Is it real?
No. The IRS revoked its tax exemption. Latest filing on record: FY2022. IRS ruling in Aug 1940.
IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File
Who runs it and what they're paid
15 people listed on the 990; $1.2M paid to officers and key staff.
Compensation history total reportable pay by year · 8 named individuals · Part VII
| Name | FY2022 | FY2021 | FY2020 |
|---|---|---|---|
| Michael Keyser | — | $469,259 | $378,538 |
| William Buchanan | $216,923 | — | — |
| Chris Botulinski | $180,316 | $145,826 | — |
| Courtney Perdue | $142,777 | $117,212 | — |
| Gregory Cook | — | $121,981 | $134,068 |
| Jamie Lowry | — | — | $129,180 |
| Shay McMullen | $127,517 | $114,956 | $110,193 |
| Kevin Bryant | $122,288 | $104,362 | $102,542 |
Total reportable compensation (Form 990 Part VII column D / Schedule J column E) by filing year, matched by name within this organization. The Schedule J base / bonus / deferred breakdown is not parsed into this dataset.
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Questions the 990 asks
The form asks each of these directly. These are the filed answers.
- Family or business ties among officersPt VI · Ln 2No
- Top official's pay set by an independent reviewPt VI · Ln 15aYes
Programs and updates
Supplies safe, reliable electricity to members in five Virginia counties.
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The three largest program services related to the cooperative's mission, as measured by expenses, were as follows: cost of power 14,421,015 fiber lease expenses 6,921,999 barconnect expenses 6,380,662
Funders
Who pays for it.
From grant filings on record. Receipts are incomplete: individual donors are never listed.
Grants
By the numbers
The FY2022 990, line by line.
Download 990
| Line | Start FY22 | End FY22 |
|---|---|---|
| Cash and savingsLn 1–2 | $1.9M | $1.9M |
| InvestmentsLn 11–13 | $10.3M | $10.5M |
| Land, buildings, equipmentLn 10c | $118.2M | $144.7M |
| Total assetsLn 16 | $141.9M | $171.3M |
| LiabilitiesLn 26 | $107.2M | $134.6M |
| Net assetsLn 32 | $34.8M | $36.7M |
| Line | Total | Programs | Management | Fundraising |
|---|---|---|---|---|
| Benefits paid to or for membersLn 4 | $1.3M | |||
| Pay of current officers, directors and key staffLn 5 | $808K | |||
| Other salaries and wagesLn 7 | $4.6M | |||
| Pension plan contributionsLn 8 | $332K | |||
| Other employee benefitsLn 9 | $133K | |||
| Payroll taxesLn 10 | $412K | |||
| Legal feesLn 11b | $96K | |||
| TravelLn 17 | $495K | |||
| Conferences, conventions and meetingsLn 19 | $37K | |||
| InterestLn 20 | $3.1M | |||
| Depreciation, depletion and amortizationLn 22 | $4.3M | |||
| Other expenses (24a–d)Ln 24 | $24.0M | |||
| All other expensesLn 24e | −$2.4M | |||
| Total functional expensesLn 25 | $37.2M | $0 | $0 | $0 |
Filing history
| Year | Money in | Money out | In minus out | Net assets | Download |
|---|---|---|---|---|---|
| FY2022 Latest Viewing | $38.3M | $37.2M | $1.1M | $36.7M | 990 PDF |
| FY2021 | $35.6M | $31.0M | $4.7M | $34.8M | 990 PDF |
| FY2020 | $29.6M | $28.1M | $1.5M | $31.7M | 990 PDF |
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Schedules filed Part IV
See the full FY2022 990 (6 parts)
Part I · Summary $38,312,606 revenue, 12 lines filed
Part VI · Governance 7 of 7 board members independent, no flags
Part VIII · Statement of revenue $38,312,606 across 8 lines filed
Part IX · Statement of functional expenses $37,239,068 across 13 lines filed
Part X · Balance sheet $171,302,086 assets, 14 lines filed
Part XI · Reconciliation of net assets $36,713,433 net assets at year end
Form 990 e-file (XML) FY2022 from the IRS · Classification, formation year and address from the IRS Business Master File
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