Civic Intelligence

Vepp Inc.

990 • Fiscal year 2016 • EIN 03-0352426

Jul 01, 2015 to Jun 30, 2016 • Filed on Feb 11, 2017

PO Box 1938Manchester Center, VT 05255

(802) 362-0748

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

91st percentile

0.99x

Higher debt load relative to assets than 91% of similar nonprofits.

2016 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2016

Liabilities / Revenue

96th percentile

10.60x

Higher debt load relative to revenue than 96% of similar nonprofits.

2016 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2016

Net Margin

38th percentile

-0.5%

Higher net margin than 38% of similar nonprofits.

2016 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2016

Top Officer Pay

40th percentile

$101,085

Higher top officer pay than 40% of similar nonprofits.

Top officer pay equals 21.5% of source-year revenue.

2016 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2016

Asset Growth

4th percentile

-21%

Faster asset growth than 4% of similar nonprofits.

2016 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2015 to 2016

Revenue Growth

31st percentile

-4.1%

Faster revenue growth than 31% of similar nonprofits.

2016 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2015 to 2016

Assets

Down

$5,014,399

Down $1,318,077 (-21%) from 2015

Net Assets

Down

$35,722

Down $2,279 (-6.0%) from 2015

Liabilities

Down

$4,978,677

Down $1,315,798 (-21%) from 2015

Revenue

Down

$469,886

Down $20,174 (-4.1%) from 2015

Expenses

Down

$472,165

Down $1,528 (-0.3%) from 2015

Net Income

Down

-$2,279

Down $18,646 (-114%) from 2015

Historical Trend

Balance Sheet Trend

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$8.0M$6.0M$4.0M$2.0M$0Assets 2010: $3,842,596Liabilities 2010: $3,828,020Net Assets 2010: $14,5762010Assets 2011: $4,247,219Liabilities 2011: $4,201,181Net Assets 2011: $46,0382011Assets 2012: $3,530,883Liabilities 2012: $3,503,592Net Assets 2012: $27,2912012Assets 2013: $4,397,803Liabilities 2013: $4,381,029Net Assets 2013: $16,7742013Assets 2014: $4,667,924Liabilities 2014: $4,646,290Net Assets 2014: $21,6342014Assets 2015: $6,332,476Liabilities 2015: $6,294,475Net Assets 2015: $38,0012015Assets 2016: $5,014,399Liabilities 2016: $4,978,677Net Assets 2016: $35,7222016Assets 2017: $5,533,590Liabilities 2017: $5,472,272Net Assets 2017: $61,3182017Assets 2018: $4,908,260Liabilities 2018: $4,838,203Net Assets 2018: $70,0572018Assets 2019: $4,881,124Liabilities 2019: $4,805,147Net Assets 2019: $75,9772019Assets 2020: $5,272,264Liabilities 2020: $5,183,272Net Assets 2020: $88,9922020Assets 2021: $5,388,960Liabilities 2021: $5,296,952Net Assets 2021: $92,0082021Assets 2022: $5,534,796Liabilities 2022: $5,384,513Net Assets 2022: $150,2832022Assets 2023: $5,776,576Liabilities 2023: $5,557,247Net Assets 2023: $219,3292023Assets 2024: $6,004,248Liabilities 2024: $5,771,294Net Assets 2024: $232,9542024

Highlighted filing

2016

Assets$5,014,399
Liabilities$4,978,677
Net Assets$35,722

Operations Trend

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$600K$400K$200K$0-$200KExpenses 2010: $319,8162010Expenses 2011: $328,4022011Revenue 2012: $374,454Expenses 2012: $393,201Net Income 2012: -$18,7472012Revenue 2013: $403,302Expenses 2013: $413,819Net Income 2013: -$10,5172013Revenue 2014: $430,415Expenses 2014: $425,555Net Income 2014: $4,8602014Revenue 2015: $490,060Expenses 2015: $473,693Net Income 2015: $16,3672015Revenue 2016: $469,886Expenses 2016: $472,165Net Income 2016: -$2,2792016Revenue 2017: $535,671Expenses 2017: $510,075Net Income 2017: $25,5962017Revenue 2018: $504,517Expenses 2018: $495,778Net Income 2018: $8,7392018Revenue 2019: $472,763Expenses 2019: $466,843Net Income 2019: $5,9202019Revenue 2020: $557,119Expenses 2020: $544,104Net Income 2020: $13,0152020Revenue 2021: $464,363Expenses 2021: $461,347Net Income 2021: $3,0162021Revenue 2022: $539,195Expenses 2022: $480,920Net Income 2022: $58,2752022Revenue 2023: $573,152Expenses 2023: $504,106Net Income 2023: $69,0462023Revenue 2024: $549,312Expenses 2024: $535,687Net Income 2024: $13,6252024

