2023-09-21T14:21:49-05:00 2022-12-31 030225774 GALLAGHER FLYNN & COMPANY LLP 725 COMMUNITY DRIVE SUITE 401 SOUTH BURLINGTON VT 05403 990 2022-01-01 030304418 VERMONT ENERGY INVESTMENT CORPORATION VERM 8006396069 20 WINOOSKI FALLS WAY 5TH FLOOR WINOOSKI VT 05404 KATHERINE MEYERS CFO 8006396069 2023-09-20 1 KATHERINE MEYERS 999009999 0 STEVEN M AUSTIN CPA P02385259 8028631331 2023-08-30 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z KATHERINE MEYERS 20 WINOOSKI FALLS WAY 5TH FLOOR WINOOSKI VT 05404 108745667 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 11 381 0 0 0 500673 1433207 94351785 107168277 82834 144183 0 0 94935292 108745667 458071 734368 0 0 31051867 37321388 0 0 0 59418913 68234636 90928851 106290392 4006441 2455275 38391512 52044292 13995604 25193109 24395908 26851183 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 58228605 734368 59593738 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. 33428071 34850973 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 2022, 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. 3522163 4250542 EFFICIENCY SMART HELPS PARTICIPATING MUNICIPAL ELECTIRC UTILITIES AND THEIR CUSTOMERS REDUCE THEIR ENERGY USE AND SAVE MONEY THROUGH TECHINCAL ASSISTANCE AND FINANCIAL INCENTIVES. SINCE 2011, EFFICIENCY SMART HAS SERVED MORE THAN 65 OF AMERICAN MUNICIPAL POWER'S MEMBER UTILITIES IN FOUR STATES. IN 2022, EFFICIENCY SMART ASSISTED AN ESTIMATED 4,669 RESIDENTIAL HOUSEHOLDS AND 206 BUSINESSES. THESE CUSTOMERS WILL REALIZE MORE THAN $29.5 MILLION IN SAVINGS OVER THE LIFETIME OF THE PRODUCTS THEY INSTALLED IN. IN ADDITION, PARTICIPATING MUNICIPAL ELECTRIC UTILITIES SAVED MORE THAN $17.6 MILLION IN ENERGY, CAPACITY AND TRANSMISSION COSTS. 7166780 8617207 ENERGY SERVICES: 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 2022, VEIC'S CONSULTING SERVICES SPANNED MORE THAN 24 STATES AND PROVINCES, INCLUDING CONTINUED GROWTH OF WORK IN HAWAII AND CALIFORNIA, AND SERVED MORE THAN 72 CLIENTS. 7166780 8617207 102345619 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 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 1 426 0 1 381 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 3000 0 0 ELIZABETH WILSON DIRECTOR 1.00 X 1000 0 0 DIANNE DILLON-RIDGLEY DIRECTOR 1.00 X 2000 0 0 NANCY OWENS DIRECTOR 1.00 X 2000 0 0 ISABELINA NAHMENS DIRECTOR 1.00 X 2000 0 0 NICK RICHARDSON BOARD CHAIR 1.00 X 4100 0 0 ELLEN ZUCKERMAN DIRECTOR 1.00 X 0 0 0 JANET BESSER DIRECTOR 1.00 X 3000 0 0 CEDERICK ANTHONY PICKETT DIRECTOR 1.00 X 2000 0 0 OSWALDO ACOSTA DIRECTOR 1.00 X 3000 0 0 BRANDI COLANDER DIRECTOR 1.00 X 1500 0 0 MERRIAN BORGESON DIRECTOR 1.00 X 0 0 0 KURT JANSON CHIEF GENERAL COUNSEL 37.50 X 151296 0 8248 REBECCA FOSTER CEO 37.50 X 247021 0 30399 KATHERINE MEYERS CFO 37.50 X 181018 0 10147 THEODORE TRABUE DIRECTOR, DC SEU THROUGH JULY 2022 37.50 X 316079 0 7335 BRANDON BOWLES INTERIM DIRECTOR, DC SEU 37.50 X 212333 0 926 MATTHEW DOOLEY DIRECTOR, ENERGY SERVICES 37.50 X 210643 0 11198 PATRICIA BOYD DIR., TECHNOLOGY & INNOVATION 37.50 X 168623 0 17903 ANGELA JOHNSON DIRECTOR, FINANCE 37.50 X 174953 0 15969 PIERRE VAN DER MERWE CHIEF TECHNOLOGY OFFICER 37.50 X 167336 0 29841 LISA HARRIS CHIEF PEOPLE OFFICER 37.50 X 190048 0 10940 2042950 0 142906 98 0 1 0 CAPSTONE COMMUNITY ACTION INC 20 GABLE PLACE BARRE VT 05641 CUSTOMER INCENTIVE PROCESSOR 1593357 PEER CONSULTANTS PC 409 12TH ST SW SUITE 603 WASHINGTON DC 20024 TEMP STAFFING AGENCY 1071239 CORESTAFF SERVICES INC 3475 LENOX RD NE ATLANTA GA 30326 TEMP STAFFING AGENCY 685155 ASPEN OF DC INC 1315 IRVING ST NW WASHINGTON DC 20010 TEMP STAFFING AGENCY 298650 INSTITUTE FOR MARKET TRANSFORMATION 1707 L STREET NW SUITE 1050 WASHINGTON DC 20036 ENERGY CONSULTANT 223156 10 1433207 1433207 ENERGY EFFICENCY