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← ENERGYUNITED ELECTRIC MEMBERSHIP CORPORATION

Form 990 for tax year 2023

Filed by ENERGYUNITED ELECTRIC MEMBERSHIP CORPORATION.

This return was superseded by a later amendment. matched by us It is kept because history is preserved rather than replaced.

What the amendment changed

Compared with the latest return for 2023 , filed 9 April 2024. matched by us Only the return's totals, a 990-PF's accounting method and the names listed in Part VII (Part VIII on a 990-PF) are compared. We relate returns by organization, tax year and form, and order them by each return's own timestamp; the filer's own "amended return" checkbox is a separate fact.

Those are the same on the two returns, so the amendment changed something else.

Totals

Total revenue
$289,954,202
Total expenses
$281,441,489
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$285,789,516
Investment income
$1,271,852
Other revenue
$2,892,834
Total assets, end of year
$580,763,714
Total liabilities, end of year
$315,297,739
Net assets or fund balances, end of year
$265,465,975
Program services expenses (Part IX)
$281,441,489
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
$281,441,489

Program services were 100.0% 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: ELECTRIC SALES-MEMBERS

    total $280,162,474 · related or exempt $280,162,474

  • 2b · Program service revenue: FEES AND SERVICE CHARGE

    total $4,369,942 · related or exempt $4,369,942

  • 2c · Program service revenue: ELECTRIC SALES-NON MEMB

    total $1,257,100 · related or exempt $1,257,100

  • 3 · Investment income

    total $1,271,852 · related or exempt $1,271,852

  • 11a · Other revenue: INCOME FROM SUBSIDIARY

  • 11b · Other revenue: PATRONAGE ALLOCATIONS

    total $2,505,289 · related or exempt $2,505,289

  • 11c · Other revenue: OTHER

    total $387,545 · related or exempt $387,545

  • 11e · Other revenue, total

    $2,892,834

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $3,661,984 · program services $3,661,984

  • 7 · Other salaries and wages

    total $15,298,063 · program services $15,298,063

  • 9 · Other employee benefits

    total $7,649,534 · program services $7,649,534

  • 10 · Payroll taxes

    total $1,308,674 · program services $1,308,674

  • 11a · Fees: management

    total $1,790,495 · program services $1,790,495

  • 11b · Fees: legal

    total $219,680 · program services $219,680

  • 11c · Fees: accounting

    total $26,250 · program services $26,250

  • 11g · Fees: other

    total $11,500,913 · program services $11,500,913

  • 12 · Advertising and promotion

    total $364,478 · program services $364,478

  • 13 · Office expenses

    total $1,828,028 · program services $1,828,028

  • 14 · Information technology

    total $2,094,723 · program services $2,094,723

  • 16 · Occupancy

    total $175,872 · program services $175,872

  • 17 · Travel

    total $2,579,751 · program services $2,579,751

  • 19 · Conferences, conventions and meetings

    total $425,296 · program services $425,296

  • 20 · Interest

    total $7,609,054 · program services $7,609,054

  • 22 · Depreciation, depletion and amortization

    total $25,253,964 · program services $25,253,964

  • 23 · Insurance

    total $898,885 · program services $898,885

  • 24a · Other expenses: COST OF POWER

    total $190,960,940 · program services $190,960,940

  • 24b · Other expenses: PROPERTYGROSS REC TAX

    total $2,291,600 · program services $2,291,600

  • 24c · Other expenses: OTHER

    total $1,493,835 · program services $1,493,835

  • 24d · Other expenses: MAINT AND EXP

    total $2,379,316 · program services $2,379,316

  • 24e · All other expenses

    total $1,630,154 · program services $1,630,154

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $10,761,354 · end of year $4,508,513

