Civic Intelligence

Delaware Electric Cooperative Inc

990 • Fiscal year 2016 • EIN 51-0011975

Jan 01, 2016 to Dec 31, 2016 • Filed on Nov 15, 2017

Organization Profilewww/delaware.coop

View Organization Page

PO Box 600Greenwood, DE 19950

(302) 349-3105

Siviq Scores

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

Liabilities / Assets

24th percentile

0.54x

Higher debt load relative to assets than 24% of similar nonprofits.

2016 filings • 501(c)12 • $250M-$1B nonprofits • Source year 2016

Liabilities / Revenue

24th percentile

0.99x

Higher debt load relative to revenue than 24% of similar nonprofits.

2016 filings • 501(c)12 • $250M-$1B nonprofits • Source year 2016

Net Margin

64th percentile

0.8%

Higher net margin than 64% of similar nonprofits.

2016 filings • 501(c)12 • $250M-$1B nonprofits • Source year 2016

Top Officer Pay

89th percentile

$788,646

Higher top officer pay than 89% of similar nonprofits.

Top officer pay equals 0.5% of source-year revenue.

2016 filings • 501(c)12 • $250M-$1B nonprofits • Source year 2016

Asset Growth

82nd percentile

6.5%

Faster asset growth than 82% of similar nonprofits.

2016 filings • 501(c)12 • $250M-$1B nonprofits • Annualized from 2015 to 2016

Revenue Growth

64th percentile

2.5%

Faster revenue growth than 64% of similar nonprofits.

2016 filings • 501(c)12 • $250M-$1B nonprofits • Annualized from 2015 to 2016

Balance Sheet
Liabilities / Assets24th percentile

Assets

Up

$307,886,217

Up $18,821,659 (+6.5%) from 2015

Net Assets

Up

$142,011,970

Up $6,949,790 (+5.1%) from 2015

Liabilities

Up

$165,874,247

Up $11,871,869 (+7.7%) from 2015

Revenue And Expenses
Liabilities / Revenue24th percentileNet Margin64th percentile

Revenue

Up

$167,556,369

Up $4,011,280 (+2.5%) from 2015

Expenses

Up

$166,248,486

Up $4,401,909 (+2.7%) from 2015

Net Income

Down

$1,307,883

Down $390,629 (-23%) from 2015

Historical Trend

Balance Sheet Trend

Asset Growth82nd percentile

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

$600M$400M$200M$0Assets 2010: $241,224,472Liabilities 2010: $126,109,866Net Assets 2010: $115,114,6062010Assets 2011: $240,819,277Liabilities 2011: $123,058,587Net Assets 2011: $117,760,6902011Assets 2012: $257,901,519Liabilities 2012: $140,089,858Net Assets 2012: $117,811,6612012Assets 2013: $267,915,582Liabilities 2013: $142,072,517Net Assets 2013: $125,843,0652013Assets 2014: $281,037,965Liabilities 2014: $150,172,138Net Assets 2014: $130,865,8272014Assets 2015: $289,064,558Liabilities 2015: $154,002,378Net Assets 2015: $135,062,1802015Assets 2016: $307,886,217Liabilities 2016: $165,874,247Net Assets 2016: $142,011,9702016Assets 2017: $317,027,746Liabilities 2017: $157,430,500Net Assets 2017: $159,597,2462017Assets 2018: $323,949,838Liabilities 2018: $163,086,757Net Assets 2018: $160,863,0812018Assets 2019: $335,889,725Liabilities 2019: $168,696,423Net Assets 2019: $167,193,3022019Assets 2020: $361,052,083Liabilities 2020: $184,095,288Net Assets 2020: $176,956,7952020Assets 2021: $392,759,569Liabilities 2021: $198,722,817Net Assets 2021: $194,036,7522021Assets 2022: $429,246,863Liabilities 2022: $218,401,311Net Assets 2022: $210,845,5522022Assets 2023: $432,972,404Liabilities 2023: $203,295,798Net Assets 2023: $229,676,6062023Assets 2024: $452,244,389Liabilities 2024: $205,240,416Net Assets 2024: $247,003,9732024

