2020-11-13T07:49:49-06:00 2019-12-31 030225774 GALLAGHER FLYNN & COMPANY LLP 725 COMMUNITY DRIVE SUITE 401 SOUTH BURLINGTON VT 05403 990 2019-01-01 030304418 VERMONT ENERGY INVESTMENT CORPORATION VERM 8006396069 20 WINOOSKI FALLS WAY NO 401 WINOOSKI VT 05404 SCOTT COMEAU CFO 8006396069 2020-11-11 1 STEPHEN P TRENHOLM CPA P00460558 8028631331 2020-11-11 2019 2022-09-23 18:48:47Z X SCOTT COMEAU 20 WINOOSKI FALLS WAY NO 401 WINOOSKI VT 05404 99018110 0 X WWW.VEIC.ORG X 1986 VT VEIC IS A SUSTAINABLE ENERGY COMPANY ON A MISSION TO GENERATE THE ENERGY SOLUTIONS THE WORLD NEEDS. 13 13 302 0 0 0 0 0 87335778 98862994 93799 155116 0 0 87429577 99018110 0 0 0 0 32757313 33015736 0 0 0 52643098 63091675 85400411 96107411 2029166 2910699 22684853 26906393 9910542 11221383 12774311 15685010 X VEIC IS A SUSTAINABLE ENERGY COMPANY ON A MISSION TO GENERATE THE ENERGY SOLUTIONS THE WORLD NEEDS (CONTINUES IN SCHEDULE O). FOR OVER 30 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 GREEN HOUSE GAS. 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 57638681 59752869 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 $2.6 BILLION OVER THE LIFETIME OF THOSE INVESTMENTS. THOSE MADE IN 2019 ALONE ARE EXPECTED TO SAVE OVER $208 MILLION OVER THEIR LIFETIMES, AND REDUCE OVER 677,000 METRIC TONS OF CO2E. EFFICIENCY VERMONT IS OPERATED PURSUANT TO AN ORDER OF APPOINTMENT FROM THE VERMONT PUBLIC UTILITY COMMISSION THAT EXPIRES ON DECEMBER 31, 2026 AND REPRESENTED APPROXIMATELY 60% OF TOTAL VEIC REVENUES IN 2019. 28504861 30467193 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 BILLION IN LIFETIME ENERGY COST SAVINGS, PLUS PREVENT THE EMISSIONS OF MORE THAN 6.2 MILLION TONS OF GHGS, AND INVEST MORE THAN $39 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. THE DCSEU PROGRAM IS CONDUCTED THROUGH A CONTRACT WITH THE DEPARTMENT OF ENERGY AND ENVIRONMENT FOR THE PERIOD OF APRIL 5, 2017 THROUGH SEPTEMBER 30, 2021 AND REPRESENTED APPROXIMATELY 31% OF TOTAL VEIC REVENUES IN 2019. 3076737 3304797 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 60 OF AMERICAN MUNICIPAL POWER'S MEMBER UTILITIES IN FOUR STATES. IN 2019, EFFICIENCY SMART ASSISTED 12,541 RESIDENTIAL HOUSEHOLDS AND 229 BUSINESSES. THESE CUSTOMERS WILL REALIZE NEARLY $25 MILLION OVER THE LIFETIME OF THE PRODUCTS THEY INSTALLED IN 2019 WHILE PARTICIPATING MUNICIPAL ELECTRIC UTILITIES RECEIVED AN AVERAGE OF $4.41 IN BENEFITS FOR EVERY DOLLAR INVESTED IN THE PROGRAM. EFFICIENCY SMART IS OPERATED THROUGH A CONTRACT WITH AMERICAN MUNICIPAL POWER FOR THE PERIOD OF JULY 1, 2017 THROUGH DECEMBER 31, 2019 AND REPRESENTED APPROXIMATELY 3% OF TOTAL VEIC REVENUES IN 2019. 