Civic Intelligence

Washington Electric Cooperative Inc

EIN 03-0165895 • 501(c)12 • East Montpelier, VT

View Organization Page

Profile

To provide residential and commercial electrical service to cooperative members.

PO Box 8East Montpelier, VT 05651

www.wec.coop

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

72nd percentile

0.59x

Higher debt load relative to assets than 72% of similar nonprofits.

501(c)12 • $50M-$100M nonprofits • Source year 2024

Liabilities / Revenue

99th percentile

4.78x

Higher debt load relative to revenue than 99% of similar nonprofits.

501(c)12 • $50M-$100M nonprofits • Source year 2024

Net Margin

42nd percentile

0.0%

Higher net margin than 42% of similar nonprofits.

501(c)12 • $50M-$100M nonprofits • Source year 2024

Top Officer Pay

45th percentile

$270,659

Higher top officer pay than 45% of similar nonprofits.

Top officer pay equals 3.3% of source-year revenue.

501(c)12 • $50M-$100M nonprofits • Source year 2024

Asset Growth

16th percentile

0.7%

Faster asset growth than 16% of similar nonprofits.

501(c)12 • $50M-$100M nonprofits • Annualized from 2023 to 2024

Revenue Growth

55th percentile

4.1%

Faster revenue growth than 55% of similar nonprofits.

501(c)12 • $50M-$100M nonprofits • Annualized from 2023 to 2024

Balance Sheet
Liabilities / Assets72nd percentile

Assets

Up

$65,979,044

Up $429,123 (+0.7%) from 2023

Liabilities

Down

$39,093,536

Down $215,370 (-0.5%) from 2023

Net Assets

Up

$26,885,508

Up $644,493 (+2.5%) from 2023

Operations
Liabilities / Revenue99th percentileNet Margin42nd percentile

Revenue

Up

$8,182,204

Up $323,662 (+4.1%) from 2023

Expenses

Up

$8,182,204

Up $323,662 (+4.1%) from 2023

Net Income

Flat

$0

Flat from 2023

Trend Graphs

Balance Sheet Trend

Asset Growth16th percentile

Grouped bars show assets, liabilities, and net assets across loaded filings.

$80M$60M$40M$20M$0Assets 2011: $57,270,363Liabilities 2011: $38,415,328Net Assets 2011: $18,855,0352011Assets 2012: $59,332,257Liabilities 2012: $39,509,131Net Assets 2012: $19,823,1262012Assets 2013: $61,260,547Liabilities 2013: $40,639,624Net Assets 2013: $20,620,9232013Assets 2014: $61,669,617Liabilities 2014: $40,019,608Net Assets 2014: $21,650,0092014Assets 2015: $61,378,609Liabilities 2015: $38,754,135Net Assets 2015: $22,624,4742015Assets 2016: $64,016,452Liabilities 2016: $40,371,087Net Assets 2016: $23,645,3652016Assets 2017: $65,491,865Liabilities 2017: $41,737,678Net Assets 2017: $23,754,1872017Assets 2018: $64,661,433Liabilities 2018: $40,844,145Net Assets 2018: $23,817,2882018Assets 2019: $64,942,858Liabilities 2019: $40,854,820Net Assets 2019: $24,088,0382019Assets 2020: $66,274,295Liabilities 2020: $41,191,819Net Assets 2020: $25,082,4762020Assets 2021: $65,071,467Liabilities 2021: $39,635,320Net Assets 2021: $25,436,1472021Assets 2022: $65,420,825Liabilities 2022: $39,876,757Net Assets 2022: $25,544,0682022Assets 2023: $65,549,921Liabilities 2023: $39,308,906Net Assets 2023: $26,241,0152023Assets 2024: $65,979,044Liabilities 2024: $39,093,536Net Assets 2024: $26,885,5082024

Highlighted filing

2024

Assets$65,979,044
Liabilities$39,093,536
Net Assets$26,885,508
Open 2024 Filing

Operations Trend

Revenue Growth55th percentile

Revenue, expenses, and net income by year, with the latest filing highlighted.