Highlighted filing

2016

Assets$307,886,217
Liabilities$165,874,247
Net Assets$142,011,970
Open 2016 Filing

Operations Trend

Revenue Growth64th percentile

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

$300M$200M$100M$0Expenses 2010: $132,362,4132010Expenses 2011: $139,357,1502011Expenses 2012: $138,761,4342012Revenue 2013: $145,698,274Expenses 2013: $144,154,424Net Income 2013: $1,543,8502013Revenue 2014: $154,105,513Expenses 2014: $152,583,057Net Income 2014: $1,522,4562014Revenue 2015: $163,545,089Expenses 2015: $161,846,577Net Income 2015: $1,698,5122015Revenue 2016: $167,556,369Expenses 2016: $166,248,486Net Income 2016: $1,307,8832016Revenue 2017: $163,930,075Expenses 2017: $162,203,336Net Income 2017: $1,726,7392017Revenue 2018: $178,782,131Expenses 2018: $172,438,903Net Income 2018: $6,343,2282018Revenue 2019: $189,153,342Expenses 2019: $181,091,675Net Income 2019: $8,061,6672019Revenue 2020: $188,253,074Expenses 2020: $181,762,662Net Income 2020: $6,490,4122020Revenue 2021: $189,130,063Expenses 2021: $181,830,032Net Income 2021: $7,300,0312021Revenue 2022: $226,822,126Expenses 2022: $212,282,144Net Income 2022: $14,539,9822022Revenue 2023: $245,267,841Expenses 2023: $231,540,918Net Income 2023: $13,726,9232023Revenue 2024: $254,849,361Expenses 2024: $233,785,051Net Income 2024: $21,064,3102024

Highlighted filing

2016

Revenue$167,556,369
Expenses$166,248,486
Net Income$1,307,883
Open 2016 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2016 to Dec 31, 2016
Signed
Nov 15, 2017
Return Version
2016v3.0
Gross Receipts
$167,558,568
Mission and Program Overview

Mission

Safe and effective distribution of electricity to the members of dec

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$192,222,113$195,041,372▲ $2,819,259
Rtn Earn Endowment Incm Other Fnds$135,062,180$142,011,970▲ $6,949,790
Investments Program Related$61,324,294$63,173,017▲ $1,848,723
Accounts Receivable$14,813,784$19,147,596▲ $4,333,812
Savings and Temporary Cash Investments$7,625,000$11,800,000▲ $4,175,000
Prepaid Expenses and Deferred Charges$4,400,337$7,010,373▲ $2,610,036
Inventories for Sale or Use$2,821,336$5,693,145▲ $2,871,809
Investments Other Securities$3,747,443$3,714,263▼ $33,180
Cash and Non-Interest-Bearing Accounts$1,923,713$2,266,832▲ $343,119
Other Notes and Loans Receivable, Net-$0-
Pledges and Grants Receivable-$0-
Receivable From Disqualified Prsn-$0-
Receivables From Officers Etc-$0-
Investments in Publicly Traded Securities-$0-
Intangible Assets-$0-
Total Assets$289,064,558$307,886,217▲ $18,821,659
Other Assets Total$186,538$39,619▼ $146,919
Liabilities
Mortgage Notes Payable Secured by Investment Property$110,184,149$115,862,217▲ $5,678,068
Other Liabilities$33,524,360$37,540,430▲ $4,016,070
Accounts Payable and Accrued Expenses$10,293,869$12,471,600▲ $2,177,731
Total Liabilities$154,002,378$165,874,247▲ $11,871,869
Net Assets / Fund Balance
Total Net Assets Fund Balance$135,062,180$142,011,970▲ $6,949,790
Total Liabilities and Net Assets / Fund Balance$289,064,558$307,886,217▲ $18,821,659

