Civic Intelligence

Vineyard Power Development Fund Inc.

990 • Fiscal year 2023 • EIN 87-2762989

Jan 01, 2023 to Dec 31, 2023 • Filed on May 13, 2024

151 Beach Road Unit 1AVineyard Haven, MA 02568

(508) 693-3002

Siviq Scores

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

Liabilities / Assets

87th percentile

0.49x

Higher debt load relative to assets than 87% of similar nonprofits.

2023 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2023

Liabilities / Revenue

72nd percentile

0.13x

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

2023 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2023

Net Margin

71st percentile

18%

Higher net margin than 71% of similar nonprofits.

2023 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2023

Top Officer Pay

93rd percentile

$142,658

Higher top officer pay than 93% of similar nonprofits.

Top officer pay equals 17.0% of source-year revenue.

2023 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2023

Asset Growth

94th percentile

122%

Faster asset growth than 94% of similar nonprofits.

2023 filings • 501(c)3 • $500k-$1M nonprofits • Annualized from 2022 to 2023

Revenue Growth

99th percentile

1052%

Faster revenue growth than 99% of similar nonprofits.

2023 filings • 501(c)3 • $500k-$1M nonprofits • Annualized from 2022 to 2023

Assets

Up

$232,081

Up $127,723 (+122%) from 2022

Net Assets

Up

$119,271

Up $153,234 (+451%) from 2022

Liabilities

Down

$112,810

Down $25,511 (-18%) from 2022

Revenue

Up

$837,821

Up $765,091 (+1052%) from 2022

Expenses

Up

$684,587

Up $481,858 (+238%) from 2022

Net Income

Up

$153,234

Up $283,233 (+218%) from 2022

Historical Trend

Balance Sheet Trend

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

$300K$200K$100K$0-$100KAssets 2021: $96,036Liabilities 2021: $0Net Assets 2021: $96,0362021Assets 2022: $104,358Liabilities 2022: $138,321Net Assets 2022: -$33,9632022Assets 2023: $232,081Liabilities 2023: $112,810Net Assets 2023: $119,2712023Assets 2024: $146,744Liabilities 2024: $23,372Net Assets 2024: $123,3722024

Highlighted filing

2023

Assets$232,081
Liabilities$112,810
Net Assets$119,271

Operations Trend

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

$1.0M$500K$0-$500KRevenue 2021: $96,036Expenses 2021: $0Net Income 2021: $96,0362021Revenue 2022: $72,730Expenses 2022: $202,729Net Income 2022: -$129,9992022Revenue 2023: $837,821Expenses 2023: $684,587Net Income 2023: $153,2342023Revenue 2024: $955,784Expenses 2024: $951,683Net Income 2024: $4,1012024

Highlighted filing

2023

Revenue$837,821
Expenses$684,587
Net Income$153,234
Jump To
Filing Snapshot
Filing Period
Jan 1, 2023 to Dec 31, 2023
Signed
May 13, 2024
Return Version
2023v5.0
Gross Receipts
$837,821
Mission and Program Overview

Mission

As a charitable organization exempt under section 501(c)(3) of the Internal Revenue Code, the Vineyard Power Development Fund, Inc., (VPDF) is a mission-driven nonprofit located on the island of Martha's Vineyard that operates in the furtherance of the following mission and vision statements: Our mission is to foster the production of electricity from local, renewable resources while enhancing resiliency at our community's critical facilities and ensuring equitable access for all residents and businesses. Our vision for the island is to be 100% renewable in electricity, transportation, and heating by 2040.

Fosters local, renewable energy resources and energy efficiencies within the community.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$94,358$110,492▲ $16,134
Savings and Temporary Cash Investments-$100,922-
Accounts Receivable$10,000$20,667▲ $10,667
Total Assets$104,358$232,081▲ $127,723
Liabilities
Accounts Payable and Accrued Expenses-$111,989-
Other Liabilities$138,321$821▼ $137,500
Total Liabilities$138,321$112,810▼ $25,511
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$-33,963$119,271▲ $153,234
Total Net Assets Fund Balance$-33,963$119,271▲ $153,234
Total Liabilities and Net Assets / Fund Balance$104,358$232,081▲ $127,723
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Richard AndrePresidentPT$131,106$11,552$142,658