$10M$5.0M$0Revenue 2011: $7,049,490Expenses 2011: $7,049,490Net Income 2011: $02011Revenue 2012: $7,442,048Expenses 2012: $7,442,048Net Income 2012: $02012Revenue 2013: $7,046,319Expenses 2013: $7,046,319Net Income 2013: $02013Revenue 2014: $7,268,516Expenses 2014: $7,268,516Net Income 2014: $02014Revenue 2015: $7,260,653Expenses 2015: $7,260,653Net Income 2015: $02015Revenue 2016: $7,462,987Expenses 2016: $7,462,987Net Income 2016: $02016Revenue 2017: $6,850,494Expenses 2017: $6,850,494Net Income 2017: $02017Revenue 2018: $7,033,808Expenses 2018: $7,033,808Net Income 2018: $02018Revenue 2019: $7,384,179Expenses 2019: $7,384,179Net Income 2019: $02019Revenue 2020: $8,572,091Expenses 2020: $8,572,091Net Income 2020: $02020Revenue 2021: $7,723,306Expenses 2021: $7,723,306Net Income 2021: $02021Revenue 2022: $6,953,598Expenses 2022: $6,953,598Net Income 2022: $02022Revenue 2023: $7,858,542Expenses 2023: $7,858,542Net Income 2023: $02023Revenue 2024: $8,182,204Expenses 2024: $8,182,204Net Income 2024: $02024

Highlighted filing

2024

Revenue$8,182,204
Expenses$8,182,204
Net Income$0
Open 2024 Filing

Filings

Most recent year

2024 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$65,979,044
Liabilities
$39,093,536
Net assets
$26,885,508
Revenue
$8,182,204
Expenses
$8,182,204
Net income
$0
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$66.0$39.1$26.9$8.18$8.18$0.00
2023Detailed filing. Detailed filing data is available for this year.$65.5$39.3$26.2$7.86$7.86$0.00
2022XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$65.4$39.9$25.5$6.95$6.95$0.00
2021XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$65.1$39.6$25.4$7.72$7.72$0.00
2020Detailed filing. Detailed filing data is available for this year.$66.3$41.2$25.1$8.57$8.57$0.00
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$64.9$40.9$24.1$7.38$7.38$0.00
2018Facts available. Structured filing facts are available, but richer extracted sections are limited.$64.7$40.8$23.8$7.03$7.03$0.00
2017Facts available. Structured filing facts are available, but richer extracted sections are limited.$65.5$41.7$23.8$6.85$6.85$0.00
2016Import issue. A filing source exists for this year, but detailed import did not complete cleanly.$64.0$40.4$23.6$7.46$7.46$0.00
2015XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$61.4$38.8$22.6$7.26$7.26$0.00
2014Import issue. A filing source exists for this year, but detailed import did not complete cleanly.$61.7$40.0$21.7$7.27$7.27$0.00
2013Import issue. A filing source exists for this year, but detailed import did not complete cleanly.$61.3$40.6$20.6$7.05$7.05$0.00
2012Summary only. Only limited summary data is available for this year.$59.3$39.5$19.8$7.44$7.44$0.00
2011Summary only. Only limited summary data is available for this year.$57.3$38.4$18.9$7.05$7.05$0.00
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jan 1, 2024 to Dec 31, 2024
Signed
May 2, 2025
Return Version
2024v5.0
Gross Receipts
$24,754,954
Mission and Program Overview

Mission

To provide residential and commercial electrical service to cooperative members.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$47,389,617$48,051,062▲ $661,445
Rtn Earn Endowment Incm Other Fnds$26,241,015$26,885,508▲ $644,493
Investments Other Securities$10,961,455$11,668,809▲ $707,354
Accounts Receivable$4,034,287$3,384,252▼ $650,035
Prepaid Expenses and Deferred Charges$837,979$653,695▼ $184,284
Inventories for Sale or Use$547,801$569,477▲ $21,676
Cash and Non-Interest-Bearing Accounts$820,735$544,246▼ $276,489
Total Assets$65,549,921$65,979,044▲ $429,123
Other Assets Total$958,047$1,107,503▲ $149,456
Liabilities
Mortgage Notes Payable Secured by Investment Property$34,925,598$33,391,678▼ $1,533,920
Accounts Payable and Accrued Expenses$3,190,314$2,959,378▼ $230,936
Other Liabilities$1,192,994$2,742,480▲ $1,549,486
Total Liabilities$39,308,906$39,093,536▼ $215,370
Net Assets / Fund Balance
Total Net Assets Fund Balance$26,241,015$26,885,508▲ $644,493
Total Liabilities and Net Assets / Fund Balance$65,549,921$65,979,044▲ $429,123

