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Nonprofiteer
← ALBEMARLE ELECTRIC MEMBERSHIP CORP

Form 990 for tax year 2022

Filed by ALBEMARLE ELECTRIC MEMBERSHIP CORP.

Totals

Total revenue
$32,358,063
Total expenses
$32,358,063
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$32,289,006
Investment income
$69,057
Other revenue
$0
Total assets, end of year
$94,733,534
Total liabilities, end of year
$51,129,796
Net assets or fund balances, end of year
$43,603,738
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 REVENUE

    total $30,850,970 · related or exempt $30,850,970

  • 2b · Program service revenue: OTHER NONOPERATING MARGINS

    total $617,895 · related or exempt $617,895

  • 2c · Program service revenue: G & T CAPITAL CREDITS

    total $571,283 · related or exempt $571,283

  • 2d · Program service revenue: OTHER CAPITAL CREDITS

    total $186,253 · related or exempt $186,253

  • 2e · Program service revenue: POLE RENTAL

    total $62,605 · related or exempt $62,605

  • 3 · Investment income

    total $69,057 · excluded $69,057

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $2,931,700

  • 5 · Compensation of officers, directors and key employees

    total $433,561

  • 20 · Interest

    total $1,662,344

  • 22 · Depreciation, depletion and amortization

    total $2,931,597

  • 24a · Other expenses: PURCHASED POWER

    total $18,680,547

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

    total $1,644,283

  • 24c · Other expenses: DISTRIBUTION OPERATIONS

    total $1,343,218

  • 24d · Other expenses: DISTRIBUTION MAINTENANCE

    total $1,144,741

  • 24e · All other expenses

    total $1,586,072

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $3,051,832 · end of year $3,769,553

  • 4 · Accounts receivable

    beginning of year $3,768,339 · end of year $3,423,819

  • 8 · Inventories for sale or use

    beginning of year $1,178,017 · end of year $2,779,124

  • 9 · Prepaid expenses and deferred charges

    beginning of year $441,825 · end of year $660,623

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

    $108,190,093

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

    $31,982,365

  • 10c · Land, buildings and equipment, net

    beginning of year $74,686,489 · end of year $76,207,728

  • 13 · Investments: program-related

    beginning of year $7,366,736 · end of year $8,042,318

  • 15 · Other assets

    beginning of year -$160,091 · end of year -$149,631

  • 17 · Accounts payable and accrued expenses

    beginning of year $3,066,031 · end of year $3,774,131

  • 23 · Secured mortgages and notes payable

    beginning of year $42,765,551 · end of year $44,196,000

  • 25 · Other liabilities

    beginning of year $3,660,040 · end of year $3,159,665

  • 29 · Capital stock, trust principal or current funds

    beginning of year $28,010 · end of year $26,805

  • 31 · Retained earnings, endowment or other funds

    beginning of year $40,813,515 · end of year $43,576,933

Mission and programs · 2022

Mission

ALBEMARLE EMC STRIVES TO SAFELY DELIVER RELIABLE POWER AND RELATED ENERGY SOLUTIONS TO OUR MEMBERS AND LOCAL COMMUNITIES BY PROVIDING THE HIGHEST VALUE THROUGH SERVICE EXCELLENCE.

  • N/A

As filed on the 2022 return.

Listed in Part VII

  • John W Spence

    PRESIDENT

    Total calculated
    $15,550
    From this org
    $15,550
    From related orgs
    $0
    Other
    $0
    Hours/week
    4.08

  • Glenn Carey

    VICE PRESIDE

    Total calculated
    $10,800
    From this org
    $10,800
    From related orgs
    $0
    Other
    $0
    Hours/week
    0.81

  • Thelma Finch-Copeland

    SECRETARY

    Total calculated
    $12,000
    From this org
    $12,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    1.22

  • T Chad Mathews

    TREASURER

    Total calculated
    $10,800
    From this org
    $10,800
    From related orgs
    $0
    Other
    $0
    Hours/week
    0.66

  • Robert Whitehead

    DIRECTOR

    Total calculated
    $5,750
    From this org
    $5,750
    From related orgs
    $0
    Other
    $0
    Hours/week
    3.2

  • Josiah A Webb III

    DIRECTOR

    Total calculated
    $11,000
    From this org
    $11,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    0.74

  • Allen Layton

    DIRECTOR

    Total calculated
    $3,600
    From this org
    $3,600
    From related orgs
    $0
    Other
    $0
    Hours/week
    4.94

  • Melvin Ray Albertson

    DIRECTOR

    Total calculated
    $3,600
    From this org
    $3,600
    From related orgs
    $0
    Other
    $0
    Hours/week
    1.11

  • Garry Meiggs

    DIRECTOR-FOR

    Total calculated
    $8,100
    From this org
    $8,100
    From related orgs
    $0
    Other
    $0
    Hours/week
    0.7

  • La Harris Jr

    DIRECTOR-FOR

    Total calculated
    $2,700
    From this org
    $2,700
    From related orgs
    $0
    Other
    $0
    Hours/week
    0.5

  • Virgie P Whitehurst

    DIRECTOR-FOR

    Total calculated
    $8,100
    From this org
    $8,100
    From related orgs
    $0
    Other
    $0
    Hours/week
    0.53

  • Gary W Ray

    EXEC VP/GM

    Total calculated
    $341,561
    From this org
    $254,054
    From related orgs
    $0
    Other
    $87,507
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $232,896
    Bonus
    $400
    Other
    $20,758
    Deferred
    $73,785
    Nontaxable benefits
    $13,722
    Filer's total
    $341,561

  • Kevin Heath

    MGR ENGINEER

    Total calculated
    $201,645
    From this org
    $148,230
    From related orgs
    $0
    Other
    $53,415
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $137,731
    Bonus
    $400
    Other
    $10,099
    Deferred
    $42,656
    Nontaxable benefits
    $10,759
    Filer's total
    $201,645

  • Clarissa Perry

    MGR OF CORPO

    Total calculated
    $183,578
    From this org
    $130,975
    From related orgs
    $0
    Other
    $52,603
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $117,943
    Bonus
    $400
    Other
    $12,632
    Deferred
    $37,653
    Nontaxable benefits
    $14,950
    Filer's total
    $183,578

  • Roy O'Neal

    MGR OF OPERA

    Total calculated
    $162,956
    From this org
    $118,371
    From related orgs
    $0
    Other
    $44,585
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $112,106
    Bonus
    $400
    Other
    $5,865
    Deferred
    $32,641
    Nontaxable benefits
    $11,944
    Filer's total
    $162,956

  • Bobby Upton

    CREW LEADER

    Total calculated
    $172,589
    From this org
    $127,371
    From related orgs
    $0
    Other
    $45,218
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $115,009
    Bonus
    $400
    Other
    $11,962
    Deferred
    $32,116
    Nontaxable benefits
    $13,102
    Filer's total
    $172,589

  • Paul Byrum

    CREW LEADER

    Total calculated
    $150,160
    From this org
    $111,153
    From related orgs
    $0
    Other
    $39,007
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $102,324
    Bonus
    $400
    Other
    $8,429
    Deferred
    $28,248
    Nontaxable benefits
    $10,759
    Filer's total
    $150,160

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

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.

Provenance

Return type
form_990
Tax year
2022
Filed
20 February 2023
IRS schema version
2022v5.0
Source object
202300889349300115

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