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Nonprofiteer
← WAKE ELECTRIC MEMBERSHIP CORP

Form 990 for tax year 2024

Filed by WAKE ELECTRIC MEMBERSHIP CORP.

Totals

Total revenue
$116,700,642
Total expenses
$116,700,642
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$115,853,417
Investment income
$859,359
Other revenue
-$12,134
Total assets, end of year
$335,397,488
Total liabilities, end of year
$215,604,933
Net assets or fund balances, end of year
$119,792,555
Program services expenses (Part IX)
$116,700,642
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
not reported

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: ELEC. SALES AND SERVICE

    total $112,416,591 · related or exempt $112,416,591

  • 2b · Program service revenue: CAPITAL CREDITS

    total $3,163,716 · related or exempt $3,163,716

  • 2c · Program service revenue: POLE RENTAL

    total $273,110 · excluded $273,110

  • 3 · Investment income

    total $859,359 · related or exempt $833,742 · excluded $25,617

  • 6a · Gross rents

    real property $415,030

  • 6b · Less rental expenses

    real property $391,788

  • 6c · Rental income or loss

    real property $23,242

  • 6d · Net rental income or loss

    total $23,242 · excluded $23,242

  • 11a · Other revenue: GAIN/LOSS ON SALE OF ASSETS

    total $14,714 · related or exempt $14,714

  • 11b · Other revenue: SUBSIDIARY INCOME

    total -$50,090 · excluded -$50,090

  • 11e · Other revenue, total

    -$35,376

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $6,344,554 · program services $6,344,554

  • 5 · Compensation of officers, directors and key employees

    total $1,427,086 · program services $1,427,086

  • 7 · Other salaries and wages

    total $6,110,773 · program services $6,110,773

  • 8 · Pension plan contributions

    total $949,562 · program services $949,562

  • 9 · Other employee benefits

    total $2,536,859 · program services $2,536,859

  • 10 · Payroll taxes

    total $495,082 · program services $495,082

  • 20 · Interest

    total $7,720,120 · program services $7,720,120

  • 22 · Depreciation, depletion and amortization

    total $10,166,342 · program services $10,166,342

  • 24a · Other expenses: PURCHASED POWER

    total $70,411,349 · program services $70,411,349

  • 24b · Other expenses: DISTRIBUTION MAINTENANCE

    total $4,483,896 · program services $4,483,896

  • 24c · Other expenses: CONSUMER ACCOUNTS

    total $3,832,324 · program services $3,832,324

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

    total $3,159,424 · program services $3,159,424

  • 24e · All other expenses

    total -$936,729 · program services -$936,729

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $861,568 · end of year $513,258

