Old Dominion Electric Cooperative Overview

Old Dominion Electric Cooperative is a member-owned, not-for-profit electric distribution cooperative serving over 1 million people in 215 communities across Virginia.

The cooperative was established in 1934 to provide electricity to rural areas.

It has grown to become one of the largest electric cooperatives in the country.

Old Dominion Electric Cooperative is headquartered in Richmond, Virginia, and serves a diverse range of communities, from urban to rural areas.

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Old Dominion Electric Cooperative is a not-for-profit generation and transmission cooperative that operates for the benefit of its members, who are its owners. It's a unique business model that prioritizes the needs of its members over profits.

Incorporated in 1948, the cooperative has a long history of providing reliable and cost-effective electric services to its members. This experience has allowed ODEC to develop a strong understanding of the needs of its customers.

ODEC's core business is generating, purchasing, and delivering electricity to its 11 member distribution cooperatives in Delaware, Maryland, and Virginia. This focus on wholesale electric services has enabled the cooperative to specialize in this area.

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The cooperative is governed by a Board of Directors comprised of representatives elected from and by the respective entity’s total membership. This ensures that decision-making power remains with the members who own the cooperative.

ODEC has no capital stock, which means that any surplus funds are reinvested in the business or returned to the members in the form of lower rates. This not-for-profit structure allows the cooperative to prioritize the needs of its members over shareholder profits.

The cooperative follows the 7 principles of cooperatives, which guide its operations and decision-making.

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At Old Dominion Electric Cooperative, members work together to achieve common goals through cooperative information sharing. The cooperative's members are also its owners, making them invested in the success of the organization.

Members have access to a variety of resources, including a member services department that provides assistance with billing and other account-related issues. This department is available to answer questions and address concerns in a timely and efficient manner.

Old Dominion Electric Cooperative is one of the largest electric cooperatives in the United States, serving over 500,000 members in Virginia and Maryland.

It was founded in 1934 to provide electricity to rural areas that were not being served by private utilities.

The cooperative's mission is to provide safe, reliable, and affordable electricity to its members.

Old Dominion Electric Cooperative is a not-for-profit organization, meaning that any profits are reinvested into the cooperative rather than distributed to shareholders.

The cooperative has a strong commitment to community development, with programs such as energy efficiency and economic development initiatives.

Let's take a closer look at the personnel at Old Dominion Electric Cooperative. John C Lee serves as the Interim President and Chief Executive Officer, and he's also the Chairman of the ODEC Board. His compensation is $244,500 as of December 31, 2023.

Marcus Harris is the President and Chief Executive Officer, with a significantly higher compensation of $955,269 as of August 12, 2023. Chris Cosby holds the position of Chief Operating Officer, but we don't have information on his compensation.

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Bryan S. Rogers, CPA, is the Senior Vice President and Chief Financial Officer, with a compensation of $359,292 as of November 26, 2024. Jack Robb is the Senior Vice President and Chief Legal Officer, but his compensation is not available.

Here's a brief overview of the top personnel at Old Dominion Electric Cooperative:

As you explore the financial side of cooperatives, you'll find that their financials are often a complex mix of revenues and expenses.

In the case of Old Dominion Electric Cooperative, the total revenues for FYE 12/2023 were $1,091,559,152.

The cooperative's revenues come from various sources, with program services being the largest contributor at $1,082,203,815. This represents a 7.6% increase from FYE 12/2022.

Investment income and dividends also saw a significant jump, from $4,690,424 in FYE 12/2022 to $9,287,935 in FYE 12/2023, a 98% increase.

The cooperative's miscellaneous revenues, on the other hand, decreased by 7.7% from $69,787 in FYE 12/2022 to $64,395 in FYE 12/2023.

Here's a breakdown of the cooperative's revenues for FYE 12/2023:

Form 990s are annual reports filed by non-profit organizations, including cooperatives, with the Internal Revenue Service (IRS). They provide a wealth of information about a cooperative's financial health and activities.

Old Dominion Electric Cooperative, for example, has filed Form 990s for several years. Their most recent Form 990 was received by the IRS on November 14, 2024, and covers the fiscal year ending December 2023.

The cooperative's Form 990s are available for public viewing, with links provided on their filings. You can view the PDFs of their Form 990s by clicking on the "View PDF" link next to each filing.

Here are the details of Old Dominion Electric Cooperative's most recent Form 990s:

These filings offer a glimpse into the cooperative's financial management and operations.