RAPPAHANNOCK ELECTRIC COOPERATIVE

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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

1980

Legal Domicile

Principal Officer

JOHN D HEWA

Tax Period

2024-01-01 to 2024-12-31

RAPPAHANNOCK ELECTRIC COOPERATIVE, founded in 1980, is a major nonprofit that reported $605.7M in total revenue in fiscal year 2024. Revenue grew 13% year-over-year, indicating healthy expansion. Expenses of $534.0M left a modest 12% surplus.

Mission

SAFE AND EFFECTIVE DISTRIBUTION OF ELECTRICITY TO THE MEMBERS OF RAPPAHANNOCK ELECTRIC COOPERATIVE.

Program Service Accomplishments

Program 1

SAFE AND EFFECTIVE DELIVERY OF ELECTRICITY TO THE MEMBERS OF RAPPAHANNOCK ELECTRIC COOPERATIVE. THE THREE LARGEST PROGRAM SERVICES, AS MEASURED BY EXPENSES ARE AS FOLLOWS: COST OF POWER 336,097,247...

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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 $599,399,925

Investment Income $3,750,551

Other Revenue $2,502,539

TOTAL REVENUE $605,653,015

Expense Breakdown

Grants Paid $51,025

Salaries & Benefits $96,769,553

Fundraising Expenses $0

Other Expenses $420,186,737

TOTAL EXPENSES $534,004,328

Year-over-Year Comparison

	2024	2023	Change
Revenue	$605,653,015	$535,480,140	+0.1%
Expenses	$534,004,328	$518,647,835	+0.0%
Net Income	$71,648,687	$16,832,305	+3.3%

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

477

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

$4,942,720

Total Directors

$329,000

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
JOHN D HEWA	PRESIDENT &	60.00	Officer	$902,792	$106,234	$1,009,026
PETER N MUHORO	CHIEF STRAT	60.00	Officer	$483,977	$104,446	$690,346
TRACEY B STEINER	CHIEF ENG &	52.00	Officer	$416,039	$106,234	$598,715
LEESETTA J BROCK	PRINCIPAL EN	50.00	Highest	$415,644	$86,992	$502,636
LAWRENCE G ANDREWS	FMR CHIEF AD	40.00	Officer	$324,766	$79,953	$404,719
JASON E SATTERWHITE	CHIEF GRID O	50.00	Officer	$311,050	$88,691	$399,741
JOHN S CRAWFORD	MGR DIR OPS	50.00	Highest	$292,568	$75,257	$367,825
BRET K ELLIOTT	MGR DIR IT &	50.00	Highest	$281,548	$79,687	$361,235
PATRICIA J HATCHER	CHIEF HR	50.00	Officer	$291,096	$64,428	$355,524
CHRISTOPHER STOIA	VP ENG & POW	50.00	Officer	$277,734	$63,508	$341,242
DOUGLAS KING	DIR CYBER IN	50.00	Highest	$259,682	$73,072	$332,754
SONDRA DUNN	MGR DIR MEMB	40.00	Highest	$257,463	$72,956	$330,419
BRUCE M BOWE JR	FMR ASST TRE	40.00	Officer	$198,357	$59,010	$257,367
MICHAEL CURLEY	ASSISTANT TR	40.00	Officer	$184,800	$60,982	$245,782
WHITNEY S WATTS	ASSISTANT SE	50.00	Officer	$164,746	$57,330	$222,076
JOHN M ARP	FMR CHIEF E	40.00	Officer	$182,921	$7,791	$190,712
STEVEN RODDY	CHIEF FINC	50.00	Officer	$75,796	$8,874	$84,670
MICHAEL W LINDSAY	DIRECTOR	20.00	Director	$40,300	$0	$40,300
CHRISTOPHER G SHIPE	CHAIRMAN	30.00	Officer Director	$38,000	$0	$38,000
EUGENE L CAMPBELL JR	DIRECTOR	14.00	Director	$37,400	$0	$37,400
ERIC PAULSON	TREASURER	16.00	Officer Director	$37,400	$0	$37,400
J MARK WOOD	SECRETARY	18.00	Officer Director	$37,100	$0	$37,100
LINDA R GRAY	DIRECTOR	17.00	Director	$37,000	$0	$37,000
JESSE R THOMAS JR	DIRECTOR	15.00	Director	$35,900	$0	$35,900
DARLENE H CARPENTER	DIRECTOR	16.00	Director	$35,600	$0	$35,600
SANFORD REAVES JR	VICE CHAIRMA	10.50	Officer Director	$30,300	$0	$30,300

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	$605,653,015	$534,004,328	$1,374,359,006	$71,648,687
2023	$535,480,140	$518,647,835	$1,199,468,499	$16,832,305
2022	$493,777,612	$488,656,915	$1,122,357,083	$5,120,697
2021	$419,807,187	$420,421,503	$1,043,159,165	$-614,316
2020	$426,168,943	$424,936,853	$1,024,099,105	$1,232,090
2019	$471,748,644	$471,771,422	$931,777,168	$-22,778
2018	$453,259,593	$453,086,490	$935,998,307	$173,103