Highlighted filing

2016

Revenue$469,886
Expenses$472,165
Net Income-$2,279
Jump To
Filing Snapshot
Filing Period
Jul 1, 2015 to Jun 30, 2016
Signed
Feb 11, 2017
Return Version
2015v3.0
Gross Receipts
$469,886
Mission and Program Overview

Mission

To act under the Vermont Public Utility Commission as the purchasing agent for electricity in the State of Vermont.

To act under the Vermont Public Service Board as the purchasing agent for electricity in the State of Vermont.

Balance Sheet Detail
LineBeginningEndChange
Assets
Savings and Temporary Cash Investments$778,572$667,908▼ $110,664
Cash and Non-Interest-Bearing Accounts$25$25→ $0
Accounts Receivable-$0-
Other Notes and Loans Receivable, Net-$0-
Pledges and Grants Receivable-$0-
Receivable From Disqualified Prsn-$0-
Receivables From Officers Etc-$0-
Investments Other Securities-$0-
Investments Program Related-$0-
Investments in Publicly Traded Securities-$0-
Land, Buildings, and Equipment, Net-$0-
Intangible Assets-$0-
Inventories for Sale or Use-$0-
Prepaid Expenses and Deferred Charges-$0-
Total Assets$6,332,476$5,014,399▼ $1,318,077
Other Assets Total$5,553,879$4,346,466▼ $1,207,413
Liabilities
Other Liabilities$6,270,980$4,967,384▼ $1,303,596
Accounts Payable and Accrued Expenses$23,495$11,293▼ $12,202
Total Liabilities$6,294,475$4,978,677▼ $1,315,798
Net Assets / Fund Balance
Unrestricted Net Assets$38,001$35,722▼ $2,279
Total Net Assets Fund Balance$38,001$35,722▼ $2,279
Total Liabilities and Net Assets / Fund Balance$6,332,476$5,014,399▼ $1,318,077

Asset Categories

AssetBook ValueDepreciationBasis
Equipment-$42,993$42,993
Other Assets Org$4,346,466--
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseTotal
Carolyn AldermanExecutive DirectorFT$101,085$101,085
John SpencerExecutive Director-$64,177$64,177

Board Members and Trustees

NameTitle
Matthew RubinPresident
Linda NelsonVice President
Craig KienyDirector
Doug SmithDirector
Ken NolanDirector
Mark DriscollDirector
Stephen HickeyDirector
Gini MilkeyPublic Director
Kathleen KeenanPublic Director
Rita RicketsonPublic Director
Carolyn AldermanSecretary
Brian WaxlerTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$469,324
Investment Income
$562
Other Revenue
$0
Change in Net Assets
$-2,279

Audited Revenue Reconciliation

Revenue per Audited Statements
$469,886
Total Revenue per Audited Statements
$469,886
Total Revenue per Form 990
$469,886
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$307,442
Other Expenses$164,723
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Current Officers, Directors, Trustees, and Key Employees$148,736$16,526-$165,262
Other Salaries and Wages$45,107$15,035-$60,142
Other Employee Benefits$51,996$5,777-$57,773
Fees for Services Other$29,363$3,263-$32,626
Occupancy$19,639$2,182-$21,821
Payroll Taxes$15,601$1,733-$17,334
Office Expenses$10,676$1,186-$11,862
Pension Plan Contributions$6,238$693-$6,931
Fees for Services Accounting$6,030$670-$6,700
Other Expenses$3,728$414-$4,142
Conferences and Meetings$3,141$349-$3,490
Insurance$3,088$343-$3,431
Fees for Services Legal$2,492$277-$2,769
Travel$2,434$270-$2,704
Total Functional Expenses$415,929$56,236$0$472,165

