2024-11-12T08:01:54-06:00 2023-12-31 030225774 GALLAGHER FLYNN & COMPANY LLP 725 COMMUNITY DRIVE SUITE 401 SOUTH BURLINGTON VT 05403 990 2023-01-01 030304418 VERMONT ENERGY INVESTMENT CORPORATION VERM 8006396069 20 WINOOSKI FALLS WAY 5TH FLOOR WINOOSKI VT 05404 KATHERINE MEYERS CFO 8006396069 2024-10-08 1 0 AMY L WOOD CPA P02385259 8028631331 2024-10-08 2023 2024-10-15 13:58:12Z KATHERINE MEYERS 20 WINOOSKI FALLS WAY 5TH FLOOR WINOOSKI VT 05404 123099830 0 X WWW.VEIC.ORG X 1986 VT VEIC IS A SUSTAINABLE ENERGY COMPANY ON A MISSION TO GENERATE THE ENERGY (CONTINUES IN SCHED O)(CONTINUED) SOLUTIONS THE WORLD NEEDS. 11 11 388 0 0 0 1433207 7097422 107168277 115279421 144183 722987 0 0 108745667 123099830 734368 2462715 0 0 37321388 42585071 0 0 0 68234636 75977524 106290392 121025310 2455275 2074520 52044292 52913819 25193109 23988116 26851183 28925703 X VEIC IS A SUSTAINABLE ENERGY COMPANY ON A MISSION TO GENERATE THE ENERGY SOLUTIONS THE WORLD NEEDS (CONTINUES IN SCHEDULE O). (CONTINUED) FOR OVER 35 YEARS VEIC HAS BEEN WORKING WITH GOVERNMENTS, UTILITIES, FOUNDATIONS AND BUSINESSES ACROSS NORTH AMERICA TO DEVELOP AND DEPLOY CLEAN ENERGY SERVICES THAT PROVIDE IMMEDIATE AND LASTING CHANGE. WITH EXPERTISE IN ENERGY EFFICIENCY, BUILDING AND TRANSPORTATION ELECTRIFICATION, AND NEW APPROACHES FOR A CLEAN AND FLEXIBLE GRID, VEIC BRINGS INNOVATIVE SOLUTIONS TO THE MARKET THAT MEET GOALS AND REDUCE GREENHOUSE GAS (GHG). VEIC IS NATIONALLY RECOGNIZED FOR DEVELOPING PILOTS AND PROGRAMS THAT OPTIMIZE ENERGY USE, REDUCE ENERGY BURDENS FOR LOW-INCOME CUSTOMERS, AND ADVANCE NEW TECHNOLOGIES. IN ADDITION TO OUR FULL-SERVICE CONSULTING BUSINESS, VEIC ADMINISTERS THREE LARGE-SCALE SUSTAINABLE ENERGY PROGRAMS: EFFICIENCY VERMONT, EFFICIENCY SMART, AND THE DC SUSTAINABLE ENERGY UTILITY (DCSEU). 0 0 60143557 0 62231449 EFFICIENCY VERMONT WORKS WITH PARTNERS TO HELP THE STATE TRANSITION TO MORE AFFORDABLE, LOW CARBON ENERGY USE THROUGH EDUCATION, INCENTIVES, AND SUPPORT FOR OUR CLEAN ENERGY WORKFORCE. THE INVESTMENTS THAT VERMONTERS HAVE MADE IN ENERGY EFFICIENCY SINCE EFFICIENCY VERMONT'S INCEPTION IN 2000 WILL SAVE THEM OVER $3 BILLION OVER THE LIFETIME OF THOSE INVESTMENTS, AND AVOID OVER 13 MILLION TONS OF CO2E. 36715387 0 38250220 THE DC SUSTAINABLE ENERGY UTILITY (DCSEU) IS THE ONLY UTILITY IN THE COUNTRY THAT COMBINES ENERGY SAVINGS GOALS WITH SOCIAL EQUITY GOALS. SINCE 2011, THE DCSEU HAS HELPED DISTRICT RESIDENTS, BUSINESSES, AND INSTITUTIONS GENERATE MORE THAN $1.4 BILLION IN LIFETIME