2023-11-06T15:02:17-07:00 2022-12-31 990 2022-01-01 540346923 NORTHERN VIRGINIA ELECTRIC CO-OP NORT 7033350500 PO Box 2710 Manassas VA 201080875 Wilbur Rollins Sr. VP of Finance 7033921626 2023-11-06 1 1 11 1 AAL2 X 2022 2023-04-26 12:10:37Z NOVEC David Schleicher PO Box 2710 Manassas VA 201080875 998080039 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 178,903 meters/customers. 7 7 327 0 0 0 0 0 664572993 992337511 3908960 3886703 8184826 1855825 676666779 998080039 0 0 6717072 10454130 24381670 26802543 0 0 0 618522612 948990535 649621354 986247208 27045425 11832831 1071859351 1247676031 258495241 430567479 813364110 817108552 Creating value for its members, employees and communities by providing safe, reliable electricity and quality products at competitive prices. Distribution of Electricity (178,903 Meters/Customers) 0 0 986247207 0 992337511 Provide affordable service to its 178,903 members with 99.99% average system reliability rate. NOVEC returned to its member-owners $6.7M in patronage capital; connected 1,544 meters and completed $53M in net new construction during the fiscal year. 0 0 0 986247207 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 66 0 1 327 1 0 0 0 0 0 992337511 1669995 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 Feuerberg Stanley C President/CEO 40.00 0 X 892947 0 37698 Schleicher David President & CEO 40 0 X 594360 0 28803 Rollins Wilbur Senior Vice President - Finance 40 0 X 328891 0 94390 Bisson Robert Vice President - Electric System Development 40 0 X 300107 0 88595 Toulme Patrick Vice President & Corporate Counsel 40 0 X 293624 0 88605 Dailey Michael Vice President - Energy Bus Development 40 0 X 292593 0 85920 Rainey John Dir - Origination and Plant Ops 40 0 X 210953 0 72655 Jaramillo Gilbert Manager - PWR Portfolio Opt & Bus Devel 40 0 X 205594 0 68947 Swingle Daniel Vice President - Electric System Operations 40 0 X 198182 0 67507 Spinner Howard Manager - Regulatory Affairs 40 0 X 185211 0 64612 Hollcroft II Mason L Manager - System Construction 40 0 X 179653 0 61962 Williams Benjamin B Lead Line Technician 72 0 X 194223 0 35503 Crouch Curt R Manager Civil Engineering 40 0 X 181774 0 39416 Krovi Sai S Program and PMO Manager 40 0 X 190687 0 29725 Hooker Lisa Vice President - Public Relations 40 0 X 188639 0 28384 Hartung Paul J Lead Line Technician 40 0 X 173523 0 39602 Whyte Kevin M Director System Engineering 40 0 X 172002 0 37793 Gilbride Cynthia Treasurer 1.23 0 X 39325 0 5579 House Wade C Chairman 1.27 0 X 37514 0 5459 Ragan Michael E Secretary 1.23 0 X 36635 0 5819 Chesley James Vice Chairperson 1.23 0 X 36793 0 5508 George Brent Director 6 0 X 37675 0 4382 Albrite Jr Cleil W Director 0.96 0 X 37201 0 4382 Bruno Mark Director 4.55 0 X 37500 0 382 Middleton Edith Past Director's Wife 0 0 X 20296 0 1260 Grove Walter R Past Director 0 0 X 13680 0 1680 5079582 0 1004568 133 1 1 0 Leo Construction Company 24080 Trailhead Drive Aldie VA 20105 Underground Utility Construction 7729479 C W Wright Construction Company 11500 Ironbridge Road Chester VA 238318280 Substation Construction 6010115 NEW RIVER ELECTRICAL CORP PO BOX 70 CLOVERDALE VA 24077 Construction 5686991 LEWIS TREE SERVICE INC PO BOX 731897 Dallas TX 753731897 ROW Vegetation Management 2623970 LEE ELECTRICAL CONSTRUCTION PO Box 55 ABERDEEN NC 28315 Construction 2429752 16 0 Electricity Sales 221122 987872572 987872572 0 0 Electric Service 221122 3266969 3266969 0 0 1197970 1197970 0 0 992337511 3886703 3886703 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Fiber