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$47,032,868$42,693,323$89,726,191
Buildings$1,018,194$1,206,285$2,224,479
Other Securities$497--
Compensation and Service Providers
Top Officer Pay45th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Teia GreenslitDirector of FinanFT$154,093$116,566$270,659
Teia GreenslitDirector of Finance & Adm-$145,808$124,851$270,659
Dave KresockDirector of OperFT$170,342$55,947$226,289
Dave KresockDirector of Oper & Eng.-$163,587$62,702$226,289
Amos TurnerConstructionFT$180,211$42,771$222,982
Amos TurnerConstruction Foreman-$172,867$50,115$222,982
Jason PrestonMaintenanceFT$170,187$42,647$212,834
Jason PrestonMaintenance Foreman-$163,084$49,750$212,834
Donald SingletonLineworkerFT$156,570$54,215$210,785
Louis PorterGeneral ManaFT$166,820$16,115$182,935
Louis PorterGeneral Manager-$160,316$22,619$182,935
Mary Just SkinnerVice PresidePT$4,425-$4,425
Donald DouglasTreasurerPT$4,350-$4,350
Steve FarnhamDirectorPT$3,675-$3,675
Susan AlexanderDirector-$3,660-$3,660
Steve KnowltonPresidentPT$3,360-$3,360
Elizabeth AllenSectretary-$2,850-$2,850
Benjamin BarnesDirector-$2,025-$2,025
Jean HamiltonDirector-$1,650-$1,650
Olivia CampbellDirector-$1,050-$1,050

Highest Paid Contractors

ContractorServicesLocationCompensation
Matt Foster Logging And Tree ServiceTree Trimming430 BLACK RIVER RD, Craftsbury, VT 05826$723,055
Tarrant Gillies & Shems-44 EAST STATE STREET, Montpelier, VT 05602$126,005
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$514
Investment Income
$1,307,688
Other Revenue
$6,874,002
Change in Net Assets
$0
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$5,507,651
Salaries, Compensation, and Employee Benefits$1,806,087
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Depreciation Depletion$2,590,331--$2,590,331
Interest$1,194,856--$1,194,856
Other Salaries and Wages$1,000,880--$1,000,880
Benefits to Members$868,466--$868,466
Pension Plan Contributions$311,416--$311,416
Information Technology$203,453--$203,453
Other Employee Benefits$202,900--$202,900
Current Officers, Directors, Trustees, and Key Employees$187,361--$187,361
Payroll Taxes$103,530--$103,530
Fees for Services Legal$93,244--$93,244
Insurance$84,621--$84,621
Other Expenses$46,200--$46,200
Fees for Services Other$44,169--$44,169
Fees for Services Accounting$37,585--$37,585
Office Expenses$20,156--$20,156
All Other Expenses$17,473--$17,473
Travel$15,829--$15,829
Fees for Services Lobbying$14,877--$14,877
Occupancy$10,749--$10,749
Total Functional Expenses$8,182,204$0$0$8,182,204
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Cfc Loc$1,922,230
Deferred Credits$421,717
Deferred Grant Revenue$211,050
Customer Deposits$187,483
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Business relationship with 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
No
Other officer compensation reviewed
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
Yes
Key decisions subject to board approval
Yes
Management duties delegated
No

Governance Explanations

Form 990, Page 6, Part VI, Line 6

“The cooperative has members who are also the consumers of the electricity sold by the cooperative”

Form 990, Page 6, Part VI, Line 7A

“Members of the cooperative elect the governing board”

Form 990, Page 6, Part VI, Line 7B

“Persuant to wec's bylaws and vermont statute noted below, certain actions by the board of directors are subject to approval by a vote of the membership. Merger or consolidation (30 v.s.a. 3020 and 3021) sale or lease of substantial portion of property (30 v.s.a. 3032) commencement of construction of generation or transmission facilities, or long-term and substantial out-of-state power purchases (30 v.s.a. 248(c) and 3044)”

Form 990, Page 6, Part VI, Line 11B

“The finance manager coordinates the tax return preparation and review the return. The general manager also reviews and signs the return before it is filed.”

