Valley Electric Association Inc
- Assets
- $326.1m
- Revenue
- $99.9m
- Investments
- $0.0
- Employees
- 169
- Location
- Pahrump, NV
- Founding
- Data as of
- 12/2022
- EIN
- 88-0089964
Organization Overview
Valley Electric Association Inc is located in Pahrump, NV. As of 12/2022, Valley Electric Association Inc employed 169 individuals. Valley Electric Association 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 12/2022, Valley Electric Association Inc generated $99.9m in total revenue. The organization has seen a slow decline revenue. Over the past 5 years, revenues have fallen by an average of (2.3%) each year. All expenses for the organization totaled $95.7m during the year ending 12/2022. As we would expect to see with falling revenues, expenses have declined by (5.4%) per year over the past 5 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE QUALITY AND RELIABLE ELECTRIC AND INTERNET SERVICE TO MEMBERS OF THE COOPERATIVE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDING ELECTRIC ENERGY TO OUR MEMBERS ON A COOPERATIVE BASIS THROUGH THE ALLOCATION OF PATRONAGE CAPITAL. THERE WERE 24,502 ACTIVE SERVICES AT YEAR END.
PRIOR TO THE MEMBERSHIP APPROVED BYLAW AMENDMENTS IN 2018, THE COOPERATIVE PROVIDED INTERNET/BROADBAND SERVICES TO ALL SUBSCRIBERS ON A NON-PATRONAGE AND UNRELATED BUSINESS INCOME BASIS. ONE OF THE MEMBERSHIP APPROVED BYLAW AMENDMENTS IS TO PROVIDE INTERNET/BROADBAND SERVICES TO MEMBERS ON A PATRONAGE, NONPROFIT BASIS. THEREFORE, THE COOPERATIVE HAS EXPANDED ITS EXEMPT PURPOSES TO INCLUDE THE PROVISION OF INTERNET/BROADBAND SERVICES TO MEMBERS ON A PATRONAGE BASIS. SUCH SERVICES CONTINUE TO BE PROVIDED TO NON-MEMBERS ON A NON-PATRONAGE BASIS. THERE WERE 11,891 ACTIVE SERVICES AT YEAR END.
SOLPOWER AND SOLPOWER CAPITAL (SOLPOWER) ARE WHOLLY OWNED SUBSIDIARIES OF VEA; SOLPOWER WAS FORMED IN 2020 TO PROVIDE SOLAR POWER SERVICES TO MEMBERS OF VEA.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Michelle Caird Vice President | OfficerTrustee | 11.3 | $20,200 |
Kathleen Keyes President | OfficerTrustee | 14.7 | $18,900 |
Terrie D'antonio Director | Trustee | 8.4 | $15,150 |
Paul Healey Treasurer | OfficerTrustee | 6.3 | $15,950 |
Frank Jarvis Secretary | OfficerTrustee | 10.3 | $18,300 |
Bruce Holden Director (july-Dec) | Trustee | 4.3 | $8,700 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
National Information Solutions Cooperati Software Provider | 12/30/22 | $456,707 |
Chris Tomchuk Consulting & Training | 12/30/22 | $332,400 |
Layton Tree Service Llc Tree Trimmers | 12/30/22 | $327,573 |
St Moritz Security Security Services | 12/30/22 | $310,727 |
Par Western Line Contractors Line Construction | 12/30/22 | $262,657 |
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 | $99,092,131 |
| Investment income | $86,757 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $97,410 |
| Net Gain/Loss on Asset Sales | $40,146 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | -$4,474 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $99,856,868 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $65,448 |
| Grants and other assistance to domestic individuals. | $18,000 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $2,411,027 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $7,378,235 |
| Pension plan accruals and contributions | $2,221,319 |
| Other employee benefits | $2,097,758 |
| Payroll taxes | $702,716 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| 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 | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $9,122,760 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $10,417,496 |
| Insurance | $0 |
| All other expenses | $1,672,449 |
| Total functional expenses | $95,729,830 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $11,681,858 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $4,767,856 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $2,484,515 |
| Inventories for sale or use | $5,740,503 |
| Prepaid expenses and deferred charges | $59,099,593 |
| Net Land, buildings, and equipment | $230,509,413 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $8,736,522 |
| Intangible assets | $0 |
| Other assets | $3,062,403 |
| Total assets | $326,082,663 |
| Accounts payable and accrued expenses | $16,322,955 |
| 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 | $228,920,205 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $8,475,460 |
| Total liabilities | $253,718,620 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $153,810 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $72,210,233 |
| Total liabilities and net assets/fund balances | $326,082,663 |