3771674 5493251 3771674 5493251 92991953 1 0 0 1 0 0 0 0 0 0 1 0 0 1 0 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 1 530 0 1 302 1 0 0 0 0 0 0 0 0 0 0 X 13 13 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 CA X SCOTT COMEAU 8026586060 20 WINOOSKI FALLS WAY 5TH FL SUITE WINOOSKI VT 05404 MEG POWER DIRECTOR 1.00 X 2500 0 0 GUS SEELIG DIRECTOR 1.00 X 3500 0 0 RICHARD COWART CHAIR 1.00 X X 8500 0 0 SUE COAKLEY VICE CHAIR 1.00 X X 3500 0 0 ELLEN ZUCKERMAN DIRECTOR 1.00 X 2500 0 0 COLIN OWYANG DIRECTOR 1.00 X 0 0 0 MICHAEL DWORKIN DIRECTOR 1.00 X 2500 0 0 NICK RICHARDSON TREASURER 1.00 X X 1500 0 0 JANET BESSER DIRECTOR 1.00 X 2000 0 0 ISABELINA NAHMENS DIRECTOR 1.00 X 500 0 0 NANCY OWENS DIRECTOR 1.00 X 500 0 0 DIANNE RIDGLEY-DILLION DIRECTOR 1.00 X 500 0 0 ELIZABETH WILSON DIRECTOR 1.00 X 500 0 0 JAMES MADEJ CEO 37.50 X 226840 0 20850 SCOTT COMEAU CFO 37.50 X 190523 0 16221 KURT JANSON SECRETARY AND GENERAL COUNSEL 37.50 X 147838 0 12579 SHAWN FENSTERMACHER GENERAL MANAGER, MID-ATLANTIC REGION 37.50 X 194530 0 7858 REBECCA FOSTER DIRECTOR, EFFICENCY VERMONT 37.50 X 161994 0 23478 THEODORE TRABUE DIRECTOR DC SEU 37.50 X 172258 0 20657 MARCUS WALKER DIRECTOR DC SEU OPERATIONS 37.50 X 194925 0 8615 JILL MURRAY DIRECTOR, PEOPLE & CULTURE 37.50 X 182163 0 6702 MATTHEW DOOLEY DIRECTOR,ENERGY SERVICES 37.50 X 177067 0 13917 BARRY HULCE DIRECTOR, DISTRIBUTED UTILITIES SVCS INTEGRATION 37.50 X 171809 0 14390 1848447 0 145267 44 0 1 0 CAPSTONE COMMUNITY ACTION INC 20 GABLE PLACE BARRE VT 05641 CUSTOMER INCENTIVE PROCESSOR 834700 PEER CONSULTANTS PC 409 12TH ST SW SUITE 603 WASHINGTON DC 20024 TEMP STAFFING AGENCY 706462 CASCADE ENERGY 123 NE 3RD AVE SUITE 400 PORTLAND OR 97232 EDUCATION AND TRAINING 406649 ASPEN OF DC INC PO BOX 56346 ATLANTA GA 30343 TEMP STAFFING AGENCY 299798 INSTITUTE FOR MARKET TRANSFORMATION 1707 L STREET NW SUITE 1050 WASHINGTON DC 20036 EDUCATION AND TRAINING 240948 12 ENERGY EFFICENCY UTILITIES 561000 90950322 90950322 ENERGY SERVICES: CONSULTING 541700 5100486 5100486 PERFORMANCE INCENTIVE AWARDS 541700 2574537 2574537 PROJECT REVENUE 541700 237649 237649 98862994 155116 155116 99018110 99018110 0 0 933546 351041 582505 22951787 22335354 616433 1051081 1013660 37421 5889891 5690772 199119 2189431 2111483 77948 114690 105299 9391 53600 51361 2239 60000 60000 5638117 5638117 1423826 1423826 1426970 1297982 128988 2747093 2667503 79590 840916 728356 112560 313890 313890 487413 343693 143720 276770 264755 12015 INCENTIVE PAYMENTS 47096375 47096375 0 0 OTHER EXPENSES 1416025 419472 996553 0 EQUIPMENT AND SOFTWARE 1195990 1139014 56976 0 96107411 92991953 3115458 0 7577105 140391 243328 5370444 7793138 12751660 2781885 3435077 22430 44508 1037535 896847 8032677 7297490 887047 