2024-05-07T11:06:37-04:00 2023-12-31 030302296 KITTELL BRANAGAN & SARGENT 154 N MAIN ST ST ALBANS VT 05478 990 2023-01-01 030164375 VERMONT ELECTRIC COOPERATIVE INC VERM 8026352331 42 WESCOM ROAD JOHNSON VT 05656 CAROLINE MASHIA CFO 8026352331 2024-04-10 true CAROLINE MASHIA 999009999 true MARK MAYER CPA P01407388 8025249531 2024-05-01 2023 2023-04-26 12:10:37Z REBECCA TOWNE 42 WESCOM ROAD JOHNSON VT 05656 100257337 false X WWW.VERMONTELECTRIC.COOP X 1938 VT VERMONT ELECTRIC COOPERATIVE IS A MEMBER OWNED NOT-FOR-PROFIT UTILITY WHOSE MISSION IS TO PROVIDE SAFE, AFFORDABLE, AND RELIABLE ENERGY SERVICES TO ITS MEMBERS. 12 12 122 0 1200000 1388600 84402458 92767721 6163519 6101016 0 91765977 100257337 0 1914799 4132506 12798727 13352659 0 0 77052451 82772172 91765977 100257337 0 211565134 221732064 120954986 127675275 90610148 94056789 VERMONT ELECTRIC COOPERATIVE IS A MEMBER OWNED NOT-FOR-PROFIT WHOSE MISSION IS TO PROVIDE SAFE, AFFORDABLE, AND RELIABLE ENERGY SERVICES TO ITS MEMBERS. false false PROVIDING RELIABLE ELECTRIC SERVICE TO APPROXIMATELY 40,726 METERED ACCOUNTS, WITH SALES OF APPROXIMATELY 462,308 MWH'S. false true false false false false false false false true true false false true false true false false false false false false false false false false false false true false false false false false false false false false false false false false false true 104 0 122 true false false false false false 85928018 7764339 false false false X 12 12 false false false false true true true true true false false true true true true true true true true true true X X CAROLINE MASHIA 8027301153 42 WESCOM ROAD JOHNSON VT 05656 REBECCA TOWNE CEO 52.00 X 279262 0 44336 MARK HINTON 1ST CLASS LI 57.00 X 241944 0 48879 PETER ROSSI COO 50.00 X 201944 0 46387 CAROLINE MASHIA CFO 50.00 X 199206 0 46192 JESSEE SWEET 1ST CLASS LI 53.00 X 199379 0 38706 JOSHUA MCCOY 1ST CLASS LI 56.00 X 226051 0 10454 CHRISTOPHER CONNELLEY 1ST CLASS LI 54.00 X 204730 0 20619 CHAD LANOU 1ST CLASS LI 52.00 X 197661 0 23061 PAUL LAMBERT 1ST VICE PRE 2.00 X X 8710 0 0 CAROL MARONI 2ND VICE PRE 4.00 X X 7480 0 16 GEORGE LAGUE DIRECTOR 10.00 X 7450 0 16 THOMAS BAILEY DIRECTOR 3.00 X 5450 0 665 KEN HOEPPNER DIRECTOR 2.00 X 6080 0 7 CHARLIE VAN WINKLE DIRECTOR 6.00 X 6005 0 16 RICH GOGGIN PRESIDENT 4.00 X X 5900 0 16 MARK WOODWARD DIRECTOR 5.00 X 5830 0 16 DON WORTH DIRECTOR 2.00 X 5650 0 15 JODY DUNKLEE SECRETARY 3.50 X X 5430 0 16 BONNIE PRATT DIRECTOR 2.00 X 4325 0 16 JOHN WARD TREASURER 4.00 X X 1880 0 16 1820367 279449 59 false true false TREES LLC 1700 SOLUTIONS CENTER CHICAGO IL 60677 TREE CLEARING 1338682 H BROS TREE SERVICE LLC 8484 VT RTE 15 HARDWICK VT 05843 TREE CLEARING 1176529 TTS TREE SERVICE LLC 245A POTTER ROAD CANTON NY 13617 TREE CLEARING 1111155 JCR CONSTRUCTION CO INC PO BOX 841164 DALLAS TX 75284 CONSTRUCTION 736916 CHARLES CURTIS LLC INC PO BOX 13 DANVILLE VT 05828 CONSTRUCTION 465513 16 1388600 1388600 ELECTRIC OPERATING INCOME 221000 92492998 92492998 NON-OPERATING INCOME 221000 274723 274723 92767721 