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Nonprofiteer
← SURRY-YADKIN ELECTRIC MEMBERSHIP CORPORATION

Form 990 for tax year 2023

Filed by SURRY-YADKIN ELECTRIC MEMBERSHIP CORPORATION.

Totals

Total revenue
$58,434,052
Total expenses
$58,434,052
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$57,854,290
Investment income
$571,944
Other revenue
$7,818
Total assets, end of year
$170,779,132
Total liabilities, end of year
$103,036,244
Net assets or fund balances, end of year
$67,742,888
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 $56,455,806 · related or exempt $56,455,806

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

    total $898,276 · related or exempt $898,276

  • 2c · Program service revenue: OTHER CAPITAL CREDITS

    total $302,865 · related or exempt $302,865

  • 2d · Program service revenue: POLE RENTAL

    total $197,343 · excluded $197,343

  • 3 · Investment income

    total $571,944 · related or exempt $78,551 · excluded $493,393

  • 11a · Other revenue: GAIN ON DISPOSITION OF PROPER

    total $53,835 · related or exempt $53,835

  • 11b · Other revenue: OTHER INCOME - MISCELLANEOUS

    total $33,759 · related or exempt $33,759

  • 11c · Other revenue: REVENUE NON-UTILITY - GENERAT

    total $2,500 · related or exempt $2,500

  • 11d · All other revenue

    total -$82,276 · related or exempt -$82,276

  • 11e · Other revenue, total

    $7,818

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $1,777,118

  • 5 · Compensation of officers, directors and key employees

    total $634,194

  • 20 · Interest

    total $2,394,619

  • 22 · Depreciation, depletion and amortization

    total $4,949,825

  • 24a · Other expenses: PURCHASE POWER

    total $30,095,497

  • 24b · Other expenses: DISTRIBUTION MAINTENANCE

    total $6,167,993

  • 24c · Other expenses: DISTRIBUTION OPERATIONS

    total $4,758,635

  • 24d · Other expenses: ADMIN & GENERAL

    total $4,286,616

  • 24e · All other expenses

    total $3,369,555

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $9,075,514 · end of year $4,048,640

  • 2 · Savings and temporary cash investments

    beginning of year $108,364 · end of year $2,301,232

  • 4 · Accounts receivable

    beginning of year $9,707,740 · end of year $9,303,941

  • 7 · Other notes and loans receivable

    beginning of year $749,833 · end of year $627,833

  • 8 · Inventories for sale or use

    beginning of year $930,290 · end of year $1,331,396

  • 9 · Prepaid expenses and deferred charges

    beginning of year $880,250 · end of year $479,575

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

    $182,851,024

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

    $45,293,141

  • 10c · Land, buildings and equipment, net

    beginning of year $129,072,228 · end of year $137,557,883

  • 13 · Investments: program-related

    beginning of year $14,693,802 · end of year $15,128,632

  • 17 · Accounts payable and accrued expenses

    beginning of year $5,097,680 · end of year $5,212,548

  • 23 · Secured mortgages and notes payable

    beginning of year $80,464,763 · end of year $86,111,792

  • 25 · Other liabilities

    beginning of year $16,449,846 · end of year $11,711,904

  • 31 · Retained earnings, endowment or other funds

    beginning of year $63,205,732 · end of year $67,742,888

Mission and programs · 2023

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 2023 return.

Listed in Part VII

  • William Gregory Puckett

    EXECUTIVE VP

    Total calculated
    $451,824
    From this org
    $325,660
    From related orgs
    $0
    Other
    $126,164
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $300,534
    Bonus
    $12,270
    Other
    $12,856
    Deferred
    $93,684
    Nontaxable benefits
    $32,480
    Filer's total
    $451,824

  • Misty Utt

    VP OF FINANC

    Total calculated
    $246,298
    From this org
    $169,666
    From related orgs
    $0
    Other
    $76,632
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $157,543
    Bonus
    $6,680
    Other
    $5,443
    Deferred
    $49,073
    Nontaxable benefits
    $27,559
    Filer's total
    $246,298

  • Ricky Bowman

    VP OF OPERAT

    Total calculated
    $239,604
    From this org
    $164,704
    From related orgs
    $0
    Other
    $74,900
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $153,183
    Bonus
    $6,480
    Other
    $5,041
    Deferred
    $47,459
    Nontaxable benefits
    $27,441
    Filer's total
    $239,604

  • Richard Bryon Kennedy

    VP OF MBR SR

    Total calculated
    $210,786
    From this org
    $153,345
    From related orgs
    $0
    Other
    $57,441
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $144,688
    Bonus
    $6,120
    Other
    $2,537
    Deferred
    $44,233
    Nontaxable benefits
    $13,208
    Filer's total
    $210,786

  • Micah Mills

    MANAGER OF O

    Total calculated
    $204,484
    From this org
    $139,730
    From related orgs
    $0
    Other
    $64,754
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $124,921
    Bonus
    $5,267
    Other
    $9,542
    Deferred
    $38,001
    Nontaxable benefits
    $26,753
    Filer's total
    $204,484

  • Jody Norman

    JOURNEY LINE

    Total calculated
    $182,251
    From this org
    $139,355
    From related orgs
    $0
    Other
    $42,896
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $136,311
    Bonus
    $2,387
    Other
    $657
    Deferred
    $20,694
    Nontaxable benefits
    $22,202
    Filer's total
    $182,251

  • Karoline Overby

    PRESIDENT

    Total calculated
    $23,550
    From this org
    $23,550
    From related orgs
    $0
    Other
    $0
    Hours/week
    6

  • Stephen Hutson

    DIRECTOR

    Total calculated
    $19,590
    From this org
    $19,590
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • David Pendry

    DIRECTOR

    Total calculated
    $18,930
    From this org
    $18,930
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • Stephen Joyce

    DIRECTOR

    Total calculated
    $18,600
    From this org
    $18,600
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • Lee Von Speaks

    DIRECTOR

    Total calculated
    $18,600
    From this org
    $18,600
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • Eddie Campbell

    VICE PRESIDE

    Total calculated
    $17,280
    From this org
    $17,280
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • David Miller

    TREASURER

    Total calculated
    $17,280
    From this org
    $17,280
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Brenda Hardy

    SECRETARY

    Total calculated
    $16,620
    From this org
    $16,620
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Alvin Reid Jr

    DIRECTOR

    Total calculated
    $15,960
    From this org
    $15,960
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Willard Swift

    DIRECTOR

    Total calculated
    $15,960
    From this org
    $15,960
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

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
2023
Filed
29 February 2024
IRS schema version
2023v5.0
Source object
202440869349300709

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