CENTRAL VIRGINIA ELECTRIC COOPERAT… - Form 990 Financial Data

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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

1937

Legal Domicile

Principal Officer

GARY E WOOD

Phone

4342638336

Tax Period

2023-01-01 to 2023-12-31

CENTRAL VIRGINIA ELECTRIC COOPERATIVE, founded in 1937, is a major nonprofit that reported $114.6M in total revenue in fiscal year 2023.

Mission

SAFE AND EFFECTIVE DELIVERY OF ELECTRICITY TO THE MEMBERS OF CENTRAL VIRGINIA ELECTRIC COOPERATIVE.

Program Service Accomplishments

Program 1

SAFE AND EFFECTIVE DISTRIBUTION OF ELECTRICITY TO THE MEMBERS OF CENTRAL VIRGINIA ELECTRIC COOPERATIVE. THE THREE LARGEST PROGRAM SERVICES AS MEASURED BY EXPENSES ARE AS FOLLOWS: COST OF POWER...

SAFE AND EFFECTIVE DISTRIBUTION OF ELECTRICITY TO THE MEMBERS OF CENTRAL VIRGINIA ELECTRIC COOPERATIVE. THE THREE LARGEST PROGRAM SERVICES AS MEASURED BY EXPENSES ARE AS FOLLOWS: COST OF POWER 65,979,616 OTHER SALARIES AND WAGES 14,015,927 INTEREST 11,356,500

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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 (2023)

Revenue Breakdown

Contributions & Grants $0

Program Service Revenue $105,290,865

Investment Income $448,375

Other Revenue $8,875,860

TOTAL REVENUE $114,615,100

Expense Breakdown

Grants Paid $0

Salaries & Benefits $19,568,377

Fundraising Expenses $0

Other Expenses $93,238,141

TOTAL EXPENSES $114,878,608

Year-over-Year Comparison

	2023	2022	Change
Revenue	$114,615,100	$116,679,749	0.0%
Expenses	$114,878,608	$116,772,407	0.0%
Net Income	$-263,508	$-92,658	+1.8%

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

127

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

$1,879,642

Total Directors

$272,700

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
GARY E WOOD	PRESIDENT &	50.00	Officer	$733,485	$80,203	$813,688
CHARLES MAURHOFF	COO	50.00	Officer	$420,266	$74,201	$494,467
TINA M MALLIA	CFO	50.00	Officer	$377,059	$71,228	$448,287
MELISSA GAY	MEMBER SVCS	40.00	Highest	$270,938	$58,431	$329,369
MATTHEW WOOD	INFO TECH MG	40.00	Highest	$238,659	$55,306	$293,965
LYNNE BEARDSLEY	HR MANAGER	40.00	Highest	$230,161	$55,666	$285,827
JASON PALMER	OPERATIONS M	40.00	Highest	$218,759	$55,383	$274,142
CHARLES WARD	ENG SVCS MAN	40.00	Highest	$197,553	$61,431	$258,984
GLORIA W VEST	DIRECTOR	8.00	Director	$31,300	$0	$31,300
BRIAN BATES	SECRETARY	8.00	Officer Director	$31,050	$0	$31,050
FRANK BABER III	VICE-CHAIRMA	8.00	Officer Director	$31,050	$0	$31,050
HT BROWN JR	CHAIRMAN	8.00	Officer Director	$31,050	$0	$31,050
ROBERTA HARLOWE	DIRECTOR	8.00	Director	$30,800	$0	$30,800
GEORGE GOIN	DIRECTOR	8.00	Director	$30,050	$0	$30,050
JACE GOODLING	TREASURER	8.00	Officer Director	$30,050	$0	$30,050
R KINCKLE ROBINSON	DIRECTOR	8.00	Director	$29,550	$0	$29,550
HENRY CHILES	DIRECTOR	8.00	Director	$27,800	$0	$27,800

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	No data	No data	No data	No data
2023	$114,615,100	$114,878,608	$454,408,898	$-263,508
2022	$116,679,749	$116,772,407	$421,331,985	$-92,658
2021	$102,220,456	$102,417,904	$375,858,912	$-197,448
2020	$96,315,447	$92,689,204	$323,331,831	$3,626,243
2019	$97,697,111	$98,244,261	$256,934,438	$-547,150
2018	$94,948,546	$94,934,125	$209,864,279	$14,421

CENTRAL VIRGINIA ELECTRIC COOPERATIVE