VICTORIA 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

1938

Legal Domicile

Principal Officer

BLAINE WARZECHA

Phone

3615732428

Tax Period

2023-01-01 to 2023-12-31

VICTORIA ELECTRIC COOPERATIVE INC, founded in 1938, is a mid-sized nonprofit that reported $75.9M in total revenue in fiscal year 2023.

Mission

TO EXCEED OUR MEMBER'S EXPECTATIONS OF PROVIDING SAFE, RELIABLE, AFFORDABLE ELECTRICITY, AND CONTINUE TO IMPROVE THE QUALITY OF LIFE OF EACH MEMBER THROUGH LOYAL EMPLOYEES, WITH A FOCUS ON SERVICE AND COMMUNITY.

Program Service Accomplishments

Program 1

ELECTRIC DIVISION:PROVIDING ELECTRIC ENERGY TO OUR MEMBERS ON A COOPERATIVE BASIS THROUGH THE ALLOCATION OF PATRONAGE CAPITAL. THERE WERE 24,795 ACTIVE SERVICES AT YEAR END.

Program 2

INFINIUM DIVISION:PROVIDING BROADBAND INTERNET SERVICES THROUGH THE CONSTRUCTION OF A FIBER OPTIC NETWORK. WHEN CUMULATIVE NET MARGINS DERIVED FROM MEMBER SALES OF BROADBAND INTERNET SERVICES EXCEED CUMULATIVE NET LOSSES FROM SUCH SALES, THE COOPERATIVE WILL ALLOCATE PATRONAGE CAPITAL TO THE MEMBERS. THERE WERE 2,716 SUBSCRIBERS OF THE INFINIUM DIVISION AT YEAR END.

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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 $75,450,074

Investment Income $106,461

Other Revenue $338,011

TOTAL REVENUE $75,894,546

Expense Breakdown

Grants Paid $2,800

Salaries & Benefits $6,704,471

Fundraising Expenses $0

Other Expenses $61,581,722

TOTAL EXPENSES $76,227,230

Year-over-Year Comparison

	2023	2022	Change
Revenue	$75,894,546	$73,692,757	+0.0%
Expenses	$76,227,230	$74,118,848	+0.0%
Net Income	$-332,684	$-426,091	-0.2%

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

$605,681

Total Directors

$173,128

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
TODD ADAMS	DIRECTOR	3.00	Director	$22,626	$0	$22,626
JOHN BECK	ASSISTANT SECRETARY	1.70	Officer Director	$16,346	$0	$16,346
TAMMIE BOYD	SECRETARY/TREASURER	8.00	Officer Director	$22,626	$0	$22,626
RAYMOND BRANDL JR	DIRECTOR	4.00	Director	$22,626	$0	$22,626
BYRON HAUSMANN	VICE PRESIDENT	5.40	Officer Director	$26,856	$0	$26,856
JAMES HAYES	DIRECTOR	2.50	Director	$22,836	$0	$22,836
MICHAEL MARAGGIA	DIRECTOR	4.10	Director	$15,956	$0	$15,956
SAMUEL F RUSCHHAUPT III	PRESIDENT	1.60	Officer Director	$23,256	$0	$23,256
BLAINE WARZECHA	GENERAL MANAGER	55.00	Officer	$251,567	$83,392	$334,959
JESSICA GRAY	CHIEF FINANCIAL OFFICER	54.00	Officer	$147,758	$33,880	$181,638
DAVID NERADA	SERVICE LINE SUPERVISOR	48.00	Highest	$130,930	$55,575	$186,505
LADDY BROWN	OPERATIONS SUPERINDENDENT	48.00	Highest	$121,600	$69,783	$191,383
ADAM ESTRADA	INFORMATION TECH MANAGER	47.00	Highest	$117,102	$36,014	$153,116
RICHARD VARELA	CREW FOREMAN	48.00	Highest	$111,827	$43,392	$155,219
ESIQUIO YBARRA	SERVICE LINEMAN	46.00	Highest	$110,819	$56,729	$167,548

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	$75,894,546	$76,227,230	$167,305,829	$-332,684
2022	$73,692,757	$74,118,848	$159,062,957	$-426,091
2021	$64,064,946	$63,140,923	$152,267,427	$924,023
2020	$60,588,450	$60,986,071	$150,946,262	$-397,621
2019	$22,118,782	$22,118,782	$139,548,660	No data
2018	$18,526,712	$18,526,711	$135,768,232	$1