Board Members and Trustees

NameTitle
Michael JacobsChairman
Ann BerwickDirector
Ron DagostinoPast Director
William LakeClerk
Rob HannemannTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$380,768
Program Service Revenue
$456,106
Investment Income
$922
Other Revenue
$25
All Other Contributions
$380,768
Change in Net Assets
$153,234
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$389,641
Grants and Similar Amounts Paid$191,634
Other Expenses$103,312
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$156,572$44,606-$201,178
Grants to Domestic Orgs$191,634--$191,634
Current Officers, Directors, Trustees, and Key Employees$121,259$21,399-$142,658
Payroll Taxes$23,763$5,954-$29,717
Fees for Services Legal-$28,716-$28,716
Advertising$22,037--$22,037
Occupancy$18,234--$18,234
Other Employee Benefits$9,279$3,986-$13,265
Insurance$9,491--$9,491
Information Technology$5,686--$5,686
Office Expenses$5,165--$5,165
Fees for Services Accounting-$3,400-$3,400
Travel$3,331--$3,331
Pension Plan Contributions$2,362$461-$2,823
Other Expenses$1,105--$1,105
Total Functional Expenses$576,065$108,522$0$684,587
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Cape Light CompactSouth Yarmouth, MA-Resilience and Affordability Program - To assist low-income ratepayers reduce energy costs.$190,000
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
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Due to Island Wind Inc.$821
Governance and Compliance

Governance Checklist

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

Governance Explanations

Form 990, Part VI, Section B, line 11B

Office Administrator works closely with BerryDunn to provide information for initial draft of Form 990. Draft is shared with Controller for review. Upon review, Controller shares Form 990 with President for final review and approval.

Form 990, Part VI, Section B, line 12C

The organization's Conflict of Interest policy was adopted as of September 1, 2021, and is reviewed annually, in accordance with the board calendar, by the Board of Directors. Each individual Director executes the policy upon appointment to the board and is required to annually update the accompanying conflict of interest disclosure form. Compliance with the Conflict of Interest policy is monitored regularly by the Board as and when circumstances arise.

Form 990, Part VI, Section B, line 15A

The process for determining the compensation for the President rests within the Compensation and Nomination Committee, which is composed of members of the Board of Directors. The process includes a review of the President's performance, the use of independent benchmarks, outside counsel, contemporaneous reporting to the full Board of Directors, and the drafting of an employment contract. The authority to approve, amend, or deny the recommendations from the Compensation & Nomination Committee regarding compensation of the President solely rests with the uninterested Board of Directors. The current employment contract was approved by the Board of Directors and executed by the President and the Treasurer.

Form 990, Part VI, Section C, line 19

The Organization makes its governing documents available to the public upon request.

Filing and Contact Details

Filer

Filer Name
Vineyard Power Development Fund Inc
EIN
87-2762989
Phone
5086933002
Address
151 Beach Road Unit 1A, Vineyard Haven, MA 02568

Signing Officer

Name
Richard Andre
Title
President
Phone
5086933002
Signed
2024-05-13
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Richard Andre
Formed
2021
Legal Domicile
Ma
Voting Board Members
5
Independent Board Members
4
Employees
8
Volunteers
5

