Overview
What is Central Virginia Electric Cooperative?
Central Virginia Electric Cooperative is a nonprofit organization headquartered in Lovingston, Virginia. With a workforce of 125 employees, they are committed to delivering safe and efficient electricity to their members. Their primary focus revolves around the distribution of electricity, with the three largest programs being the cost of power, other salaries and wages, and depreciation. These efforts ensure the cooperative maintains the necessary infrastructure and personnel to support its mission.
Is Central Virginia Electric Cooperative legitimate?
Central Virginia Electric Cooperative is a legitimate nonprofit organization registered as a 501(c)(12) entity. Central Virginia Electric Cooperative submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
Executive Compensation: $1,736,606
Professional Fundraising Fees: $0
Other Salaries and Wages: $13,390,921
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What is the mission statement of Central Virginia Electric Cooperative?
Central Virginia Electric Cooperative prioritizes the safe and efficient delivery of electricity to its members. This essential service forms the core of its mission, ensuring a consistent power supply for the cooperative's community. The cooperative allocates significant resources towards the cost of power to maintain a reliable electrical grid. Moreover, they invest in other salaries and wages, contributing to a skilled and dedicated workforce. Depreciation expenses signify their commitment to updating and maintaining their electrical infrastructure for optimal performance.
Who is the CEO of Central Virginia Electric Cooperative?
Gary E Wood is the President & of Central Virginia Electric Cooperative.
What is the revenue of Central Virginia Electric Cooperative?
Central Virginia Electric Cooperative's revenue in 2022 was $116,679,749.
Who are the executives of Central Virginia Electric Cooperative and what are their salaries?
The average compensation at Central Virginia Electric Cooperative during 2022 was $121,020. There are 125 employees at Central Virginia Electric Cooperative.
Here are 17 key members and their salaries:
- Compensation: $655,359
- Related: $0
- Other: $74,620
- Compensation: $326,218
- Related: $0
- Other: $74,605
- Compensation: $291,070
- Related: $0
- Other: $66,584
- Compensation: $229,099
- Related: $0
- Other: $52,925
- Compensation: $205,902
- Related: $0
- Other: $52,014
- Compensation: $202,210
- Related: $0
- Other: $52,643
- Compensation: $188,066
- Related: $0
- Other: $59,523
- Compensation: $195,111
- Related: $0
- Other: $43,643
- Compensation: $28,350
- Related: $0
- Other: $0
- Compensation: $28,100
- Related: $0
- Other: $0
- Compensation: $28,100
- Related: $0
- Other: $0
- Compensation: $27,850
- Related: $0
- Other: $0
- Compensation: $27,600
- Related: $0
- Other: $0
- Compensation: $27,350
- Related: $0
- Other: $0
- Compensation: $27,100
- Related: $0
- Other: $0
- Compensation: $26,850
- Related: $0
- Other: $0
- Compensation: $26,850
- Related: $0
- Other: $0
Where can I find the form 990 for Central Virginia Electric Cooperative?
Central Virginia Electric Cooperative's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Central Virginia Electric Cooperative
Central Virginia Electric Cooperative (CVEC) is dedicated to delivering electricity safely and effectively to its members. This mission is carried out with great care, ensuring a consistent power supply that meets the needs of its community. The cooperative's primary focus is on providing reliable and efficient electrical services, prioritizing the well-being and satisfaction of its members.
The operation of CVEC encompasses three significant program areas, as indicated by their expenses. The most substantial investment is made towards the cost of power, which ensures a steady and dependable energy source. The second largest expense category is salaries and wages, reflecting the importance of maintaining a well-trained and dedicated workforce. Lastly, a considerable portion of the budget goes towards depreciation, an essential aspect of maintaining infrastructure and updating equipment to preserve the quality of service.
By prioritizing safety and effectiveness, Central Virginia Electric Cooperative consistently strives to meet the energy needs of its members, providing them with a dependable power source they can count on. Through its commitment to these core values, CVEC continues to serve its community with unwavering dedication and professionalism.
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Impact
October, 2024
Central Virginia Electric Cooperative plays a vital role in ensuring the safe and effective delivery of electricity to its member community in Central Virginia. With a commitment to reliable service, the cooperative focuses on cost-effective power distribution and efficient operations.
The vast majority of its expenses are allocated to essential areas, including the cost of power, which represents a significant investment in sustaining energy supply. Other key expenditures include salaries and wages for dedicated staff who contribute to the cooperative's operations, as well as depreciation on infrastructure that supports the transmission and delivery of electricity.
Based in Lovingston, Virginia, the cooperative is dedicated to enhancing the daily lives of its members by providing consistent and reliable electrical service, which is crucial for residential, commercial, and community development. Through its focused mission, Central Virginia Electric Cooperative demonstrates a strong commitment to public benefit and the well-being of the region it serves.
This information is meant to be a general summary of Central Virginia Electric Cooperative. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2022.
- Investment Income: $243,586
- Program Service Revenue: $110,043,200
- Gross Receipts: $116,684,831
Assets and Liabilities:
- Total Assets: $421,331,985
- Total Liabilities: $341,306,644
- Net Assets: $80,025,341
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
SALE & DIST. OF ELECT.
Revenue
$108,782,842
CONTRIB. IN AID OF CONST.
Revenue
$1,015,043
PATRONAGE ALLOCATIONS REC
Revenue
$245,315
Organization Details
Founding Year
1937
Phone
(434) 263-8336Principal Officer
Gary E Wood
Main Address
PO BOX 247, LOVINGSTON, VA, 22949
NTEE Category
Code: W80 - Public benefit
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