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Vec Customers Share INC FY2020 filing

Tax-deductible

Decatur, TN501(c)(3)Foundations & GrantmakersEIN 62-1861476Revenue $348K in FY2020

On file with the IRSvec.orgPo Box 277, 37322-0277 · Decatur, TNTax-exempt since Feb 2002Publicly supported charity — 170(b)(1)(A)(vi)

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Provide funding to charitable and community service organizations within the volunteer energy cooperative service territory.

501(c)(3) charity; gifts are tax-deductible.
92¢ of each $1 spent went to programs.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX

Before you give

FY2020 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
501(c)(3)
not on the IRS revocation list
Looks good: listed by the IRS and not on the revocation list.
IRS BMF · Auto-Revocation List
Tax-deductible gifts
Yes
Donations are tax-deductible
Looks good: the IRS lists gifts to it as deductible.
IRS Pub. 78 · IRS BMF
Latest return
FY2024
latest Form 990
Looks good: the latest return is for FY2024, 2 tax years back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
3 of 5
filings with a surplus
Average surplus $5K a year · 2% of revenue · last 5 filings
Worth a look: a surplus in 3 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Spent on programs
92%
of spending
Looks good: 92% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Cash reserves
<1 mo
of spending, in cash
Concern: 0.2 months of spending in cash; under 2 weeks.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$0
0% of total assets
Looks good: liabilities are 0% of assets; 50% or less.
Pt X · Ln 26
Independent board members
12
of 12 voting members
Looks good: 12 of 12 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$348K
Spent
$346K
To programs
92%
Net assets
$5K
By yearFY2020–FY2024
Revenue
$348K
FY2020
Tap a bar for its year
Revenue by fiscal year
FY2020$348K
FY2021$341K
FY2022$334K
FY2023$330K
FY2024$315K
Expenses
$346K
FY2020
Tap a bar for its year
Expenses by fiscal year
FY2020$346K
FY2021$343K
FY2022$309K
FY2023$322K
FY2024$321K
Net assets
$5K
FY2020
Tap a bar for its year
Net assets by fiscal year
FY2020$5K
FY2021$2K
FY2022$27K
FY2023$35K
FY2024$29K

From the FY2020 Form 990 · see the original

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You’re viewing the FY2020 filing — not the latest on file. See the latest (FY2024) →

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2024. IRS ruling in Feb 2002.

IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File

Where the money goes

92 cents of each dollar spent went to programs.

Program services 92% · $318K Management & general 8% · $28K

Form 990 Part IX, line 25, columns B–D. Every line is in By the numbers.

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Who runs it and what they're paid

15 people listed on the 990.

Part VII, Section A · reportable compensation
Norma Barham
McMinn Cty D
$0Pt VII · Sec A
Bill Blackwell
Polk Cty Dir
$0Pt VII · Sec A
Dana C Burgner
Bradley Cty
$0Pt VII · Sec A
Lynn Crawford
Sec/Treas Ha
$0Pt VII · Sec A
Kelli Crouch
Fentress Cnt
$0Pt VII · Sec A
Rodney Fowler
Roane Cty Di
$0Pt VII · Sec A
Gary Gilmore
Chairman/Rhe
$0Pt VII · Sec A
Mark Justice
Fentress Cty
$0Pt VII · Sec A
See Vec Customers Share INC executive salaries →

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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 15aNo

Programs and updates

Funds local charities and community service groups.

Questions for Vec Customers Share INC

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Provided by the organization

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1 program · $318K · in their own filed words · FY2020
01

Provide funding to charitable and community service organizations within the volunteer energy cooperative service area.

$318Kprogram expense

Funders

Who pays for it.

From grant filings on record. Receipts are incomplete: individual donors are never listed.