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$472,165
Total Expenses per Audited Statements$472,165
Total Expenses per Form 990$472,165
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
Lobbying activity
No
Subject to proxy tax
No
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Receivables from Disqualified Persons-$0-
Receivables from Officers, Directors, Trustees, and Key Employees-$0-
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Due to Producers$4,303,737
SPEED deposit liability$561,185
Accrued payroll and payroll taxes$67,610
Contingency Account Liability$30,418
Power Sales Credits$4,434
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
No
Audit committee
Yes
Backup withholding compliance
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
No
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Line 11B: Form 990 Review Process

The tax return was reviewed by the Audit Committee of the Board of Directors before the return was filed.

Form 990, Part VI, Line 19: Other Organization Documents Publicly Available

No documents available to the public.

Filing and Contact Details

Filer

Filer Name
VEPP Inc
EIN
03-0352426
Phone
8023620748
Address
PO Box 1938, Manchester Center, VT 05255

Signing Officer

Name
Carolyn Alderman
Title
Executive Director
Signed
2017-02-11
Discuss with paid preparer
Yes

Organization Details

Formed
1994
Legal Domicile
Vt
Voting Board Members
11
Independent Board Members
11
Employees
4

Preparer

Firm
Love Cody & Company CPAs PC
Address
PO Box 319, Bennington, VT 05201-0319
Preparer
Stephen C Love CPA
Phone
8024425552
Supplemental Narrative

Additional Explanations

Client Note 1

Client Note 1 - VEPP Inc. is the purchasing Agent and Standard Offer Facilitator for electricity in the State of Vermont, under authority granted by the Public Service Board. As purchasing Agent and Standard Offer Facilitator, VEPP Inc. coordinates the purchase and sale of electricity and acts as a conduit for the transfer of funds among Vermont's energy producers and utilities. Thus, VEPP Inc. has no incidence of ownership in the reported account "Due from Utilities".

