2025-05-15T11:31:34-04:00 2024-12-31 030302296 KITTELL BRANAGAN & SARGENT 154 N MAIN ST ST ALBANS VT 05478 990 2024-01-01 030164375 VERMONT ELECTRIC COOPERATIVE INC VERM 8026352331 42 WESCOM ROAD JOHNSON VT 05656 CAROLINE MASHIA CFO 8026352331 2025-04-07 true true WILLIAM KEYSER CPA P01584285 8025249531 2025-05-15 2024 2025-03-06 01:10:19Z REBECCA TOWNE 42 WESCOM ROAD JOHNSON VT 05656 103906082 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 12 119 0 1388600 0 92767721 97554674 6101016 6351408 0 100257337 103906082 0 4132506 4443580 13352659 13723582 0 0 82772172 85738920 100257337 103906082 0 221732064 233604394 127675275 136320920 94056789 97283474 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 41,036 METERED ACCOUNTS, WITH SALES OF APPROXIMATELY 475,065 MWH'S. false false false false false false false false false true true false false true true 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 138 0 119 true false false false false false 95083329 6582231 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 290781 0 46644 MARK HINTON 1ST CLASS LI 60.00 X 256022 0 51734 JESSEE SWEET 1ST CLASS LI 55.00 X 214878 0 41960 CAROLINE MASHIA CFO 50.00 X 207227 0 44520 CHAD LANOU 1ST CLASS LI 54.00 X 221112 0 30458 JOSHUA MCCOY 1ST CLASS LI 57.00 X 238417 0 11497 PETER ROSSI COO 50.00 X 197906 0 48569 TRAVIS ELWOOD 1ST CLASS LI 52.00 X 220595 0 14428 GEORGE LAGUE DIRECTOR 6.00 X 9075 0 16 PAUL LAMBERT 1ST VICE PRE 3.00 X X 8955 0 0 KEN HOEPPNER DIRECTOR 4.00 X 8105 0 7 CAROL MARONI 2ND VICE PRE 3.00 X X 7830 0 16 RICH GOGGIN PRESIDENT 6.00 X X 7175 0 16 THOMAS BAILEY DIRECTOR 5.00 X 5955 0 665 CHARLIE VAN WINKLE TREASURER 8.00 X 6230 0 16 MARK WOODWARD DIRECTOR 6.00 X 5525 0 16 JODY DUNKLEE SECRETARY 3.00 X X 5430 0 16 BONNIE PRATT DIRECTOR 2.00 X 5100 0 16 JEFFERY WILSON DIRECTOR 4.00 X 4475 0 0 DON WORTH DIRECTOR 3.00 X 2875 0 15 1923668 290609 78 false true false TTS TREE SERVICE LLC 245A POTTER ROAD CANTON NY 13617 TREE CLEARING 2875671 TREES LLC 1700 SOLUTIONS CENTER CHICAGO IL 60677 TREE CLEARING 1444705 H BROS TREE SERVICE LLC 8484 VT RTE 15 HARDWICK VT 05843 TREE CLEARING 1365522 RIGGS DISTLER & COMPANY INC PO BOX 787696 PHILADELPHIA PA 19178 CONSTRUCTION 1347508 JCR CONSTRUCTION CO INC PO BOX 841164 DALLAS TX 75284 CONSTRUCTION 897598 22 ELECTRIC OPERATING INCOME 221000 97323848 97323848 NON-OPERATING INCOME 221000 230826 230826 97554674 6328438 6328438 22970 22970 22970 22970 103906082 97577644 6328438 4443580 664900 9393825 1302656 1596173 766028 42578 51335 68786 680402 1074184 1322789 105005 1149274 156338 5205509 6685115 PURCHASED POWER 40513296 TRANSMISSION 15171219 TREE TRIMMING EXPENSE 4955352 PROPERTY TAX EXPENSE 4940215 3617523 103906082 0 0 0 1114944 662493 17775279 19898204 7331544 7997281 1200925 1570780 218169311 74200192 138885091 143969119 43572809 46710513 5771762 6431123 6079710 6364881 221732064 233604394 15682216 14035367 988104 111575816 120830938 417243 466511 127675275 136320920 X 94056789 97283474 94056789 97283474 221732064 233604394 X 0 3226685 X false true X true true true 1346938 1346938 7069073 2167255 4901818 75001009 72032937 2968072 134752291 134752291 143969119 VERMONT ELECTRIC POWER CO. STOCK 46179770 C NE HYDRO TRANSMISSION STOCK 530743 C 46710513 DEFERRED COMPENSATION 466511 466511 X 109360415 5649509 5649509 103710906 195176 195176 103906082 104916835 5649509 5649509 99267326 4638756 4638756 103906082 SCHEDULE D, PAGE 3, PART X CONSIDERATION HAS BEEN GIVEN TO UNCERTAIN TAX POSITIONS. THE FEDERAL INCOME TAX RETURNS FOR THE YEARS ENDED AFTER DECEMBER 31, 2021, REMAIN OPEN FOR POTENTIAL EXAMINATION BY MAJOR TAX JURISDICTIONS, GENERALLY FOR THREE YEARS AFTER THEY WERE FILED. SCHEDULE D, PAGE 4, PART XI, LINE 2D EXCESS SALES FOR RESALE AND REC'S 5,649,509 SCHEDULE D, PAGE 4, PART XI, LINE 4B OFFSETTING RELATED ELECTRIC NON-OPERATING INCOME 195,176 SCHEDULE D, PAGE 4, PART XII, LINE 2D EXCESS SALES FOR RESALE AND REC'S 5,649,509 SCHEDULE D, PAGE 4, PART XII, LINE 4B OFFSETTING RELATED ELECTRIC NON-OPERATING INCOME 195,176 NET MARGINS AVAILABLE TO MEMBERS 4,443,580 X X X X false false false REBECCA TOWNE CEO 285225 4548 1008 20667 25977 337425 MARK HINTON 1ST CLASS LINEWORKER 254042 1980 27824 23910 307756 JESSEE SWEET 1ST CLASS LINEWORKER 212355 2523 9046 32914 256838 CAROLINE MASHIA CFO 193664 3618 9945 15058 29462 251747 CHAD LANOU 1ST CLASS LINEWORKER 220461 651 28281 2177 251570 JOSHUA MCCOY 1ST CLASS LINEWORKER 238141 276 9579 1918 249914 PETER ROSSI COO 193542 3626 738 14560 34009 246475 TRAVIS ELWOOD 1ST CLASS LINEWORKER 220145 450 10862 3566 235023 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 AND CONTROLLER. AFTER THE 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 2024 NET MARGINS 4,443,580 2024 PATRONAGE RETIREMENTS -1,216,895 TOTAL 3,226,685