DELAWARE ELECTRIC COOPERATIVE INC (EIN 510011975) - Form 990 Financial Analysis & Trantor Score

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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

1936

Legal Domicile

Principal Officer

ROBERT BOOK

Phone

3023490713

Tax Period

2024-01-01 to 2024-12-31

DELAWARE ELECTRIC COOPERATIVE INC, founded in 1936, is a major nonprofit that reported $254.8M in total revenue in fiscal year 2024. Expenses of $233.8M left a modest 8% surplus.

Mission

SAFE AND EFFECTIVE DISTRIBUTION OF ELECTRICITY TO THE MEMBERS OF DEC

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

Financial Overview (2024)

Revenue Breakdown

Contributions & Grants $0

Program Service Revenue $252,503,894

Investment Income $1,076,932

Other Revenue $1,268,535

TOTAL REVENUE $254,849,361

Expense Breakdown

Grants Paid $413,771

Salaries & Benefits $26,485,595

Fundraising Expenses $0

Other Expenses $178,138,031

TOTAL EXPENSES $233,785,051

Year-over-Year Comparison

	2024	2023	Change
Revenue	$254,849,361	$245,267,841	+0.0%
Expenses	$233,785,051	$231,540,918	+0.0%
Net Income	$21,064,310	$13,726,923	+0.5%

Key Indicators

✓ Grants to Organizations ✗ Grants to Individuals ✗ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✗ Schedule B Required

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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

Independent Members

Employees

194

Volunteers

N/A

Governance Policies

✗ Conflict of Interest Policy

✗ Whistleblower Policy

✗ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School

✗ Operated a Hospital

✗ Provided First Class Travel

✗ Reported Conflict of Interest

✗ Reported Asset Diversion

✗ Excess Benefit Transaction

✗ Made Political Expenditures

✗ Engaged in Lobbying

✗ Operated Donor Advised Fund

✗ Maintained Art Collections

✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers

$2,919,603

Total Directors

$317,125

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
ROBERT BOOK	PRESIDENT/CE	55.00	Officer	$504,180	$64,870	$569,050
DWAYNE STREET	COO	55.00	Officer	$369,749	$69,504	$439,253
JESSE SPAMPINATO	VP OPERATION	50.00	Officer	$267,136	$52,251	$319,387
DAWN R SMART	VP HUMAN RES	50.00	Officer	$263,509	$54,387	$317,896
TROY DICKERSON	VP ENGINEERI	50.00	Officer	$237,369	$60,938	$298,307
KEVIN YINGLING	VP MEMBER SE	50.00	Officer	$239,442	$43,038	$282,480
KYLE BOUIKA	VP INFO TECH	50.00	Officer	$230,825	$49,599	$280,424
BRUCE CAMPBELL	VP FINANCE	50.00	Officer	$213,888	$54,793	$268,681
RICHARD H JOHNSON	SERVICEMAN	64.00	Highest	$215,192	$35,315	$250,507
DAVID C SHAPLEY	MGR OF RENEW	40.00	Highest	$185,678	$52,576	$238,254
CHRISTOPHER J PENUEL	SERVICEMAN	60.00	Highest	$197,195	$35,962	$233,157
STEPHEN HEARN	MANAGER OF O	50.00	Highest	$163,715	$38,053	$201,768
BENJAMIN SALISBURY	SERVICEMAN	57.00	Highest	$175,477	$25,238	$200,715
PATRICIA S DOREY	CHAIRPERSON	25.00	Officer Director	$39,175	$0	$39,175
LAURA T PHILLIPS	SEC / TREAS	12.00	Officer Director	$35,950	$0	$35,950
MICHAEL K BROWN	VICE CHAIRMA	11.00	Officer Director	$35,500	$0	$35,500
WILLIAM P HAUGHEY JR	ASST SEC/TRE	10.00	Officer Director	$33,500	$0	$33,500
BLAINE M DAISEY SR	DIRECTOR	7.00	Director	$33,500	$0	$33,500
CHARLES L TOWLES	DIRECTOR	7.50	Director	$30,500	$0	$30,500
THOMAS E BROWN	DIRECTOR	9.00	Director	$27,500	$0	$27,500
BRUCE R WALTON	DIRECTOR	10.00	Director	$27,000	$0	$27,000
MARK ABBOTT	DIRECTOR	10.00	Director	$25,000	$0	$25,000
HUNTER EMORY	DIRECTOR	6.00	Director	$17,500	$0	$17,500
JEFFREY CHORMAN	DIRECTOR	13.00	Director	$7,500	$0	$7,500
WILLIAM J WELLS	FORMER DIREC	1.50	Director	$4,500	$0	$4,500

Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year	Revenue	Expenses	Assets	Net Income
2024	$254,849,361	$233,785,051	$452,244,389	$21,064,310
2023	$245,267,841	$231,540,918	$432,972,404	$13,726,923
2022	$226,822,126	$212,282,144	$429,246,863	$14,539,982
2021	$189,130,063	$181,830,032	$392,759,569	$7,300,031
2021	$189,130,063	$181,830,032	$392,759,569	$7,300,031
2020	$188,253,074	$181,762,662	$361,052,083	$6,490,412
2019	$189,153,342	$181,091,675	$335,889,725	$8,061,667
2018	$178,782,131	$172,438,903	$323,949,838	$6,343,228

DELAWARE ELECTRIC COOPERATIVE INC