735187 447159 100000 5315 5315 1889911 3426964 22684853 26906393 5847663 8187337 345594 109027 3717285 2925019 9910542 11221383 X 12774311 15685010 12774311 15685010 22684853 26906393 2910699 0 X X 0 1 X 1 0 X 85836624 87506014 95606270 87335778 98862994 455147680 85836624 87506014 95606270 87335778 98862994 455147680 0 0 0 455147680 3988 13365 26547 93799 155116 292815 3988 13365 26547 93799 155116 292815 37666 15283 52949 85840612 87557045 95648100 87429577 99018110 455493444 0.99920 0.99960 0.00060 0.00030 X 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 TWO EMPLOYEES (DAN REILLY 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 AND REBECCA FOSTER. 2203884 2151706 52178 4999681 4333420 666261 829112 812364 16748 735187 ACCRUED EEU PERFORMANCE INCENTIVES 3292693 OTHER RECEIVABLES 134271 3426964 X 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 2016. UNITED KINGDOM 0 1 PAYROLL AND BENEFITS 123817 CANADA 0 0 CONSULTING AND ENGINEERING SERVICES 25365 0 1 0 0 0 1 149182 0 149182 0 0 0 0 0 0 PART III ACCOUNTING METHOD: X X 0 0 0 0 0 0 0 0 0 JAMES MADEJ CEO 225790 0 0 0 1050 0 3813 0 17037 0 247690 0 0 0 SCOTT COMEAU CFO 184992 0 0 0 5531 0 9063 0 7158 0 206744 0 0 0 KURT JANSON SECRETARY AND GENERAL COUNSEL 143223 0 0 0 4615 0 7068 0 5511 0 160417 0 0 0 SHAWN FENSTERMACHER GENERAL MANAGER, MID-ATLANTIC REGION 190097 0 0 0 4433 0 1798 0 6060 0 202388 0 0 0 REBECCA FOSTER DIRECTOR, EFFICENCY VERMONT 160944 0 0 0 1050 0 6441 0 17037 0 185472 0 0 0 THEODORE TRABUE DIRECTOR DC SEU 170829 0 0 0 1429 0 7084 0 13573 0 192915 0 0 0 MARCUS WALKER DIRECTOR DC SEU OPERATIONS 194814 0 0 0 111 0 3562 0 5053 0 203540 0 0 0 JILL MURRAY DIRECTOR, PEOPLE & CULTURE 178123 0 0 0 4040 0 1732 0 4969 0 188864 0 0 0 MATTHEW DOOLEY DIRECTOR,ENERGY SERVICES 172092 0 0 0 4975 0 8012 0 5905 0 190984 0 0 0 BARRY HULCE DIRECTOR, DISTRIBUTED UTILITIES SVCS 166399 0 0 0 5410 0 8049 0 6340 0 186198 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 EXECUTIVE DIRECTOR'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 EXECUTIVE DIRECTOR'S COMPENSATION IS REVIEWED ANNUALLY. THE EXECUTIVE DIRECTOR MAKES DECISIONS REGARDING ALL KEY EMPLOYEE COMPENSATION (EXCLUDING EXECUTIVE DIRECTOR 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 HAVE BEEN MADE TO THE PROCESS IN THE CURRENT YEAR. COMMONS ENERGY L3C 128 LAKESIDE AVE SUITE 401 BURLINGTON VT 05401 464740743 PROVIDE ENERGY IMPROVEMENT SERVICES TO UNDERSERVED PUBLIC BUILDINGS VT 294645 3060497 VERMONT ENERGY INVESTMENT CORPORATION SUN SHARES LLC 128 LAKESIDE AVE SUITE 401 BURLINGTON VT 05401 474405649 ELECTRIC POWER VT VEIC C -4993 43453 1.00000 0 0 0 0 1 0 0 0 0 0 0 0 1 0 1 1 0 0 0 0 SUN SHARES LLC D 60000 CASH VALUE