2024-09-17T13:21:15-04:00 2023-12-31 541320089 ADAMS JENKINS & CHEATHAM 231 WYLDEROSE DR MIDLOTHIAN VA 23113 990 2023-01-01 540322350 NORTHERN NECK ELECTRIC COOPERATIVE NORT 8043333621 PO BOX 288 WARSAW VA 22572 PAMELA M DAVIS VP FINANCE 8043333621 2024-08-15 true true G STEVEN GILLIAM CPA P00348264 8043231313 2024-08-15 2023 2024-08-08 14:25:15Z BRADLEY H HICKS 85 ST JOHNS STREET WARSAW VA 22572 48058563 false X WWW.NNEC.COOP X 1937 VA SAFE AND EFFECTIVE DISTRIBUTION OF ELECTRICITY TO THE MEMBERS OF THE COOPERATIVE 7 7 63 58973 44170 420294 657345 43344581 46722960 150160 181475 424991 496783 44340026 48058563 0 2329052 745963 7559007 7909624 0 0 32286533 34301054 42174592 42956641 2165434 5101922 108629460 111304285 57318321 60374634 51311139 50929651 SAFE AND EFFECTIVE DISTRIBUTION OF ELECTRICITY TO THE MEMBERS OF THE COOPERATIVE false false 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: 23,605,612 SALARIES & WAGES: 5,342,524 DEPRECIATION: 4,620,369 false false false false false false false false false true false true 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 36 0 true 63 true true true false false false false 41544116 5453247 false false false X 7 7 false false false false true true true true true false false true true true true true true true true false X THE COOPERATIVE 8043333621 85 ST JOHNS STREET WARSAW VA 22572 X BRADLEY H HICKS CEO 50.00 0.00 X 461963 0 114955 WILLIAM PATRICK HENRY VP ENGINEERI 40.00 X 203199 0 119186 VALERIE HINSON VP CORP SERV 45.00 X 163297 0 131146 RICHARD E MCLENDON VP OPERATION 50.00 X 201412 0 89866 GLENN PURCELL VP MEMBER SV 50.00 X 174003 0 52676 PAMELA M DAVIS VP FINANCE 45.00 X 166481 0 58459 STEVE MINOR VP ENGINEERI 45.00 X 138387 0 42071 JAMES A WISE SECRETARY/TR 7.00 X X 36000 0 0 MARY CATHERINE JONES DIRECTOR 8.00 X 35500 0 0 HOLLY WARGO DIRECTOR 7.00 X 35000 0 0 RUSSELL G BROWN VICE CHAIRMA 7.00 X X 34300 0 0 JASON C KENNER DIRECTOR 2.50 X 31000 0 0 RALPH E SUTTON DIRECTOR 5.00 X 31000 0 0 HUNTER R GREENLAW JR CHAIRMAN 9.00 X X 29000 0 0 1740542 608359 25 false true false DAVEY RESOURCE GROUP PO BOX 74142 CLEVELAND OH 44194 CONSULTANT 7119729 ASPLUNDH 1700 SOLUTIONS CENTER CHICAGO IL 60677 ROW MAINTENANCE 2169769 NAPIER UTILITIES CONST LLC PO BOX 874 WARSAW VA 22572 ROW MAINTENANCE 425058 3 657345 657345 SALE & DIST. OF ELECTRIC 221000 41544116 41544116 CONT IN AID OF CONST 221000 5147464 5147464 CASH PATRONAGE RECEIVED 221000 31380 31380 46722960 173380 173380 20600 475411 20600 475411 496011 20600 58973 416438 8095 8095 8095 8095 MERCHANDISING 772 772 772 48058563 46744332 58973 597913 X 745963 1033658 5342524 1055764 477678 441173 1330946 391799 1546463 4620369 COST OF POWER 23605612 DISTRIBUTION MAINTENANCE 3755695 DISTRIBUTION OPERATION 1350027 GENERAL AND ADMINISTRATIO 