UTILITIES 561000 95709020 95709020 ENERGY SERVICES: CONSULTING 541700 8461496 8461496 PERFORMANCE INCENTIVE AWARDS 541700 2986234 2986234 PROJECT REVENUE 541700 11527 11527 107168277 144183 144183 108745667 107312460 0 0 734368 734368 1250759 518016 732743 29538230 22103547 7434683 1040490 806576 233914 3209832 2434985 774847 2282077 1753010 529067 -6715 -6715 102764 102764 90389 90389 5898258 5498360 399898 1657701 1657701 763140 599522 163618 2105094 1514978 590116 395721 246188 149533 263175 217696 45479 471524 189056 282468 430753 430753 INCENTIVE PAYMENTS 53071315 53071315 EQUIPMENT AND SOFTWARE 1640343 541984 1098359 OTHER EXPENSES 1026597 273170 753427 G&A ALLOC. TO PROGRAMS 0 9995706 -9995706 324577 189441 135136 106290392 102345619 3944773 0 208092 1377969 16912391 12845617 13177280 20062046 4737033 2887561 30786 12686 1394353 1372051 7502793 5977537 853064 1525256 95137 81005 5315 5315 978061 11874786 38391512 52044292 11182580 12271007 326165 169898 2486859 2551319 0 10200885 13995604 25193109 X 24395908 26851183 24395908 26851183 38391512 52044292 2455275 0 X X 0 1 X 1 1 1 X 16385584 500673 1433207 18319464 87335778 98862994 105166186 94367863 107159850 492892671 87335778 98862994 121551770 94868536 108593057 511212135 16385584 500673 1433207 18319464 0 16385584 500673 1433207 18319464 492892671 93799 155116 110380 82834 144183 586312 93799 155116 110380 82834 144183 586312 0 -16078 8427 -7651 87429577 99018110 121662150 94935292 108745667 511790796 0.96310 0.96520 0.00110 0.00090 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 90389 0 0 90389 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 REBECCA FOSTER. 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 15883187 65326987 -59987676 21222498 0 319012 64874 254138 6325639 5054521 1271118 858142 858142 0 1525256 ACCRUED INCENTIVE REVENUE, LESS CURRENT PORTION 1777376 ACCOUNTS RECEIVABLE, LESS CURRENT PORTION 83344 RIGHT-OF-USE ASSETS - OPERATING LEASES 10014066 11874786 LEASE LIABILITIES - OPERATING 10200885 10200885 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 2022. 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 0 1 PAYROLL AND BENEFITS AN EMPLOYEE OF THE COMPANY RESIDES IN THE UK. 126164 CANADA 0 0 CONSULTING AND ENGINEERING SERVICES 52296 0 1 0 0 0 1 178460 0 178460 0 0 0 0 0 0 PART III ACCOUNTING METHOD: 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. X X X X 1 0 0 0 0 0 0 0 0 THEODORE TRABUE DIRECTOR, DC SEU THROUGH JULY 2022 119943 0 2006 0 194130 0 6855 0 480 0 323414 0 0 0 REBECCA FOSTER CEO 243740 0 2006 0 1275 0 9623 0 20776 0 277420 0 0 0 MATTHEW DOOLEY DIRECTOR, ENERGY SERVICES 185437 0 22006 0 3200 0 10272 0 926 0 221841 0 0 0 BRANDON BOWLES INTERIM DIRECTOR, DC SEU 188631 0 20502 0 3200 0 0 0 926 0 213259 0 0 0 LISA HARRIS CHIEF PEOPLE OFFICER 186907 0 2006 0 1135 0 1929 0 9011 0 200988 0 0 0 PIERRE VAN DER MERWE CHIEF TECHNOLOGY OFFICER 164830 0 2006 0 500 0 9065 0 20776 0 197177 0 0 0 KATHERINE MEYERS CFO 175812 0 2006 0 3200 0 8833 0 1314 0 191165 0 0 0 ANGELA JOHNSON DIRECTOR, FINANCE 172010 0 2006 0 937 0 6815 0 9154 0 190922 0 0 0 PATRICIA BOYD DIR., TECHNOLOGY & INNOVATION 166117 0 2006 0 500 0 8677 0 9226 0 186526 0 0 0 KURT JANSON CHIEF GENERAL COUNSEL 146090 0 2006 0 3200 0 7394 0 854 0 159544 0 0 0 PART I, LINE 4 (A) THEODORE TRABUE, FORMER MANAGING DIRECTOR FOR THE DC SUSTAINABLE ENERGY UTILITY, RECEIVED A $175,000 SEVERANCE PAYMENT IN 2022, WHICH WAS FUNDED BY NON-CONTRACT-RELATED VEIC RESERVES. 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 71637 2290498 VERMONT ENERGY INVESTMENT CORPORATION SUN SHARES LLC 20 WINOOSKI FALLS WAY 5TH FLOOR WINOOSKI VT 05404 474405649 ELECTRIC POWER VT VEIC C 10868 31546 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 25000 CASH VALUE