Veic

Legal name: Vermont Energy Investment Corporation

Overview

Mission

VEIC helps energy leaders nationwide meet their clean energy goals. As a nonprofit organization, we work in the service of people and planet, designing innovative and holistic solutions that grow local economies, improve public health, and strengthen communities. Decarbonization support Helping partners shift from efficiency to comprehensive carbon reduction. VEIC helps clients transform promising ideas into proven clean energy solutions fit for broad adoption. Through hands-on testing of program designs, new technologies, and policies, we uncover practical ways to overcome the barriers to decarbonization. Whether you’re updating infrastructure for electrification, retrofitting existing systems, or integrating benefits like health and resilience, our team’s efforts deliver not just proof of what works, but a clear path forward for scaling to greatest effect. Our approach emphasizes...

What it reported doing in 2024

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 2024, 59% of veic's org-wide consulting work had an explicit focus on low-to-moderate-income communities. In 2024, veic expended $9,383,100 in federal grants funded by the coronavirus state and local fiscal recovery funds.veic had a net loss for 2024 and had budgeted for this net loss in order to support making investments to support future year revenue growth. This was in line with veic's strategic plan to increase impact and delivery of its mission over the next several years.

Operating model

Revenue model
Earned-program. 92% of the money available for current operations came from fees and other program revenue.
Distribution model
Direct operator. The filing allocates 93% of reported program-service expenses outside its grant, affiliate-payment, and member-benefit lines. This expense classification does not rule out separately announced grant awards.

Nonprofit profile at a glance

EIN
030304418
IRS 990 coverage
2010–2024
Official website data refreshed
Sep 2026
Forms available
Form 990 2024
Headquarters
Winooski, VT, USA
Phone
8006396069
Rating
82
Verdict
STRONG
Rating confidence
Moderate
Sector
Energy Resources Conservation and Development

Official website

The verdict

STRONG - A large share of available resources goes toward mission work and the filed numbers largely add up. The filing reports few safeguards for money sent abroad and expenses are high relative to revenue.

Rating breakdown

  • Financial Efficiency: 84
  • Transparency & Controls: 73
  • Accountability: 100
  • Sustainability: 27
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 95.1%; rating input score 95
  • Program expense ratio: 94.9%; rating input score 95
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 68th percentile among comparable filings
  • Pay-setting controls: 4 of 6 controls in place; rating input score 67
    • Compensation committee: Missing
    • Independent consultant: Pass
    • Other Form 990s reviewed: Pass
    • Written employment contract: Missing
    • Compensation survey or study: Pass
    • Board or committee approval: Pass
  • Foreign activity oversight: Scored; rating input score 0
  • Grant itemization coverage: 100%; rating input score 100; 47th percentile among comparable filings
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 76th percentile among comparable filings
  • Governance controls: 9 of 9 controls in place; rating input score 100
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • Other executive compensation review process: Pass
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: -0.2%; rating input score 26; 26th percentile among comparable filings
  • Total-asset coverage ratio: 0.41; rating input score 14; 14th percentile among comparable filings
  • Liabilities to assets ratio: 0.46; rating input score 39; 39th percentile among comparable filings
  • Officer compensation ratio: 2.3%; rating input score 49; 49th percentile among comparable filings

Growth

  • Program expense growth: 6.5% per year; rating input score 100; 53rd percentile among comparable filings
  • Revenue growth: 5.4% per year; rating input score 100; 46th percentile among comparable filings
  • Asset growth: 9.6% per year; rating input score 100; 68th percentile among comparable filings

Details

  • What they do: 1 programs and campaigns described on the official site
  • Where the money goes: 95.1% of revenue deployed · 94.9% of spending went to programs
  • Governance: 11 of 11 board members independent · 9 of 9 filing controls reported
  • Programs: 4 filed program accomplishments · $124.5M in reported program spending
  • Leadership: top reported pay $413K · 24 people listed · 4 of 6 pay-setting controls reported
  • Highest-paid contractors: 5 contractors listed · $4.2M reported
  • Consistency: 32 of 32 current checks pass
  • Schedules: 9 filed schedules · includes major donors, foreign activity, grants, and executive pay
  • Filing history: 13 annual filings from 2010 to 2024
  • Contacts: How to reach this organization
  • Money network: 43 filed money-flow records
  • Related organizations: 23 filed related-organization links
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.
  • Staff and benefit plans: Retirement and health plans the organization files with the Department of Labor, and the people in them.

Leadership & pay

24 people listed

Highest reported compensation

  • REBECCA FOSTER (CHIEF EXECUTIVE OFFICER): $413,194 total reported compensation
  • KATHERINE MEYERS (CHIEF FINANCIAL OFFICER): $289,063 total reported compensation
  • LISA HARRIS (CHIEF PEOPLE OFFICER): $288,573 total reported compensation

Source: IRS Form 990. Selected filing: FY2024.