506451 -3247481 42956641 0 0 0 1742947 2012222 1323179 7962490 9367506 2603752 2821037 3595687 3524975 137076564 61112930 72713558 75963634 200000 200000 17789257 18096169 9547 7785 108629460 111304285 3460754 5159405 49621268 51890849 4236299 3324380 57318321 60374634 X 51311139 50929651 51311139 50929651 108629460 111304285 X 5101922 -5483410 X false true X false false 137076564 61112930 75963634 75963634 PATRONAGE CAPITAL 16898104 C CAPITAL TERM CERTIFICATES 683883 C OTHER 514182 C 18096169 CONSUMER DEPOSITS 1390899 ACCRUED LIABILITIES 1217403 OTHER POSTRETIREMENT BENEFITS 570135 DEFERRED CREDITS 145943 3324380 X 42553302 42553302 5505261 5505261 48058563 41553333 41553333 1403308 1403308 42956641 SCHEDULE D, PAGE 3, PART X THE COOPERATIVE FOLLOWS THE GUIDANCE FOR "UNCERTAIN TAX POSITIONS" IN ACCORDANCE WITH ACCOUNTING PRINCIPLES GENERALLY ACCEPTED IN THE UNITED STATES OF AMERICA. THE COOPERATIVE HAS DETERMINED THAT IT IS MORE LIKELY THAN NOT THAT ITS TAX POSITIONS WILL BE SUSTAINED UPON EXAMINATION BY THE INTERNAL REVENUE SERVICE. SCHEDULE D, PAGE 4, PART XI, LINE 4B CONTRIBUTIONS IN AID OF CONSTRUCTION 5,147,464 PATRONAGE ALLOCATIONS -299,548 FEMA 657,345 SCHEDULE D, PAGE 4, PART XII, LINE 4B PATRONAGE DIVIDENDS 745,963 FEMA 657,345 X X false false false BRADLEY H HICKS CEO 442307 19656 92560 22395 576918 WILLIAM PATRICK HENRY VP ENGINEERING 185551 3193 14455 103201 15985 322385 VALERIE HINSON VP CORP SERVICES 147259 2343 13695 121513 9633 294443 RICHARD E MCLENDON VP OPERATIONS 184727 3127 13558 69168 20698 291278 GLENN PURCELL VP MEMBER SVCS 152660 21343 38222 14454 226679 PAMELA M DAVIS VP FINANCE 151632 2588 12261 38077 20382 224940 STEVE MINOR VP ENGINEERING 128063 2015 8309 21994 20077 180458 SCHEDULE J, PART III CERTAIN INDIVIDUALS PARTICIPATE IN A EXECUTIVE BENEFIT RESTORATION PLAN (EBR), AS A RESULT OF HAVING BENEFITS UNDER THE QUALIFIED PENSION PLAN RESTRICTED BECAUSE OF MAXIMUM LIMITS ON BENEFITS THAT MAY BE PROVIDED UNDER THE QUALIFIED PENSION PLAN. THE EBR IS SUBJECT TO A SUBSTANTIAL RISK OF FORFEITURE PRIOR TO PARTICIPANTS REACHING NORMAL RETIREMENT DATE AND OTHER RESTRICTIONS AS DEFINED IN THE EBR PLAN DOCUMENT. PARTICIPANTS IN THE PLAN DO NOT RECEIVE THE FUNDS SET ASIDE IN THE EBR PLAN UNLESS THEY WORK UNTIL THE NORMAL RETIREMENT AGE. IF THEY LEAVE PRIOR TO THE RETIREMENT AGE THE COOPERATIVE RETAINS 100% OF THE FUNDS. 