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Nonprofiteer
← TIDELAND ELECTRIC MEMBERSHIP CORP

Form 990 for tax year 2022

Filed by TIDELAND ELECTRIC MEMBERSHIP CORP.

Totals

Total revenue
$52,138,305
Total expenses
$52,512,029
Contributions and grants received
$99,098
Grants paid
$11,451
Program service revenue
$51,853,122
Investment income
$123,337
Other revenue
$62,748
Total assets, end of year
$160,063,716
Total liabilities, end of year
$100,424,804
Net assets or fund balances, end of year
$59,638,912
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.

  • 1e · Government grants (contributions)

    $99,098

  • 2a · Program service revenue: SALE OF ELECTRICITY

    total $51,195,152 · related or exempt $51,195,152

  • 2b · Program service revenue: CONTRIBUTIONS IN AID

    total $450,953 · related or exempt $450,953

  • 2c · Program service revenue: CAPITAL CREDITS RECEIVED

    total $207,017 · related or exempt $207,017

  • 3 · Investment income

    total $106,658 · excluded $106,658

  • 6a · Gross rents

    real property $27,000 · personal property $100,489

  • 6c · Rental income or loss

    real property $27,000 · personal property $100,489

  • 6d · Net rental income or loss

    total $127,489 · related or exempt $27,000 · excluded $100,489

  • 7a · Gross sales of assets other than inventory

    other assets $16,679

  • 7c · Gain or loss

    other assets $16,679

  • 7d · Net gain or loss

    total $16,679 · excluded $16,679

  • 11a · Other revenue: LOSS FROM EQUITY INVESTMENT

    total -$64,741 · related or exempt -$64,741

  • 11e · Other revenue, total

    -$64,741

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $11,451

  • 4 · Benefits paid to or for members

    total $4,260,578

  • 5 · Compensation of officers, directors and key employees

    total $668,433

  • 7 · Other salaries and wages

    total $4,889,932

  • 8 · Pension plan contributions

    total $1,000,993

  • 9 · Other employee benefits

    total $141,402

  • 10 · Payroll taxes

    total $422,057

  • 11b · Fees: legal

    total $83,804

  • 17 · Travel

    total $1,468,445

  • 19 · Conferences, conventions and meetings

    total $95,380

  • 20 · Interest

    total $2,244,903

  • 22 · Depreciation, depletion and amortization

    total $5,062,613

  • 24a · Other expenses: COST OF POWER

    total $28,328,477

  • 24b · Other expenses: DISTRIBUTION MAINTENANCE

    total $2,920,552

  • 24c · Other expenses: ADMIN AND GENERAL

    total $2,090,450

  • 24d · Other expenses: DISTRIBUTION OPERATION

    total $1,779,117

  • 24e · All other expenses

    total -$2,956,558

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $3,272,889 · end of year $2,866,814

  • 2 · Savings and temporary cash investments

    beginning of year $1,481,883 · end of year $4,551,468

  • 4 · Accounts receivable

    beginning of year $5,600,577 · end of year $5,229,155

  • 7 · Other notes and loans receivable

    beginning of year $2,493,997 · end of year $2,623,890

  • 8 · Inventories for sale or use

    beginning of year $2,401,645 · end of year $2,886,791

  • 9 · Prepaid expenses and deferred charges

    beginning of year $407,628 · end of year $215,197

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

    $163,702,500

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

    $35,949,274

  • 10c · Land, buildings and equipment, net

    beginning of year $125,455,812 · end of year $127,753,226

  • 11 · Investments: publicly traded securities

    beginning of year $1,600,000 · end of year $767,629

  • 13 · Investments: program-related

    beginning of year $11,619,129 · end of year $12,431,496

  • 15 · Other assets

    beginning of year $670,105 · end of year $738,050

  • 17 · Accounts payable and accrued expenses

    beginning of year $2,855,665 · end of year $4,216,822

  • 23 · Secured mortgages and notes payable

    beginning of year $79,625,782 · end of year $81,265,273

  • 25 · Other liabilities

    beginning of year $15,865,538 · end of year $14,942,709

  • 31 · Retained earnings, endowment or other funds

    beginning of year $56,656,680 · end of year $59,638,912

Mission and programs · 2022

Mission

SAFE AND EFFECTIVE DISTRIBUTION OF ELECTRICITY TO THE MEMBERS OF TEMC

  • SALE AND DISTRIBUTION OF ELECTRICITY TO MEMBERS OF TEMC. THE THREE LARGEST PROGRAM SERVICES AS MEASURED BY EXPENSES ARE AS FOLLOWS: COST OF POWER 28,328,477 DEPRECIATION 5,062,613 OTHER SALARIES AND WAGES 4,889,932

As filed on the 2022 return.

