2022-11-09T11:54:30-07:00 2021-12-31 990 2021-01-01 540346923 NORTHERN VIRGINIA ELECTRIC CO-OP NORT 7033350500 PO Box 2710 Manassas VA 201080875 Wilbur Rollins Sr. VP of Finance 7033921626 2022-11-09 1 11 1 AAL2 2021 2022-09-23 18:48:47Z NOVEC Stanley C Feuerberg PO Box 2710 Manassas VA 201080875 676666779 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 177,383 meters/customers. 7 7 323 0 0 0 0 0 516670570 664572993 6373299 3908960 2142248 8184826 525186117 676666779 0 0 555544 6717072 25351377 24381670 0 0 0 476879968 618522612 502786889 649621354 22399228 27045425 1023743827 1071859351 242691462 258495241 781052365 813364110 Creating value for its members, employees and communities by providing safe, reliable electricity and quality products at competitive prices. Distribution of Electricity (177,383 Meters/Customers) 0 0 649621355 664572993 Provide affordable service to its 177,383 members with 99.99% average system reliability rate. NOVEC returned to its member-owners $6.7M in patronage capital; connected 1,731 meters and completed $34M in net new construction during the fiscal year. 0 0 0 649621355 0 0 1 0 0 0 0 0 0 1 1 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 73 0 1 323 1 0 0 0 0 0 664572993 8221654 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 X 907254 0 105315 Rollins Wilbur Senior Vice President - Finance 40 X 309769 0 88721 Bisson Robert Vice President - Electric System Development 40 X 270623 0 83243 Toulme Patrick Vice President & Corporate Counsel 40 X 260679 0 84717 Dailey Michael Vice President - Energy Bus Development 40 X 257856 0 82146 J Manley Garber Trust Past Director 0 X 326223 0 0 Schleicher David Vice President - Admin Substations Telecom 40 X 289689 0 17528 Rainey John Dir - Origination and Plant Ops 40 X 208922 0 70670 Jaramillo Gilbert Manager - PWR Portfolio Opt & Bus Devel 40 X 198107 0 66749 Spinner Howard Manager - Regulatory Affairs 40 X 176010 0 63875 Swingle Daniel Vice President - Electric System Operations 40 X 173381 0 64738 Hollcroft II Mason L Manager - System Construction 40 X 168130 0 57893 Dodson George A Lead Line Technician 62 X 159677 0 44748 Whyte Kevin M Director System Engineering 40 X 167067 0 33381 Gardner Gerald E Lead Line Technician 67 X 165849 0 29440 Krovi Sai S Program and PMO Manager 40 X 171501 0 23138 Hartung Paul J Lead Line Technician 40 X 160504 0 33717 Williams Benjamin B Lead Line Technician 64 X 159170 0 28116 Hooker Lisa Vice President - Public Relations 40 X 165485 0 21534 Gilbride Cynthia Treasurer 2.21 X 45484 0 5592 Ragan Michael E Secretary 2.21 X 37545 0 5828 Chesley James Vice Chairperson 2.17 X 37263 0 5518 George Brent Director 2.25 X 37809 0 4395 Bruno Mark Director 9.09 X 37612 0 4458 House Wade C Chairman 2.23 X 36546 0 5468 Albrite Jr Cleil W Director 1.94 X 37356 0 4395 Middleton Edith Past Director's Wife 0 X 19657 0 1260 Grove Walter R Past Director 0 X 13680 0 1680 4998848 0 1038263 115 1 1 0 Leo Construction Company 24080 Trailhead Drive Aldie VA 20105 Underground Utility Construction 6343610 C W Wright Construction Company 11500 Ironbridge Road Chester VA 238318280 Substation Construction 4374194 NEW RIVER ELECTRICAL CORP PO BOX 70 CLOVERDALE VA 24077 Construction 2862762 LEWIS TREE SERVICE INC PO BOX 731897 Dallas TX 753731897 Construction/ROW 2092457 LEE ELECTRICAL CONSTRUCTION PO Box 55 ABERDEEN NC 28315 Construction 1496630 17 0 Electricity Sales 221122 