Vineyard Power Development Fund Inc

Nonprofit profile at a glance

EIN
872762989
IRS 990 coverage
2023–2024
Forms available
Form 990 2024, Form 990-EZ 2022
Location
Vineyard Haven, MA, USA
Phone
5086933002
Rating
80
Verdict
STRONG
Rating confidence
Moderate
Sector
Private Grantmaking Foundations

Official website

Reported finances

Revenue
$955,784
Expenses
$951,683
Assets
$146,744
Liabilities
$23,372

Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.

Leadership & pay

7 people listed

Executive titles in this filing

  • Richard Andre (President)

Highest reported compensation

  • Richard Andre (President): $148,295 total reported compensation
  • Luke Lefeber (Controller & Renewable Dev. Manager): $145,010 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

We are located on Martha's Vineyard and our mission is to foster the production of electricity from local, renewable resources while enhancing resiliency at our community's critical facilities and ensuring equitable access for all residents and businesses. Our vision for the island is to be 100% renewable in electricity, transportation, and heating by 2040.

What it reported doing in 2024

Continued Implementation of Energy Transition Program The Energy Transition Program is a community-driven effort to help our island achieve its renewable energy goals through direct engagement with residents, businesses, the Wampanoag Tribe of Gay Head (Aquinnah), municipalities, and environmental justice communities in the transition to a renewable energy future. The program confronts the climate crisis across five main areas of focus: renewable energy generation, strategic electrification, energy efficiency, resiliency, and equity. VPDF, utilizing its staff to support community outreach, engagement, education, technology, and partnership development, and leveraging its role as Community First Partner (CFP) to the Cape Light Compact and Mass Save, increased Home Energy Assessment enrollments by 70% year over year. Our organization also conducted nearly 80 individual energy coaching sessions in 2024 to support island residents in the energy transition. As a result of its Community Benefit Agreement with Vineyard Wind, VPDF is the managing entity responsible for the implementation of the Resiliency and Affordability Program (RAP) on Martha's Vineyard. The RAP is a $7.5 million commitment to the island over 15 years designed to increase renewable resiliency technology in the form of solar & battery storage projects at critical government, nonprofit, and tribal facilities, and to deliver electricity bill savings to the island's income eligible ratepayers. Under Project Plans approved by Vineyard Wind and Massachusetts Department of Energy Resources, VPDF committed $611,000 over 20 years to subsidize municipal solar and battery storage projects, $40,000 to non-profit affordable housing solar projects, donated over $150,000 to subsidize income eligible ratepayer electricity costs, and provided over $44,000 in interest free financing to the Wampanoag Tribe of Gay Head (Aquinnah) to support the development of solar and battery storage for new Tribal housing units. Lastly, VPDF worked with the Wampanoag Tribe of Gay Head (Aquinnah) (WTGHA) to develop the WTGHA Priority Climate Action Plan (PCAP) under U.S. EPA Climate Pollution Reduction Grants and to advise on energy-related matters including energy efficiency and renewable energy generation.

Operating model

Revenue model
Mixed. Its operating money came from several sources; no one source provided a clear majority.
Distribution model
Hybrid. The nonprofit split its reported program spending across 77% for direct work, and 23% for grants.

The verdict

STRONG - A large share of available resources goes toward mission work and the filed numbers largely add up. Some filing-based governance responses are negative or unanswered and expenses are high relative to revenue.

Rating breakdown

  • Financial Efficiency: 77
  • Transparency & Controls: 94
  • Accountability: 76
  • Sustainability: 24
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 87.1%; rating input score 87
  • Program expense ratio: 87.4%; rating input score 87
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: 99.7%; rating input score 100; 50th percentile among comparable filings
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 83.3%; rating input score 83; 19th percentile among comparable filings
  • Governance controls: 6 of 9 controls in place; rating input score 67
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • Other executive compensation review process: Fail
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: 0.4%; rating input score 37; 37th percentile among comparable filings
  • Total-asset coverage ratio: 0.15; rating input score 7; 7th percentile among comparable filings
  • Liabilities to assets ratio: 0.16; rating input score 35; 35th percentile among comparable filings
  • Officer compensation ratio: 30.8%; rating input score 6; 6th percentile among comparable filings

Growth

  • Program expense growth: 36.3% per year; rating input score 100; 92nd percentile among comparable filings
  • Revenue growth: 68.2% per year; rating input score 100; 98th percentile among comparable filings
  • Asset growth: 19.3% per year; rating input score 100; 80th percentile among comparable filings

Details

  • Where the money goes: 87.1% of revenue deployed · 87.4% of spending went to programs
  • Governance: 5 of 6 board members independent · 6 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $832K in reported program spending
  • Leadership: top reported pay $148K · 7 people listed
  • Consistency: 26 of 26 current checks pass
  • Schedules: 5 filed schedules · includes major donors and grants
  • Filing history: 2 filing years from 2023 to 2024
  • Contacts: How to reach this organization
  • Money network: 6 filed money-flow records
  • Related organizations: 3 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.

  • Review — Accountability: Governance controls: 2 of 8 not reported.
  • Moderate — Sustainability: Operating margin scored 37/100.
  • High — Sustainability: Total-asset coverage ratio scored 7/100.
  • High — Sustainability: Officer compensation ratio scored 6/100.
  • Moderate — Sustainability: Liabilities to assets ratio scored 35/100.