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Nonprofiteer
← ROANOKE ELECTRIC MEMBERSHIP CORP

Form 990 for tax year 2024

Filed by ROANOKE ELECTRIC MEMBERSHIP CORP.

Totals

Total revenue
$57,200,666
Total expenses
$61,724,065
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$55,488,278
Investment income
$734,311
Other revenue
$978,077
Total assets, end of year
$218,226,705
Total liabilities, end of year
$167,310,142
Net assets or fund balances, end of year
$50,916,563
Program services expenses (Part IX)
$61,724,065
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
$61,724,065

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 REVENUE

    total $49,720,459 · related or exempt $49,720,459

  • 2b · Program service revenue: BROADBAND - MEMBER

    total $2,642,109 · related or exempt $2,642,109

  • 2c · Program service revenue: BROADBAND - NONMEMBER

    total $1,711,957 · related or exempt $1,711,957

  • 2d · Program service revenue: CAPITAL CREDITS

    total $1,070,720 · related or exempt $1,070,720

  • 2e · Program service revenue: OTHER ELECTRIC REVENUE

    total $244,310 · related or exempt $244,310

  • 2f · All other program service revenue

    total $98,723 · unrelated business $67,373 · excluded $31,350

  • 3 · Investment income

    total $734,311 · excluded $734,311

  • 11a · Other revenue: ARPA GRANT FUNDS - N/M BB

    total $742,039 · unrelated business $742,039

  • 11b · Other revenue: OTHER REVENUE

    total $126,509 · related or exempt $126,509

  • 11c · Other revenue: SUBSIDIARY INCOME/(LOSS)

    total $109,529 · excluded $109,529

  • 11e · Other revenue, total

    $978,077

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $9,305,350 · program services $9,305,350

  • 5 · Compensation of officers, directors and key employees

    total $603,739 · program services $603,739

  • 20 · Interest

    total $7,556,055 · program services $7,556,055

  • 22 · Depreciation, depletion and amortization

    total $6,417,967 · program services $6,417,967

  • 24a · Other expenses: PURCHASED POWER

    total $21,068,986 · program services $21,068,986

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

    total $6,546,686 · program services $6,546,686

  • 24c · Other expenses: DISTRIBUTION MAINTENANCE

    total $3,380,212 · program services $3,380,212

  • 24d · Other expenses: DISTRIBUTION OPERATIONS

    total $2,853,226 · program services $2,853,226

  • 24e · All other expenses

    total $3,991,844 · program services $3,991,844

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $2,729,216 · end of year $4,912,465

  • 4 · Accounts receivable

    beginning of year $6,238,472 · end of year $5,291,797

  • 7 · Other notes and loans receivable

    beginning of year $5,103,078 · end of year $9,741,045

  • 8 · Inventories for sale or use

    beginning of year $10,230,131 · end of year $12,102,220

  • 9 · Prepaid expenses and deferred charges

    beginning of year $2,803,749 · end of year $356,379

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

    $233,158,883

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

    $60,348,643

  • 10c · Land, buildings and equipment, net

    beginning of year $156,816,767 · end of year $172,810,240

  • 12 · Investments: other securities

    beginning of year $931,149 · end of year $861,155

  • 13 · Investments: program-related

    beginning of year $7,663,450 · end of year $8,536,858

  • 15 · Other assets

    beginning of year $258,372 · end of year $3,614,546

  • 17 · Accounts payable and accrued expenses

    beginning of year $16,179,105 · end of year $14,298,886

  • 19 · Deferred revenue

    end of year $166,576

  • 23 · Secured mortgages and notes payable

    beginning of year $110,678,541 · end of year $122,372,347

  • 24 · Unsecured notes and loans payable

    beginning of year $12,500,000 · end of year $22,500,000

  • 25 · Other liabilities

    beginning of year $6,734,071 · end of year $7,972,333

  • 29 · Capital stock, trust principal or current funds

    beginning of year $63,745 · end of year $61,200

  • 31 · Retained earnings, endowment or other funds

    beginning of year $46,618,922 · end of year $50,855,363

Mission and programs · 2024

Mission

ROANOKE EMC: HTTPS://WWW.ROANOKECOOPERATIVE.COM/ABOUT-US/CORPORATE-STRATEGY/ TO PURSUE INNOVATION RELENTLESSLY AND OFFER THE FINEST, MOST RELIABLE, AND COST-EFFICIENT SERVICES IN THE INDUSTRY. THE CO-OP WILL SERVE MEMBER-OWNERS TIRELESSLY AND ENHANCE THEIR LIVES AND COMMUNITIES. OUR VISION IS THAT THE CO-OP WILL COMMIT TO BEING ONE OF OUR MEMBER-OWNERS MOST TRUSTED SERVICE PROVIDERS AND MOST ADMIRED BY ITS PEERS. ROANOKE CONNECT HOLDINGS, LLC DBA FYBE: HTTPS://WWW.GOFYBE.COM/ABOUT-US/WHO-IS-FYBE/ ENABLING EVERY PERSON AND ORGANIZATION IN RURAL NORTH CAROLINA TO ACHIEVE THEIR FULL POTENTIAL AND THRIVE IN THIS DIGITAL AGE WITH THE HIGHEST QUALITY, MOST RELIABLE HIGH-SPEED FIBER-OPTIC SERVICES.