Form 990, Page 6, Part VI, Line 12C

“Employees and directors sign an acknowledgement form that they have read and understand the code of ethics policy, which includes the organizations written conflict of interest policy. The current policy was adopted in 2007. Since adoption new employees and directors have also signed and acknowledged the same form.”

Form 990, Page 6, Part VI, Line 19

“All information is available upon request. Audited financial statements are also available through a link on our website.”

Filing and Contact Details

Filer

Filer Name
Washington Electric Cooperative Inc
EIN
03-0165895
Phone
8022235245
Address
PO BOX 8, EAST MONTPELIER, VT 05651

Signing Officer

Name
Louis Porter
Title
General Manager
Phone
8022235245
Signed
2025-05-02

Organization Details

Principal Officer
Louis Porter
Formed
1939
Legal Domicile
Vt
Voting Board Members
9
Independent Board Members
9
Employees
47

Preparer

Firm
Kittell Branagan & Sargent
Address
154 N MAIN ST, ST ALBANS, VT 05478
Preparer
William Keyser CPA
Phone
8025249531
Supplemental Narrative

Additional Explanations

Form 990, Part XI, Line 9

“New memberships issued and subscribed for 10,400 patronage margins allocated, not paid 868,465 patronage rebates -234,372 total 644,493”

Financial Statement Notes

Schedule D, Page 3, Part X

“Accounting standards codification 740, income taxes (formerly fasb interpretation no. 48) requires the cooperative to evaluate its income tax positions to determine if there are any positions that would require any adjustments to the consolidated financial statements. The cooperative has determined that it has no uncertain income tax positions that need to be recorded or reported in the consolidated financial statements. The tax years ending december 31, 2024, 2023, 2022, and 2021 are still open to audit for both federal and state purposes.”

