Rappahannock Electric Cooperative
- Assets
- $1.0b
- Revenue
- $419.8m
- Investments
- $926.9k
- Employees
- 484
- Location
- Fredericksburg, VA
- Founding
- 12/1942
- Data as of
- 12/2021
- EIN
- 54-1135340
Organization Overview
Rappahannock Electric Cooperative is located in Fredericksburg, VA. The organization was established in 1942. 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, Rappahannock Electric Cooperative employed 484 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Rappahannock Electric Cooperative 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, Rappahannock Electric Cooperative generated $419.8m in total revenue. The organization has seen a slow decline revenue. Over the past 7 years, revenues have fallen by an average of (1.6%) each year. All expenses for the organization totaled $420.4m during the year ending 12/2021. As we would expect to see with falling revenues, expenses have declined by (1.6%) per year over the past 7 years. 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 RAPPAHANNOCK ELECTRIC COOPERATIVE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SAFE AND EFFECTIVE DELIVERY OF ELECTRICITY TO THE MEMBERS OF RAPPAHANNOCK ELECTRIC COOPERATIVE. THE THREE LARGEST PROGRAM SERVICES, AS MEASURED BY EXPENSES ARE AS FOLLOWS: COST OF POWER 247,785,263 DEPRECIATION 45,208,218 OTHER SALARIES AND WAGES 43,940,108
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
John D Hewa President & | Officer | 62 | $659,296 |
Ronald W Harris Former Senio | Officer | 40 | $577,510 |
David F Koogler Senior Vp-Me | Officer | 60 | $389,197 |
Peter Muhoro Chief Strat | Officer | 60 | $361,572 |
Lawrence G Andrews Chief Admin | Officer | 60 | $318,893 |
John Arp Chief Eng & | Officer | 60 | $283,925 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Cooperative Building Solutions Renovation | 12/30/21 | $4,196,919 |
Wolf Tree Experts Inc Right Of Way | 12/30/21 | $4,589,537 |
Cw Wright Construction Construction | 12/30/21 | $8,174,467 |
Pittman's Tree & Landscaping Inc Right Of Way | 12/30/21 | $5,240,824 |
Atlantic Engineering Group Inc Engineering | 12/30/21 | $4,655,920 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $1,797,552 |
| 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 | $1,797,552 |
| Total Program Service Revenue | $416,452,928 |
| Investment income | $460,902 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $1,411,496 |
| Net Gain/Loss on Asset Sales | -$497,424 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $1,348 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $419,807,187 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $28,367 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $17,475,113 |
| Compensation of current officers, directors, key employees. | $3,985,197 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $43,940,108 |
| Pension plan accruals and contributions | $8,213,491 |
| Other employee benefits | $49,090 |
| Payroll taxes | $3,746,879 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $531,914 |
| Fees for services: Accounting | $172,976 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $1,327,825 |
| Office expenses | $0 |
| Information technology | $7,934,469 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $535,767 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $384,144 |
| Interest | $17,379,996 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $45,208,218 |
| Insurance | $634,925 |
| All other expenses | -$15,746,123 |
| Total functional expenses | $420,421,503 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $6,123,102 |
| Savings and temporary cash investments | $53,533,914 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $48,854,596 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $8,272,498 |
| Prepaid expenses and deferred charges | $12,839,667 |
| Net Land, buildings, and equipment | $758,376,538 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $926,916 |
| Investments—program-related | $153,378,294 |
| Intangible assets | $0 |
| Other assets | $853,640 |
| Total assets | $1,043,159,165 |
| Accounts payable and accrued expenses | $32,003,881 |
| 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 | $538,441,833 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $35,860,259 |
| Total liabilities | $606,305,973 |
| 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 | $436,853,192 |
| Total liabilities and net assets/fund balances | $1,043,159,165 |
Grants Awarded
Over the last fiscal year, Rappahannock Electric Cooperative has awarded $24,000 in support to 3 organizations.
| Grant Recipient | Amount |
|---|---|
Richmond, VA PURPOSE: Provide access to education | $10,000 |
Fredericksbrg, VA PURPOSE: Charitable giving within community | $8,000 |
Fredericksburg, VA PURPOSE: Charitable giving within community | $6,000 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Rappahannock Electric Cooperative has recieved totaling $289,452.
| Awarding Organization | Amount |
|---|---|
United Way Of Greater Richmond Richmond, VA PURPOSE: DONOR DIRECTS FUNDS(DESIGNATIONS) FOR ENERGY SHARE | $289,452 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
East Kentucky Power Cooperative Inc Winchester, KY | $3,550,114,968 | $954,101,068 |
Middle Tennessee Electric Membership Corporation Murfreesboro, TN | $972,885,002 | $816,151,968 |
Old Dominion Electric Cooperative Glen Allen, VA | $2,169,039,010 | $801,442,287 |
Northern Virginia Electric Co-Op Manassas, VA | $1,071,859,351 | $676,666,779 |
Kenergy Corp Henderson, KY | $260,651,880 | $473,591,627 |
Southern Maryland Electric Cooperative Inc Hughesville, MD | $1,114,931,504 | $461,053,058 |
Rappahannock Electric Cooperative Fredericksburg, VA | $1,043,159,165 | $419,807,187 |
Cumberland Electric Membership Corp Clarksville, TN | $559,882,187 | $327,722,843 |
Energyunited Electric Membership Corporation Statesville, NC | $513,896,783 | $280,523,963 |
Volunteer Energy Cooperative Decatur, TN | $369,462,846 | $270,037,507 |
Shenandoah Valley Electric Cooperative Inc Rockingham, VA | $571,380,010 | $240,751,246 |
Duck River Electric Membership Corporation Shelbyville, TN | $294,861,810 | $219,371,768 |