Asset Categories

AssetBook ValueDepreciationBasis
Other Land Buildings$195,041,372$139,686,532$334,727,904
Other Securities$1,350,000--
Compensation and Service Providers
Top Officer Pay89th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
J William AndrewPresident & CEOFT$499,254$239,392$788,646
Gary CrippsCOOFT$266,629$132,469$429,098
Mark NielsonVP Staff Serv.FT$161,249$38,284$199,533
Christopher Penuel1st Class ServFT$164,048$79,084$193,132
David C ShapleyVP Eng. / Oper.FT$151,331$37,334$188,665
Richard H Johnson1st Class Crew ChFT$150,658$29,100$179,758
Robert BookVP Member SerFT$136,255$33,555$169,810
Benjamin SalisburyJourneyman LinemanFT$143,671$49,150$162,821
Kevin Ga Hedges1st Class ServFT$129,472$29,084$158,556
Scott G Breasure1st Class ServFT$129,185$27,950$157,135
Charles Towles jrDirectorPT$21,150-$21,150
William P Haughey JrDirectorPT$21,031-$21,031
Laura T PhillipsSec / Treas.PT$20,551-$20,551
Bruce R WaltonDirectorPT$19,603-$19,603
Michael K BrownDirectorPT$19,596-$19,596
Patricia S DoreyAsst Sec/Treas.PT$19,148-$19,148
Dean C BeltDirectorPT$17,629-$17,629
William J WellsChairmanPT$16,250-$16,250
William W Noel jrDirectorPT$15,945-$15,945
Bruce A HenryVice ChairmanPT$11,700-$11,700
Howard ClendanielDirectorPT$7,150-$7,150

Highest Paid Contractors

ContractorServicesLocationCompensation
Utility Lines Const IncLine MaintenancePO Box 7780-5124, Philadelphia, PA 19182$5,352,920
Asplundh Tree Expert CoTree RemovalPO Box 827464, Philadelphia, PA 19182$2,775,710
Lightower Fiber NetworksInstall Fiber Span80 CENTRAL STREET, Boxborough, MA 01719$1,250,000
New River Electrical CorpConstruction & Maint15 CLOVERDALE PLACE, Cloverdale, VA 24077$466,150
Job Construction IncConstruction8783 East Newton Road, Bridgeville, DE 19933$421,780
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$166,457,561
Investment Income
$171,410
Other Revenue
$927,398
Change in Net Assets
$1,307,883
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$131,021,875
Salaries, Compensation, and Employee Benefits$17,576,262
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Benefits to Members---$17,650,349
Other Salaries and Wages---$12,126,379
Depreciation Depletion---$11,476,783
Other Expenses---$2,871,861
Interest---$2,856,793
Current Officers, Directors, Trustees, and Key Employees---$1,965,505
Travel---$1,468,979
Pension Plan Contributions---$1,307,490
Other Employee Benefits---$1,103,200
Payroll Taxes---$1,073,688
Conferences and Meetings---$296,549
Fees for Services Legal---$151,982
All Other Expenses---$-2,760,732
Total Functional Expenses$0$0$0$166,248,486
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
Acc. Oper. Prov/Asset Retire Oblig.$20,143,486
Deferred credits$10,662,864
Other Accrued Liabilities$4,238,305
Customer Deposits$2,495,775
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
Yes
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
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
Yes
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Line 6: Explanation of Classes of Members or Shareholder

“Delaware Electric Cooperative is an electric membership corporation that delivers electricity to the members of the cooperative. The members elect the board of directors, which is the governing body of the Cooperative.”

Form 990, Part VI, Line 7A: How Members or Shareholders Elect Governing Body

“Members of the governing board are elected by the membership at the annual membership meeting as provided for in the bylaws.”

Form 990, Part VI, Line 7B: Describe Decisions of Governing Body Approval by Members or Shareholders

“Certain decisions of the governing board are subject to approval by the members as provided for in the bylaws.”

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

“990 is reviewed with the board of directors prior to filing with the IRS.”

Form 990, Part VI, Line 15B: Compensation Review and Approval Process for Officers and Key Employees

“The board of directors approve the compensation levels for the CEO and Cooperative management. The Cooperative, each year, obtains an annual salary survey comparison from outside consultants, and obtains a salary survey for peer electric cooperatives in the region.”

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

“Annual reports are printed each year for the prior period and provided at the annual meeting of members, stocked in the cooperative lobby area accessible by the members, and published on Cooperative web site.Bylaws are printed on an as needed basis, either when changes may occur or replenishment is necessary. All new members receive a copy of the Cooperative bylaws, and bylaws are also posted on the Cooperative web site.”

