Form 990 for tax year 2024
Filed by SURRY-YADKIN ELECTRIC MEMBERSHIP CORPORATION.
Totals
- Total revenue
- $63,204,681
- Total expenses
- $62,845,446
- Contributions and grants received
- $0
- Grants paid
- $0
- Program service revenue
- $62,458,984
- Investment income
- $405,571
- Other revenue
- $340,126
- Total assets, end of year
- $181,413,293
- Total liabilities, end of year
- $112,925,716
- Net assets or fund balances, end of year
- $68,487,577
- 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: ELECTRIC SERVICE REVENUE
total $61,164,126 · related or exempt $61,164,126
-
2b · Program service revenue: G & T CAPITAL CREDITS
total $865,378 · related or exempt $865,378
-
2c · Program service revenue: OTHER CAPITAL CREDITS
total $224,523 · related or exempt $224,523
-
2d · Program service revenue: POLE RENTAL
total $204,957 · excluded $204,957
-
3 · Investment income
total $405,571 · related or exempt $122,975 · excluded $282,596
-
11a · Other revenue: EARNINGS OR LOSS- DIVERSIFIED
total $359,235 · related or exempt $359,235
-
11b · Other revenue: GAIN ON DISPOSITION OF PROPER
total $15,932 · related or exempt $15,932
-
11c · Other revenue: REVENUE NON-UTILITY - HOMESER
total $2,505 · related or exempt $2,505
-
11d · All other revenue
total -$37,546 · related or exempt -$37,546
-
11e · Other revenue, total
$340,126
Functional expenses
Part IX, the statement of functional expenses.
-
4 · Benefits paid to or for members
total $630,687
-
5 · Compensation of officers, directors and key employees
total $669,799
-
20 · Interest
total $2,860,079
-
22 · Depreciation, depletion and amortization
total $5,308,461
-
24a · Other expenses: PURCHASE POWER
total $32,191,595
-
24b · Other expenses: DISTRIBUTION MAINTENANCE
total $8,427,245
-
24c · Other expenses: DISTRIBUTION OPERATIONS
total $4,911,623
-
24d · Other expenses: ADMIN & GENERAL
total $4,422,611
-
24e · All other expenses
total $3,423,346
Balance sheet
Part X, book values.
-
1 · Cash, non-interest-bearing
beginning of year $4,048,640 · end of year $2,329,504
-
2 · Savings and temporary cash investments
beginning of year $2,301,232 · end of year $1,900,000
-
4 · Accounts receivable
beginning of year $9,303,941 · end of year $7,419,012
-
7 · Other notes and loans receivable
beginning of year $627,833 · end of year $541,833
-
8 · Inventories for sale or use
beginning of year $1,331,396 · end of year $1,143,113
-
9 · Prepaid expenses and deferred charges
beginning of year $479,575 · end of year $1,628,856
-
10a · Land, buildings and equipment: cost or other basis
$198,840,397
-
10b · Land, buildings and equipment: accumulated depreciation
$48,432,558
-
10c · Land, buildings and equipment, net
beginning of year $137,557,883 · end of year $150,407,839
-
13 · Investments: program-related
beginning of year $15,128,632 · end of year $16,043,136
-
17 · Accounts payable and accrued expenses
beginning of year $5,212,548 · end of year $5,229,256
-
23 · Secured mortgages and notes payable
beginning of year $86,111,792 · end of year $97,297,950
-
25 · Other liabilities
beginning of year $11,711,904 · end of year $10,398,510
-
31 · Retained earnings, endowment or other funds
beginning of year $67,742,888 · end of year $68,487,577
Mission and programs · 2024
Mission
TO PROVIDE THE BEST POSSIBLE ELECTRIC SERVICE TO ALL WHO DESIRE IT WITHIN THE SYSTEM SERVICE AREA AT A REASONABLE COST CONSISTENT WITH THE HIGHEST STANDARDS OF SERVICE.
Activities or mission (Part I)
PROVIDE OUTSTANDING SERVICE THAT POWERS OUR RURAL COMMUNITIES
-
TO PROVIDE THE BEST POSSIBLE ELECTRIC SERVICE TO ALL WHO DESIRE IT WITHIN THE SYSTEM SERVICE AREA AT A REASONABLE COST CONSISTENT WITH THE HIGHEST STANDARDS OF SERVICE.
As filed on the 2024 return.