  • 4 · Accounts receivable

    beginning of year $28,591,517 · end of year $27,611,913

  • 5 · Loans and receivables from officers and key people

    end of year $9,526

  • 7 · Other notes and loans receivable

    beginning of year $2,829,724 · end of year $2,067,862

  • 8 · Inventories for sale or use

    beginning of year $11,284,145 · end of year $19,621,951

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

    $747,946,295

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

    $280,253,029

  • 10c · Land, buildings and equipment, net

    beginning of year $436,105,766 · end of year $467,693,266

  • 12 · Investments: other securities

    beginning of year $30,556,394 · end of year $32,056,193

  • 14 · Intangible assets

    beginning of year $68,890,202 · end of year $27,194,490

  • 17 · Accounts payable and accrued expenses

    beginning of year $32,477,274 · end of year $35,144,449

  • 23 · Secured mortgages and notes payable

    beginning of year $220,503,242 · end of year $245,735,356

  • 25 · Other liabilities

    beginning of year $32,911,143 · end of year $34,417,934

  • 31 · Retained earnings, endowment or other funds

    beginning of year $303,127,443 · end of year $265,465,975

Mission and programs · 2023

Mission

PROVIDE ELECTRICAL SERVICE TO MEMBERS

  • PROVIDE ELECTRICAL SERVICE TO MEMBERS

    Expenses $281,441,489

As filed on the 2023 return.

Listed in Part VII

  • Thomas Golden

    CEO

    Total calculated
    $516,666
    From this org
    $476,560
    From related orgs
    $0
    Other
    $40,106
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $437,185
    Bonus
    $39,375
    Other
    not reported
    Deferred
    $33,485
    Nontaxable benefits
    $6,621
    Filer's total
    $516,666

  • Howard W Wilkins

    CEO-RETIRED

    Total calculated
    $447,562
    From this org
    $0
    From related orgs
    $0
    Other
    $447,562
    Hours/week
    0

    Schedule J breakdown matched by us

    Base
    not reported
    Bonus
    not reported
    Other
    not reported
    Deferred
    $447,562
    Nontaxable benefits
    not reported
    Filer's total
    $447,562

  • Alec Natt

    CFO

    Total calculated
    $386,474
    From this org
    $334,183
    From related orgs
    $0
    Other
    $52,291
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $294,808
    Bonus
    $39,375
    Other
    not reported
    Deferred
    $29,419
    Nontaxable benefits
    $22,872
    Filer's total
    $386,474

  • Brett Alkins

    COO

    Total calculated
    $355,372
    From this org
    $298,756
    From related orgs
    $0
    Other
    $56,616
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $270,068
    Bonus
    $28,688
    Other
    not reported
    Deferred
    $26,942
    Nontaxable benefits
    $29,674
    Filer's total
    $355,372

  • Pamela Britt

    VP HUMAN RESOURCES

    Total calculated
    $346,056
    From this org
    $293,188
    From related orgs
    $0
    Other
    $52,868
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $264,310
    Bonus
    $28,878
    Other
    not reported
    Deferred
    $26,395
    Nontaxable benefits
    $26,473
    Filer's total
    $346,056

  • Steve McCachern

    VP ENERGY DELIVERY

    Total calculated
    $316,372
    From this org
    $277,058
    From related orgs
    $0
    Other
    $39,314
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $250,419
    Bonus
    $26,639
    Other
    not reported
    Deferred
    $9,990
    Nontaxable benefits
    $29,324
    Filer's total
    $316,372

  • Matt Sharpe

    DIRECTOR OF OPERATIONS

    Total calculated
    $273,136
    From this org
    $177,517
    From related orgs
    $0
    Other
    $95,619
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $165,920
    Bonus
    $11,597
    Other
    not reported
    Deferred
    $73,208
    Nontaxable benefits
    $22,411
    Filer's total
    $273,136

  • Laquisha Parks

    VP ENERGY SERVICES

    Total calculated
    $267,393
    From this org
    $227,327
    From related orgs
    $0
    Other
    $40,066
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $221,280
    Bonus
    $6,047
    Other
    not reported
    Deferred
    $22,092
    Nontaxable benefits
    $17,974
    Filer's total
    $267,393

