2024-11-08T08:32:03-07:00 2023-12-31 990 2023-01-01 540346923 NORTHERN VIRGINIA ELECTRIC CO-OP NORT 7033350500 PO Box 2710 Manassas VA 201080875 Wilbur Rollins Sr. VP of Finance 7033921626 2024-11-08 1 2023 2024-10-15 13:58:12Z NOVEC David Schleicher PO Box 2710 Manassas VA 201080875 875409915 0 X www.novec.com X 1983 VA Our mission is creating value for its members, employees and communities by providing safe, reliable electricity and quality products at competitive prices; serving approximately 180,323 meters/customers. 7 7 350 0 0 0 0 0 992337511 864007865 3886703 8353906 1855825 3048144 998080039 875409915 0 0 10454130 11327585 26802543 30724580 0 0 0 948990535 816777700 986247208 858829865 11832831 16580050 1247676031 1386742429 430567479 542184202 817108552 844558227 Creating value for its members, employees and communities by providing safe, reliable electricity and quality products at competitive prices. Distribution of Electricity (180,323 Meters/Customers) 0 0 858829865 0 864007865 Provide affordable service to its 180,323 members with 99.99% average system reliability rate. NOVEC returned to its member-owners $11.3M in patronage capital; connected 1,526 meters and completed $46M in net new construction during the fiscal year. 0 0 0 858829865 0 0 1 0 0 0 0 0 0 1 0 0 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 1 0 0 1 68 0 1 350 1 0 0 0 0 0 864007865 2945523 0 0 0 X 7 7 0 0 0 0 1 1 0 1 1 0 0 1 1 1 1 1 1 1 1 1 1 X NOVEC Northern Virginia Electric Cooperative 7033350500 PO Box 2710 Manassas VA 201080875 Schleicher David President & CEO 40 0 X 789905 0 29175 Toulme Patrick Vice President & Corporate Counsel 40 0 X 376287 0 120375 Rollins Wilbur Senior Vice President - Finance & Accounting 40 0 X 354027 0 105115 Arnold Singleton Vice President - Engineering 40 0 X 343045 0 57180 Thomas Pierpoint Jr Vice President - Operations 40 0 X 357399 0 34268 Jaramillo Gilbert Vice President - Power Supply 40 0 X 279362 0 77398 Swingle Daniel Vice President - Electric System Operations 40 0 X 244934 0 86111 Dailey Michael Vice President - Energy Bus Development 40 0 X 253588 0 69682 Hooker Lisa Vice President - Communications 40 0 X 267767 0 34358 Rainey John Dir - Origination and Plant Ops 40 0 X 216715 0 78216 Spinner Howard Manager - Regulatory & Rates 40 0 X 199600 0 60303 Crouch Curt R Manager Civil Engineering, Land Mgmt & Permitting 40 0 X 189879 0 46915 Williams Benjamin B Lead Line Technician 68 0 X 188997 0 39424 Hartung Paul J Manager - Substation & Telecom 40 0 X 178595 0 45727 Joyce Johnson Vice President - Human Resources 40 0 X 195199 0 24861 Robert Studds Jr Line Technician, 1st Class 75 0 X 188623 0 28938 Krovi Sai S Program and PMO Manager 40 0 X 188831 0 22295 Bisson Robert Vice President - Electric System Development 40 0 X 96963 0 9388 Ragan Michael E Secretary 1.04 0 X 40200 0 5998 Gilbride Cynthia Treasurer 1.35 0 X 40200 0 5760 Chesley James Vice Chairperson 1.36 0 X 40200 0 5687 House Wade C Chairman 1.23 0 X 40200 0 5638 George Brent Director 5.09 0 X 41400 0 4389 Albrite Jr Cleil W Director 0.92 0 X 41400 0 4389 Bruno Mark Director 4.36 0 X 41400 0 1760 Middleton Edith Past Director's Wife 0 0 X 15483 0 1260 Grove Walter R Past Director 0 0 X 12000 0 1680 5222199 0 1006290 133 1 1 0 NEW RIVER ELECTRICAL CORP PO BOX 70 CLOVERDALE VA 24077 Construction 13207948 Leo Construction Company 24080 Trailhead Drive Aldie VA 20105 Underground Utility Construction 9648756 C W Wright Construction Company 11500 Ironbridge Road Chester VA 238318280 Substation Construction 9618220 LEWIS TREE SERVICE INC PO BOX 731897 Dallas TX 753731897 ROW Vegetation Management 6227305 LEE ELECTRICAL CONSTRUCTION