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Nonprofiteer
← RANDOLPH ELECTRIC MEMBERSHIP CORP

Form 990 for tax year 2023

Filed by RANDOLPH ELECTRIC MEMBERSHIP CORP.

Totals

Total revenue
$72,253,775
Total expenses
$72,253,775
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$71,878,312
Investment income
$132,119
Other revenue
$243,344
Total assets, end of year
$200,927,558
Total liabilities, end of year
$137,294,286
Net assets or fund balances, end of year
$63,633,272
Program services expenses (Part IX)
$0
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
not reported

Program services were 0.0% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 2a · Program service revenue: ELECTRICITY SALES

    total $69,039,114 · related or exempt $69,039,114

  • 2b · Program service revenue: CAPITAL CREDITS

    total $1,661,859 · related or exempt $1,661,859

  • 2c · Program service revenue: OTHER ELECTRIC SERVICES

    total $926,827 · related or exempt $926,827

  • 2d · Program service revenue: POLE RENTAL

    total $250,512 · excluded $250,512

  • 3 · Investment income

    total $132,119 · excluded $132,119

  • 11a · Other revenue: OTHER NONOPERATING REVENUE

    total $243,344 · related or exempt $243,344

  • 11e · Other revenue, total

    $243,344

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $3,767,802

  • 5 · Compensation of officers, directors and key employees

    total $546,053

  • 20 · Interest

    total $3,566,506

  • 22 · Depreciation, depletion and amortization

    total $6,796,646

  • 24a · Other expenses: PURCHASED POWER

    total $39,103,570

  • 24b · Other expenses: DISTRIBUTION MAINTENANCE

    total $7,576,288

  • 24c · Other expenses: ADMIN. & GENERAL EXP.

    total $5,034,911

  • 24d · Other expenses: DISTRIBUTION OPERATIONS

    total $3,077,102

  • 24e · All other expenses

    total $2,784,897

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $1,528,610 · end of year $1,172,045

  • 2 · Savings and temporary cash investments

    beginning of year $5,235,164 · end of year $2,631,474

  • 4 · Accounts receivable

    beginning of year $10,848,591 · end of year $9,325,494

  • 8 · Inventories for sale or use

    beginning of year $2,976,294 · end of year $2,775,070

  • 9 · Prepaid expenses and deferred charges

    beginning of year $2,192,066 · end of year $1,872,329

  • 10a · Land, buildings and equipment: cost or other basis

    $236,754,218

  • 10b · Land, buildings and equipment: accumulated depreciation

    $79,447,215

  • 10c · Land, buildings and equipment, net

    beginning of year $148,147,465 · end of year $157,307,003

  • 13 · Investments: program-related

    beginning of year $18,513,039 · end of year $23,524,329

  • 15 · Other assets

    beginning of year $1,811,355 · end of year $2,319,814

  • 17 · Accounts payable and accrued expenses

    beginning of year $15,842,405 · end of year $10,890,598

  • 23 · Secured mortgages and notes payable

    beginning of year $105,854,408 · end of year $121,824,235

  • 25 · Other liabilities

    beginning of year $7,419,841 · end of year $4,579,453

  • 31 · Retained earnings, endowment or other funds

    beginning of year $62,135,930 · end of year $63,633,272

Mission and programs · 2023

Mission

RANDOLPH ELECTRIC MEMBERSHIP CORPORATION IS DEDICATED TO THE DELIVERY OF ENERGY AND SUPERIOR SERVICES IN RESPONSE TO THE NEEDS OF OUR MEMBERS AND COMMUNITIES.

Activities or mission (Part I)

TO MAKE ELECTRIC ENERGY AVAILABLE TO ITS MEMBERS AT THE LOWEST COST CONSISTENT WITH SOUND ECONOMY AND GOOD MANAGEMENT.

  • RANDOLPH ELECTRIC MEMBERSHIP CORPORATION IS DEDICATED TO THE DELIVERY OF ENERGY AND SUPERIOR SERVICES IN RESPONSE TO THE NEEDS OF ITS MEMBERS AND COMMUNITIES.