Listed in Part VII

  • Paul G Spruill

    CEO

    Total calculated
    $311,493
    From this org
    $225,274
    From related orgs
    $0
    Other
    $86,219
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $225,004
    Bonus
    $270
    Other
    not reported
    Deferred
    $73,845
    Nontaxable benefits
    $12,374
    Filer's total
    $311,493

  • Jim Chrisman

    CFO

    Total calculated
    $213,040
    From this org
    $160,504
    From related orgs
    $0
    Other
    $52,536
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $153,070
    Bonus
    $234
    Other
    $7,200
    Deferred
    $40,162
    Nontaxable benefits
    $12,374
    Filer's total
    $213,040

  • Steven Harris

    LINE OPER SU

    Total calculated
    $194,384
    From this org
    $127,735
    From related orgs
    $0
    Other
    $66,649
    Hours/week
    46

    Schedule J breakdown matched by us

    Base
    $127,453
    Bonus
    $282
    Other
    not reported
    Deferred
    $54,275
    Nontaxable benefits
    $12,374
    Filer's total
    $194,384

  • Benjamin Beagleiii

    MGR. OF OPER

    Total calculated
    $181,345
    From this org
    $164,627
    From related orgs
    $0
    Other
    $16,718
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $152,345
    Bonus
    $282
    Other
    $12,000
    Deferred
    $4,344
    Nontaxable benefits
    $12,374
    Filer's total
    $181,345

  • Michael Marslender

    LINE SUPERIN

    Total calculated
    $175,536
    From this org
    $110,526
    From related orgs
    $0
    Other
    $65,010
    Hours/week
    44

    Schedule J breakdown matched by us

    Base
    $110,052
    Bonus
    $474
    Other
    not reported
    Deferred
    $52,636
    Nontaxable benefits
    $12,374
    Filer's total
    $175,536

  • Heidi Smith

    MGR. ENERGY

    Total calculated
    $164,994
    From this org
    $101,679
    From related orgs
    $0
    Other
    $63,315
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $101,181
    Bonus
    $498
    Other
    not reported
    Deferred
    $50,941
    Nontaxable benefits
    $12,374
    Filer's total
    $164,994

  • Wayne Brackin

    DIRECTOR OF

    Total calculated
    $154,773
    From this org
    $101,863
    From related orgs
    $0
    Other
    $52,910
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $101,389
    Bonus
    $474
    Other
    not reported
    Deferred
    $40,536
    Nontaxable benefits
    $12,374
    Filer's total
    $154,773

  • J Douglas Brinson

    PRESIDENT

    Total calculated
    $16,900
    From this org
    $16,900
    From related orgs
    $0
    Other
    $0
    Hours/week
    17

  • Wayne Sawyer

    DIRECTOR

    Total calculated
    $15,700
    From this org
    $15,700
    From related orgs
    $0
    Other
    $0
    Hours/week
    11

  • Charles Slade

    DIRECTOR

    Total calculated
    $15,700
    From this org
    $15,700
    From related orgs
    $0
    Other
    $0
    Hours/week
    7

  • Rudy Austin

    DIRECTOR

    Total calculated
    $14,400
    From this org
    $14,400
    From related orgs
    $0
    Other
    $0
    Hours/week
    7

  • Garry Jordan

    DIRECTOR

    Total calculated
    $13,900
    From this org
    $13,900
    From related orgs
    $0
    Other
    $0
    Hours/week
    7

  • Clifton Paul

    VICE PRESIDE

    Total calculated
    $13,900
    From this org
    $13,900
    From related orgs
    $0
    Other
    $0
    Hours/week
    7

  • Mark Carawan

    SECRETARY

    Total calculated
    $13,600
    From this org
    $13,600
    From related orgs
    $0
    Other
    $0
    Hours/week
    9

  • David Ipock

    TREASURER

    Total calculated
    $13,400
    From this org
    $13,400
    From related orgs
    $0
    Other
    $0
    Hours/week
    8

  • Paul Sasnett

    DIRECTOR

    Total calculated
    $13,400
    From this org
    $13,400
    From related orgs
    $0
    Other
    $0
    Hours/week
    9

  • Dawson Pugh

    DIRECTOR

    Total calculated
    $13,000
    From this org
    $13,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

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 · Compensation committee
  • 3 · Independent compensation consultant
  • 3 · Form 990 of other organizations
  • 3 · Compensation survey or study

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

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.

Provenance

Return type
form_990
Tax year
2022
Filed
7 September 2023
IRS schema version
2022v5.0
Source object
202313199349304771

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