PO Box 55 ABERDEEN NC 28315 Construction 4276377 15 0 Electricity Sales 221122 859835887 859835887 0 0 Electric Service 221122 2981512 2981512 0 0 1190466 1190466 0 0 864007865 8353906 8353906 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Fiber Optic Projects 221000 908420 908420 0 0 Patronage Capital from Associate Org 900099 7925 7925 0 0 Other Cap Crs & Patronage Dividends 900099 398897 398897 0 0 1732902 1732902 0 0 3048144 875409915 875409915 0 0 11327585 3496558 24980887 2391328 -2123006 1978813 6451816 922328 334520 102763 1642667 911259 5742216 4055078 315279 178168 183108 1588181 3726 31156462 2479134 Purchased Power Cost 722765160 Transmission & Distribution 15901950 Customer Services & Sales 5212884 Franchise and Regulatory Cost 9317610 7513391 858829865 0 0 0 10916109 18583952 21966063 157869514 0 0 107708335 125453176 0 0 0 0 74892684 73114822 29322779 42179277 32814825 6481224 1156876751 402543180 726447074 754333571 0 0 58944000 63733000 6737632 6436764 177926530 138557129 1247676031 1386742429 115896850 54474296 0 0 376103 307186 0 0 0 0 0 0 92113802 85757678 0 222180724 401645042 430567479 542184202 X 650108 632297 36778914 47666350 779679530 796259580 817108552 844558227 1247676031 1386742429 X 16580050 3837488 0 0 0 7032137 X 0 1 1 0 57500 0 57500 0 57500 1 Tara Durant for Sate Senate PO Box 5055 Fredericksburg VA 22403 862184691 2000 0 Virginians for Suhas PO Box 302 Ashburn VA 20146 922826172 2500 0 Friends of Mark Obenshain PO Box 555 Harrisonburg VA 22803 471703386 2000 0 Locke for State Senate 2101 Executive Dr Suite 810 Mailbox 41 Hampton VA 23666 830840990 1000 0 McDougle for Virginia PO Box 187 Mechanicsville VA 23111 203018088 2000 0 JCF for State Senate PO Box 5002 Woodbridge VA 22194 000000000 1000 0 Ruff for Senate PO Box 332 Clarksville VA 23927 010633222 2000 0 Barker for Senate PO Box 10527 Alexandria VA 22310 870782633 1000 0 Marsden for Senate PO Box 10889 Burke VA 22009 271338500 4000 0 Surovell for State Senate PO Box 289 Mt Vernon VA 22121 473086189 2000 0 Friends of Bryce Reeves PO Box 7022 Fredericksburg VA 22404 320365003 2000 0 Deeds for State Senate PO Box 5462 Charlottesville VA 22905 900020416 2500 0 McPike for Senate PO Box 2819 Woodbridge VA 22195 472374840 2500 0 Mulchi for Senate 1422 Woodbine Street Alexandria VA 22302 934865389 1000 0 Friends of Pat Herrity PO Box 2863 Springfield VA 22152 208668416 500 0 Friends of Don Scott 355 Crawford Street Number 704 Portsmouth VA 23704 841773321 2000 0 Friends of Lee Ware PO Box 689 Powhatan VA 23139 541884491 3000 0 Michael Webert for Delegate PO Box 631 Marshall VA 20116 452444475 2000 0 Danny Marshall Election Committee PO Box 439 Danville VA 24543 542030186 2000 0 Kilgore for Delegate PO Box 669 Gate City VA 24251 541998428 2000 0 Gilbert for Delegate PO Box 309 Woodstock VA 22664 800484973 4000 0 Friends of Geary Higgins PO Box 388 Waterford VA 20197 922142671 1000 0 Marty for Delegate PO Box 6366 Leesburg VA 20178 921551840 1000 0 Reid for Delegate PO Box 4132 Ashburn VA 20148 814724873 1000 0 Elect Atoosa Reaser PO Box 651052 Sterling VA 20165 000000000 1000 0 Kannan for Delegate 22575 Leanne Terrace No308 Ashburn VA 20148 000000000 1000 0 Friends of Briana Sewell PO Box 1849 Woodbridge VA 22195 000000000 1000 0 Friends of Luke Torian 4222 Fortuna Center No659 Dumfries VA 22025 264035793 1500 0 Candi King for VA PO Box 524 Dumfries VA 22026 000000000 1000 0 Friends of Ian Lovejoy for Delegate 8665 Sudley Road No195 Manassas VA 20110 000000000 1000 0 Henson for Virginia PO Box 4026 Woodbridge VA 22194 880634041 1000 0 Friends of David Bulova PO Box 106 Fairfax Station VA 22039 550893686 1000 0 Karrie Delaney for Delegate PO Box 231023 Centreville VA 20120 813411283 1000 0 Helmer for Virginia PO Box 7267 Fairfax Station VA 22039 831338503 1000 0 Friends of Michelle Maldonado 11151 Valley View Dr No642 Bristow VA 20136 000000000 1000 0 Schedule C, Part I-A, Line 1 Provided campaign contributions to support local and state candidates. 