6099316 6099316 1700 1700 1700 1700 100257337 92769421 6099316 4132506 630659 9339557 1201651 1468034 712758 56830 46500 82286 574259 374 1015741 1177636 95048 974300 123118 4437764 6547439 PURCHASED POWER 43806343 TRANSMISSION 13774091 PROPERTY TAX EXPENSE 3856754 TREE TRIMMING EXPENSE 3570169 2633520 100257337 0 0 0 170654 1114944 15884416 17775279 6278912 7331544 862742 1200925 209152114 70267023 137860816 138885091 41445539 43572809 3295238 5771762 5766817 6079710 211565134 221732064 16926807 15682216 103681835 111575816 346344 417243 120954986 127675275 X 90610148 94056789 90610148 94056789 211565134 221732064 X 0 3446641 X false true X true true true RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 1346938 1346938 6969572 1929910 5039662 72508149 32519147 39989002 128327455 35817966 92509489 138885091 VERMONT ELECTRIC POWER CO. STOCK 43134770 C NE HYDRO TRANSMISSION STOCK 438039 C 43572809 DEFERRED COMPENSATION 417243 417243 101480478 1483440 1483440 99997038 260299 260299 100257337 97347972 1483440 1483440 95864532 4392805 4392805 100257337 SCHEDULE D, PAGE 4, PART XI, LINE 2D SALES FOR RESALE - PURCHASE POWER 1,483,440 SCHEDULE D, PAGE 4, PART XI, LINE 4B RENEWABLE ENERGY COSTS 35,618 OFFSETTING RELATED ELECTRIC NON-OPERATING INCOME 224,681 SCHEDULE D, PAGE 4, PART XII, LINE 2D SALE OF EXCESS PURCHASED POWER 1,483,440 SCHEDULE D, PAGE 4, PART XII, LINE 4B OFFSETTING RELATED ELECTRIC NON-OPERATING INCOME 224,681 RENEWABLE ENERGY COSTS 35,618 NET MARGINS AVAILABLE TO MEMBERS 4,132,506 X X X X false false false REBECCA TOWNE CEO 274355 3899 1008 19834 24502 323598 MARK HINTON 1ST CLASS LINEWORKER 240059 1885 26630 22249 290823 PETER ROSSI COO 185042 6271 10631 14753 31634 248331 CAROLINE MASHIA CFO 183851 3826 11529 14569 31623 245398 JESSEE SWEET 1ST CLASS LINEWORKER 196975 2404 8253 30453 238085 JOSHUA MCCOY 1ST CLASS LINEWORKER 225787 264 8657 1797 236505 CHRISTOPHER CONNELLEY 1ST CLASS LINEWORKER 202392 2338 8245 12374 225349 CHAD LANOU 1ST CLASS LINEWORKER 197037 624 21045 2016 220722 FORM 990, PAGE 6, PART VI, LINE 6 THE COOPERATIVE HAS MEMBERS WHO ARE ALSO THE CONSUMERS OF THE ELECTRICITY SOLD BY THE COOPERATIVE FORM 990, PAGE 6, PART VI, LINE 7A VEC HAS MEMBERS WHO VOTE TO ELECT A DIRECTOR TO REPRESENT THEIR DISTRICT. FORM 990, PAGE 6, PART VI, LINE 7B YES, THE COOPERATIVE NEEDS APPROVAL FROM MEMBERS TO MAKE CHANGES TO THE BYLAWS OR ARTICLES OF INCORPORATION. FORM 990, PAGE 6, PART VI, LINE 11B THE FORM IS PREPARED BY THE COOPERATIVES INDEPEDENT AUDITING FIRM AND THEN REVIEWED IN DETAIL BY VEC'S ACCOUNTING MANAGER. AFTER THE ACCOUNTING MANAGERS REVIEW IS COMPLETE, THE FORM 990 IS SENT TO THE CEO, CFO AND VEC'S BOARD OF DIRECTORS FOR THEIR REVIEW, PRIOR TO SUBMISSION. FORM 990, PAGE 6, PART VI, LINE 12C BOARD POLICY B.4 WAS INITIALLY APPROVED ON 1/25/2000 AND WAS REVIEWED AND REVISED ON 6/24/2014. THE POLICY COVERS ALL BOARD MEMBERS OF VERMONT ELECTRIC COOPERATIVE, INC. (VEC). ADDITIONALLY, ALL MEMBERS OF THE BOARD ARE PROVIDED AN IRS FORM 990 QUESTIONNAIRE ANNUALLY