NORTHERN NECK ELECTRIC COOPERATIVE (EIN 540322350) - Form 990 Financial Analysis & Trantor Score

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Tuckman-Chang Vulnerability Assessment

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

1937

Legal Domicile

Principal Officer

RICHARD MCLENDON

Phone

8043333621

Tax Period

2024-01-01 to 2024-12-31

NORTHERN NECK ELECTRIC COOPERATIVE, founded in 1937, is a mid-sized nonprofit that reported $41.0M in total revenue in fiscal year 2018. Revenue grew 16% year-over-year, indicating healthy expansion.

Mission

SAFE AND EFFECTIVE DISTRIBUTION OF ELECTRICITY TO THE MEMBERS OF THE COOPERATIVE

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Trantor Score

Financial Health & Payment Capacity Assessment (FICO Scale: 300–850)

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

Financial Overview (2024)

Revenue Breakdown

Contributions & Grants $0

Program Service Revenue $47,235,903

Investment Income $172,130

Other Revenue $815,787

TOTAL REVENUE $48,223,820

Expense Breakdown

Grants Paid $0

Salaries & Benefits $8,021,527

Fundraising Expenses $0

Other Expenses $37,980,575

TOTAL EXPENSES $46,977,806

Year-over-Year Comparison

	2024	2023	Change
Revenue	$48,223,820	$48,058,563	+0.0%
Expenses	$46,977,806	$42,956,641	+0.1%
Net Income	$1,246,014	$5,101,922	-0.8%

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

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

$1,049,116

Total Directors

$204,293

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
BRADLEY H HICKS	CEO	40.00	Officer	$533,946	$144,371	$678,317
VALERIE HINSON	VP CORP SERV	45.00	Highest	$193,214	$162,392	$355,606
RICHARD E MCLENDON	VP OPERATION	50.00	Highest	$210,630	$99,078	$309,708
GLENN PURCELL	VP MEMBER SV	40.00	Highest	$199,657	$64,260	$263,917
PAMELA M DAVIS	VP FINANCE	45.00	Officer	$192,292	$59,714	$252,006
STEVE MINOR	VP ENGINEERI	45.00	Highest	$189,057	$50,449	$239,506
STEVE BUSHONG	MGR TECH SER	45.00	Highest	$161,889	$44,949	$206,838
RUSSELL G BROWN	CHAIRMAN	12.00	Officer Director	$32,550	$0	$32,550
MARY CATHERINE JONES	DIRECTOR	8.25	Director	$31,000	$0	$31,000
HOLLY WARGO	SECRETARY/TR	10.00	Officer Director	$30,000	$0	$30,000
JAMES A WISE	VICE CHAIRMA	7.00	Officer Director	$30,000	$0	$30,000
JASON C KENNER	DIRECTOR	3.00	Director	$29,500	$0	$29,500
HUNTER R GREENLAW JR	FORMER CHAIR	9.00	Officer Director	$26,243	$0	$26,243
RALPH E SUTTON	DIRECTOR	5.00	Director	$25,000	$0	$25,000

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	$48,223,820	$46,977,806	$115,867,121	$1,246,014
2023	$48,058,563	$42,956,641	$111,304,285	$5,101,922
2022	$44,340,026	$42,174,592	$108,629,460	$2,165,434
2021	$40,320,421	$39,026,890	$102,277,241	$1,293,531
2020	$39,034,601	$38,399,261	$101,323,534	$635,340
2019	$42,065,650	$40,279,434	$98,064,851	$1,786,216
2018	$41,009,959	$40,284,969	$96,404,751	$724,990

NORTHERN NECK ELECTRIC COOPERATIVE