Novec
Legal name: Northern Virginia Electric Co-op
Nonprofit profile at a glance
- EIN
- 540346923
- IRS 990 coverage
- 2010–2024
- Official website data refreshed
- Sep 2026
- Forms available
- Form 990 2024
- Location
- Manassas, VA, USA
- Phone
- 703-335-0500
- Rating
- 44
- Verdict
- MIXED
- Rating confidence
- Moderate
Reported finances
- Revenue
- $907,031,155
- Expenses
- $882,172,109
- Assets
- $1,526,017,248
- Liabilities
- $645,133,888
Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.
Leadership & pay
25 people listed
Executive titles in this filing
- David Schleicher (President and CEO)
Highest reported compensation
- David Schleicher (President and CEO): $890,306 total reported compensation
- Wilbur Rollins (Sr VP Finance): $554,824 total reported compensation
- Patrick Toulme (VP and Corporate Counsel): $553,481 total reported compensation
Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.
Overview
Mission
To provide safe, reliable, and affordable electric service to our member-owners while enhancing the quality of life in the communities we serve.
What it reported doing in 2024
Provide affordable service to its 182,074 members with 99.99% average system reliability rate. NOVEC returned to its member-owners $15.9M in patronage capital; connected 1,837 meters and completed $140M in net new construction during the fiscal year.
Operating model
- Revenue model
- Other-operating. 98% of the money available for current operations came from other operating revenue.
- Distribution model
- Cannot be determined from the filing. The filing does not provide enough consistent spending detail to tell whether the nonprofit works directly or through others.
The verdict
MIXED - Most voting board members are independent and the filed numbers largely add up. A relatively small share of available resources goes toward mission work and a relatively small share of total spending goes to programs.
Rating breakdown
- Financial Efficiency: 0
- Transparency & Controls: 60
- Accountability: 100
- Sustainability: 53
- Growth: 60
Detailed rating inputs
Financial Efficiency
- Mission deployment rate: 0%; rating input score 0
- Program expense ratio: 0%; rating input score 0
- Fundraising efficiency: Limited
Transparency & Controls
- Consistency checks: 100%; rating input score 100; 68th percentile among comparable filings
- Pay-setting controls: 0 of 6 controls in place; rating input score 0
- Compensation committee: Missing
- Independent consultant: Missing
- Other Form 990s reviewed: Missing
- Written employment contract: Missing
- Compensation survey or study: Missing
- Board or committee approval: Missing
- Foreign activity oversight: Limited
- Grant itemization coverage: Limited
- Major donor itemization: Limited
- Related-party transparency: Limited
Accountability
- Independent voting board: 100%; rating input score 100; 77th 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: 2.7%; rating input score 46; 46th percentile among comparable filings
- Total-asset coverage ratio: 1.73; rating input score 58; 58th percentile among comparable filings
- Liabilities to assets ratio: 0.42; rating input score 43; 43rd percentile among comparable filings
- Officer compensation ratio: 0.8%; rating input score 78; 78th percentile among comparable filings
Growth
- Program expense growth: Limited
- Revenue growth: 6.8% per year; rating input score 100; 59th percentile among comparable filings
- Asset growth: 5.4% per year; rating input score 100; 39th percentile among comparable filings
Details
- What they do: 6 programs and campaigns described on the official site · 8 operating locations identified
- Where the money goes: 0% of revenue deployed · 0% of spending went to programs
- Governance: 7 of 7 board members independent · 9 of 9 filing controls reported
- Programs: 1 filed program accomplishment · $882.2M in reported program spending
- Leadership: top reported pay $890K · 25 people listed · 0 of 6 pay-setting controls reported
- Highest-paid contractors: 5 contractors listed · $46.4M reported
- Consistency: 14 of 15 current checks pass · 1 finding to review
- Schedules: 5 filed schedules · includes executive pay
- Filing history: 14 filing years from 2010 to 2024
- Contacts: How to reach this organization
- Money network: 51 filed money-flow records
- Related organizations: 4 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.
Key Signals
Signals prioritize questions for review. They are not findings of misconduct.
- High — Financial Efficiency: Mission deployment rate scored 0/100.
- High — Financial Efficiency: Program expense ratio scored 0/100.
- High — Transparency & Controls: Pay-setting controls scored 0/100.
- Moderate — Transparency & Controls: Functional expense sum did not reconcile in the filed values.
- Moderate — Sustainability: Operating margin scored 46/100.
- Review — Sustainability: Total-asset coverage ratio scored 58/100.
- Moderate — Sustainability: Liabilities to assets ratio scored 43/100.