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IRS990/Form990PartVIISectionAGrp/TitleTxt6Treasurer
IRS990/Form990PartVIISectionAGrp/TitleTxt7Director
IRS990/Form990PartVIISectionAGrp/TitleTxt8Director
IRS990/Form990PartVIISectionAGrp/TitleTxt9Secretary
IRS990/Form990PartVIISectionAGrp/TitleTxt10Vice President
IRS990/Form990PartVIISectionAGrp/TitleTxt11Director
IRS990/Form990PartVIISectionAGrp/TitleTxt12Executive Director
IRS990/Form990PartVIISectionAGrp/TitleTxt13Executive Director
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IRS990/InventoriesForSaleOrUseGrp/EOYAmt00
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IRS990/MembersOrStockholdersInd0false
IRS990/MethodOfAccountingAccrualInd0X
IRS990/MinutesOfCommitteesInd0true
IRS990/MinutesOfGoverningBodyInd0true
IRS990/MissionDesc0To act under the Vermont Public Service Board as the purchasing agent for electricity in the State of Vermont.
IRS990/MoreThan5000KToIndividualsInd0false
IRS990/MoreThan5000KToOrgInd0false
IRS990/NetAssetsOrFundBalancesBOYAmt038001
IRS990/NetAssetsOrFundBalancesEOYAmt035722
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IRS990/NetRentalIncomeOrLossGrp/TotalRevenueColumnAmt00
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IRS990/OfficeExpensesGrp/ManagementAndGeneralAmt01186
IRS990/OfficeExpensesGrp/ProgramServicesAmt010676
IRS990/OfficeExpensesGrp/TotalAmt011862
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IRS990/OperateHospitalInd0false
IRS990/Organization501c3Ind0X
IRS990/OrganizationFollowsSFAS117Ind0X
IRS990/OrgFiledInLieuOfForm1041Ind0false
IRS990/OtherAssetsTotalGrp/BOYAmt05553879
IRS990/OtherAssetsTotalGrp/EOYAmt04346466
IRS990/OtherEmployeeBenefitsGrp/ManagementAndGeneralAmt05777
IRS990/OtherEmployeeBenefitsGrp/ProgramServicesAmt051996
IRS990/OtherEmployeeBenefitsGrp/TotalAmt057773
IRS990/OtherExpensesGrp/Desc0Telemeter services
IRS990/OtherExpensesGrp/Desc1Repairs & Maint
IRS990/OtherExpensesGrp/Desc2Miscellaneous
IRS990/OtherExpensesGrp/Desc3Dues and subscriptions
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt06023
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt1941
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt2554
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt3414
IRS990/OtherExpensesGrp/ProgramServicesAmt054208
IRS990/OtherExpensesGrp/ProgramServicesAmt18464
IRS990/OtherExpensesGrp/ProgramServicesAmt24988
IRS990/OtherExpensesGrp/ProgramServicesAmt33728
IRS990/OtherExpensesGrp/TotalAmt060231
IRS990/OtherExpensesGrp/TotalAmt19405
IRS990/OtherExpensesGrp/TotalAmt25542
IRS990/OtherExpensesGrp/TotalAmt34142
IRS990/OtherLiabilitiesGrp/BOYAmt06270980
IRS990/OtherLiabilitiesGrp/EOYAmt04967384
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IRS990/OtherSalariesAndWagesGrp/ProgramServicesAmt045107
IRS990/OtherSalariesAndWagesGrp/TotalAmt060142
IRS990/OthNotesLoansReceivableNetGrp/EOYAmt00
IRS990/PartialLiquidationInd0false
IRS990/PaymentsToAffiliatesGrp/TotalAmt00
IRS990/PayPremiumsPrsnlBnftCntrctInd0false
IRS990/PayrollTaxesGrp/ManagementAndGeneralAmt01733
IRS990/PayrollTaxesGrp/ProgramServicesAmt015601
IRS990/PayrollTaxesGrp/TotalAmt017334
IRS990/PensionPlanContributionsGrp/ManagementAndGeneralAmt0693
IRS990/PensionPlanContributionsGrp/ProgramServicesAmt06238
IRS990/PensionPlanContributionsGrp/TotalAmt06931
IRS990/PledgesAndGrantsReceivableGrp/EOYAmt00
IRS990/PoliticalCampaignActyInd0false
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IRS990/ProgramServiceRevenueGrp/BusinessCd0221000
IRS990/ProgramServiceRevenueGrp/BusinessCd1221000
IRS990/ProgramServiceRevenueGrp/Desc0Agent fees
IRS990/ProgramServiceRevenueGrp/Desc1Other
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt0439652
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt129672
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt0439652
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt129672
IRS990/ProhibitedTaxShelterTransInd0false
IRS990/PYExcessBenefitTransInd0false
IRS990/PYInvestmentIncomeAmt0124
IRS990/PymtTravelEntrtnmntPubOfclGrp/TotalAmt00
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IRS990/PYProgramServiceRevenueAmt0489936
IRS990/PYRevenuesLessExpensesAmt016367
IRS990/PYSalariesCompEmpBnftPaidAmt0333722
IRS990/PYTotalExpensesAmt0473693
IRS990/PYTotalRevenueAmt0490060
IRS990/QuidProQuoContributionsInd0false
IRS990/RcvblFromDisqualifiedPrsnGrp/EOYAmt00
IRS990/RcvFndsToPayPrsnlBnftCntrctInd0false
IRS990/ReceivablesFromOfficersEtcGrp/EOYAmt00
IRS990/ReconcilationRevenueExpnssAmt0-2279
IRS990/RegularMonitoringEnfrcInd0false
IRS990/RelatedEntityInd0false
IRS990/RelatedOrganizationCtrlEntInd0false
IRS990/ReportInvestmentsOtherSecInd0false
IRS990/ReportLandBuildingEquipmentInd0true
IRS990/ReportOtherAssetsInd0true
IRS990/ReportOtherLiabilitiesInd0true
IRS990/ReportProgramRelatedInvstInd0false
IRS990/RoyaltiesGrp/TotalAmt00
IRS990/RoyaltiesRevenueGrp/TotalRevenueColumnAmt00
IRS990/SavingsAndTempCashInvstGrp/BOYAmt0778572
IRS990/SavingsAndTempCashInvstGrp/EOYAmt0667908
IRS990ScheduleA/AmountsRcvdDsqlfyPersonGrp/TotalAmt00
IRS990ScheduleA/First5Years509Ind0X
IRS990ScheduleA/GiftsGrantsContrisRcvd509Grp/TotalAmt00
IRS990ScheduleA/GovtFurnSrvcFcltsVl509Grp/TotalAmt00
IRS990ScheduleA/GrossInvestmentIncome509Grp/CurrentTaxYearMinus2YearsAmt0165
IRS990ScheduleA/GrossInvestmentIncome509Grp/CurrentTaxYearMinus3YearsAmt0149
IRS990ScheduleA/GrossInvestmentIncome509Grp/CurrentTaxYearMinus4YearsAmt0357
IRS990ScheduleA/GrossInvestmentIncome509Grp/TotalAmt0671
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearMinus2YearsAmt0430250
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearMinus3YearsAmt0403153
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearMinus4YearsAmt0374097
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/TotalAmt01207500
IRS990ScheduleA/GrossReceiptsNonUnrltBusGrp/TotalAmt00
IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/CurrentTaxYearMinus2YearsAmt0165
IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/CurrentTaxYearMinus3YearsAmt0149
IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/CurrentTaxYearMinus4YearsAmt0357
IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/TotalAmt0671
IRS990ScheduleA/InvestmentIncomeCYPct00.00000
IRS990ScheduleA/NetIncomeFromOtherUBIGrp/TotalAmt00
IRS990ScheduleA/OtherIncome509Grp/TotalAmt00
IRS990ScheduleA/Post1975UBTIGrp/TotalAmt00
IRS990ScheduleA/PubliclySupportedOrg509a2Ind0X
IRS990ScheduleA/PublicSupportCY509Pct00.00000
IRS990ScheduleA/PublicSupportTotal509Amt01207500
IRS990ScheduleA/SubstantialContributorsAmtGrp/TotalAmt00
IRS990ScheduleA/TaxRevLeviedOrgnztnlBnft509Grp/TotalAmt00
IRS990ScheduleA/Total509Grp/CurrentTaxYearMinus2YearsAmt0430250
IRS990ScheduleA/Total509Grp/CurrentTaxYearMinus3YearsAmt0403153
IRS990ScheduleA/Total509Grp/CurrentTaxYearMinus4YearsAmt0374097
IRS990ScheduleA/Total509Grp/TotalAmt01207500
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus2YearsAmt0430415
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus3YearsAmt0403302
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus4YearsAmt0374454
IRS990ScheduleA/TotalSupportCalendarYearGrp/TotalAmt01208171
IRS990/ScheduleBRequiredInd0false
IRS990ScheduleD/EquipmentGrp/DepreciationAmt042993
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt042993

