2025-11-10T11:14:47-07:00 2024-12-31 990 2024-01-01 540346923 NORTHERN VIRGINIA ELECTRIC CO-OP NORT 7033350500 PO Box 2710 Manassas VA 201080875 Wilbur Rollins Sr. VP of Finance 7033921626 2025-11-10 1 2024 2025-03-06 01:10:19Z NOVEC David Schleicher PO Box 2710 Manassas VA 201080875 907031155 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 182,074 meters/customers. 7 7 406 0 0 450426 0 0 864007865 887403035 8353906 16891289 3048144 2736831 875409915 907031155 0 0 11327585 15892839 30724580 31695418 0 0 0 816777700 834583852 858829865 882172109 16580050 24859046 1386742429 1526017248 542184202 645133888 844558227 880883360 Creating value for its members, employees and communities by providing safe, reliable electricity and quality products at competitive prices. Distribution of Electricity (182,074 Meters/Customers) 0 0 882172109 0 887403034 Provide affordable service to its 182,074 members with 99.99% average system reliability rate. NOVEC returned to its member-owners $15.9M in patronage capital; connected 1,837 meters and completed $140M in net new construction during the fiscal year. 0 0 0 882172109 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 88 0 1 406 1 1 1 0 0 0 0 887403034 5039211 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 David Schleicher President and CEO 42 0 X 805090 0 85216 Wilbur Rollins Sr VP Finance 42 0 X 433984 0 120840 Patrick Toulme VP and Corporate Counsel 42 0 X 416382 0 137099 Arnold Singleton VP Engineering 42 0 X 415036 0 87295 Thomas Pierpoint Jr VP Operations 42 0 X 430066 0 65524 Gilbert Jaramillo VP 42 0 X 364737 0 122494 Joyce Johnson VP Human Resources 42 0 X 324828 0 86538 Lisa Hooker VP Public Relations 42 0 X 334901 0 59772 Daniel Swingle VP Electric System Operations 42 0 X 273013 0 94653 John Rainey Manager Special Projects 42 0 X 237595 0 84200 James Sirmons Technician 42 0 X 232358 0 54541 Kyle R Sarvis Lead Line Technician 73 0 X 219256 0 66721 Howard Spinner Manager Regulatory and Rates 42 0 X 214140 0 69976 Michael Hudak Service Technician 68 0 X 215620 0 63665 Gerald Gardner Lead Line Technician 80 0 X 224414 0 42081 Heather V Anderson Manager System Engineering 42 0 X 223223 0 41087 Grove Walter R Past Director 0 0 X 51000 0 1680 Michael E Ragan Secretary 1.23 0 X 42331 0 6131 Cynthia Gilbride Treasurer 1.04 0 X 42095 0 5895 James Chesley Vice Chairman 1.35 0 X 42021 0 5821 Wade C House Chairman 1.27 0 X 41970 0 5770 Brent George Director 0.92 0 X 41795 0 4395 Mark Bruno Director 0.92 0 X 41795 0 4395 Cleil W Albrite Jr Director 0.92 0 X 41795 0 4395 Middleton Edith Past Director's Wife 0 0 X 16166 0 1260 5725611 0 1321444 203 1 1 0 NEW RIVER ELECTRICAL CORP PO BOX 70 CLOVERDALE VA 24077 Construction 16429660 Leo Construction Company 24080 Trailhead Drive Aldie VA 20105 Underground Utility Construction 11701273 C W Wright Construction Company 11500 Ironbridge Road Chester VA 238318280 Substation Construction 9493129 LEWIS TREE SERVICE INC PO BOX 731897 Dallas TX 753731897 ROW Vegetation Management 4902198 LEE ELECTRICAL CONSTRUCTION PO Box 55 ABERDEEN NC 28315 Construction 3848009 15 0 Electricity Sales 221122 883338310 883338310 0 0 Electric Service 221122 2818018 2818018 0 0 1246707 1246707 0 0 887403035 16891289 16891289 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Fiber Optic Projects 221122 2847004 2847004 0 0 Patronage Capital from Associate Org 900099 -1559244 -1559244 0 0 Other Cap Crs & Patronage Dividends 900099 502001 502001 0 0 947070 947070 0 0 2736831 907031155 907031155 0 0 15892839 3716635 24972669 2405746 -1586427 2186795 7270271 1616882 249084 90805 0 0 1431080 726761 6253600 3973557 0 318690 251975 0 199198 953474 3726 37590369 2818486 Purchased Power Cost 732528845 Transmission & Distribution 13311159 Customer Services & Sales 4788208 Franchise and Regulatory Cost 12110302 8097380 882172109 0 0 0 18583952 154334316 157869514 77191173 0 0 125453176 71506297 0 0 0 0 73114822 70353912 42179277 53802764 6481224 6961573 1296842490 423213101 754333571 873629389 0 63733000 68079000 6436764 6351535 138557129 143807289 1386742429 1526017248 54474296 52962304 0 307186 263240 0 0 0 85757678 80031179 401645042 511877165 542184202 645133888 X 632297 616514 47666350 59148221 796259580 821118625 844558227 880883360 1386742429 1526017248 X 24859046 2771411 0 0 0 8694676 X 0 1 X 1 0 51000 0 51000 0 51000 1 Tara Durant for State Senate PO Box 5055 Fredericksburg VA 22403 862184691 1000 0 Stanley for Senate PO Box 96 Glade Hill VA 24092 000000000 1000 0 Friends of Mark Obenshain PO Box 555 Harrisonburg VA 22803 471703386 1000 0 Locke for State Senate 2101 Executive D Suite 810 Mailbox 41 Hampton VA 23666 830840990 1500 0 McDougle for Virginia PO Box 187 Mechanicsville VA 23111 203018088 1500 0 JCF for State Senate PO Box 5002 Woodbridge VA 22194 000000000 1000 0 Lucas for Senate Campaign PO Box 700 Portsmouth VA 23705 000000000 1500 0 Russet Perry for State Senate PO Box 6434 18 East Market Street Leesburg VA 20178 000000000 1000 0 Marsden for Senate PO Box 10889 Burke VA 22009 271338500 2000 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 1000 0 Deeds for State Senate PO Box 5462 Charlottesville VA 22905 900020416 2500 0 McPike for Senate PO Box 2819 Woodbridge VA 22195 472374840 1500 0 Mulchi for Senate 1422 Woodbine Street Alexandria VA 22302 934865389 1500 0 Friends of Pat Herrity PO Box 2863 Springfield VA 22152 208668416 500 0 Friends of Don Scott 355 Crawford Street Unit 704 Portsmouth VA 23704 841773321 2500 0 Rip Sullivan for Delegate PO Box 994 McLean VA 22101 000000000 1500 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 1500 0 Kilgore for Delegate PO Box 669 Gate City VA 24251 541998428 1000 0 Gilbert for Delegate PO Box 309 Woodstock VA 22664 800484973 1500 0 Friends of Geary Higgins PO Box 388 Waterford VA 20197 922142671 1000 0 Friends of Paul Milde 10 Potomac View Stafford VA 22554 820827484 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 Unit 308 Ashburn VA 20148 000000000 1000 0 Friends of Laura Jane Cohen PO Box 273 Burke VA 22009 000000000 2000 0 Friends of Briana Sewell PO Box 1849 Woodbridge VA 22195 000000000 1000 0 Friends of Luke Torian 4222 Fortuna Center Unit 659 Dumfries VA 22025 264035793 1000 0 Delegate Candi Mundon King PO Box 708 Dumfries VA 22026 000000000 1000 0 Friends of Ian Lovejoy for Delegate 8665 Sudley Road Unit 195 Manassas VA 20110 000000000 1000 0 Henson for Virginia PO Box 4026 Woodbridge VA 22194 880634041 1000 0 Friends of Phillip Scott 2215 Plank Road Unit 287 Fredericksburg VA 22401 000000000 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 J Ward for Delegate PO Box 7310 Hampton VA 23666 421633283 2000 0 Friends of Charniele Herring PO Box 11779 Alexandria VA 22312 000000000 1500 0 O'Quinn for Delegate PO Box 16325 Bristol VA 24209 452487823 1000 0 Josh Thomas for Delegate PO Box 922 Gainesville VA 20156 882362450 1000 0 Schedule C, Part I-A, Line 1 Provided campaign contributions to support local and state candidates. 