  • 2 · Savings and temporary cash investments

    beginning of year $400,735 · end of year $672,760

  • 4 · Accounts receivable

    beginning of year $13,107,715 · end of year $14,797,208

  • 7 · Other notes and loans receivable

    beginning of year $2,394,479 · end of year $2,370,340

  • 8 · Inventories for sale or use

    beginning of year $7,053,904 · end of year $8,205,181

  • 9 · Prepaid expenses and deferred charges

    beginning of year $916,044 · end of year $659,466

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

    $375,540,112

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

    $100,973,213

  • 10c · Land, buildings and equipment, net

    beginning of year $259,549,937 · end of year $274,566,899

  • 13 · Investments: program-related

    beginning of year $31,124,120 · end of year $33,606,887

  • 15 · Other assets

    beginning of year $3,672 · end of year $5,489

  • 17 · Accounts payable and accrued expenses

    beginning of year $14,298,285 · end of year $14,646,390

  • 23 · Secured mortgages and notes payable

    beginning of year $182,294,389 · end of year $196,923,005

  • 25 · Other liabilities

    beginning of year $3,169,007 · end of year $4,035,538

  • 31 · Retained earnings, endowment or other funds

    beginning of year $115,650,493 · end of year $119,792,555

Mission and programs · 2024

Mission

WAKE ELECTRIC PROVIDES RELIABLE, SAFE, AND AFFORDABLE ENERGY AND RELATED SERVICES. WAKE ELECTRIC OPERATES AS A COOPERATIVE BUSINESS AND CONTINUALLY IMPROVES ITS SERVICES TO MEET THE NEEDS OF OUR MEMBERS AND ENHANCE THEIR QUALITY OF LIFE. WAKE ELECTRIC OPERATES A SUSTAINABLE ELECTRIC SYSTEM. SUSTAINABLE MEANS DELIVERING AFFORDABLE, INCREASINGLY CLEAN ELECTRICITY OVER A GRID THAT IS MORE EFFICIENT, RESILIENT AND CAPABLE OF SUPPORTING NEW ENERGY RESOURCES.

  • N/A

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

Listed in Part VII

  • H Michael Dickerson

    PRESIDENT

    Total calculated
    $40,712
    From this org
    $40,712
    From related orgs
    $0
    Other
    $0
    Hours/week
    9.97

  • Allen Nelson

    VICE PRESIDE

    Total calculated
    $35,313
    From this org
    $35,313
    From related orgs
    $0
    Other
    $0
    Hours/week
    8.27

  • Greg Fuller

    SECRETARY

    Total calculated
    $32,604
    From this org
    $32,604
    From related orgs
    $0
    Other
    $0
    Hours/week
    7.81

  • Robert Hill

    TREASURER

    Total calculated
    $31,004
    From this org
    $31,004
    From related orgs
    $0
    Other
    $0
    Hours/week
    10.54

  • Suzy Morgan

    DIRECTOR

    Total calculated
    $33,813
    From this org
    $33,813
    From related orgs
    $0
    Other
    $0
    Hours/week
    13.4

  • Robert Joe Eddins

    DIRECTOR

    Total calculated
    $28,604
    From this org
    $28,604
    From related orgs
    $0
    Other
    $0
    Hours/week
    5.88

  • Jackie Thompson

    DIRECTOR

    Total calculated
    $31,404
    From this org
    $31,404
    From related orgs
    $0
    Other
    $0
    Hours/week
    6.79

  • W Joseph Hilburn Jr

    DIRECTOR

    Total calculated
    $27,453
    From this org
    $27,453
    From related orgs
    $0
    Other
    $0
    Hours/week
    6.98

  • William Daniel Keel

    DIRECTOR

    Total calculated
    $30,604
    From this org
    $30,604
    From related orgs
    $0
    Other
    $0
    Hours/week
    6.77

  • James E Mangum Jr

    CEO & GEN. M

    Total calculated
    $1,135,575
    From this org
    $1,060,122
    From related orgs
    $0
    Other
    $75,453
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $668,778
    Bonus
    $129,557
    Other
    $261,787
    Deferred
    $49,845
    Nontaxable benefits
    $25,608
    Filer's total
    $1,135,575

  • Don Bowman

    MANAGER OF O

    Total calculated
    $493,930
    From this org
    $426,183
    From related orgs
    $0
    Other
    $67,747
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $328,862
    Bonus
    $82,785
    Other
    $14,536
    Deferred
    $33,603
    Nontaxable benefits
    $34,144
    Filer's total
    $493,930

  • Cynthia M Currin

    GENERAL COUN

    Total calculated
    $468,707
    From this org
    $431,089
    From related orgs
    $0
    Other
    $37,618
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $319,956
    Bonus
    $57,497
    Other
    $53,636
    Deferred
    $30,859
    Nontaxable benefits
    $6,759
    Filer's total
    $468,707

  • Christopher D Wright

    MGR OF ENGIN

    Total calculated
    $266,993
    From this org
    $217,220
    From related orgs
    $0
    Other
    $49,773
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $176,204
    Bonus
    $31,684
    Other
    $9,332
    Deferred
    $18,296
    Nontaxable benefits
    $31,477
    Filer's total
    $266,993