ENERGY COST SAVINGS, AND PREVENT MORE THAN 6.2 MILLION TONS OF GREENHOUSE GAS EMISSIONS. THE DCSEU HAS INVESTED MORE THAN $50 MILLION IN ENERGY EFFICIENCY AND RENEWABLE ENERGY PROJECTS IN LOW-INCOME COMMUNITIES. OUR WORK IS BUILDING A BRIGHTER ECONOMIC, ENVIRONMENTAL, AND ENERGY FUTURE FOR THE DISTRICT. (CONTINUES IN SCHEDULE O) (CONTINUED) IN 2023, THE DCSEU'S EFFORTS GENERATED $149 MILLION IN LIFETIME COST SAVINGS FOR DC RESIDENTS AND BUSINESSES, CREATED 94 GREEN JOBS FOR DISTRICT RESIDENTS, AND PREVENTED 688,000 MTCO2E IN LIFETIME GREENHOUSE GAS EMISSIONS, THE EQUIVALENT OF 77 MILLION GALLONS OF GASOLINE CONSUMED. 3272185 0 3533645 EFFICIENCY SMART HELPS PARTICIPATING MUNICIPAL ELECTRIC UTILITIES AND THEIR CUSTOMERS REDUCE THEIR ENERGY USE AND SAVE MONEY THROUGH TECHNICAL ASSISTANCE AND FINANCIAL INCENTIVES. SINCE 2011, EFFICIENCY SMART HAS SERVED MORE THAN 65 OF AMERICAN MUNICIPAL POWER'S MEMBER UTILITIES IN FOUR STATES. IN 2023, EFFICIENCY SMART ASSISTED AN ESTIMATED 2,914 RESIDENTIAL HOUSEHOLDS AND 193 BUSINESSES. THESE CUSTOMERS WILL REALIZE MORE THAN $27.6 MILLION IN SAVINGS OVER THE LIFETIME OF THE PRODUCTS THEY INSTALLED IN. IN ADDITION, PARTICIPATING MUNICIPAL ELECTRIC UTILITIES SAVED MORE THAN $15.5 MILLION IN ENERGY, CAPACITY AND TRANSMISSION COSTS. 16065588 2462715 11328279 VEIC PROVIDES NATIONAL AND INTERNATIONAL CONSULTING SERVICES TO UTILITIES, BUSINESSES, GOVERNMENT AGENCIES, MUNICIPALITIES, AND FOUNDATIONS. WE WORK WITH OUR CLIENTS TO DECARBONIZE THEIR ENERGY SYSTEMS THROUGH OUR FOUR CORE SERVICES: ENERGY EFFICIENCY, BUILDING DECARBONIZATION, TRANSPORTATION ELECTRIFICATION, AND MAKING ELECTRICITY GRIDS CLEAN AND FLEXIBLE. WE HELP OUR CLIENTS SAVE ENERGY, REDUCE GREENHOUSE GAS EMISSIONS, AND ADVANCE SOCIAL AND ECONOMIC EQUITY. IN 2023, VEIC'S CONSULTING SERVED MORE THAN 146 CLIENTS WITH 24% OF OUR ORGANIZATION WIDE CONSULTING WORK HAVING AN EXPLICIT FOCUS ON LOW TO MODERATE INCOME COMMUNITIES. IN 2023, VEIC EXPENDED $7,097,422 IN FEDERAL GRANTS FUNDED BY THE CORONAVIRUS STATE AND LOCAL FISCAL RECOVERY FUNDS. 16065588 2462715 11328279 116196717 1 1 0 1 0 0 0 0 1 0 1 0 0 1 1 1 0 1 0 1 1 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 1 485 0 1 388 1 0 0 0 0 0 0 0 0 0 0 X 11 11 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 CA X KATHERINE MEYERS 8026586060 20 WINOOSKI FALLS WAY 5TH FLOOR WINOOSKI VT 05404 MARC MIHALY DIRECTOR 1.00 X 1500 0 0 DIANNE DILLON-RIDGLEY DIRECTOR 1.00 X 2000 0 0 NANCY OWENS VICE CHAIR 1.00 X X 4250 0 0 ISABELINA