Grants

Schedule I · this organization's grantmaking
Grants paid · 10 grants · $63K · 2020–2024
Highway 58 Volunteer Fire DepartmenFY2024$6,150
Friends of Harrison Bay State ParkTN · FY2021$5,200
Fentress County Food Bank INCTN · FY2020$10,585
Meigs MinistryFY2020$5,985
Cumberland Good Samaritans INCTN · FY2020$5,985
Calhoun Charleston Food PantryFY2020$5,985
Bags of Blessings - Meadowview BaptFY2020$5,985
New Life Community KitchenFY2020$5,950
West Polk County Baptist AssociatioFY2020$5,510
Midway Quarterback ClubFY2020$5,400

By the numbers

The FY2020 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$348K
Ln 12
Gifts and grantsLn 1h$348K
Money outPt IX
$346K
Ln 25
Programscol B$318K
Managementcol C$28K
Owns and owesPt X
$5K
net assets · Ln 32
Cash and savingsLn 1–2$5K
Total assetsLn 16$5K
LiabilitiesLn 26$0
PeoplePt VI, VII
15
listed · VII A
PaidVII A0
Voting boardVI 1a12
IndependentVI 1b12
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$348K
Total revenueLn 12$348K
Assets in detailPt X, end of year
CashLn 1$5K
Cash and savings togetherLn 1–2$5K
Total assetsLn 16$5K
LiabilitiesLn 26$0
Net assetsLn 32$5K
OperationsPt I, VI
EmployeesI 50
Fiscal year endsHeaderDecember
Conflict-of-interest policyVI 12aNo
Whistleblower policyVI 13No
Records policyVI 14Yes
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY20End FY20
Cash and savingsLn 1–2$3K$5K
Total assetsLn 16$3K$5K
LiabilitiesLn 26$0$0
Net assetsLn 32$3K$5K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic organizationsLn 1$318K$318K
Management feesLn 11a$24K$24K
Accounting feesLn 11c$4K$4K
Other fees for servicesLn 11g$256$256
Total functional expensesLn 25$346K$318K$28K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest $315K$321K−$6K$29K 990 PDF
FY2023 $330K$322K$8K$35K 990 PDF
FY2022 $334K$309K$24K$27K 990 PDF
FY2021 $341K$343K−$2K$2K 990 PDF
FY2020 Viewing $348K$346K$2K$5K 990 PDF

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Schedules filed Part IV

III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash
See the full FY2020 990 (6 parts)
Part I · Summary $347,638 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $363,668$347,638
I-9 Program service revenue$0
I-10 Investment income$0
I-11 Other revenue$0
I-12 Total revenuePrior year $363,668$347,638
I-13 Grants and similar amounts paidPrior year $340,750$317,691
I-14 Benefits paid to members$0
I-15 Salaries and benefits$0
I-16a Professional fundraising fees$0
I-17 Other expensesPrior year $28,021$28,406
I-18 Total expensesPrior year $368,771$346,097
I-19 Revenue less expensesPrior year −$5,103$1,541
Part VI · Governance 12 of 12 board members independent, 3 to look at
VI-1a Voting members of the governing body12
VI-1b Independent voting members12
VI-12a Written conflict of interest policyNo
VI-13 Written whistleblower policyNo
VI-15a Process for setting top official's payNo
VI-2 Family or business relationship among officers or directorsNo
VI-14 Document retention and destruction policyYes
Part VIII · Statement of revenue $347,638 across 3 lines filed
VIII-1f All other contributions, gifts and grants$347,638
VIII-1h Total contributions, gifts and grants$347,638
VIII-12 Total revenue$347,638
Part IX · Statement of functional expenses $346,097 across 4 lines filed
IX-1 Grants to domestic organizationsPrograms $317,691$317,691
IX-11a Management feesManagement $24,000$24,000
IX-11c Accounting feesManagement $4,150$4,150
IX-11g Other fees for servicesManagement $256$256
IX-25 Total functional expensesPrograms $317,691 · Management $28,406 · Fundraising $0$346,097
Part X · Balance sheet $4,756 assets, 6 lines filed
X-1 Cash, non-interest-bearingStart of year $3,215$4,756
X-16 Total assetsStart of year $3,215$4,756
X-26 Total liabilitiesStart of year $0$0
X-27 Net assets without donor restrictionsStart of year $3,215$4,756
X-32 Total net assets or fund balancesStart of year $3,215$4,756
X-33 Total liabilities and net assetsStart of year $3,215$4,756
Part XI · Reconciliation of net assets $4,756 net assets at year end
XI-1 Total revenue$347,638
XI-2 Total expenses$346,097
XI-3 Revenue less expenses$1,541
XI-4 Net assets at start of year$3,215
XI-10 Net assets at end of year$4,756

Form 990 e-file (XML) FY2020 from the IRS · Classification, formation year and address from the IRS Business Master File

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