67445137 0 67445137 40781217 0 15940426 24840791 2612893 0 645882 1967011 1046932972 0 403238003 643694969 139070271 0 3388790 135681481 873629389 0 Corporate obligations (bonds) 14267000 F Preferred stocks 19108000 F Mutual funds 7883000 F U.S. government obligations 26821000 F 68079000 Finance Corporation (CFC) Memberships 66477 F Subscription CFC's at 5% 2147955 F Loan CFC's at 3% 642000 F Zero Term Certificates 135000 F Patronage Capital Allocation - NRUCFC 1378501 F Patronage Capital-CoBank 1900322 F Land and Building (VMDAEC) 81280 F 6351535 Investment in Associated Organizations 54030567 Collateral 29617191 457 Deferred Compensation 7456303 Accrued Unbilled Revenue 20169529 Other current assets 32533699 143807289 0 Consumer Deposits 8088160 Provision for Benefits 7456303 Post Retirement Funding 0 Other Misc Liabilities 6035947 Over/Under PCA Recovery 39201760 CIAC Advanced Deposits 451094995 511877165 X 907031155 0 0 0 0 0 907031155 0 0 0 907031155 866279270 0 0 0 0 0 866279270 0 15892839 15892839 882172109 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 $15,892,839 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. 0 0 0 David Schleicher President and CEO 725380 0 50000 0 29710 0 37731 0 47485 0 890306 0 0 0 Wilbur Rollins Sr VP Finance 373549 0 55000 0 5435 0 10350 0 110490 0 554824 0 0 0 Thomas Pierpoint Jr VP Operations 363054 0 56000 0 11012 0 29775 0 35748 0 495589 0 0 0 Patrick Toulme VP and Corporate Counsel 353386 0 53000 0 9996 0 11940 0 125159 0 553481 0 0 0 Arnold Singleton VP Engineering 355713 0 56000 0 3322 0 28025 0 59269 0 502329 0 0 0 Gilbert Jaramillo VP 321634 0 40000 0 3102 0 11035 0 111459 0 487230 0 0 0 Lisa Hooker VP Public Relations 297933 0 34000 0 2970 0 22634 0 37137 0 394674 0 0 0 Joyce Johnson VP Human Resources 316880 0 5000 0 2947 0 27905 0 58633 0 411365 0 0 0 Daniel Swingle VP Electric System Operations 231149 0 40000 0 1864 0 5681 0 88972 0 367666 0 0 0 John Rainey Manager Special Projects 201397 0 27468 0 8730 0 4900 0 79300 0 321795 0 0 0 Howard Spinner Manager Regulatory and Rates 185202 0 24155 0 4783 0 6332 0 63645 0 284117 0 0 0 James Sirmons Technician 213199 0 6413 0 12746 0 20077 0 34464 0 286899 0 0 0 Gerald Gardner Lead Line Technician 221059 0 3020 0 335 0 6736 0 35345 0 266495 0 0 0 Heather V Anderson Manager System Engineering 197156 0 24538 0 1529 0 19105 0 21982 0 264310 0 0 0 Kyle R Sarvis Lead Line Technician 217089 0 1986 0 180 0 6781 0 59940 0 285976 0 0 0 Michael Hudak Service Technician 210075 0 2999 0 2546 0 17863 0 45803 0 279286 0 0 0 Grove Walter R Past Director 0 0 0 0 51000 0 0 0 0 0 51000 0 0 Middleton Edith Past Director's Wife 0 0 0 0 16166 0 0 0 0 0 16166 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: ($15,783); Assignable Patronage: $8; OCI & Reacquired Donations: 8,710,460. 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 2175816 Interest rate is the applied rate by the bank for construction loans. South Boston Energy LLC dba NOVEC Energy Production Halifax Cty Biomass o 296279 Labor is reimbursed at cost plus a fringe benefits fee. South Boston Energy LLC dba NOVEC Energy Production Halifax Cty Biomass q 71215 Intercompany cost is reimbursed at cost plus admin fee. NOVEC Solutions Inc n 2534 Rent is determined by rental market analysis. NOVEC Solutions Inc o 12777 Labor is reimbursed at cost plus fringe benefit fee. NOVEC Solutions Inc q 147254 Intercompany cost is reimbursed at cost plus admin fee. NOVEC Solutions Inc p 198988 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 3525 Labor cost is reimbursed at cost plus fringe benefit fee. NOVEC Energy Solutions Inc q 198308 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.