As filed on the 2023 return.

Listed in Part VII

  • Dale Lambert

    CEO

    Total calculated
    $383,806
    From this org
    $368,219
    From related orgs
    $0
    Other
    $15,587
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $356,738
    Bonus
    $7,188
    Other
    $4,293
    Deferred
    not reported
    Nontaxable benefits
    $15,587
    Filer's total
    $383,806

  • Dennis Mabe

    COO

    Total calculated
    $253,290
    From this org
    $213,889
    From related orgs
    $0
    Other
    $39,401
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $210,203
    Bonus
    $2,177
    Other
    $1,509
    Deferred
    $28,647
    Nontaxable benefits
    $10,754
    Filer's total
    $253,290

  • Jay Albright

    DISTRICT VP

    Total calculated
    $222,542
    From this org
    $186,671
    From related orgs
    $0
    Other
    $35,871
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $182,897
    Bonus
    $2,200
    Other
    $1,574
    Deferred
    $25,301
    Nontaxable benefits
    $10,570
    Filer's total
    $222,542

  • Tony Cole

    JOURNEYMAN/F

    Total calculated
    $189,642
    From this org
    $147,744
    From related orgs
    $0
    Other
    $41,898
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $145,216
    Bonus
    $1,620
    Other
    $908
    Deferred
    $31,646
    Nontaxable benefits
    $10,252
    Filer's total
    $189,642

  • Fred Smith

    VP BUS. DEVL

    Total calculated
    $179,594
    From this org
    $168,971
    From related orgs
    $0
    Other
    $10,623
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $164,645
    Bonus
    $2,235
    Other
    $2,091
    Deferred
    not reported
    Nontaxable benefits
    $10,623
    Filer's total
    $179,594

  • Daniel Maness

    LINE SUPERIN

    Total calculated
    $161,937
    From this org
    $147,147
    From related orgs
    $0
    Other
    $14,790
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $144,457
    Bonus
    $1,658
    Other
    $1,032
    Deferred
    not reported
    Nontaxable benefits
    $14,790
    Filer's total
    $161,937

  • Tammie Phillips

    PRESIDENT

    Total calculated
    $23,306
    From this org
    $23,306
    From related orgs
    $0
    Other
    $0
    Hours/week
    10.64

  • Jerry Bowman

    DIRECTOR

    Total calculated
    $21,203
    From this org
    $17,603
    From related orgs
    $0
    Other
    $3,600
    Hours/week
    6.26

  • Scott Cole

    ASST. SEC./T

    Total calculated
    $19,506
    From this org
    $19,506
    From related orgs
    $0
    Other
    $0
    Hours/week
    6.7

  • Lee Isley

    SECRETARY/TR

    Total calculated
    $19,456
    From this org
    $19,456
    From related orgs
    $0
    Other
    $0
    Hours/week
    5.88

  • Jeff Sugg

    DIRECTOR

    Total calculated
    $16,456
    From this org
    $16,456
    From related orgs
    $0
    Other
    $0
    Hours/week
    4.17

  • Larry Routh

    DIRECTOR

    Total calculated
    $16,054
    From this org
    $16,054
    From related orgs
    $0
    Other
    $0
    Hours/week
    3.72

  • William Maness

    VICE PRESIDE

    Total calculated
    $15,656
    From this org
    $23
    From related orgs
    $0
    Other
    $15,633
    Hours/week
    4.06

  • Delbert Cranford

    DIRECTOR

    Total calculated
    $15,554
    From this org
    $3,721
    From related orgs
    $0
    Other
    $11,833
    Hours/week
    3.24

  • Steve Harris

    DIRECTOR

    Total calculated
    $15,056
    From this org
    $56
    From related orgs
    $0
    Other
    $15,000
    Hours/week
    3.47

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

  • 3 · Independent compensation consultant
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

No itemized grants to organizations on this return.

Provenance

Return type
form_990
Tax year
2023
Filed
11 June 2024
IRS schema version
2023v5.0
Source object
202401639349301380

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