2022-11-02T10:52:52-05:00 2021-12-31 030225774 GALLAGHER FLYNN & COMPANY LLP 725 COMMUNITY DRIVE SUITE 401 SOUTH BURLINGTON VT 05403 990 2021-01-01 030304418 VERMONT ENERGY INVESTMENT CORPORATION VERM 8006396069 20 WINOOSKI FALLS WAY 5TH FLOOR WINOOSKI VT 05404 KATHERINE MEYERS CFO 8006396069 2022-10-21 1 KATHERINE MEYERS 999009999 STEVEN M AUSTIN CPA P02385259 8028631331 2022-10-20 3 AAL1 IAL1 2021 2022-09-23 18:48:47Z KATHERINE MEYERS 20 WINOOSKI FALLS WAY 5TH FLOOR WINOOSKI VT 05404 94935292 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 11 314 0 0 0 16385854 500673 105166186 94351785 110380 82834 0 0 121662420 94935292 14937997 458071 0 0 33225372 31051867 0 0 0 68794594 59418913 116957963 90928851 4704457 4006441 42152408 38391512 21762941 13995604 20389467 24395908 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 51769409 54361104 EFFICIENCY VERMONT PROVIDES VERMONTERS WITH OBJECTIVE GUIDANCE AND INCENTIVES TO IMPROVE THE AFFORDABILITY AND COMFORT OF THEIR HOMES, BUSINESSES, INSTITUTIONS, AND COMMUNITIES THROUGH ENERGY EFFICIENCY. 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. 27804043 30291002 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 $1.3 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. 2868212 2632455 EFFICIENCY SMART HELPS PARTICIPATING MUNICIPAL ELECTIRC UTILITIES AND THEIR CUSTOMERS REDUCE THEIR ENERGY USE AND SAVE MONEY THROUGH TECHINCAL ASSISTANCE AND FINANCIAL INCENTIVES. EFFICIENCY SMART HELPS PARTICIPATING MUNICIPAL ELECTRIC UTILITES AND THEIR CUSTOMERS REDUCE THEIR ENERGY USE AND SAVE MONEY THROUGH TECHNICAL ASSISTANCE AND FINANCIAL INCENTIVES. SINCE 2011, EFFICIENTY SMART HAS SERVED MORE THAN 60 OF AMERICAN MUNICIPAL POWER'S MEMBER UTILITIES IN FOUR STATES. IN 2021, EFFICIENCY SMART ASSISTED AND ESTIMATED 5,318 RESIDENTAIAL HOUSEHOLDS AND 183 BUSINESSES. THESE CUSTOMERS WILL REALIZE MORE THAN $16.9 MILLION IN SAVINGS OVER THE LIFETIME OF THE PRODUCTS THEY INSTALLED IN 2021. (CONTINUES IN SCHEDULE O)(CONTINUED) IN ADDITION, PARTICIPATING MUNICIPAL ELECTRIC UTILITIES SAVED MORE THAN $10.1 MILLION IN ENERGY, CAPACITY AND TRANSMISSION COSTS. 6332092 0 7150058 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 2021 VEIC'S CONSULTING SERVICES SPANNED MORE THAN 25 STATES AND PROVINCES, INCLUDING CONTINUED GROWTH OF WORK IN HAWAII AND CALIFORNIA, AND SERVED MORE THAN 55 CLIENTS. 500673 458071 0 INDOOR AIR QUALITY (IAQ) GRANT: ON AUGUST 19, 2020, VEIC RECEIVED A GRANT OF FEDERAL CORONAVIRUS RELIEF FUNDS FROM THE STATE OF VERMONT AGENCY OF EDUCATION TOTALING UP TO $18,050,000 FOR EFFICIENCY VERMONT TO PROVIDE SUBGRANTS TO K-12 GRADE COVERED SCHOOLS IN VERMONT TO UPGRADE HEATING, VENTILATION, AND AIR CONDITIONING (HVAC) SYSTEMS, AND FILTRATION AND OTHER METHODS OF AIR TREATMENT, IN RESPONSE TO THE COVID-19 EMERGENCY. THE GRANT FUNDING WAS ON A COST REIMBURSEMENT BASIS. THE GRANT PERIOD ENDED DURING 2021. VEIC RECEIVED CONTRIBUTION REVENUE FROM THIS GOVERNMENT GRANT IN THE AMOUNT OF $500,673 DURING 2021. 