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Nonprofiteer
← ALBEMARLE ELECTRIC MEMBERSHIP CORP

Form 990 for tax year 2024

Filed by ALBEMARLE ELECTRIC MEMBERSHIP CORP.

Totals

Total revenue
$33,501,895
Total expenses
$33,501,895
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$33,357,921
Investment income
$143,974
Other revenue
$0
Total assets, end of year
$100,410,524
Total liabilities, end of year
$53,773,889
Net assets or fund balances, end of year
$46,636,635
Program services expenses (Part IX)
$0
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
$33,501,895

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 $32,393,389 · related or exempt $32,393,389

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

    total $536,219 · related or exempt $536,219

  • 2c · Program service revenue: OTHER NONOPERATING MARGINS

    total $249,634 · related or exempt $249,634

  • 2d · Program service revenue: OTHER CAPITAL CREDITS

    total $112,487 · related or exempt $112,487

  • 2e · Program service revenue: POLE RENTAL

    total $66,192 · excluded $66,192

  • 3 · Investment income

    total $143,974 · excluded $143,974

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $2,174,565

  • 5 · Compensation of officers, directors and key employees

    total $404,818

  • 20 · Interest

    total $1,746,336

  • 22 · Depreciation, depletion and amortization

    total $3,220,735

  • 24a · Other expenses: PURCHASED POWER

    total $19,448,256

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

    total $1,861,323

  • 24c · Other expenses: DISTRIBUTION OPERATIONS

    total $1,589,197

  • 24d · Other expenses: CONSUMER ACCOUNTS

    total $1,266,354

  • 24e · All other expenses

    total $1,790,311

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $2,825,722 · end of year $3,281,151

  • 4 · Accounts receivable

    beginning of year $3,994,771 · end of year $4,094,611

  • 8 · Inventories for sale or use

    beginning of year $1,493,145 · end of year $1,350,093

  • 9 · Prepaid expenses and deferred charges

    beginning of year $469,172 · end of year $695,321

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

    $118,592,792

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

    $36,658,732

  • 10c · Land, buildings and equipment, net

    beginning of year $80,302,946 · end of year $81,934,060

  • 13 · Investments: program-related

    beginning of year $8,657,445 · end of year $9,229,921

  • 15 · Other assets

    beginning of year -$148,879 · end of year -$174,633

  • 17 · Accounts payable and accrued expenses

    beginning of year $2,978,103 · end of year $4,156,306

  • 23 · Secured mortgages and notes payable

    beginning of year $45,735,364 · end of year $45,601,390

  • 25 · Other liabilities

    beginning of year $3,408,559 · end of year $4,016,193

  • 29 · Capital stock, trust principal or current funds

    beginning of year $25,580 · end of year $24,545

  • 31 · Retained earnings, endowment or other funds

    beginning of year $45,446,716 · end of year $46,612,090

Mission and programs · 2024

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.

  • TO PROVIDE SAFE AND RELIABLE ELECTRICITY TO ALL WHO DESIRE IT WITHIN THE COUNTIES WE SERVE.

    Expenses $33,501,895

As filed on the 2024 return.

Listed in Part VII

  • John W Spence

    PRESIDENT

    Total calculated
    $14,900
    From this org
    $14,900
    From related orgs
    $0
    Other
    $0
    Hours/week
    4.83

  • Robert Whitehead

    VICE PRESIDE

    Total calculated
    $11,400
    From this org
    $11,400
    From related orgs
    $0
    Other
    $0
    Hours/week
    2.14

  • T Chad Mathews

    TREASURER

    Total calculated
    $12,200
    From this org
    $12,200
    From related orgs
    $0
    Other
    $0
    Hours/week
    1.02

  • Thelma Finch-Copeland

    SECRETARY

    Total calculated
    $13,000
    From this org
    $13,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    2.37

  • Melvin Ray Albertson

    DIRECTOR

    Total calculated
    $10,800
    From this org
    $10,800
    From related orgs
    $0
    Other
    $0
    Hours/week
    1.68

  • Linda Felton Burrus

    DIRECTOR

    Total calculated
    $11,200
    From this org
    $11,200
    From related orgs
    $0
    Other
    $0
    Hours/week
    1.99

  • Allen Layton

    DIRECTOR

    Total calculated
    $12,400
    From this org
    $12,400
    From related orgs
    $0
    Other
    $0
    Hours/week
    1.11

  • Josiah A Webb III

    DIRECTOR

    Total calculated
    $10,800
    From this org
    $10,800
    From related orgs
    $0
    Other
    $0
    Hours/week
    0.7

  • Micahel J Whitehurst

    DIRECTOR

    Total calculated
    $3,800
    From this org
    $3,800
    From related orgs
    $0
    Other
    $0
    Hours/week
    1.5

  • Kevin Heath

    EXEC VP/GM

    Total calculated
    $304,318
    From this org
    $225,068
    From related orgs
    $0
    Other
    $79,250
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $205,639
    Bonus
    $500
    Other
    $18,929
    Deferred
    $67,681
    Nontaxable benefits
    $11,569
    Filer's total
    $304,318

  • Clarissa Perry

    MGR OF CORPO

    Total calculated
    $204,579
    From this org
    $147,238
    From related orgs
    $0
    Other
    $57,341
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $134,008
    Bonus
    $500
    Other
    $12,730
    Deferred
    $43,855
    Nontaxable benefits
    $13,486
    Filer's total
    $204,579

  • Bobby Upton

    CREW LEADER

    Total calculated
    $194,249
    From this org
    $141,775
    From related orgs
    $0
    Other
    $52,474
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $130,235
    Bonus
    $500
    Other
    $11,040
    Deferred
    $37,485
    Nontaxable benefits
    $14,989
    Filer's total
    $194,249

  • Paul Byrum

    CREW LEADER

    Total calculated
    $186,998
    From this org
    $139,540
    From related orgs
    $0
    Other
    $47,458
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $131,738
    Bonus
    $500
    Other
    $7,302
    Deferred
    $35,889
    Nontaxable benefits
    $11,569
    Filer's total
    $186,998

  • Roy O'Neal

    MGR OF OPERA

    Total calculated
    $188,416
    From this org
    $134,483
    From related orgs
    $0
    Other
    $53,933
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $125,659
    Bonus
    $500
    Other
    $8,324
    Deferred
    $41,178
    Nontaxable benefits
    $12,755
    Filer's total
    $188,416

  • Christopher White

    LINEMAN 1ST

    Total calculated
    $175,361
    From this org
    $130,955
    From related orgs
    $0
    Other
    $44,406
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $121,001
    Bonus
    $500
    Other
    $9,454
    Deferred
    $31,585
    Nontaxable benefits
    $12,821
    Filer's total
    $175,361

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.

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.

Provenance

Return type
form_990
Tax year
2024
Filed
27 February 2025
IRS schema version
2024v5.0
Source object
202500629349301725

Check it against the return as filed: the GivingTuesday Data Lake hosts a public copy of the original XML.

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