Document Assets

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Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$6.00$5.77$0.23$0.55$0.54$0.01
2023Detailed filing. Detailed filing data is available for this year.$5.78$5.56$0.22$0.57$0.50$0.07
2022Detailed filing. Detailed filing data is available for this year.$5.53$5.38$0.15$0.54$0.48$0.06
2021Detailed filing. Detailed filing data is available for this year.$5.39$5.30$0.09$0.46$0.46$0.00
2020Detailed filing. Detailed filing data is available for this year.$5.27$5.18$0.09$0.56$0.54$0.01
2019Detailed filing. Detailed filing data is available for this year.$4.88$4.81$0.08$0.47$0.47$0.01
2018Detailed filing. Detailed filing data is available for this year.$4.91$4.84$0.07$0.50$0.50$0.01
2017Detailed filing. Detailed filing data is available for this year.$5.53$5.47$0.06$0.54$0.51$0.03
2016Detailed filing. Detailed filing data is available for this year.$5.01$4.98$0.04$0.47$0.47$0.00
2015Detailed filing. Detailed filing data is available for this year.$6.33$6.29$0.04$0.49$0.47$0.02
2014Detailed filing. Detailed filing data is available for this year.$4.67$4.65$0.02$0.43$0.43$0.00
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$4.40$4.38$0.02$0.40$0.41$0.01
2012Summary only. Only limited summary data is available for this year.$3.53$3.50$0.03$0.37$0.39$0.02
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$4.25$4.20$0.05$0.33
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$3.84$3.83$0.01$0.32