Filing and Contact Details

Filer

Filer Name
Delaware Electric Cooperative Inc
EIN
51-0011975
Phone
3023493105
Address
PO BOX 600, GREENWOOD, DE 19950

Signing Officer

Name
William J Wells
Title
Chairman
Signed
2017-11-15
Discuss with paid preparer
Yes

Organization Details

Principal Officer
William J Wells
Formed
1936
Legal Domicile
De
Voting Board Members
11
Independent Board Members
11
Employees
156

Preparer

Firm
Adams Jenkins Cheatham Pc
Address
231 WYLDEROSE DR, MIDLOTHIAN, VA 23113-6845
Preparer
G Steven Gilliam CPA
Phone
8043231313
Supplemental Narrative

Additional Explanations

Other Changes In Net Assets Or Fund Balances - Other Decreases

“Contributions in aid of CONSTRUCTION NOT REVENUE PER GAAP = -$3959062”

Other Changes In Net Assets Or Fund Balances - Other Decreases

“Decrease in comprehensive income = -$3872200”

Other Changes In Net Assets Or Fund Balances - Other Increases

“Net change in memberships = $56248”

Other Changes In Net Assets Or Fund Balances - Other Decreases

“Net retirement of capital credits = -$6884645”

Other Changes In Net Assets Or Fund Balances - Other Increases

“Non-cash patronage allocations not revenue per irs = $2651178”

Other Changes In Net Assets Or Fund Balances - Other Increases

“OTHER = $39”

Other Changes In Net Assets Or Fund Balances - Other Increases

“Patronage div paid to members accts not expensed per gaap = $17650349”

Form 990, Part IX, Line 4 Benefits Paid to or for Members

“Patronage dividends are paid to members' accounts in accordance with the pre-existing obligation in delaware electric cooperative's by laws. The corporation is obligated to pay by credits to a capital account for each patron all such amounts in excess of operating costs and expenses. Irs instructions for line 4 changed in 2011 to include patronage dividends paid by section 501(c)(12) organizations to their members. Accordingly, these amounts are now reported on line 4.”

Raw XML AppendixShowing 400 of 645 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/PersonNm6Charles Towles jr
IRS990/Form990PartVIISectionAGrp/PersonNm7Dean C Belt
IRS990/Form990PartVIISectionAGrp/PersonNm8William P Haughey Jr
IRS990/Form990PartVIISectionAGrp/PersonNm9Michael K Brown
IRS990/Form990PartVIISectionAGrp/PersonNm10Bruce R Walton
IRS990/Form990PartVIISectionAGrp/PersonNm11Mark Nielson
IRS990/Form990PartVIISectionAGrp/PersonNm12J William Andrew
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IRS990/Form990PartVIISectionAGrp/TitleTxt1Vice Chairman
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Document Assets

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Filings

Displayed year

2016 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$307,886,217
Liabilities
$165,874,247
Net assets
$142,011,970
Revenue
$167,556,369
Expenses
$166,248,486
Net income
$1,307,883
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$452$205$247$255$234$21.1
2023Detailed filing. Detailed filing data is available for this year.$433$203$230$245$232$13.7
2022Detailed filing. Detailed filing data is available for this year.$429$218$211$227$212$14.5
2021Detailed filing. Detailed filing data is available for this year.$393$199$194$189$182$7.30
2020Detailed filing. Detailed filing data is available for this year.$361$184$177$188$182$6.49
2019Detailed filing. Detailed filing data is available for this year.$336$169$167$189$181$8.06
2018Detailed filing. Detailed filing data is available for this year.$324$163$161$179$172$6.34
2017Detailed filing. Detailed filing data is available for this year.$317$157$160$164$162$1.73
2016Detailed filing. Detailed filing data is available for this year.$308$166$142$168$166$1.31
2015Detailed filing. Detailed filing data is available for this year.$289$154$135$164$162$1.70
2014Detailed filing. Detailed filing data is available for this year.$281$150$131$154$153$1.52
2013Detailed filing. Detailed filing data is available for this year.$268$142$126$146$144$1.54
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$258$140$118$139
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$241$123$118$139
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$241$126$115$132