662022817 662022817 0 0 Electric Service 221122 1566030 1566030 0 0 984146 984146 0 0 664572993 3908960 3908960 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Fiber Optic Projects 221000 7237508 7237508 0 0 Patronage Capital from Associate Org 900099 460791 460791 0 0 Other Cap Crs & Patronage Dividends 900099 486527 486527 0 0 0 0 0 0 8184826 676666779 676666779 0 0 6717072 2630364 18457275 2462857 -802919 1634093 4918584 625947 336782 79765 0 0 978909 833165 3734385 2251108 0 314897 30654 0 48450 1243202 198240 29060948 1553501 Purchased Power Cost 541890338 Transmission & Distribution 12106446 Customer Services & Sales 3001207 Franchise and Regulatory Cost 9089299 6226785 649621354 0 0 0 10166969 12450073 40353220 28077414 0 0 38837749 59092260 0 0 0 0 78876054 76840596 16950516 21524755 4419860 10934367 1030645340 363332840 650786922 667312500 62346438 64967000 6888928 6746840 114117171 123913546 1023743827 1071859351 40230495 38829469 0 0 681097 476455 0 0 0 0 0 0 117011765 98901390 0 0 84768105 120287927 242691462 258495241 X 705515 672797 39545446 44844614 740801404 767846699 781052365 813364110 1023743827 1071859351 X 27045425 770264 0 0 0 4496056 X 0 1 X 1 0 17500 0 17500 0 17500 1 Marsden for Senate PO Box 10889 Burke VA 22009 271338500 750 0 George Barker for Senate PO Box 10527 Alexandria VA 22310 870782633 750 0 Eileen Filler-Corn for Delegate PO Box 523082 Springfield VA 22152 271694500 1000 0 Friends of David Bulova PO Box 106 Fairfax Station VA 22039 550893686 750 0 Friends of Charniele Herring PO Box 11779 Alexandria VA 22312 263228943 750 0 Keam for Delegate PO Box 1134 Vienna VA 22183 263824389 750 0 MCPIKE FOR SENATE PO Box 2819 Woodbridge VA 22195 000000000 750 0 John Bell for State Senate PO Box 4489 Broadlands VA 20148 831655345 750 0 SUROVELL FOR STATE SENATE PO Box 289 Mt Vernon VA 22121 473086189 750 0 Friends of Jennifer Boysko PO Box 247 Herndon VA 20172 832310503 750 0 RIP SULLIVAN FOR DELEGATE PO Box 50753 Arlington VA 22205 000000000 750 0 MICHAEL WEBERT FOR DELEGATE PO Box 631 Marshall VA 20115 452444475 500 0 SASLAW FOR STATE SENATE PO Box 1254 Springfield VA 22151 541414651 750 0 Petersen for State Senate PO Box 1066 Fairfax VA 22038 760846380 750 0 Friends of Luke Torian 4222 Fortuna Plaza Suite 659 Dumfries VA 22025 264035793 750 0 Wendy Gooditis for Delegate 239 Mount Prospect Lane Boyce VA 22620 815365832 500 0 Ruff for Senate PO Box 332 Clarkesville VA 23927 010633222 750 0 Delaney for Delegate PO Box 230542 Centreville VA 20120 813411283 500 0 Friends of James Edmunds PO Box 1115 Halifax VA 24588 000000000 500 0 Guzman for Delegate PO Box 1818 Woodbridge VA 22195 000000000 500 0 Helmer for Virginia 5618 OX Road Fairfax Station VA 22039 000000000 500 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 750 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 750 0 Friends of Briana Sewell PO Box 1849 Woodbridge VA 22195 000000000 500 0 Schedule C, Part I-A, Line 1 Provided campaign contributions to support local and state candidates. 