Listed in Part VII
-
William Gregory PuckettWILLIAM GREGORY PUCKETT
EXECUTIVE VP
- Total calculated
- $481,819
- From this org
- $348,390
- From related orgs
- $0
- Other
- $133,429
- Hours/week
- 50
Schedule J breakdown matched by us
- Base
- $317,404
- Bonus
- $12,822
- Other
- $18,164
- Deferred
- $100,028
- Nontaxable benefits
- $33,401
- Filer's total
- $481,819
-
Misty UttMISTY UTT
VP OF FINANC
- Total calculated
- $269,729
- From this org
- $186,432
- From related orgs
- $0
- Other
- $83,297
- Hours/week
- 45
Schedule J breakdown matched by us
- Base
- $174,824
- Bonus
- $7,066
- Other
- $4,542
- Deferred
- $54,463
- Nontaxable benefits
- $28,834
- Filer's total
- $269,729
-
Ricky BowmanRICKY BOWMAN
VP OF OPERAT
- Total calculated
- $265,514
- From this org
- $183,941
- From related orgs
- $0
- Other
- $81,573
- Hours/week
- 45
Schedule J breakdown matched by us
- Base
- $171,506
- Bonus
- $6,904
- Other
- $5,531
- Deferred
- $52,832
- Nontaxable benefits
- $28,741
- Filer's total
- $265,514
-
Richard Bryon KennedyRICHARD BRYON KENNEDY
VP OF MBR SR
- Total calculated
- $240,085
- From this org
- $176,201
- From related orgs
- $0
- Other
- $63,884
- Hours/week
- 45
Schedule J breakdown matched by us
- Base
- $160,680
- Bonus
- $6,520
- Other
- $9,001
- Deferred
- $49,898
- Nontaxable benefits
- $13,986
- Filer's total
- $240,085
-
Micah MillsMICAH MILLS
MANAGER OF O
- Total calculated
- $223,726
- From this org
- $152,771
- From related orgs
- $0
- Other
- $70,955
- Hours/week
- 45
Schedule J breakdown matched by us
- Base
- $140,497
- Bonus
- $5,600
- Other
- $6,674
- Deferred
- $42,951
- Nontaxable benefits
- $28,004
- Filer's total
- $223,726
-
Matthew BurkeMATTHEW BURKE
JOURNEY LINE
- Total calculated
- $208,278
- From this org
- $162,259
- From related orgs
- $0
- Other
- $46,019
- Hours/week
- 45
Schedule J breakdown matched by us
- Base
- $159,957
- Bonus
- $1,975
- Other
- $327
- Deferred
- $22,886
- Nontaxable benefits
- $23,133
- Filer's total
- $208,278
-
Karoline OverbyKAROLINE OVERBY
PRESIDENT
- Total calculated
- $23,880
- From this org
- $23,880
- From related orgs
- $0
- Other
- $0
- Hours/week
- 7
-
Stephen HutsonSTEPHEN HUTSON
DIRECTOR
- Total calculated
- $19,920
- From this org
- $19,920
- From related orgs
- $0
- Other
- $0
- Hours/week
- 5
-
Eddie CampbellEDDIE CAMPBELL
VICE PRESIDE
- Total calculated
- $19,590
- From this org
- $19,590
- From related orgs
- $0
- Other
- $0
- Hours/week
- 5
-
David PendryDAVID PENDRY
DIRECTOR
- Total calculated
- $19,590
- From this org
- $19,590
- From related orgs
- $0
- Other
- $0
- Hours/week
- 5
-
Brenda HardyBRENDA HARDY
SECRETARY
- Total calculated
- $18,600
- From this org
- $18,600
- From related orgs
- $0
- Other
- $0
- Hours/week
- 4
-
Stephen JoyceSTEPHEN JOYCE
DIRECTOR
- Total calculated
- $18,600
- From this org
- $18,600
- From related orgs
- $0
- Other
- $0
- Hours/week
- 4
-
Alvin Reid JrALVIN REID JR
DIRECTOR
- Total calculated
- $17,280
- From this org
- $17,280
- From related orgs
- $0
- Other
- $0
- Hours/week
- 3
-
David MillerDAVID MILLER
TREASURER
- Total calculated
- $17,280
- From this org
- $17,280
- From related orgs
- $0
- Other
- $0
- Hours/week
- 3
-
Willard SwiftWILLARD SWIFT
DIRECTOR
- Total calculated
- $16,620
- From this org
- $16,620
- From related orgs
- $0
- Other
- $0
- Hours/week
- 3
-
Sandy WelbornSANDY WELBORN
DIRECTOR (FE
- Total calculated
- $15,290
- From this org
- $15,290
- From related orgs
- $0
- Other
- $0
- Hours/week
- 3
-
Lee Von SpeaksLEE VON SPEAKS
DIRECTOR (JA
- Total calculated
- $1,330
- From this org
- $1,330
- 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
- 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
The filer's explanations (Part III)
- SCHEDULE J, PART III
- PART II. LINE 1-WILLIAM GREGORY PUCKETT SECTION B)(III) INCLUDES ACCRUED LEAVE TIME WHICH IS IN ACCORDANCE WITH THE CORPORATION'S POLICY.
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
- 2024
- Filed
- 16 April 2025
- IRS schema version
- 2024v5.0
- Source object
- 202521069349301042
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