NAHMENS DIRECTOR 1.00 X 2000 0 0 ELLEN ZUCKERMAN CHAIR 1.00 X X 2500 0 0 JANET BESSER DIRECTOR 1.00 X 0 0 0 CEDERICK ANTHONY PICKETT DIRECTOR 1.00 X 2000 0 0 OSWALDO ACOSTA TREASURER 1.00 X X 3000 0 0 BRANDI COLANDER DIRECTOR 1.00 X 2500 0 0 MERRIAN BORGESON DIRECTOR 1.00 X 2000 0 0 DALE BRYK DIRECTOR 1.00 X 1000 0 0 JACOB PARK DIRECTOR 1.00 X 1000 0 0 TONY PICKETT SECRETARY 1.00 X X 0 0 0 REBECCA FOSTER CHIEF EXECUTIVE OFFICER 37.50 X 315599 0 14670 KATHERINE MEYERS CHIEF FINANCIAL OFFICER 37.50 X 200641 0 9850 STEPHANIE PHILLIPS CHIEF GENERAL COUNSEL 37.50 X 178144 0 8690 PETER WALKE MANAGING DIRECTOR, EFFICIENCY VT 37.50 X 183180 0 3311 LOUIS HUTCHINSON CHIEF OPERATING OFFICER 37.50 X 190988 0 1933 ERNEST JOLLY MANAGING DIRECTOR, DCSEU 37.50 X 228997 0 2254 MATTHEW DOOLEY MANAGING DIRECTOR, ENERGY SERVICES 37.50 X 210434 0 9454 ANGELA JOHNSON DIRECTOR, FINANCE, DCSEU 37.50 X 186090 0 9579 PIERRE VAN DER MERWE CHIEF TECHNOLOGY OFFICER 37.50 X 187385 0 11937 LISA HARRIS CHIEF PEOPLE OFFICER 37.50 X 206497 0 6740 BRIAN KEALOHA CHIEF GROWTH AND IMPACT OFFICER 37.50 X 206795 0 2035 2318500 0 80453 68 0 1 0 CAPSTONE COMMUNITY ACTION INC 20 GABLE PLACE BARRE VT 05641 CUSTOMER INCENTIVE PROCESSOR 2947817 PEER CONSULTANTS PC 409 12TH ST SW SUITE 603 WASHINGTON DC 20024 TEMP STAFFING AGENCY 771378 SWIPEJOBS PO BOX 205521 DALLAS TX 75320 TEMP STAFFING AGENCY 583619 ASPEN OF DC INC 1315 IRVING ST NW WASHINGTON DC 20010 TEMP STAFFING AGENCY 393895 INSTITUTE FOR MARKET TRANSFORMATION 1707 L STREET NW SUITE 1050 WASHINGTON DC 20036 ENERGY CONSULTANT 246983 10 7097422 7097422 ENERGY EFFICENCY UTILITIES 561000 102279432 102279432 ENERGY SERVICES: CONSULTING 541700 11256546 11256546 PERFORMANCE INCENTIVE AWARDS 541700 1735912 1735912 PROJECT REVENUE 541700 7531 7531 115279421 722987 64172 658815 123099830 115343593 0 658815 2462715 2462715 1455915 401076 1054839 33603225 24610092 8993133 1128763 856090 272673 3778029 2798167 979862 2619139 1910858 708281 59611 59611 79700 79700 78000 78000 7626919 7132057 494862 1651595 1651546 49 515832 267870 247962 1980116 1333853 646263 549737 315285 234452 508078 354085 153993 556125 216281 339844 405176 405176 INCENTIVE PAYMENTS 59254526 59254526 EQUIPMENT AND SOFTWARE 1605644 471309 1134335 OTHER EXPENSES 1106465 529012 577453 G&A ALLOC. TO PROGRAMS 0 11631895 -11631895 121025310 116196717 4828593 0 1377969 1442651 12845617 18395044 20062046 16586939 1532985 961803 12686 6769 1372051 1377042 8023727 6533663 1525256 1490064 81005 85974 5315 5315 