Optic Projects 221000 472026 472026 0 0 Patronage Capital from Associate Org 900099 870406 870406 0 0 Other Cap Crs & Patronage Dividends 900099 513393 513393 0 0 0 0 0 0 1855825 998080039 998080039 0 0 0 0 0 10454130 3039035 19443186 2417775 170753 1731794 6157546 1297479 337400 81725 0 0 1295912 836021 2922675 3047477 0 310994 114251 0 110949 3117724 174954 31005513 2015190 Purchased Power Cost 861513918 Transmission & Distribution 12633763 Customer Services & Sales 4433610 Franchise and Regulatory Cost 8829846 8753588 986247208 0 0 0 12450073 10916109 28077414 21966063 0 0 59092260 107708335 0 0 0 0 76840596 74892684 21524755 29322779 10934367 32814825 1110573138 384126064 667312500 726447074 64967000 58944000 6746840 6737632 123913546 177926530 1071859351 1247676031 38829469 115896850 0 0 476455 376103 0 0 0 0 0 0 98901390 92113802 0 0 120287927 222180724 258495241 430567479 X 672797 650108 44844614 36778914 767846699 779679530 813364110 817108552 1071859351 1247676031 X 11832831 -5815165 0 0 0 -2273224 X 0 1 X 1 0 21500 0 21500 0 21500 1 Petersen for State Senate PO Box 1066 Fairfax VA 220381066 760846380 1000 0 Ruff for Senate PO Box 332 Clarksville VA 23927 010633222 1000 0 Richard Saslaw for State Senate PO Box 1856 Springfield VA 22151 541414651 1000 0 Lionell Spruill for Senate PO Box 5403 Chesapeake VA 23324 541999899 1000 0 Mason for Senate PO Box 232 Williamsburg VA 23187 812272522 1000 0 Surovell for State Senate PO Box 289 Mount Vernon VA 22121 000000000 750 0 Friends of David Bulova PO Box 106 Fairfax Station VA 22039 550893686 500 0 Delaney for Delegate PO Box 231023 Centreville VA 20120 813411283 500 0 Friends of James Edmunds PO Box 1115 Halifax VA 24558 000000000 1000 0 Eileen Filler-Corn PO Box 523082 Springfield VA 22152 271694500 500 0 Batten for Delegate PO Box 194 Norge VA 23127 833979630 500 0 O'Quinn for Delegate PO Box 16325 Bristol VA 24209 452487823 1000 0 Friends of Don Scott 355 Crawford St No 704 Portsmouth VA 23704 000000000 1000 0 Friends of Charniele Herring PO Box 11779 Alexandria VA 22312 263228943 500 0 Ware for Delegate PO Box 689 Powhatan VA 23139 000000000 1000 0 Candi King for Delegate PO Box 524 Dumfries VA 22026 000000000 500 0 Dave LaRock for Delegate PO Box 6 Hamilton VA 20159 900939170 500 0 Friends of Michelle Maldonado 11151 Valley View Dr Ste 642 Bristow VA 20136 000000000 500 0 Reid for Delegate PO Box 542 Dumfries VA 22026 000000000 500 0 Friends of Briana Sewell PO Box 1849 Woodbridge VA 22195 000000000 500 0 Rip Sullivan for Delegate PO Box 50753 Arlington VA 22205 471226486 500 0 Friends of Luke Torian 4222 Fortuna Center Plaza Ste 659 Dumfries VA 22025 264035793 500 0 Michael Webert for Delegate PO Box 631 Marshall VA 20116 452444475 500 0 Gilbert for Delegate PO Box 309 Woodstock VA 22664 800484973 1000 0 Barker for Senate PO Box 10527 Alexandria VA 22310 870782633 750 0 John Bell for State Senate PO Box 4489 Broadlands VA 20148 831655345 1000 0 Friends of Jennifer Boysko PO Box 247 Herndon VA 20172 832310503 750 0 Marsden for Senate PO Box 10889 Burke VA 22009 271338500 1000 0 McPike for Senate PO Box 2819 Woodbridge VA 22195 000000000 750 0 Schedule C, Part I-A, Line 1 Provided campaign contributions to support local and state candidates 55326942 0 55326942 33891786 0 14195577 19696209 2616438 0 624458 1991980 965110705 0 363312375 601798330 53627267 0 5993654 47633613 726447074 58944000 F 58944000 Investment in Associated Organizations 55581886 Collateral 18645745 457 Deferred Compensation 5027419 