798 |
| 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 | $49,227,443 |
| Total liabilities and net assets/fund balances | $102,277,241 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Northern Neck Electric Cooperative Inc has recieved totaling $30,131.
| Awarding Organization | Amount |
|---|---|
United Way Of Greater Richmond Richmond, VA PURPOSE: DONOR DIRECTS FUNDS(DESIGNATIONS) FOR ENERGY SHARE | $30,131 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Upper Cumberland Electric Membership Corporation Carthage, TN | $208,911,918 | $121,895,944 |
Meriwether Lewis Electric Cooperative Centerville, TN | $179,486,251 | $119,621,039 |
Salt River Electric Bardstown, KY | $187,060,575 | $114,408,015 |
Southwest Tennessee Electric Membership Corp Brownsville, TN | $219,052,657 | $121,626,016 |
Appalachian Electric Cooperative New Market, TN | $242,163,198 | $119,028,278 |
Jackson Energy Cooperative Corporat Ion Inc Mckee, KY | $284,949,026 | $109,799,636 |
South River Electric Membership Corporation Dunn, NC | $271,179,808 | $105,392,697 |
Central Virginia Electric Cooperative Lovingston, VA | $375,858,912 | $102,220,456 |
Wake Electric Membership Corp Wake Forest, NC | $280,486,920 | $101,861,632 |
Gibson Electric Membership Corp Trenton, TN | $199,281,246 | $104,510,085 |
Four County Electric Membership Corp Burgaw, NC | $229,795,069 | $103,654,934 |
Holston Electric Cooperative Inc Rogersville, TN | $140,432,181 | $97,958,544 |