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Nonprofiteer
← HAYWOOD ELECTRIC MEMBERSHIP CORPORATION

Form 990 for tax year 2023

Filed by HAYWOOD ELECTRIC MEMBERSHIP CORPORATION.

Totals

Total revenue
$54,062,513
Total expenses
$53,429,100
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$53,581,217
Investment income
$481,296
Other revenue
$0
Total assets, end of year
$169,936,826
Total liabilities, end of year
$109,625,518
Net assets or fund balances, end of year
$60,311,308
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: PROGRAM SERVICE REVENUE

    total $52,417,360 · related or exempt $52,417,360

  • 2b · Program service revenue: POLE RENTAL INCOME

    total $666,820 · excluded $666,820

  • 2c · Program service revenue: PATRONAGE CAPITAL

    total $497,037 · related or exempt $497,037

  • 3 · Investment income

    total $481,296 · related or exempt $481,296

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $3,590,840

  • 5 · Compensation of officers, directors and key employees

    total $581,602

  • 20 · Interest

    total $3,843,834

  • 22 · Depreciation, depletion and amortization

    total $6,009,670

  • 24a · Other expenses: PURCHASED POWER

    total $24,060,666

  • 24b · Other expenses: DISTRIBUTION MAINTENANCE

    total $6,917,977

  • 24c · Other expenses: ADMIN & GENERAL

    total $3,487,112

  • 24d · Other expenses: DISTRIBUTION OPERATIONS

    total $2,894,874

  • 24e · All other expenses

    total $2,042,525

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $3,248,670 · end of year $3,078,922

  • 2 · Savings and temporary cash investments

    beginning of year $10,850,000 · end of year $4,946,628

  • 4 · Accounts receivable

    beginning of year $5,599,761 · end of year $5,358,734

  • 7 · Other notes and loans receivable

    beginning of year $225,155 · end of year $124,192

  • 8 · Inventories for sale or use

    beginning of year $1,364,557 · end of year $1,519,603

  • 9 · Prepaid expenses and deferred charges

    beginning of year $711,722 · end of year $1,545,294

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

    $208,388,028

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

    $60,734,302

  • 10c · Land, buildings and equipment, net

    beginning of year $142,590,756 · end of year $147,653,726

  • 13 · Investments: program-related

    beginning of year $5,150,822 · end of year $5,558,435

  • 15 · Other assets

    beginning of year $189,596 · end of year $151,292

  • 17 · Accounts payable and accrued expenses

    beginning of year $5,552,705 · end of year $5,920,848

  • 23 · Secured mortgages and notes payable

    beginning of year $105,000,594 · end of year $100,430,529

  • 25 · Other liabilities

    beginning of year $3,030,820 · end of year $3,274,141

  • 31 · Retained earnings, endowment or other funds

    beginning of year $56,346,920 · end of year $60,311,308

Mission and programs · 2023

Mission

TO PROVIDE THE BEST POSSIBLE ELECTRIC SERVICE TO ALL WHO DESIRE IT WITHIN THE SYSTEM AREA AT A REASONABLE COST CONSISTENT WITH THE HIGHEST STANDARDS OF SERVICE.

  • TO PROVIDE THE BEST POSSIBLE ELECTRIC SERVICE TO ALL WHO DESIRE IT WITHIN THE SYSTEM AREA AT A REASONABLE COST CONSISTENT WITH THE HIGHEST STANDARDS OF SERVICE.

As filed on the 2023 return.

Listed in Part VII

  • Thomas H Batchelor Jr

    CEO

    Total calculated
    $401,867
    From this org
    $340,473
    From related orgs
    $0
    Other
    $61,394
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $300,396
    Bonus
    $40,077
    Other
    not reported
    Deferred
    $45,299
    Nontaxable benefits
    $16,095
    Filer's total
    $401,867

  • John Carver

    TEAM LEADER

    Total calculated
    $163,107
    From this org
    $142,467
    From related orgs
    $0
    Other
    $20,640
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $141,700
    Bonus
    $767
    Other
    not reported
    Deferred
    $8,057
    Nontaxable benefits
    $12,583
    Filer's total
    $163,107

  • John Raines

    TEAM LEADER

    Total calculated
    $157,824
    From this org
    $121,898
    From related orgs
    $0
    Other
    $35,926
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $119,694
    Bonus
    $2,204
    Other
    not reported
    Deferred
    $15,788
    Nontaxable benefits
    $20,138
    Filer's total
    $157,824

  • Jeffrey Noland

    TEAM LEADER

    Total calculated
    $157,208
    From this org
    $121,337
    From related orgs
    $0
    Other
    $35,871
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $119,615
    Bonus
    $1,722
    Other
    not reported
    Deferred
    $15,788
    Nontaxable benefits
    $20,083
    Filer's total
    $157,208

  • John Boate

    CFO

    Total calculated
    $142,696
    From this org
    $120,351
    From related orgs
    $0
    Other
    $22,345
    Hours/week
    40

  • Dylon Winchester

    SR JOURNEYMA

    Total calculated
    $140,573
    From this org
    $121,046
    From related orgs
    $0
    Other
    $19,527
    Hours/week
    40

  • Clay Talley

    SEC./TREASUR

    Total calculated
    $51,537
    From this org
    $51,537
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Lucas Sorrells

    VICE PRESIDE

    Total calculated
    $34,442
    From this org
    $34,442
    From related orgs
    $0
    Other
    $0
    Hours/week
    8

  • Larry Clark

    PRESIDENT

    Total calculated
    $23,962
    From this org
    $23,962
    From related orgs
    $0
    Other
    $0
    Hours/week
    13

  • James Boyette

    DIRECTOR

    Total calculated
    $23,742
    From this org
    $23,742
    From related orgs
    $0
    Other
    $0
    Hours/week
    6

  • L Stephen Foster

    DIRECTOR

    Total calculated
    $22,382
    From this org
    $22,382
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • David Noland

    ASST. SEC./T

    Total calculated
    $20,002
    From this org
    $20,002
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Alan Israel

    DIRECTOR

    Total calculated
    $3,668
    From this org
    $3,668
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

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 · 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.

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.

  • HAYWOOD SERVICES CORPORATION INC

    C CORP · ELECTRICAL · NC · 100% owned · share of income $621,026 · share of assets $385,738

    Directly controlled by HAYWOOD EMC

Provenance

Return type
form_990
Tax year
2023
Filed
9 September 2024
IRS schema version
2023v5.0
Source object
202412549349302001

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