Overview
What is Northern Virginia Electric Co-Op?
The Northern Virginia Electric Co-Op, also known as NOVEC, is a nonprofit organization headquartered in Manassas, Virginia. With a commitment to affordability and reliability, NOVEC serves over 178,900 members, maintaining an impressive 99.99% average system reliability rate. In the previous fiscal year, they returned $6.7 million in patronage capital to their members and connected 1,544 new meters while completing $53 million in net new construction projects. NOVEC's mission revolves around creating value for its members, employees, and communities by providing safe, dependable electricity and competitive-priced quality products.
Official website here: www.novec.com
Is Northern Virginia Electric Co-Op legitimate?
Northern Virginia Electric Co-Op is a legitimate nonprofit organization registered as a 501(c)(12) entity. Northern Virginia Electric Co-Op 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: $3,496,558
Professional Fundraising Fees: $0
Other Salaries and Wages: $24,980,887
For more financial information, click here
Official website here: www.novec.com
What is the mission statement of Northern Virginia Electric Co-Op?
The Northern Virginia Electric Co-Op is dedicated to delivering safe and reliable electricity to its members, employees, and communities. By offering quality products at competitive prices, the cooperative aims to provide value and create a sense of connection among its members. In the past fiscal year, the Co-Op connected 1,544 new meters and completed $53 million in new construction projects. With a remarkable average system reliability rate of 99.99%, the Co-Op ensures its members receive consistent electricity services. Additionally, the Co-Op returned over $6.7 million in patronage capital to its members.
Official website here: www.novec.com
Who is the CEO of Northern Virginia Electric Co-Op?
Schleicher David is the CEO of Northern Virginia Electric Co-Op The CEO's salary of Northern Virginia Electric Co-Op is $789,905 and their total compensation is $819,080.
Official website here: www.novec.com
What is the revenue of Northern Virginia Electric Co-Op?
Northern Virginia Electric Co-Op's revenue in 2023 was $875,409,915.
Official website here: www.novec.com
Who are the executives of Northern Virginia Electric Co-Op and what are their salaries?
The average compensation at Northern Virginia Electric Co-Op during 2023 was $81,364. There are 350 employees at Northern Virginia Electric Co-Op.
Here are 27 key members and their salaries (Northern Virginia Electric Co-Op's CEO's salary is $789,905 and their total compensation is $819,080):
- Compensation: $789,905
- Related: $0
- Other: $29,175
- Compensation: $376,287
- Related: $0
- Other: $120,375
- Compensation: $354,027
- Related: $0
- Other: $105,115
- Compensation: $343,045
- Related: $0
- Other: $57,180
- Compensation: $357,399
- Related: $0
- Other: $34,268
- Compensation: $279,362
- Related: $0
- Other: $77,398
- Compensation: $244,934
- Related: $0
- Other: $86,111
- Compensation: $253,588
- Related: $0
- Other: $69,682
- Compensation: $267,767
- Related: $0
- Other: $34,358
- Compensation: $216,715
- Related: $0
- Other: $78,216
- Compensation: $199,600
- Related: $0
- Other: $60,303
- Compensation: $189,879
- Related: $0
- Other: $46,915
- Compensation: $188,997
- Related: $0
- Other: $39,424
- Compensation: $178,595
- Related: $0
- Other: $45,727
- Compensation: $195,199
- Related: $0
- Other: $24,861
- Compensation: $188,623
- Related: $0
- Other: $28,938
- Compensation: $188,831
- Related: $0
- Other: $22,295
- Compensation: $96,963
- Related: $0
- Other: $9,388
- Compensation: $40,200
- Related: $0
- Other: $5,998
- Compensation: $40,200
- Related: $0
- Other: $5,760
- Compensation: $40,200
- Related: $0
- Other: $5,687
- Compensation: $40,200
- Related: $0
- Other: $5,638
- Compensation: $41,400
- Related: $0
- Other: $4,389
- Compensation: $41,400
- Related: $0
- Other: $4,389
- Compensation: $41,400
- Related: $0
- Other: $1,760
- Compensation: $15,483
- Related: $0
- Other: $1,260
- Compensation: $12,000
- Related: $0
- Other: $1,680
Official website here: www.novec.com
Where can I find the form 990 for Northern Virginia Electric Co-Op?
Northern Virginia Electric Co-Op's most recent form 990 was submitted in 2023 and can be accessed here.
Official website here: www.novec.com
Learn more at the official website: www.novec.com
Mission Statement of Northern Virginia Electric Co-Op
Northern Virginia Electric Co-Op, with its mission to create value, puts the needs of its members, employees, and communities at the forefront. By offering safe, reliable electricity and top-quality products, the cooperative ensures customer satisfaction while keeping prices competitive.
Serving a vast network of approximately 178,903 meters or customers, Northern Virginia Electric Co-Op prides itself on delivering an exceptional service experience. The cooperative boasts an impressive 99.99% average system reliability rate, ensuring customers can count on uninterrupted power supply.
In the previous fiscal year, Northern Virginia Electric Co-Op's commitment to its customers extended beyond electricity. The cooperative returned $6.7 million in patronage capital to its valued members, demonstrating its dedication to sharing the financial success with those it serves. Furthermore, the organization connected 1,544 new meters and completed $53 million in net new construction, expanding its reach to meet the growing energy demands.
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Impact
October, 2024
Northern Virginia Electric Co-Op (NOVEC) plays a crucial role in the community by providing safe, reliable electricity to approximately 178,903 customers. With an impressive average system reliability rate of 99.99%, it ensures that members receive consistent service. This reliability directly contributes to the quality of life for residents and businesses in the region.
In addition to its core services, NOVEC demonstrates its commitment to its members by returning $6.7 million in patronage capital, underscoring its dedication to creating financial value for its customer base. The co-op also actively invests in infrastructure, having connected 1,544 new meters and completed $53 million in net new construction within the fiscal year. Through these initiatives, NOVEC not only enhances the electrical grid but also supports local growth and development, solidifying its impact on the community's economic landscape.
This information is meant to be a general summary of Northern Virginia Electric Co-Op. 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 2023.
- Investment Income: $8,353,906
- Program Service Revenue: $864,007,865
- Gross Receipts: $875,409,915
Assets and Liabilities:
- Total Assets: $1,247,676,031
- Total Liabilities: $430,567,479
- Net Assets: $817,108,552
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
Electricity Sales
Revenue
$859,835,887
Electric Service
Revenue
$2,981,512
Organization Details
Founding Year
1983
Principal Officer
Schleicher David
Website
www.novec.comNTEE Category
Code: W80 - Public benefit
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