Thermal Energy Corporation
Legal name: Texas Medical Center Central Heating and Cooling Services Corporation
Nonprofit profile at a glance
- EIN
- 943425643
- IRS 990 coverage
- 2009–2024
- Official website data refreshed
- Sep 2026
- Forms available
- Form 990 2024, Form 990-T 2024
- Location
- Houston, TX, US
- Phone
- 713.791.6700
- Rating
- 76
- Verdict
- SUPPORTED
- Rating confidence
- Moderate
- Sector
- Health Support Services
Reported finances
- Revenue
- $97,677,366
- Expenses
- $88,565,376
- Assets
- $541,734,613
- Liabilities
- $284,795,478
Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.
Leadership & pay
20 people listed
Executive titles in this filing
- Michael Manoucheri (President & CEO)
Highest reported compensation
- Michael Manoucheri (President & CEO): $650,246 total reported compensation
- Jason Berrio (V.P. operations, assistant sec): $366,768 total reported compensation
- Mycah Jewell (V.P. engineering & maintenance): $337,899 total reported compensation
Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.
Overview
Mission
TECO’s mission is to provide reliable and economical thermal services to our customer institutions in the Texas Medical Center.
What it reported doing in 2024
Operates a central heating and cooling service facility primarily to eligible institutions and solely to benefit eligible institutions, which may include service to facilities owned or operated by others and used in furtherance of the governmental, charitable, or educational purposes of eligible institutions in the Texas medical center. Eligible institutions include: baylor st. Luke's medical center, Texas children's hospital, the university of Texas system, the university of Texas m.d. Anderson cancer center, the university of Texas health science center at houston, Texas medical center, Texas woman's university, memorial hermann hospital system, the Texas a&m university system, city of houston, tx, university of houston, usda children's nutritional research center, memorial hermann/tirr, houston city college, baylor college of medicine, houston methodist, harris county, Texas, harris county hospital district, and houston independent school district.
Operating model
- Revenue model
- Other-operating. 97% of the money available for current operations came from other operating revenue.
- Distribution model
- Direct operator. The filing allocates 100% 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.
The verdict
SUPPORTED - A large share of available resources goes toward mission work and the filed numbers largely add up. A relatively small share of voting board members are independent and assets have declined or grown slowly.
Rating breakdown
- Financial Efficiency: 74
- Transparency & Controls: 88
- Accountability: 61
- Sustainability: 66
- Growth: 80
Detailed rating inputs
Financial Efficiency
- Mission deployment rate: 80.3%; rating input score 80
- Program expense ratio: 87.8%; rating input score 88
- 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: Pass
- Independent consultant: Pass
- Other Form 990s reviewed: Missing
- Written employment contract: Missing
- Compensation survey or study: Pass
- Board or committee approval: Pass
- Foreign activity oversight: Limited
- Grant itemization coverage: Limited
- Major donor itemization: Limited
- Related-party transparency: Limited
Accountability
- Independent voting board: 33.3%; rating input score 33; 10th 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: 9.3%; rating input score 71; 71st percentile among comparable filings
- Total-asset coverage ratio: 6.12; rating input score 87; 87th percentile among comparable filings
- Liabilities to assets ratio: 0.53; rating input score 34; 34th percentile among comparable filings
- Officer compensation ratio: 3.7%; rating input score 28; 28th percentile among comparable filings
Growth
- Program expense growth: 0.2% per year; rating input score 100; 8th percentile among comparable filings
- Revenue growth: 1.6% per year; rating input score 100; 12th percentile among comparable filings
- Asset growth: -0.1% per year; rating input score 0; 7th percentile among comparable filings
Details
- What they do: 1 programs and campaigns described on the official site · 1 operating location identified
- Where the money goes: 80.3% of revenue deployed · 87.8% of spending went to programs
- Governance: 3 of 9 board members independent · 9 of 9 filing controls reported
- Programs: 1 filed program accomplishment · $77.8M in reported program spending
- Leadership: top reported pay $650K · 20 people listed · 4 of 6 pay-setting controls reported
- Highest-paid contractors: 5 contractors listed · $22.7M reported
- Consistency: 33 of 33 current checks pass
- Schedules: 6 filed schedules · includes executive pay
- Filing history: 16 filing years from 2009 to 2024
- Contacts: How to reach this organization
- Money network: 10 filed money-flow records
- Related organizations: 19 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.
Key Signals
Signals prioritize questions for review. They are not findings of misconduct.
- Moderate — Accountability: Independent voting board scored 33/100.
- High — Growth: Asset growth scored 0/100.
- High — Sustainability: Officer compensation ratio scored 28/100.
- Moderate — Sustainability: Liabilities to assets ratio scored 34/100.