52691083 0 52691083 34211375 0 14859836 19351539 1392741 0 656518 736223 1016348192 0 380561441 635786751 52233360 0 6465385 45767975 754333571 Corporate obligations (bonds) 17793000 F Preferred stocks 16687000 F Mutual funds 6644000 F U.S. government obligations 22609000 F 63733000 Finance Corporation (CFC) Memberships 33100 F Subscription CFC's at 5% 2195108 F Loan CFC's at 3% 642000 F Zero Term Certificates 135000 F Patronage Capital Allocation - NRUCFC 1497517 F Patronage Capital-CoBank 1852759 F Land and Building (VMDAEC) 81280 F 6436764 Investment in Associated Organizations 55589811 Collateral 21584380 457 Deferred Compensation 6208672 Accrued Unbilled Revenue 26320195 Other current assets 28854071 138557129 0 Consumer Deposits 6676608 Provision for Benefits 6208672 Other Misc Liabilities 5961188 Over/Under PCA Recovery 52098424 CIAC Advanced Deposits 330700150 401645042 X 875409915 0 0 0 0 0 875409915 0 0 0 875409915 847502280 0 0 0 0 0 847502280 0 11327585 11327585 858829865 Schedule D, Part X, Line 2 The Cooperative has analyzed filing positions in all of the federal and state jurisdictions where it is required to file income tax returns, including its status as a tax exempt electric cooperative entity. The Cooperative believes its income tax filing positions, including its status as a tax exempt entity will be sustained on audit and does not anticipate any adjustments that will result in a material change to its financial position. Therefore, no reserves for uncertain tax positions, nor interest and penalties, have been recorded in the accompanying consolidated financial statements. The Cooperative recognizes interest and penalties related to uncertain tax positions as interest expense and penalty expense, respectively, in the Consolidated Statements of Operations and Patronage Capital. Schedule D, Part XII, Line 4b Patronage dividends run through equity 0 0 0 Schleicher David President & CEO 681905 0 80000 0 28000 0 19800 0 9375 0 819080 0 0 0 Rollins Wilbur Senior Vice President - Finance & Accounting 348822 0 0 0 5205 0 9900 0 95214 0 459141 0 0 0 Dailey Michael Vice President - Energy Bus Development 208808 0 39000 0 5780 0 7515 0 62167 0 323270 0 0 0 Toulme Patrick Vice President & Corporate Counsel 330837 0 36000 0 9449 0 10980 0 109395 0 496661 0 0 0 Arnold Singleton Vice President - Engineering 327838 0 11000 0 4207 0 26882 0 30297 0 400224 0 0 0 Thomas Pierpoint Jr Vice President - Operations 334925 0 12000 0 10474 0 28436 0 5832 0 391667 0 0 0 Joyce Johnson Vice President - Human Resources 147323 0 0 0 47876 0 12441 0 12420 0 220060 0 0 0 Jaramillo Gilbert Vice President - Power Supply 208401 0 69258 0 1703 0 8509 0 68889 0 356760 0 0 0 Hooker Lisa Vice President - Communications 209384 0 55500 0 2883 0 20330 0 14027 0 302124 0 0 0 Swingle Daniel Vice President - Electric System Operations 213311 0 29900 0 1725 0 5975 0 80136 0 331047 0 0 0 Rainey John Dir - Origination and Plant Ops 184249 0 27375 0 5090 0 5256 0 72960 0 294930 0 0 0 Spinner Howard Manager - Regulatory & Rates 170541 0 24750 0 4309 0 5907 0 54396 0 259903 0 0 0 Krovi Sai S Program and PMO Manager 163004 0 23842 0 1986 0 18061 0 4234 0 211127 0 0 0 Robert Studds Jr Line Technician, 1st Class 185726 0 2764 0 133 0 16566 0 12372 0 217561 0 0 0 Hartung Paul J Manager - Substation & Telecom 154144 0 