6832765 458071 7150058 89274429 1 1 0 1 0 0 0 0 1 0 1 0 0 0 0 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 1 401 0 1 314 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 RICHARD COWART DIRECTOR 1.00 X 2000 0 0 MARC MIHALY DIRECTOR 1.00 X 3000 0 0 ELIZABETH WILSON DIRECTOR 1.00 X 2000 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 X 5000 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 0 0 0 KURT JANSON GENERAL COUNSEL 37.50 X 145869 0 8022 SCOTT COMEAU CFO THROUGH APRIL 2021 37.50 X 87971 0 3885 REBECCA FOSTER CEO 37.50 X 205733 0 26377 KATHERINE MEYERS CFO 37.50 X 150632 0 8899 CAROL WESTON DIRECTOR, EVT OPERATIONS 37.50 X 167096 0 9122 THEODORE TRABUE DIRECTOR, DC SEU 37.50 X 177475 0 22897 MATTHEW DOOLEY DIRECTOR, ENERGY SERVICES 37.50 X 180271 0 9706 PATRICIA BOYD DIRECTOR, TECHNOLOGY AND INNOVATION 37.50 X 157222 0 16453 ANGELA JOHNSON DIRECTOR, FINANCE 37.50 X 155962 0 16361 JENNIFER WALLACE BRODEUR DIRECTOR, CONSULTING 37.50 X 141938 0 7767 PIERRE VAN DER MERWE CHIEF TECHNOLOGY OFFICER 37.50 X 140057 0 25974 1733226 0 155463 43 0 1 0 CAPSTONE COMMUNITY ACTION INC 20 GABLE PLACE BARRE VT 05641 CUSTOMER INCENTIVE PROCESSOR 927104 PEER CONSULTANTS PC 409 12TH ST SW SUITE 603 WASHINGTON DC 20024 TEMP STAFFING AGENCY 839517 CORESTAFF SERVICES INC 3475 LENOX RD NE ATLANTA GA 30326 TEMP STAFFING AGENCY 647987 CASCADE ENERGY 123 NE 3RD AVE SUITE 400 PORTLAND OR 97232 ENERGY CONSULTANT 426975 INSTITUTE FOR MARKET TRANSFORMATION 1707 L STREET NW SUITE 1050 WASHINGTON DC 20036 ENERGY CONSULTANT 195721 16 500673 500673 ENERGY EFFICENCY UTILITIES 561000 84322867 84322867 ENERGY SERVICES: CONSULTING 541700 7052602 7052602 PERFORMANCE INCENTIVE AWARDS 541700 2961694 2961694 PROJECT REVENUE 541700 14622 14622 94351785 82834 82834 94935292 94434619 0 0 458071 458071 1112538 391478 721060 24311843 18385646 5926197 952897 744607 208290 2757617 2124416 633201 1916972 1454224 462748 85294 85294 72814 72814 60000 60000 5239876 4951871 288005 1735374 1735165 209 1056855 720962 335893 1756478 1184117 572361 112824 99416 13408 172953 137070 35883 348769 117984 230785 420399 420399 INCENTIVE PAYMENTS 46569481 46569481 EQUIPMENT AND SOFTWARE 1419832 547162 872670 OTHER EXPENSES 367964 224141 143823 G&A ALLOC. TO PROGRAMS 0 9428618 -9428618 90928851 89274429 1654422 0 41245 208092 5739730 16912391 26480271 13177280 7673326 4737033 34683 30786 881728 1394353 6646922 5793858 744111 853064 95137 5315 5315 551999 978061 42152408 38391512 18901606 11182580 257278 326165 2604057 2486859 21762941 13995604 X 20389467 24395908 20389467 24395908 42152408 38391512 4006441 0 X X 0 1 X 1 1 1 X 16385584 500673 16886257 95606270 87335778 98862994 105166186 94367863 481339091 95606270 87335778 98862994 121551770 94868536 498225348 16385584 500673 16886257 0 16385584 500673 16886257 481339091 26547 93799 155116 110380 82834 468676 26547 93799 155116 110380 82834 468676 0 15283 -16078 -795 95648100 87429577 99018110 121662150 94935292 498693229 0.96520 0.96570 0.00090 0.00080 X PART III, SECTION B, LINE 12, OTHER INCOME: THE $16,078 LOSS INCLUDED IN THIS LINE REPRESENTS THE LOSS FROM SUBSIDIARIES. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 1 0 0 0 0 1 60000 0 0 60000 0 PART II-B, LINE 1: VEIC'S PRIMARY LOBBYING ACTIVITIES WERE RELATED TO STATE GOVERNMENT ACTIVITIES IN VERMONT. VEIC HAS THREE EMPLOYEES (DAN REILLY, CAROL WESTON AND REBECCA FOSTER) WHO ARE REGISTERED LOBBYISTS WITH THE VERMONT SECRETARY OF STATE'S OFFICE. THESE EMPLOYEES DO NOT SPEND A MAJORITY OF THEIR TIME ON LOBBYING. VEIC ALSO EMPLOYS A CONTRACT LOBBYIST WITHIN VERMONT (THE NECRASON GROUP) FOR ASSISTANCE AND SUPPORT ON LEGISLATIVE AND EXECUTIVE BRANCH RELATIONS. 