Accrued Unbilled Revenue 75697367 Other current assets 22974113 177926530 0 Consumer Deposits 6989651 Provision for Benefits 5027419 Other Misc Liabilities 3802105 CIAC Advanced Deposits 206361549 222180724 X 998080039 0 0 0 0 0 998080039 0 0 0 998080039 975793078 0 0 0 0 0 975793078 0 10454130 10454130 986247208 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 Includes patronage dividends in the amount of $10,454,130 paid to members that is not recorded as an expense on NOVEC's audited financial statements. Patronage dividends paid are a reduction to Equity on the audited balance sheet. X X X 0 0 0 Feuerberg Stanley C President/CEO 608336 0 275000 0 9610 0 9150 0 28548 0 930644 0 0 0 Schleicher David President & CEO 557756 0 29000 0 7604 0 24238 0 4565 0 623163 0 0 0 Rollins Wilbur Senior Vice President - Finance 324338 0 0 0 4553 0 9761 0 84629 0 423281 0 0 0 Dailey Michael Vice President - Energy Bus Development 256703 0 32500 0 3390 0 8916 0 77004 0 378513 0 0 0 Toulme Patrick Vice President & Corporate Counsel 258208 0 32000 0 3416 0 8894 0 79711 0 382229 0 0 0 Bisson Robert Vice President - Electric System Development 265768 0 27500 0 6839 0 8955 0 79640 0 388702 0 0 0 Hooker Lisa Vice President - Public Relations 168680 0 18000 0 1960 0 16786 0 11598 0 217024 0 0 0 Swingle Daniel Vice President - Electric System Operations 177252 0 19500 0 1430 0 6090 0 61417 0 265689 0 0 0 Rainey John Dir - Origination and Plant Ops 177955 0 28109 0 4888 0 6409 0 66246 0 283607 0 0 0 Jaramillo Gilbert Manager - PWR Portfolio Opt & Bus Devel 175828 0 28129 0 1636 0 6276 0 62671 0 274540 0 0 0 Spinner Howard Manager - Regulatory Affairs 160066 0 22944 0 2201 0 5647 0 58965 0 249823 0 0 0 Krovi Sai S Program and PMO Manager 154496 0 35438 0 753 0 16904 0 12821 0 220412 0 0 0 Whyte Kevin M Director System Engineering 149282 0 22438 0 282 0 14029 0 23764 0 209795 0 0 0 Hollcroft II Mason L Manager - System Construction 152951 0 22789 0 3913 0 5429 0 56533 0 241615 0 0 0 Hartung Paul J Lead Line Technician 149317 0 22838 0 1368 0 15809 0 23793 0 213125 0 0 0 Crouch Curt R Manager Civil Engineering 158482 0 22933 0 360 0 15377 0 24038 0 221190 0 0 0 Williams Benjamin B Lead Line Technician 194042 0 0 0 181 0 12377 0 23126 0 229726 0 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: ($22,689); Assignable Patronage: $671; OCI & Reacquired Donations: ($2,251,206). 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 2339018 Interest rate is the applied rate by the bank for construction loans. South Boston Energy LLC DBA NOVEC Energy Production Halifax Cty Biomass o 56258 Labor is reimbursed at cost plus a fringe benefits fee. South Boston Energy LLC DBA NOVEC Energy Production Halifax Cty Biomass q 76103 Inter-company cost is reimbursed at cost plus admin fee. NOVEC Solutions Inc n 13752 Rent is determined by rental market analysis. NOVEC Solutions Inc o 24661 Labor is reimbursed at cost plus fringe benefit fee. NOVEC Solutions Inc q 250753 Inter-company cost is reimbursed at cost plus admin fee. NOVEC Solutions Inc p 204672 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 37200 Labor cost is reimbursed at cost plus fringe benefit fee. NOVEC Energy Solutions Inc q 221266 Inter-company cost is reimbursed at cost plus admin fee. NOVEC Energy Solutions Inc d 4500000 Limited guaranty of revolving line of credit with an interest agreement based on SOFR PLUS 1.85%. Additional time was necessary, in order to prepare a complete and accurate return, and allow for review by the Board.