13229362 12562218 52044292 52913819 12271007 12093165 169898 226274 2551319 2439338 10200885 9229339 25193109 23988116 X 26851183 28925703 26851183 28925703 52044292 52913819 2074520 0 X X 0 1 X 1 1 1 X 16385584 500673 1433207 7097422 25416886 98862994 105166186 94367863 107159850 115329654 520886547 98862994 121551770 94868536 108593057 122427076 546303433 16385584 500673 1433207 7097422 25416886 0 16385584 500673 1433207 7097422 25416886 520886547 155116 110380 82834 144183 658815 1151328 155116 110380 82834 144183 658815 1151328 -16078 8427 13939 6288 99018110 121662150 94935292 108745667 123099830 547461049 0.95150 0.96310 0.00210 0.00110 X PART III, SECTION B, LINE 12, OTHER INCOME: THIS LINE REPRESENTS THE GAIN (LOSS) FROM SUBSIDIARIES. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 1 0 0 0 0 1 78000 0 0 78000 0 PART II-B, LINE 1: VEIC'S PRIMARY LOBBYING ACTIVITIES WERE RELATED TO STATE GOVERNMENT ACTIVITIES IN VERMONT. VEIC HAS EMPLOYEES WHO ARE REGISTERED LOBBYISTS WITH THE VERMONT SECRETARY OF STATE'S OFFICE. THESE EMPLOYEES DO NOT SPEND A MAJORITY OF THEIR TIME ON LOBBYING. (CONTINUES ON NEXT PAGE) VEIC ALSO EMPLOYS A CONTRACT LOBBYIST WITHIN VERMONT (THE NECRASON GROUP) FOR ASSISTANCE AND SUPPORT ON LEGISLATIVE AND EXECUTIVE BRANCH RELATIONS. PART II -B - LINE 1B, PAID STAFF OR MANAGEMENT: VEIC EMPLOYEES REGISTERED AS LOBBYISTS CONSIST OF DANIEL REILLY AND PETER WALKE. PART II -B - LINE 1G, DIRECT CONTACT WITH THE GOVERNMENT: VEIC OCCASIONALLY INTERACTS WITH THE FEDERAL GOVERNMENT ON ISSUES AND LEGISLATION OF INTEREST TO THE ORGANIZATION. THIS PRIMARILY COMES THROUGH CONTACTS WITH THE VERMONT CONGRESSIONAL DELEGATION AND THEIR STAFF, AND WITH FEDERAL AGENCY OFFICIALS (MOSTLY AT THE U.S. DEPARTMENT OF ENERGY, BUT PERIODICALLY ALSO WITH STAFF AT THE COUNCIL ON ENVIRONMENTAL QUALITY, THE USDA, AND OTHER AGENCIES WITH PERIPHERAL ENERGY-RELATED INTERESTS). 1 21222498 57367895 -59217025 19373368 0 319012 103271 215741 6697443 5572250 1125193 1007272 858142 149130 1490064 ACCRUED INCENTIVE REVENUE 3528964 ACCOUNTS RECEIVABLE, LESS CURRENT PORTION 76374 RIGHT-OF-USE ASSETS - OPERATING LEASES 8956880 12562218 LEASE LIABILITIES - OPERATING 9229339 9229339 X PART IV, LINE 1B: ESCROW AND CUSTODIAL ARRANGEMENT: VEIC SERVED AS THE EFFICIENCY VERMONT FISCAL AGENT OF THE VERMONT ELECTRIC EFFICIENCY UTILITY FUND FUNDS IN 2023. AS FISCAL AGENT AND TRUSTEE OF THESE FUNDS, VEIC IS RESPONSIBLE FOR ONGOING COLLECTION AND DISBURSEMENT OF FUNDS AND MANAGEMENT AND CUSTODY OF