  • Kirk Metcalf

    VP OF MARKET

    Total calculated
    $263,017
    From this org
    $214,376
    From related orgs
    $0
    Other
    $48,641
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $165,729
    Bonus
    $37,190
    Other
    $11,457
    Deferred
    $17,157
    Nontaxable benefits
    $31,484
    Filer's total
    $263,017

  • Cecil Alexander

    SUBSTATION S

    Total calculated
    $201,975
    From this org
    $187,900
    From related orgs
    $0
    Other
    $14,075
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $32,684
    Bonus
    not reported
    Other
    $155,216
    Deferred
    $8,534
    Nontaxable benefits
    $5,541
    Filer's total
    $201,975

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 · Form 990 of other organizations
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee
  • 4b · Supplemental nonqualified retirement plan

Answered no

  • 4a · Severance or change-of-control payment
  • 4c · Equity-based compensation arrangement

The filer's explanations (Part III)

SCHEDULE J, PAGE 1, PART I, LINE 4
JAMES E. MANGUM, JR. 0 15,296 0
SCHEDULE J, PART III
NONQUALIFIED DEFERRED COMPENSATION PLAN (NQDC PLAN): THE CORPORATION'S BOARD OF DIRECTORS APPROVED THE ADOPTION OF AND PARTICIPATION IN NATIONAL RURAL ELECTRIC COOPERATIVE ASSOCIATION'S PENSION RESTORATION DEFERRED COMPENSATION PLAN (NRECA PRP) TO PROVIDE SUPPLEMENTAL PAYMENTS TO CERTAIN EMPLOYEES DUE TO LIMITATIONS UNDER INTERNAL REVENUE CODE OF 1986 RELATING TO PERMISSIBLE PAYMENTS FROM QUALIFIED PENSION PLANS. ELIGIBLE PARTICIPANTS IN THE NRECA PRP HAVE A PENSION LIMITATION UPON VESTING IN THE PLAN, AS DEFINED IN SECITION 2(B) OF THE NRECA PRP, APPLIED TO REDUCE THE AMOUNT OF PAYMENT THAT WOULD OTHERWISE BE PAYABLE BY THE RETIREMENT SECURITY PLAN SPONSORED BY NRECA. THE PENSION LIMITATION IS THE DIFFERENCE BETWEEN THE SINGLE LUMP SUM EQUIVALENT OF THE PARTICIPANT'S ACCRUED BENEFIT FROM THE RETIREMENT SECURITY PLAN AS CALCULATED BY NRECA WITHOUT THE LIMITATIONS PROVIDED IN SECTIONS 415 OF THE INTERNAL REVENUE CODE OF 1986, AND THE PARTICIPANT'S ACCRUED BENEFIT FROM THE RETIREMENT SECURITY PLAN AS CALCULATED BY NRECA AFTER APPLICATION OF THE LIMITATIONS OF SECTIONS 415 AND 401(A)(17) OF THE CODE. DURING 2019, JAMES E. MANGUM, JR. BECAME VESTED IN THE NRECA PRP PLAN. DURING 2024, MANGNUM RECEIVED A DISTRIBUTION IN THE AMOUNT OF 15,296 WHICH IS INCLUDED IN SCHEDULE J,PART II (I)(B)(III) AS OTHER COMPENSATION, AND ALSO INCLUDED IN FORM 990, PART VII, 10(D). THE CORPORATION RECOVERED THE DISTRIBUTION FROM NRECA. THIS AMOUNTS IS ALSO REPORTED IN COLUMN F, AS THE AMOUNTS HAS BEEN REPORTED ON A PRIOR YEAR FORM 990.

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.

Related corporations and trusts

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

  • TRIANGLE SERVICES GROUP INC

    ENERGY SRV · NC · controlled entity

Provenance

Return type
form_990
Tax year
2024
Filed
25 June 2025
IRS schema version
2024v5.0
Source object
202501779349300240

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