32284288 0 32284288 34428869 0 14160131 20268738 645881 0 607669 38212 936202926 0 342746173 593456753 27083376 0 5818867 21264509 667312500 0 64967000 F 64967000 Investment in Associated Organizations 54711480 Collateral 6479814 457 Deferred Compensation 5771558 Accrued Unbilled Revenue 31130472 Other current assets 25820222 123913546 0 Consumer Deposits 8567436 Provision for Benefits 5771558 Post Retirement Funding 0 Other Misc Liabilities 3352470 Over/Under PCA Recovery 0 CIAC Advanced Deposits 102596463 120287927 X 676666779 0 0 0 0 0 676666779 0 0 0 676666779 642904282 0 0 0 0 0 642904282 0 6717072 6717072 649621354 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 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 $6,717,072 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 716722 0 175000 0 15532 0 8700 0 96615 0 1012569 0 0 0 Rollins Wilbur Senior Vice President - Finance 305369 0 0 0 4400 0 9192 0 79529 0 398490 0 0 0 Dailey Michael Vice President - Energy Bus Development 226066 0 28500 0 3291 0 7830 0 74316 0 340003 0 0 0 Toulme Patrick Vice President & Corporate Counsel 227383 0 30000 0 3296 0 7860 0 76857 0 345396 0 0 0 Bisson Robert Vice President - Electric System Development 237516 0 26500 0 6607 0 6500 0 76743 0 353866 0 0 0 Schleicher David Vice President - Admin Substations Telecom 254292 0 27500 0 7897 0 13000 0 4528 0 307217 0 0 0 Hooker Lisa Vice President - Public Relations 147489 0 16750 0 1246 0 9963 0 11571 0 187019 0 0 0 Swingle Daniel Vice President - Electric System Operations 153733 0 18500 0 1149 0 5355 0 59383 0 238120 0 0 0 Rainey John Dir - Origination and Plant Ops 171698 0 32541 0 4683 0 6354 0 64315 0 279591 0 0 0 Jaramillo Gilbert Manager - PWR Portfolio Opt & Bus Devel 169489 0 27034 0 1584 0 6053 0 60696 0 264856 0 0 0 Spinner Howard Manager - Regulatory Affairs 154066 0 19800 0 2144 0 5389 0 58487 0 239886 0 0 0 Krovi Sai S Program and PMO Manager 148402 0 22399 0 701 0 10334 0 12804 0 194640 0 0 0 Whyte Kevin M Director System Engineering 143980 0 22816 0 271 0 9508 0 23873 0 200448 0 0 0 Hollcroft II Mason L Manager - System Construction 144100 0 22163 0 1867 0 5145 0 52748 0 226023 0 0 0 Hartung Paul J Lead Line Technician 139879 0 19962 0 662 0 10087 0 23631 0 194221 0 0 0 Williams Benjamin B Lead Line Technician 156946 0 2075 0 148 0 5078 0 23038 0 187285 0 0 0 Dodson George A Lead Line Technician 155760 0 3143 0 774 0 260 0 44488 0 204425 0 0 0 Gardner Gerald E Lead Line Technician 161299 0 4355 0 195 0 4981 0 24460 0 195290 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 hange in membership dues: ($32,718); Assignable Patronage: ($21,718); OCI & Reacquired Donations: $4,550,492. 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 2402620 Interest rate is the applied rate by the bank for construction loans. South Boston Energy LLC DBA NOVEC Energy Production Halifax Cty Biomass o 71343 Labor is reimbursed at cost plus a fringe benefits fee. South Boston Energy LLC DBA NOVEC Energy Production Halifax Cty Biomass q 78146 Intercompany cost is reimbursed at cost plus admin fee. NOVEC Solutions Inc n 12532 Rent is determined by rental market analysis. NOVEC Solutions Inc o 43618 Labor is reimbursed at cost plus fringe benefit fee. NOVEC Solutions Inc q 208233 Intercompany cost is reimbursed at cost plus admin fee. NOVEC Solutions Inc p 198240 Internet delivery fee is by contracted rate. NOVEC Energy Solutions Inc j 14621 Rent is determined by rental market analysis. NOVEC Energy Solutions Inc o 46404 Labor cost is reimbursed at cost plus fringe benefit fee. NOVEC Energy Solutions Inc q 192411 Intercompany 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 tSOFR PLUS 1.85%. Additional time was necessary, in order to prepare a complete and accurate return, and allow for review by the Board.