FUND BANK ACCOUNTS TO ENSURE ALL OBLIGATIONS ARE MET IN ACCORDANCE WITH REGULATORY GUIDELINES. PART X, LINE 2: EACH YEAR, MANAGEMENT CONSIDERS WHETHER ANY MATERIAL TAX POSITION THE COMPANY HAS TAKEN IS MORE LIKELY THAN NOT TO BE SUSTAINED UPON EXAMINATION BY THE APPLICABLE TAX AUTHORITY. MANAGEMENT BELIEVES THAT ANY POSITIONS THE COMPANY HAS TAKEN ARE SUPPORTED BY SUBSTANTIAL AUTHORITY AND, THEREFORE, DO NOT NEED TO BE MEASURED OR DISCLOSED. WITH FEW EXCEPTIONS, THE COMPANY IS SUBJECT TO U.S. FEDERAL OR STATE EXAMINATIONS BY TAX AUTHORITIES FOR THE MOST RECENT THREE YEARS. UNITED KINGDOM PAYROLL AND BENEFITS AN EMPLOYEE OF THE COMPANY RESIDES IN THE UK. 130101 0 0 0 0 0 0 130101 0 130101 0 0 0 0 0 0 PART I, LINE 3 (F) AMOUNTS REPORTED CONSIST OF EXPENDITURES FOR EACH REGION REPORTED ON THE ACCRUAL BASIS IN ACCORDANCE WITH ACCOUNTING PRINCIPLES GENERALLY ACCEPTED IN THE UNITED STATES OF AMERICA. 1 CALEDONIA CENTRAL SUPERVISORY UNION 10 ROUTE 2 WEST DANVILLE VT 05828 030217747 53098 0 INDOOR AIR QUALITY CENTRAL VERMONT SUPERVISORY UNION 111B BRUSH HILL RD WILLIAMSTOWN VT 05679 823657108 703991 0 INDOOR AIR QUALITY CLARA MARTIN CENTER INC 11 NORTH MAIN ST RANDOLPH VT 05060 030220733 501(C)(3) 20832 0 INDOOR AIR QUALITY FRANKLIN NORTHEAST SUPERVISORY UNION 80 MAIN ST STE 2 RICHFORD VT 05476 030215689 24000 0 INDOOR AIR QUALITY LYNDON INSTITUTE 168 INSTITUTE CIRCLE LYNDON CENTER VT 05850 030182055 501(C)(3) 54337 0 INDOOR AIR QUALITY MILTON TOWN SCHOOL DISTRICT 42 HERRICK AVE MILTON VT 05468 036000571 317509 0 INDOOR AIR QUALITY ORANGE EAST SUPERVISORY UNION 64 MAIN ST BRADFORD VT 05033 030218205 31160 0 INDOOR AIR QUALITY ORLEANS SOUTHWEST SUPERVISORY UNION 101 N CRAFTSBURY RD CRAFTSBURY COMMON VT 05827 030225810 27000 0 INDOOR AIR QUALITY SHARON ACADEMY 205 ACADEMY DR SHARON VT 05068 030350587 501(C)(3) 93360 0 INDOOR AIR QUALITY VERMONT ACHIEVEMENT CENTER 88 PARK ST RUTLAND VT 05701 030179407 501(C)(3) 10110 0 INDOOR AIR QUALITY WHITE RIVER VALLEY SUPERVISORY UNION 461 WATERMAN RD ROYALTON VT 05068 036003513 1000000 0 INDOOR AIR QUALITY WINDHAM NORTHEAST SUPERVISORY UNION 5111 US ROUTE 5 WESTMINSTER VT 05158 030223665 117830 0 INDOOR AIR QUALITY 4 8 PART I, LINE 2: ALL SUBGRANTEES SIGNED GRANT AGREEMENTS OUTLINING THE TERMS AND CONDITIONS OF THE AWARDS. GRANT FUNDS WERE DISBURSED BY VEIC ONLY AFTER EXPENSES WERE INCURRED AND SUPPORTING DOCUMENTS WERE SUBMITTED TO AND REVIEWED BY VEIC FOR COMPLIANCE WITH THE GRANT PROGRAM. X X X X 1 0 0 0 0 0 0 0 0 REBECCA FOSTER CHIEF