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). PART II -B - LINE 1B, LOBBYING ACTIVITIES VEIC EMPLOYEES REGISTERED AS LOBBYISTS INCLUDE DAN REILLY, CAROL WESTON AND REBECCA FOSTER. 1 10762639 63561073 58440525 15883187 0 50660 34087 16573 5738120 4904048 834072 858142 855723 2419 853064 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 2021. 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 POSITIONS THE COMPANIES HAVE TAKEN ARE MORE LIKELY THAN NOT TO BE SUSTAINED UPON EXAMINATION BY THE APPLICABLE TAXING AUTHORITY. MANAGEMENT BELIEVES THAT ANY POSITIONS THE COMPANIES HAVE TAKEN ARE SUPPORTED BY SUBSTANTIAL AUTHORITY AND, THEREFORE, DO NOT NEED TO BE MEASURED OR DISCLOSED IN THE FINANCIAL STATEMENTS. INTEREST AND PENALTIES, IF INCURRED, RELATED TO UNCERTAIN TAX POSITIONS, WOULD BE REPORTED AS INCOME TAX EXPENSE. WITH FEW EXCEPTIONS, THE COMPANIES ARE NO LONGER SUBJECT TO INCOME TAX EXAMINATIONS BY THE U.S. FEDERAL, STATE OR LOCAL TAX AUTHORITIES FOR YEARS BEFORE 2018. UNITED KINGDOM 0 1 PAYROLL AND BENEFITS AN EMPLOYEE OF THE COMPANY RESIDES IN THE UK. 135801 CANADA 0 0 CONSULTING AND ENGINEERING SERVICES 3474 0 1 0 0 0 1 139275 0 139275 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 BAISIS IN ACCORDANCE WITH ACCOUNTING PRINCIPLES GENERALLY ACCEPTED IN THE UNITED STATES OF AMERICA. 1 ADDISON CENTRAL SCHOOL DISTRICT 49 CHARLES AVE MIDDLEBURY VT 05753 814257106 26630 0 INDOOR AIR QUALITY ELMORE MORRISTOWN UNIFIED UNION SCHOOL DISTRICT 202 COPLEY AV MORRISVILLE VT 05661 036000585 68763 0 INDOOR AIR QUALITY FAYE HONEY KNOPP MEMORIAL SCHOOL 77 PARK ST RUTLAND VT 05701 030179433 501 (C) (3) 14900 0 INDOOR AIR QUALITY MOUNT ABRAHAM UNIFIED SCHOOL DISTRICT 72 MUNSILL AVE SUITE 601 BRISTOL VT 05443 825242601 55380 0 INDOOR AIR QUALITY THETFORD ACADEMY 304 ACADEMY RD THETFORD CENTER VT 05075 030183822 501 (C) (3) 122250 0 INDOOR AIR QUALITY TWO RIVERS SUPERVISORY UNION 609 VERMONT RT 103 LUDLOW VT 05149 461139161 85791 0 INDOOR AIR QUALITY WHITE RIVER VALLEY SUPERVISORY UNION 461 WATERMAN RD SOUTH ROYALTON VT 05068 030305633 6629 0 INDOOR AIR QUALITY 2 5 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 AFTER EXPENSES WERE INCURRED AND SUPPORTING DOCUMENTS SUBMITTED TO AND REVIEWED BY VEIC FOR COMPLIANCE WITH THE GRANT PROGRAM. X X X X 0 0 0 0 0 0 0 0 0 REBECCA FOSTER CEO 204983 0 0 0 750 0 8180 0 18197 0 232110 0 0 0 THEODORE TRABUE DIRECTOR, DC SEU 176375 0 0 0 1100 0 9268 0 13629 0 200372 0 0 0 MATTHEW DOOLEY DIRECTOR, ENERGY SERVICES 177546 0 0 0 2725 0 8883 0 823 0 189977 0 0 0 CAROL WESTON DIRECTOR, EVT OPERATIONS 165146 0 0 0 1950 0 7911 0 1211 0 176218 0 0 0 PATRICIA BOYD DIRECTOR, TECHNOLOGY AND INNOVATION 152838 0 0 0 4384 0 8203 0 8250 0 173675 0 0 0 ANGELA JOHNSON DIRECTOR, FINANCE 155712 0 0 0 250 0 8110 0 8251 0 172323 0 0 0 PIERRE VAN DER MERWE CHIEF TECHNOLOGY OFFICER 139307 0 0 0 750 0 7776 0 18198 0 166031 0 0 0 KATHERINE MEYERS CFO 147907 0 0 0 2725 0 7688 0 1211 0 159531 0 0 0 KURT JANSON GENERAL COUNSEL 142493 0 0 0 3376 0 7204 0 818 0 153891 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 77148 2746552 VERMONT ENERGY INVESTMENT CORPORATION SUN SHARES LLC 20 WINOOSKI FALLS WAY 5TH FLOOR WINOOSKI VT 05404 474405649 ELECTRIC POWER VT VEIC C 5158 45716 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 50000 CASH VALUE