FOR COMPLETION AND THE RESPONSES ARE REVIEWED BY VEC'S FINANCE DEPARTMENT FOR COMPLETENESS. THE BOARD IS RESPONSIBLE FOR ENFORCEMENT OF THIS POLICY ON AN ONGOING BASIS. THE BOARD'S POLICY PROVIDES ALL THE REQUIREMENTS TO BE MET BY DIRECTORS AND THE PROCESS BY WHICH A VIOLATION WILL BE HANDLED. ALL DIRECTORS ARE REQUIRED TO SIGN THIS POLICY. VEC ALSO HAS A MANAGEMENT POLICY FOR CONFLICT OF INTEREST THAT WAS APPROVED ON 4/16/2014 AND REVIEWED BY THE BOARD OF DIRECTORS ON 5/12/2014. THE POLICY COVERS ALL EMPLOYEES OF VEC. ALL OFFICERS, HIGHLY COMPENSATED EMPLOYEES AND KEY EMPLOYEES COMPLETE THE IRS FORM 990 QUESTIONNAIRE ANNUALLY. IN ADDITION, HUMAN RESOURCES PROVIDES A COPY OF VEC'S CONFLICT OF INTEREST POLICY TO EMPLOYEES DURING THE ON- BOARDING PROCESS. VEC REVIEW'S THE DETAILS OF THE POLICY AND OBTAINS THE EMPLOYEE'S INITIALS THAT THE INFORMATION HAS BEEN REVIEWED. PREVIOUS TO THE FORMAL POLICY ADOTPION, VEC POSTED THE CONFLICT OF INTEREST POLICY FOR EMPLOYEES ON THE INTERNET. THE CEO IS RESPONSIBLE FOR THE ADMINISTRATION AND ENFORCEMENT OF THIS POLICY. FORM 990, PAGE 6, PART VI, LINE 15A THE CEO'S COMPENSATION IS PERFORMANCE BASED. THE BOARD OF DIRECTORS, SETS THE CEO'S GOALS AND DOES AN ASSESSMENT DURING THE ANNUAL PERFORMANCE EVALUATION. THESE ARE DERIVED FROM VEC'S STRATEGIC PLAN AND OTHER OBJECTIVES. THE PERCENTAGE REQUESTED IS BASED ON 1) ASSESSED PERFORMANCE AND 2) STRATEGIC COMPETITIVENESS COMPARED TO CEO'S STATEWIDE AND IN SIMILARLY-SIZED ELECTRIC COOPERATIVES. THE BOARD OF DIRECTORS AWARDS OR MODIFIES THE PERCENTAGE BASED ON ITS ASSESSMENT OF CEO PERFORMANCE. THE CEO IS ALSO ELIGIBLE FOR THE MANAGER INCENTIVE PROGRAM (MIP) BONUS, WHICH IS BASED ON COMPANY-WIDE PERFORMANCE METRICS. FIFTY PERCENT OF THE BONUS POOL IS PROPORTIONAL TO BASE PAY. THE OTHER 50% IS DIVIDED BASED ON PERFORMANCE. FORM 990, PAGE 6, PART VI, LINE 15B STARTING COMPENSATION FOR OFFICERS AND NON-UNION EMPLOYEES IS DETERMINED BY COMPARISON OF STATEWIDE AND ELECTRIC COOPERATIVE SALARY SURVEY DATA AND STRATEGIC COMPETITIVENESS FOR EXCELLENT CANDIDATES. VEC STRIVES TO BE APPROXIMATELY IN THE 50TH PERCENTILE OVERALL. THE POOL FOR OFFICER AND NON-UNION RAISES IS BASED ON THE PERCENT INCREASE THE UNION HAS NEGOTIATED FOR THE UPCOMING YEAR. THAT PERCENTAGE DETERMINES THE AVERAGE RAISE. INDIVIDUAL RAISES ARE DETERMINED BASED ON A) PERFORMANCE AND B) EQUITY, BOTH WITHIN STATEWIDE AND ELECTRIC COOPERATIVE SALARY SURVEYS AND ALONG DEMOGRAPHIC COMPARISONS. EACH MANAGER IS ASSIGNED A RAISE POOL PROPORTIONAL TO THE EXISTING SALARY STRUCTURE. THE CEO EVALUATES THE PERFORMANCE OF THEIR DIRECT REPORTS AND ASSIGNS RAISES ACCORDINGLY. SENIOR MANAGERS FOLLOW A SIMILAR PATTERN FOR THEIR REPORTS. FORM 990, PAGE 6, PART VI, LINE 19 VEC BYLAWS ARE POSTED ON THE WEBSITE, GOVERNING DOCUMENTS ARE AVAILABLE UPON MEMBER REQUEST. VEC FINANCIAL STATEMENTS ARE AVAILABLE ON THE WEBSITE, IN THE LOBBY AT THE ANNUAL MEETING OR UPON REQUEST. FORM 990, PART XI, LINE 9 2022 NET MARGINS 4,132,505 2023 PATRONAGE RETIREMENTS -685,864 TOTAL 3,446,641