EXECUTIVE OFFICER 312849 0 2000 0 750 0 12737 0 1933 0 330269 0 0 0 ERNEST JOLLY MANAGING DIRECTOR, DCSEU 226622 0 0 0 2375 0 2160 0 94 0 231251 0 0 0 MATTHEW DOOLEY MANAGING DIRECTOR, ENERGY SERVICES 205734 0 2000 0 2700 0 9384 0 70 0 219888 0 0 0 LISA HARRIS CHIEF PEOPLE OFFICER 204119 0 2000 0 378 0 5367 0 1373 0 213237 0 0 0 KATHERINE MEYERS CHIEF FINANCIAL OFFICER 195941 0 2000 0 2700 0 9780 0 70 0 210491 0 0 0 BRIAN KEALOHA CHIEF GROWTH AND IMPACT OFFICER 204795 0 2000 0 0 0 1933 0 102 0 208830 0 0 0 PIERRE VAN DER MERWE CHIEF TECHNOLOGY OFFICER 183860 0 2000 0 1525 0 10004 0 1933 0 199322 0 0 0 ANGELA JOHNSON DIRECTOR, FINANCE, DCSEU 184090 0 2000 0 0 0 8739 0 840 0 195669 0 0 0 LOUIS HUTCHINSON CHIEF OPERATING OFFICER 190488 0 0 0 500 0 0 0 1933 0 192921 0 0 0 STEPHANIE PHILLIPS CHIEF GENERAL COUNSEL 172694 0 2000 0 3450 0 8620 0 70 0 186834 0 0 0 PETER WALKE MANAGING DIRECTOR, EFFICIENCY VT 180554 0 2000 0 626 0 1819 0 1492 0 186491 0 0 0 FORM 990, PART VI, SECTION B, LINE 11B THE ORGANIZATION'S GOVERNING BODY REVIEWS THE FORM 990 PRIOR TO FILING WITH THE INTERNAL REVENUE SERVICE. FORM 990, PART VI, SECTION B, LINE 12C VEIC REQUIRES AN ANNUAL SIGN OFF FROM DIRECTORS DISCLOSING INTERESTS THAT COULD GIVE RISE TO CONFLICT OF INTEREST. THE CONFLICT OF INTEREST STATEMENTS ARE SUBMITTED FOR REVIEW TO VEIC. AS SOON AS POTENTIAL CONFLICT OF INTEREST EXISTS, A BOARD MEMBER MUST FULLY DISCLOSE THE NATURE OF THE INTEREST AND WITHDRAW FROM VOTING ON THE MATTER. FORM 990, PART VI, SECTION B, LINE 15 THE BOARD OF DIRECTORS DETERMINED THE CEO'S SALARY. THE BOARD WAS ADVISED BY THE CONSULTANT/ SEARCH FIRM (ISAACSON MILLER) WHO HELPED THEM HIRE THIS POSITION. THEY ALSO CONSIDERED EXECUTIVE SALARIES FOR OTHER VERMONT NON-PROFIT AND GOVERNMENT INSTITUTIONS. THE CEO'S COMPENSATION IS REVIEWED ANNUALLY. THE CEO MAKES DECISIONS REGARDING ALL KEY EMPLOYEE COMPENSATION (EXCLUDING CEO COMPENSATION WHICH IS DETERMINED BY THE BOARD). FORM 990, PART VI, SECTION C, LINE 19 VEIC PROVIDES THESE DOCUMENTS TO ANY MEMBER OF THE PUBLIC UPON REQUEST. FORM 990, PART XII, LINE 2C: NO CHANGES FROM THE PRIOR YEAR. COMMONS ENERGY L3C 20 WINOOSKI FALLS WAY 5TH FLOOR WINOOSKI VT 05404 464740743 PROVIDE ENERGY IMPROVEMENT SERVICES TO UNDERSERVED PUBLIC BUILDINGS VT 99796 2328341 VERMONT ENERGY INVESTMENT CORPORATION SUN SHARES LLC 20 WINOOSKI FALLS WAY 5TH FLOOR WINOOSKI VT 05404 474405649 ELECTRIC POWER VT VEIC C 9969 39328 1.00000 0 0 0 0 1 0 0 0 0 0 0 0 1 0 1 1 0 1 0 0 SUN SHARES LLC D 20000 CASH VALUE