Raw XML AppendixShowing 400 of 575 raw XML fields

This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990/Form990PartVIISectionAGrp/PersonNm12BENJAMIN BARNES
IRS990/Form990PartVIISectionAGrp/PersonNm13JEAN HAMILTON
IRS990/Form990PartVIISectionAGrp/PersonNm14OLIVIA CAMPBELL
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IRS990/Form990PartVIISectionAGrp/TitleTxt0DIR OF FINAN
IRS990/Form990PartVIISectionAGrp/TitleTxt1DIR OF OPER
IRS990/Form990PartVIISectionAGrp/TitleTxt2CONSTRUCTION
IRS990/Form990PartVIISectionAGrp/TitleTxt3MAINTENANCE
IRS990/Form990PartVIISectionAGrp/TitleTxt4LINEWORKER
IRS990/Form990PartVIISectionAGrp/TitleTxt5GENERAL MANA
IRS990/Form990PartVIISectionAGrp/TitleTxt6VICE PRESIDE
IRS990/Form990PartVIISectionAGrp/TitleTxt7TREASURER
IRS990/Form990PartVIISectionAGrp/TitleTxt8DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt9DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt10PRESIDENT
IRS990/Form990PartVIISectionAGrp/TitleTxt11SECTRETARY
IRS990/Form990PartVIISectionAGrp/TitleTxt12DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt13DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt14DIRECTOR
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IRS990/OtherExpensesGrp/Desc0OTHER EXPENSES
IRS990/OtherExpensesGrp/Desc1GROSS REC. & GROSS REV TA
IRS990/OtherExpensesGrp/Desc2TIER 3
IRS990/OtherExpensesGrp/Desc3MEMBER EDUCATION
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IRS990/OtherOrganizationDsc0COOPERATIVE
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IRS990/OtherRevenueMiscGrp/Desc0CAPITAL CREDITS
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IRS990/ReportOtherLiabilitiesInd0true
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IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0CFC LOC
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc1DEFERRED CREDITS
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc2DEFERRED GRANT REVENUE
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc3CUSTOMER DEPOSITS
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IRS990ScheduleD/OtherSecuritiesGrp/BookValueAmt14404717
IRS990ScheduleD/OtherSecuritiesGrp/BookValueAmt2394385
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IRS990ScheduleD/OtherSecuritiesGrp/Desc0VERMONT TRANSCO LLC - CLASS B UNITS
IRS990ScheduleD/OtherSecuritiesGrp/Desc1VERMONT TRANSCO LLC - CLASS A UNITS
IRS990ScheduleD/OtherSecuritiesGrp/Desc2COVENTRY CLEAN ENERGY COR
IRS990ScheduleD/OtherSecuritiesGrp/Desc3N.R.U.C.F.C CAPITAL TERM CERT
IRS990ScheduleD/OtherSecuritiesGrp/Desc4N.R.U.C.F.C. PATRONAGE CAPITAL
IRS990ScheduleD/OtherSecuritiesGrp/Desc5VELCO COMMON STOCK - CLASS B
IRS990ScheduleD/OtherSecuritiesGrp/Desc6NISC PATRON. CAPITAL CERTIF.
IRS990ScheduleD/OtherSecuritiesGrp/Desc7VELCO COMMON STOCK - CLASS C
IRS990ScheduleD/OtherSecuritiesGrp/Desc8PATRONAGE CAPITAL CERT - OTHER COOPS
IRS990ScheduleD/OtherSecuritiesGrp/Desc9CRC
IRS990ScheduleD/OtherSecuritiesGrp/Desc10CRC PATRONAGE CAPITAL CERTIFICATES
IRS990ScheduleD/OtherSecuritiesGrp/Desc11VELCO PREFERRED STOCK - CLASS C
IRS990ScheduleD/OtherSecuritiesGrp/Desc12COOPERATIVE FINANCE CORP
IRS990ScheduleD/OtherSecuritiesGrp/Desc13COBANK MEMBERSHIP
IRS990ScheduleD/OtherSecuritiesGrp/Desc14RURAL ELECTRIC VERMONT ASSOC
IRS990ScheduleD/OtherSecuritiesGrp/MethodValuationCd0C
IRS990ScheduleD/OtherSecuritiesGrp/MethodValuationCd1C
IRS990ScheduleD/OtherSecuritiesGrp/MethodValuationCd2C
IRS990ScheduleD/OtherSecuritiesGrp/MethodValuationCd3C
IRS990ScheduleD/OtherSecuritiesGrp/MethodValuationCd4C
IRS990ScheduleD/OtherSecuritiesGrp/MethodValuationCd5C
IRS990ScheduleD/OtherSecuritiesGrp/MethodValuationCd6C
IRS990ScheduleD/OtherSecuritiesGrp/MethodValuationCd7C
IRS990ScheduleD/OtherSecuritiesGrp/MethodValuationCd8C
IRS990ScheduleD/OtherSecuritiesGrp/MethodValuationCd9C
IRS990ScheduleD/OtherSecuritiesGrp/MethodValuationCd10C
IRS990ScheduleD/OtherSecuritiesGrp/MethodValuationCd11C
IRS990ScheduleD/OtherSecuritiesGrp/MethodValuationCd12C
IRS990ScheduleD/OtherSecuritiesGrp/MethodValuationCd13C
IRS990ScheduleD/OtherSecuritiesGrp/MethodValuationCd14C
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0ACCOUNTING STANDARDS CODIFICATION 740, INCOME TAXES (FORMERLY FASB INTERPRETATION NO. 48) REQUIRES THE COOPERATIVE TO EVALUATE ITS INCOME TAX POSITIONS TO DETERMINE IF THERE ARE ANY POSITIONS THAT WOULD REQUIRE ANY ADJUSTMENTS TO THE CONSOLIDATED FINANCIAL STATEMENTS. THE COOPERATIVE HAS DETERMINED THAT IT HAS NO UNCERTAIN INCOME TAX POSITIONS THAT NEED TO BE RECORDED OR REPORTED IN THE CONSOLIDATED FINANCIAL STATEMENTS. THE TAX YEARS ENDING DECEMBER 31, 2024, 2023, 2022, AND 2021 ARE STILL OPEN TO AUDIT FOR BOTH FEDERAL AND STATE PURPOSES.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE D, PAGE 3, PART X

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