  • 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.

    Expenses $56,676,905

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

    Expenses $5,047,160

As filed on the 2024 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Allen Speller

    CHAIRMAN

    Total calculated
    $27,350
    From this org
    $27,350
    From related orgs
    $0
    Other
    $0
    Hours/week
    8.35

  • Robert Riddick

    VICE CHAIRMA

    Total calculated
    $19,450
    From this org
    $19,450
    From related orgs
    $0
    Other
    $0
    Hours/week
    7.23

  • Delores H Amason

    SECRETARY/TR

    Total calculated
    $11,550
    From this org
    $11,550
    From related orgs
    $0
    Other
    $0
    Hours/week
    6.5

  • Kenneth Jernigan

    ASST. SEC/TR

    Total calculated
    $15,600
    From this org
    $15,600
    From related orgs
    $0
    Other
    $0
    Hours/week
    7.35

  • Cynthia Vaughan

    DIRECTOR

    Total calculated
    $16,750
    From this org
    $16,750
    From related orgs
    $0
    Other
    $0
    Hours/week
    5.3

  • Carolyn Bradley

    DIRECTOR

    Total calculated
    $18,550
    From this org
    $18,550
    From related orgs
    $0
    Other
    $0
    Hours/week
    8.63

  • Darnell Lee

    DIRECTOR

    Total calculated
    $22,150
    From this org
    $22,150
    From related orgs
    $0
    Other
    $0
    Hours/week
    6.96

  • Columbus Jeffers

    DIRECTOR

    Total calculated
    $18,100
    From this org
    $18,100
    From related orgs
    $0
    Other
    $0
    Hours/week
    4.87

  • Marva Bond

    DIRECTOR

    Total calculated
    $17,650
    From this org
    $17,650
    From related orgs
    $0
    Other
    $0
    Hours/week
    4.94

  • Marshall Cherry

    PRESIDENT &

    Total calculated
    $436,590
    From this org
    $351,140
    From related orgs
    $0
    Other
    $85,450
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $300,457
    Bonus
    $30,215
    Other
    $20,468
    Deferred
    $53,126
    Nontaxable benefits
    $32,324
    Filer's total
    $436,590

  • Robert Coughlin

    COO, FYBE

    Total calculated
    $335,839
    From this org
    $260,746
    From related orgs
    $0
    Other
    $75,093
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $239,948
    Bonus
    $16,450
    Other
    $4,348
    Deferred
    $43,323
    Nontaxable benefits
    $31,770
    Filer's total
    $335,839

  • Jeremy Whitley

    DIR. FYBE EN

    Total calculated
    $237,890
    From this org
    $195,501
    From related orgs
    $0
    Other
    $42,389
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $175,371
    Bonus
    $11,465
    Other
    $8,665
    Deferred
    $27,322
    Nontaxable benefits
    $15,067
    Filer's total
    $237,890

  • James Liverman

    VP ENG. & OP

    Total calculated
    $255,786
    From this org
    $201,359
    From related orgs
    $0
    Other
    $54,427
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $183,446
    Bonus
    $12,196
    Other
    $5,717
    Deferred
    $32,110
    Nontaxable benefits
    $22,317
    Filer's total
    $255,786

  • Mary Beth Lampe

    VP CORP SVCS

    Total calculated
    $229,619
    From this org
    $189,779
    From related orgs
    $0
    Other
    $39,840
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $175,733
    Bonus
    $11,478
    Other
    $2,568
    Deferred
    $24,771
    Nontaxable benefits
    $15,069
    Filer's total
    $229,619

  • Angela Gordan

    DIR. CUST. E

    Total calculated
    $240,365
    From this org
    $181,037
    From related orgs
    $0
    Other
    $59,328
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $162,240
    Bonus
    $10,913
    Other
    $7,884
    Deferred
    $28,742
    Nontaxable benefits
    $30,586
    Filer's total
    $240,365

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 · Written employment contract
  • 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.

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.

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.

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

  • ROANOKE CONNECT HOLDINGS LLC D/B/A FYBE

    BROADBAND · NC · income $4,368,052 · assets $1,593,759

    Directly controlled by ROANOKE EM

Related corporations and trusts

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

  • ROANOKE ENERGY RESOURCES INC

    ONLINE PRO · NC · controlled entity

Provenance

Return type
form_990
Tax year
2024
Filed
6 November 2025
IRS schema version
2024v5.0
Source object
202503179349301520

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