Preparer

Firm
Berry Dunn McNeil & Parker LLC
Address
2211 Congress St, Portland, ME 04102
Preparer
Barbara J McGuan CPA
Phone
2077752387
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IRS990/Desc0Established Energy Transition Program The Energy Transition Program is a community-driven effort to help our island achieve its renewable energy goals through direct engagement with residents, businesses, the Wampanoag Tribe of Gay Head (Aquinnah), municipalities, and environmental justice communities in the transition to a renewable energy future. The program confronts the climate crisis across five main areas of focus: renewable energy generation, strategic electrification, energy efficiency, resiliency, and equity. VPDF hired an Energy Transition Coordinator under this programmatic effort to support community outreach, engagement, education, technology, and partnership development. VPDF also established a network of Energy Coaches to support island residents in the transition to a renewable energy future through in-kind one-on-one educational consultations, and developed a new website that serves as a resource for residents and business to engage in the energy transition. Finally, VPDF applied successfully to become a Community First Partner (CFP) with Mass Save. VPDF, in its role as a CFP, anticipates that it will increase overall participation in Mass Save Energy Efficiency programs by increasing island-based capacity to perform Home Energy Assessments from 600 assessments/year to an estimated 1000+ assessments/year and increasing island-based capacity to conduct weatherization and HVAC work by recruiting local contractors. Successfully Assumed Responsibilities Under Community Benefits Agreements with Vineyard Wind and Park City Wind VPDF was assigned the responsibilities outlined in Community Benefits Agreements with Vineyard Wind 1 LLC and Park City Wind LLC to conduct education, outreach, and communication in support of offshore wind development in two offshore wind areas, under the conditions that the benefits of such projects remain in the island community. VPDF anticipates that our charitable work under the Community Benefits Agreements will result in over 50 year-round jobs in renewables to the island, secure approximately $50 million in infrastructure investments, and garner an estimated $22 million in direct investments for the island community to advance renewable energy development & education, resiliency technology, and equity initiatives on the island. Received Approval for Resiliency and Affordability Project Plans As a result of its Community Benefit Agreement with Vineyard Wind, VPDF is the managing entity responsible for the implementation of the Resiliency and Affordability Program (RAP) on Martha's Vineyard. The RAP is a $7.5 million commitment to the island over 15 years designed to increase renewable resiliency technology in the form of solar & battery storage projects at critical government, nonprofit, and tribal facilities, and to deliver electricity bill savings to the island's income eligible ratepayers. VPDF received approval for its Project Plans, which featured an effective and efficient mechanism to donate funds to income eligible ratepayers on Martha's Vineyard and outlined VPDF's approach to donate monies to towns for resiliency projects.
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IRS990/MissionDesc0We are located on Martha's Vineyard and our mission is to foster the production of electricity from local, renewable resources while enhancing resiliency at our community's critical facilities and ensuring equitable access for all residents and businesses. Our vision for the island is to be 100% renewable in electricity, transportation, and heating by 2040.
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IRS990ScheduleA/Total509Grp/CurrentTaxYearMinus1YearAmt072730
IRS990ScheduleA/Total509Grp/CurrentTaxYearMinus2YearsAmt096036
IRS990ScheduleA/Total509Grp/TotalAmt01005640
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearAmt0837821
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus1YearAmt072730
IRS990ScheduleA/TotalSupportCalendarYearGrp/CurrentTaxYearMinus2YearsAmt096036
IRS990ScheduleA/TotalSupportCalendarYearGrp/TotalAmt01006587
IRS990ScheduleB/ContributorInformationGrp/ContributorBusinessName/BusinessNameLine10RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorNum0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine10RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine20RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/City0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/State0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/ZIPCode0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/TotalContributionsAmt0RESTRICTED
IRS990/ScheduleBRequiredInd01
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt0821
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0Due to Island Wind Inc.
IRS990ScheduleD/TotalBookValueLandBuildingsAmt00
IRS990ScheduleD/TotalLiabilityAmt0821
IRS990ScheduleI/GrantRecordsMaintainedInd01
IRS990ScheduleI/RecipientTable/CashGrantAmt0190000
IRS990ScheduleI/RecipientTable/NonCashAssistanceAmt00
IRS990ScheduleI/RecipientTable/PurposeOfGrantTxt0Resilience and Affordability Program - To assist low-income ratepayers reduce energy costs.
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt0Cape Light Compact
IRS990ScheduleI/RecipientTable/RecipientEIN0821239437
IRS990ScheduleI/RecipientTable/USAddress/AddressLine1Txt0261 Whites Path Unit 4
IRS990ScheduleI/RecipientTable/USAddress/CityNm0South Yarmouth
IRS990ScheduleI/RecipientTable/USAddress/StateAbbreviationCd0MA
IRS990ScheduleI/RecipientTable/USAddress/ZIPCd002664
IRS990ScheduleI/SupplementalInformationDetail/ExplanationTxt0For all grants made by the organization, corresponding agreements are entered between the organization and the grantee which define the purpose of the grant and establish reporting requirements for use of funds. Grantees are held accountable to reporting requirements stipulated within corresponding agreements. Reports generated by grantees are reviewed and approved by staff. Remediation shall be sought by the organization if reports regarding use of funds are insufficient and cannot be reconciled.
IRS990ScheduleI/SupplementalInformationDetail/FormAndLineReferenceDesc0Part I, Line 2:
IRS990ScheduleI/Total501c3OrgCnt00
IRS990ScheduleI/TotalOtherOrgCnt01
IRS990/ScheduleJRequiredInd00
