DELAWARE ELECTRIC COOPERATIVE INC

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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

2025-01-01 to 2025-12-31

DELAWARE ELECTRIC COOPERATIVE INC, founded in 1936, is a major nonprofit that reported $257.9M in total revenue in fiscal year 2025. Expenses of $245.6M left a modest 5% surplus.

Mission

SAFE AND EFFECTIVE DISTRIBUTION OF ELECTRICITY TO THE MEMBERS OF DEC

Program Service Accomplishments

Program 1

SAFE AND EFFECTIVE DELIVERY OF ELECTRICITY TO THE MEMBERS OF DEC. THE THREE LARGEST PROGRAM SERVICES, AS MEASURED BY EXPENSES, ARE AS FOLLOWS: COST OF POWER 161,000,335 OTHER SALARIES AND WAGES...

SAFE AND EFFECTIVE DELIVERY OF ELECTRICITY TO THE MEMBERS OF DEC. THE THREE LARGEST PROGRAM SERVICES, AS MEASURED BY EXPENSES, ARE AS FOLLOWS: COST OF POWER 161,000,335 OTHER SALARIES AND WAGES 20,553,719 BENEFITS PAID TO OR FOR MEMBERS 17,985,278

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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 (2025)

Revenue Breakdown

Contributions & Grants $0

Program Service Revenue $255,837,545

Investment Income $891,615

Other Revenue $1,204,894

TOTAL REVENUE $257,934,054

Expense Breakdown

Grants Paid $403,514

Salaries & Benefits $28,683,107

Fundraising Expenses $0

Other Expenses $198,503,728

TOTAL EXPENSES $245,575,627

Year-over-Year Comparison

	2025	2024	Change
Revenue	$257,934,054	$254,849,361	+0.0%
Expenses	$245,575,627	$233,785,051	+0.1%
Net Income	$12,358,427	$21,064,310	-0.4%

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

201

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

$3,011,743

Total Directors

$324,975

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
ROBERT BOOK	PRESIDENT/CE	55.00	Officer	$465,155	$82,921	$548,076
DWAYNE STREET	COO	55.00	Officer	$314,668	$72,128	$386,796
JESSE SPAMPINATO	VP OPERATION	50.00	Officer	$261,469	$74,144	$335,613
KYLE BOUIKA	VP INFO TECH	50.00	Officer	$269,717	$63,005	$332,722
TROY DICKERSON	VP ENGINEERI	50.00	Officer	$254,147	$71,003	$325,150
DAWN R SMART	VP HUMAN RES	50.00	Officer	$258,024	$63,683	$321,707
BRUCE CAMPBELL	VP FINANCE	50.00	Officer	$255,733	$60,860	$316,593
KEVIN YINGLING	VP MEMBER SE	50.00	Officer	$263,347	$48,164	$311,511
DAVID C SHAPLEY	MGR OF RENEW	40.00	Highest	$223,219	$54,734	$277,953
RICHARD H JOHNSON	SERVICEMAN	61.00	Highest	$231,136	$39,507	$270,643
STEPHEN HEARN	MANAGER OF O	40.00	Highest	$217,791	$40,912	$258,703
CHRISTOPHER J PENUEL	SERVICEMAN	57.00	Highest	$206,966	$42,583	$249,549
BENJAMIN SALISBURY	SERVICEMAN	55.00	Highest	$200,094	$27,201	$227,295
LAURA T PHILLIPS	SEC / TREAS	10.00	Officer Director	$35,850	$0	$35,850
MARK ABBOTT	DIRECTOR	12.00	Director	$34,900	$0	$34,900
PATRICIA S DOREY	CHAIRPERSON	25.00	Officer Director	$33,825	$0	$33,825
MICHAEL K BROWN	VICE CHAIRMA	9.50	Officer Director	$32,100	$0	$32,100
WILLIAM P HAUGHEY JR	ASST SEC/TRE	9.00	Officer Director	$31,800	$0	$31,800
BLAINE M DAISEY SR	DIRECTOR	8.00	Director	$31,100	$0	$31,100
CHARLES L TOWLES	DIRECTOR	9.50	Director	$28,100	$0	$28,100
BRUCE R WALTON	DIRECTOR	12.00	Director	$26,700	$0	$26,700
THOMAS E BROWN	DIRECTOR	10.00	Director	$26,200	$0	$26,200
JEFFREY CHORMAN	DIRECTOR	15.00	Director	$24,900	$0	$24,900
HUNTER EMORY	DIRECTOR	3.00	Director	$19,500	$0	$19,500

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
2025	$257,934,054	$245,575,627	$508,679,399	$12,358,427
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