  • Gaudy Jandron

    VP INFORMATION TECHNOLOGY

    Total calculated
    $204,489
    From this org
    $173,352
    From related orgs
    $0
    Other
    $31,137
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $145,649
    Bonus
    $27,703
    Other
    not reported
    Deferred
    $14,048
    Nontaxable benefits
    $17,089
    Filer's total
    $204,489

  • Brian Dacaret

    IT MANAGER

    Total calculated
    $194,169
    From this org
    $170,402
    From related orgs
    $0
    Other
    $23,767
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $159,172
    Bonus
    $11,230
    Other
    not reported
    Deferred
    $11,116
    Nontaxable benefits
    $12,651
    Filer's total
    $194,169

  • Lewie Favre

    LINEMAN

    Total calculated
    $182,656
    From this org
    $171,230
    From related orgs
    $0
    Other
    $11,426
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $169,515
    Bonus
    $1,715
    Other
    not reported
    Deferred
    $11,426
    Nontaxable benefits
    not reported
    Filer's total
    $182,656

  • Edward Liles

    LINEMAN

    Total calculated
    $169,620
    From this org
    $165,398
    From related orgs
    $0
    Other
    $4,222
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $159,112
    Bonus
    $6,286
    Other
    not reported
    Deferred
    $4,222
    Nontaxable benefits
    not reported
    Filer's total
    $169,620

  • W Max Walser

    PRESIDENT

    Total calculated
    $39,684
    From this org
    $23,184
    From related orgs
    $0
    Other
    $16,500
    Hours/week
    9

  • C Edgar Cartner

    DIRECTOR

    Total calculated
    $29,654
    From this org
    $15,654
    From related orgs
    $0
    Other
    $14,000
    Hours/week
    6

  • Craig Black

    DIRECTOR

    Total calculated
    $29,457
    From this org
    $29,457
    From related orgs
    $0
    Other
    $0
    Hours/week
    8

  • Cheryl Wright

    SECRETARY

    Total calculated
    $29,057
    From this org
    $26,477
    From related orgs
    $0
    Other
    $2,580
    Hours/week
    8

  • Jerry W Anderson

    DIRECTOR

    Total calculated
    $27,466
    From this org
    $27,466
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Brian Sisson

    VICE PRESIDENT

    Total calculated
    $25,857
    From this org
    $18,657
    From related orgs
    $0
    Other
    $7,200
    Hours/week
    4

  • Zolee Riggs

    DIRECTOR

    Total calculated
    $25,057
    From this org
    $25,057
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • Ronnie S Harrison

    TREASURER

    Total calculated
    $24,637
    From this org
    $9,037
    From related orgs
    $0
    Other
    $15,600
    Hours/week
    6

  • Ann M Eller

    DIRECTOR

    Total calculated
    $17,366
    From this org
    $17,366
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

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

  • 1a · Health or social club dues or initiation fees
  • 1b · Written policy on the line-1a expenses
  • 2 · Substantiation required before reimbursing expenses
  • 3 · Compensation committee
  • 3 · Independent compensation consultant
  • 3 · Form 990 of other organizations
  • 3 · Written employment contract
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee

Answered no

None.

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.

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

  • NATIONAL RURAL UTILITIES COOPE

    501C4 · BANKING · VA

  • NC ELECTRIC MEMBERSHIP CORPORA

    501C12 · WHOLESALE ENERGY · NC

  • TARHEEL ELECTRIC MEMBERSHIP CO

    501C12 · WAREHOUSING · NC

  • COBANK

    501C12 · BANKING · CO

  • FEDERAL RURAL ELECTRIC INSURAN

    501C12 · INSURANCE · KS

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

  • ENERGYUNITED SERVICES CORPORAT

    C Corp · ENERGY SERVICES · NC · 100% owned

Provenance

Return type
form_990
Tax year
2023
Filed
9 April 2024
IRS schema version
2023v6.0
Source object
202501259349303010

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