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0Office Administrator works closely with BerryDunn to provide information for initial draft of Form 990. Draft is shared with Controller for review. Upon review, Controller shares Form 990 with President for final review and approval.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1The organization's Conflict of Interest policy was adopted as of September 1, 2021, and is reviewed annually, in accordance with the board calendar, by the Board of Directors. Each individual Director executes the policy upon appointment to the board and is required to annually update the accompanying conflict of interest disclosure form. Compliance with the Conflict of Interest policy is monitored regularly by the Board as and when circumstances arise.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2The process for determining the compensation for the President rests within the Compensation and Nomination Committee, which is composed of members of the Board of Directors. The process includes a review of the President's performance, the use of independent benchmarks, outside counsel, contemporaneous reporting to the full Board of Directors, and the drafting of an employment contract. The authority to approve, amend, or deny the recommendations from the Compensation & Nomination Committee regarding compensation of the President solely rests with the uninterested Board of Directors. The current employment contract was approved by the Board of Directors and executed by the President and the Treasurer.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3The Organization makes its governing documents available to the public upon request.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Form 990, Part VI, Section B, line 11b
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Form 990, Part VI, Section B, line 12c
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2Form 990, Part VI, Section B, line 15a
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3Form 990, Part VI, Section C, line 19
IRS990ScheduleR/AssetExchangeInd00
IRS990ScheduleR/AssetPurchaseFromOtherOrgInd00
IRS990ScheduleR/AssetSaleToOtherOrgInd00
IRS990ScheduleR/DivRelatedOrganizationInd00
IRS990ScheduleR/GiftGrntCapContriFromOthOrgInd00
IRS990ScheduleR/GiftGrntOrCapContriToOthOrgInd00
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ControlledOrganizationInd00
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DirectControllingNACd0N/A
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DisregardedEntityName/BusinessNameLine1Txt0Vineyard Power Cooperative
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/EIN0271437013
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ExemptCodeSectionTxt0501(c)(12)
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/LegalDomicileStateCd0MA
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PrimaryActivitiesTxt0Renewable Energy
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/AddressLine1Txt0151 Beach Road Unit 1a
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/CityNm0Vineyard Haven
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/StateAbbreviationCd0MA
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/ZIPCd002568
IRS990ScheduleR/LoansOrGuaranteesFromOthOrgInd00
IRS990ScheduleR/LoansOrGuaranteesToOtherOrgInd00
IRS990ScheduleR/PaidEmployeesSharingInd00
IRS990ScheduleR/PerformOfServicesByOtherOrgInd00
IRS990ScheduleR/PerformOfServicesForOthOrgInd00
IRS990ScheduleR/ReceiptOfIntAnntsRntsRyltsInd00
IRS990ScheduleR/ReimbursementPaidByOtherOrgInd00
IRS990ScheduleR/ReimbursementPaidToOtherOrgInd00
IRS990ScheduleR/RentalOfFacilitiesToOthOrgInd00
IRS990ScheduleR/RentalOfFcltsFromOthOrgInd00
IRS990ScheduleR/SharingOfFacilitiesInd01
IRS990ScheduleR/TransferFromOtherOrgInd00
IRS990ScheduleR/TransferToOtherOrgInd00
IRS990/SchoolOperatingInd00
IRS990/SignificantChangeInd00
IRS990/SignificantNewProgramSrvcInd00
IRS990/StatesWhereCopyOfReturnIsFldCd0MA
IRS990/SubjectToExcsTaxNetInvstIncInd00
IRS990/SubjectToProxyTaxInd00
IRS990/SubjToTaxRmnrtnExPrchtPymtInd00
IRS990/TaxablePartyNotificationInd00
IRS990/TaxExemptBondsInd00
IRS990/TerminateOperationsInd00
IRS990/TotalAssetsBOYAmt0104358
IRS990/TotalAssetsEOYAmt0232081
IRS990/TotalAssetsGrp/BOYAmt0104358
IRS990/TotalAssetsGrp/EOYAmt0232081
IRS990/TotalCompGreaterThan150KInd00
IRS990/TotalContributionsAmt0380768
IRS990/TotalEmployeeCnt08
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt0108522
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt0576065
IRS990/TotalFunctionalExpensesGrp/TotalAmt0684587
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt0138321
IRS990/TotalLiabilitiesEOYAmt0112810
IRS990/TotalLiabilitiesGrp/BOYAmt0138321
IRS990/TotalLiabilitiesGrp/EOYAmt0112810
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt0-33963
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt0119271
IRS990/TotalOtherCompensationAmt011552
IRS990/TotalProgramServiceExpensesAmt0576065
IRS990/TotalProgramServiceRevenueAmt0456106
IRS990/TotalReportableCompFromOrgAmt0131106
IRS990/TotalRevenueGrp/ExclusionAmt0947
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt0456106
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt0837821
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt00
IRS990/TotalVolunteersCnt05
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt0104358
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt0232081
IRS990/TotReportableCompRltdOrgAmt00
IRS990/TravelGrp/ProgramServicesAmt03331
IRS990/TravelGrp/TotalAmt03331
IRS990/TrnsfrExmptNonChrtblRltdOrgInd00
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd00
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt0151 Beach Road Unit 1A
IRS990/USAddress/CityNm0Vineyard Haven
IRS990/USAddress/StateAbbreviationCd0MA
IRS990/USAddress/ZIPCd002568
IRS990/VotingMembersGoverningBodyCnt05
IRS990/VotingMembersIndependentCnt04
IRS990/WebsiteAddressTxt0www.vineyardpower.com
IRS990/WhistleblowerPolicyInd01
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/AuthenticationAssuranceLevelCd0AAL1
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/IdentityAssuranceLevelCd0IAL1
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/TrustedCustomerCd02
ReturnHeader/BuildTS02023-04-26 12:10:37Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd01
ReturnHeader/BusinessOfficerGrp/PersonNm0Richard Andre
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0President
ReturnHeader/BusinessOfficerGrp/PhoneNum05086933002

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