990 REPORTING RULES REQUIRES AMOUNTS ACCRUED BUT NOT YET VESTED OR RECEIVED, TO BE INCLUDED ON SCHEDULE J PART II, COLUMN C. THE FOLLOWING INDIVIDUALS HAD AMOUNTS ACCRUED UNDER THIS PLAN DURING 2023: BRADLEY H. HICKS 22,006 FORM 990 FORM 990, PART IX, LINE 4 BENEFITS PAID TO OR FOR MEMBERS PATRONAGE DIVIDENDS ARE PAID TO MEMBERS' ACCOUNTS IN ACCORDANCE WITH THE PRE-EXISTING OBLIGATION IN NORTHERN NECK ELECTRIC COOPERATIVE'S BY LAWS. THE CORPORATION IS OBLIGATED TO PAY BY CREDITS TO A CAPITAL ACCOUNT FOR EACH PATRON ALL SUCH AMOUNTS IN EXCESS OF OPERATING COSTS AND EXPENSES. FORM 990, PART IX, LINE 17 TRAVEL COSTS INCLUDE THE EXPENSES OF PURCHASING, LEASING, OPERATING, AND REPAIRING ANY VEHICLES OWNED BY THE COOPERATIVE AND USED IN THE COOPERATIVE'S ACTIVITIES. TRAVEL COSTS ALSO INCLUDE TRANSPORTATION COSTS, MEALS AND LODGING, AND PER DIEM PAYMENTS. FORM 990, PAGE 6, PART VI, LINE 6 NORTHERN NECK ELECTRIC COOPERATIVE IS AN ELECTRIC COOPERATIVE THAT DELIVERS ELECTRICITY TO THE MEMBERS OF THE COOPERATIVE. THE MEMBERS ELECT THE BOARD OF DIRECTORS WHICH SERVES AS THE GOVERNING BODY OF THE COOPERATIVE. FORM 990, PAGE 6, PART VI, LINE 7A MEMBERS OF THE GOVERNING BOARD ARE ELECTED BY THE MEMBERSHIP OF THE COOPERATIVE. THE BOARD HAS MONTHLY MEETINGS AND AN ANNUAL MEETING THAT IS OPEN TO THE ENTIRE MEMBERSHIP. FORM 990, PAGE 6, PART VI, LINE 7B CERTAIN DECISIONS OF THE GOVERNING BOARD ARE SUBJECT TO APPROVAL BY THE MEMBERS AS PROVIDED FOR IN THE BYLAWS. FORM 990, PAGE 6, PART VI, LINE 11B CEO AND VP FINANCE REVIEW THE TAX RETURN WITH THE BOARD. FORM 990, PAGE 6, PART VI, LINE 12C OFFICERS, DIRECTORS AND KEY EMPLOYEES ARE REQUIRED TO DISCLOSE INTERESTS THAT COULD GIVE RISE TO CONFLICTS. FORM 990, PAGE 6, PART VI, LINE 15A THE MEMBERS OF THE GOVERNING BOARD ALSO SERVE AS THE COMPENSATION COMMITTEE. ANNUALLY THEY EVALUATE THE PERFORMANCE OF THE CEO AND APPROVE THE COMPENSATION PACKAGE FOR THIS POSITION. FORM 990, PAGE 6, PART VI, LINE 15B THE COMPENSATION COMMITTEE APPROVES ALL OTHER PAYROLL INCREASES IN TOTAL. FORM 990, PAGE 6, PART VI, LINE 19 GOVERNING DOCUMENTS AND POLICIES ARE AVAILABLE UPON REQUEST. FINANCIAL DATA IS PRESENTED TO THE MEMBERS AT THE ANNUAL MEETING AND IS ALSO INCLUDED ON THE 990 WHICH IS AVAILABLE UPON REQUEST. FORM 990, PART VII 990 PART VII SECTION A COLUMN F THE COOPERATIVE PARTICIPATES IN THE NRECA GROUP DEFINED PENSION PLAN. AS PART OF THIS PLAN, PARTICIPANTS ARE REQUIRED TO RECOGNIZE THE ACTUARIAL INCREASE IN THE VALUE OF THEIR ACCOUNT ON THE FORM 990. THE CONTRIBUTION RATE FOR PARTICIPANTS IN THE PLAN IS THE SAME FOR ALL INDIVIDUALS IN THE PLAN. THE CHANGE IN ACTUARIAL VALUE FOR EACH PARTICIPANT, HOWEVER, VARIES WITH AGE. IN OTHER WORDS, THE OLDER A PARTICIPANT IS, THE GREATER THE INCREASE IN THAT INDIVIDUAL'S CHANGE IN ACTUARIAL VALUE WITH ALL OTHER THINGS BEING EQUAL. FORM 990, PART XI, LINE 9 NONCASH PATRONAGE CAPITAL ALLOCATIONS NOT REVENUE 299,548 PATRONAGE DIV. PAID TO MEMBERS' ACCTS NOT EXPENSE 745,963 UNREALIZED GAIN OF INVESTMENTS 399,315 ACTUARIAL LOSS -922,174 AMORTIZATION OF ACTUARIAL LOSS -175,342 CONTRIBUTIONS IN AID OF CONSTRUCTION NOT REVENUE -5,147,464 RETIREMENT OF CAPITAL CREDITS -683,256 TOTAL -5,483,410