22958 0 1492 0 17993 0 27735 0 224322 0 0 0 Crouch Curt R Manager Civil Engineering, Land Mgmt & Permitting 165613 0 23892 0 374 0 19117 0 27799 0 236795 0 0 0 Williams Benjamin B Lead Line Technician 187295 0 1511 0 191 0 12582 0 26841 0 228420 0 0 0 Grove Walter R Past Director 0 0 0 0 12000 0 0 0 0 0 12000 0 0 0 Middleton Edith Past Director's Wife 0 0 0 0 15483 0 0 0 0 0 15483 0 0 Form 990, Part VI, Section A, Line 6 NOVEC is a member owned electric cooperative. Form 990, Part VI, Section A, Line 7a NOVEC's members elect the governing body by vote or proxy at the annual meeting. Form 990, Part VI, Section B, Line 11b The Form 990 is reviewed by the Accounting Manager, Vice President of Finance and Board of Directors Audit committee for completeness and accuracy as compared to the audited financial statements. Other Board Members receive a summary for review. Form 990, Part VI, Section B, Line 12c The policy is monitored and enforced through education and awareness at regular employee meetings and inquiries of Directors. Form 990, Part VI, Section B, Line 15 Human Resources is responsible for the compensation packet of top managerial staff. A market analysis is performed by an independent consultant group with benchmarks by industry and geographical data. The CEO approves compensation packets for key employees. The Executive committee of the Board of Directors reviews officers compensation, benefits and contract amendments with recommendations for approval. Form 990, Part VI, Section C, Line 19 All documents are made available upon written request by mail, fax or electronic copy. Form 990, Part XI, Line 9 Change in membership dues: ($17,811); Assignable Patronage: $1; OCI & Reacquired Donations: 7,049,947. NOVEC Holdings Inc 10323 Lomond Drive Manassas VA 20109 900719502 Holding Co of consol taxable entities DE Northern Virginia Electric Cooperative C 1 NOVEC Energy Solutions Inc PO Box 2710 Manassas VA 20108 542001851 Retail sale of Natural Gas VA NOVEC Holdings Inc C 1 NOVEC Solutions Inc PO Box 2710 Manassas VA 20108 541830182 Sale of Home Gens, Water Heaters, Surge Protect Warr Plans, Elec Trsf Switches,Fbr Optic Leases VA NOVEC Holdings Inc C 1 South Boston Energy LLC dba NOVEC Energy Production Halifax Cty Biomass 1225 Plywood Trail South Boston VA 245926530 611649511 49 Megawatt Biomass generation power plant VA NOVEC Holdings Inc C 1 1 0 0 1 0 0 0 0 0 1 0 0 0 1 1 1 1 0 0 South Boston Energy LLC dba NOVEC Energy Production Halifax Cty Biomass a-i 2248422 Interest rate is the applied rate by the bank for construction loans. South Boston Energy LLC dba NOVEC Energy Production Halifax Cty Biomass o 70262 Labor is reimbursed at cost plus a fringe benefits fee. South Boston Energy LLC dba NOVEC Energy Production Halifax Cty Biomass q 67375 Intercompany cost is reimbursed at cost plus admin fee. NOVEC Solutions Inc n 13752 Rent is determined by rental market analysis. NOVEC Solutions Inc o 11919 Labor is reimbursed at cost plus fringe benefit fee. NOVEC Solutions Inc q 181660 Intercompany cost is reimbursed at cost plus admin fee. NOVEC Solutions Inc p 198633 Fiber lines lease is by contracted rate. NOVEC Energy Solutions Inc j 14621 Rent is determined by rental market analysis. NOVEC Energy Solutions Inc o 22912 Labor cost is reimbursed at cost plus fringe benefit fee. NOVEC Energy Solutions Inc q 265502 Intercompany cost is reimbursed at cost plus admin fee. NOVEC Energy Solutions Inc d 3000000 Limited guaranty of revolving line of credit with an interest agreement based on SOFR PLUS 2.15%. Additional time was necessary, in order to prepare a complete and accurate return, and allow for review by the Board.