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Nonprofiteer
← RANDOLPH ELECTRIC MEMBERSHIP CORP

Form 990 for tax year 2022

Filed by RANDOLPH ELECTRIC MEMBERSHIP CORP.

Totals

Total revenue
$73,459,257
Total expenses
$73,459,257
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$73,357,774
Investment income
$81,167
Other revenue
$20,316
Total assets, end of year
$191,252,584
Total liabilities, end of year
$129,116,654
Net assets or fund balances, end of year
$62,135,930
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: ELECTRICITY SALES

    total $70,544,567 · related or exempt $70,544,567

  • 2b · Program service revenue: CAPITAL CREDITS

    total $1,698,586 · related or exempt $1,698,586

  • 2c · Program service revenue: OTHER ELECTRIC SERVICES

    total $877,161 · related or exempt $877,161

  • 2d · Program service revenue: POLE RENTAL

    total $237,460 · excluded $237,460

  • 3 · Investment income

    total $81,167 · excluded $81,167

  • 11a · Other revenue: OTHER NONOPERATING REVENUE

    total $20,316 · related or exempt $20,316

  • 11e · Other revenue, total

    $20,316

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $4,596,526

  • 5 · Compensation of officers, directors and key employees

    total $487,789

  • 20 · Interest

    total $3,048,916

  • 22 · Depreciation, depletion and amortization

    total $6,579,215

  • 24a · Other expenses: PURCHASED POWER

    total $40,070,100

  • 24b · Other expenses: DISTRIBUTION MAINTENANCE

    total $8,489,110

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

    total $4,519,461

  • 24d · Other expenses: DISTRIBUTION OPERATIONS

    total $2,997,818

  • 24e · All other expenses

    total $2,670,322

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $126,793 · end of year $1,528,610

  • 2 · Savings and temporary cash investments

    beginning of year $8,741,888 · end of year $5,235,164

  • 4 · Accounts receivable

    beginning of year $10,113,601 · end of year $10,848,591

  • 8 · Inventories for sale or use

    beginning of year $2,337,906 · end of year $2,976,294

  • 9 · Prepaid expenses and deferred charges

    beginning of year $234,617 · end of year $2,192,066

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

    $224,461,317

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

    $76,313,852

  • 10c · Land, buildings and equipment, net

    beginning of year $144,648,195 · end of year $148,147,465

  • 13 · Investments: program-related

    beginning of year $17,023,106 · end of year $18,513,039

  • 15 · Other assets

    beginning of year $1,679,297 · end of year $1,811,355

  • 17 · Accounts payable and accrued expenses

    beginning of year $14,081,986 · end of year $15,842,405

  • 23 · Secured mortgages and notes payable

    beginning of year $99,472,397 · end of year $105,854,408

  • 25 · Other liabilities

    beginning of year $10,946,397 · end of year $7,419,841

  • 31 · Retained earnings, endowment or other funds

    beginning of year $60,404,623 · end of year $62,135,930

Mission and programs · 2022

Mission

RANDOLPH ELECTRIC MEMBERSHIP CORPORATION IS DEDICATED TO THE DELIVERY OF ENERGY AND SUPERIOR SERVICES IN RESPONSE TO THE NEEDS OF OUR MEMBERS AND COMMUNITIES.

Activities or mission (Part I)

TO MAKE ELECTRIC ENERGY AVAILABLE TO ITS MEMBERS AT THE LOWEST COST CONSISTENT WITH SOUND ECONOMY AND GOOD MANAGEMENT.

  • RANDOLPH ELECTRIC MEMBERSHIP CORPORATION IS DEDICATED TO THE DELIVERY OF ENERGY AND SUPERIOR SERVICES IN RESPONSE TO THE NEEDS OF ITS MEMBERS AND COMMUNITIES.

As filed on the 2022 return.

Listed in Part VII

  • Dale Lambert

    CEO

    Total calculated
    $337,042
    From this org
    $320,856
    From related orgs
    $0
    Other
    $16,186
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $301,481
    Bonus
    $11,218
    Other
    $8,157
    Deferred
    not reported
    Nontaxable benefits
    $16,186
    Filer's total
    $337,042

  • Dennis Mabe

    VP ENGINEERI

    Total calculated
    $257,774
    From this org
    $194,137
    From related orgs
    $0
    Other
    $63,637
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $190,859
    Bonus
    $1,773
    Other
    $1,505
    Deferred
    $52,572
    Nontaxable benefits
    $11,065
    Filer's total
    $257,774

  • Adam Hargett

    VP FINANCE

    Total calculated
    $247,086
    From this org
    $181,471
    From related orgs
    $0
    Other
    $65,615
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $179,220
    Bonus
    $1,668
    Other
    $583
    Deferred
    $52,066
    Nontaxable benefits
    $13,549
    Filer's total
    $247,086

  • Jay Albright

    DISTRICT VP

    Total calculated
    $230,737
    From this org
    $173,908
    From related orgs
    $0
    Other
    $56,829
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $170,593
    Bonus
    $1,797
    Other
    $1,518
    Deferred
    $45,926
    Nontaxable benefits
    $10,903
    Filer's total
    $230,737

  • Fred Smith

    VP BUS. DEVL

    Total calculated
    $176,418
    From this org
    $165,392
    From related orgs
    $0
    Other
    $11,026
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $161,612
    Bonus
    $1,832
    Other
    $1,948
    Deferred
    not reported
    Nontaxable benefits
    $11,026
    Filer's total
    $176,418

  • James Cole

    JOURNEYMAN/F

    Total calculated
    $175,885
    From this org
    $137,928
    From related orgs
    $0
    Other
    $37,957
    Hours/week
    49.2

    Schedule J breakdown matched by us

    Base
    $135,737
    Bonus
    $1,397
    Other
    $794
    Deferred
    $27,392
    Nontaxable benefits
    $10,565
    Filer's total
    $175,885

  • Jerry Bowman

    PRESIDENT

    Total calculated
    $20,603
    From this org
    $17,003
    From related orgs
    $0
    Other
    $3,600
    Hours/week
    5.21

  • Tammie Phillips

    VICE PRESIDE

    Total calculated
    $19,306
    From this org
    $19,306
    From related orgs
    $0
    Other
    $0
    Hours/week
    9.2

  • Lee Isley

    ASST. SEC./T

    Total calculated
    $18,456
    From this org
    $18,456
    From related orgs
    $0
    Other
    $0
    Hours/week
    5.18

  • Jeff Sugg

    DIRECTOR

    Total calculated
    $17,756
    From this org
    $17,756
    From related orgs
    $0
    Other
    $0
    Hours/week
    4.14

  • Scott Cole

    DIRECTOR

    Total calculated
    $17,406
    From this org
    $17,406
    From related orgs
    $0
    Other
    $0
    Hours/week
    6.94

  • Steve Harris

    DIRECTOR

    Total calculated
    $14,406
    From this org
    $23
    From related orgs
    $0
    Other
    $14,383
    Hours/week
    3.3

  • William Maness

    SECRETARY/TR

    Total calculated
    $14,406
    From this org
    $23
    From related orgs
    $0
    Other
    $14,383
    Hours/week
    3.2

  • Larry Routh

    DIRECTOR

    Total calculated
    $14,354
    From this org
    $14,354
    From related orgs
    $0
    Other
    $0
    Hours/week
    4.41

  • Delbert Cranford

    DIRECTOR

    Total calculated
    $14,054
    From this org
    $2,221
    From related orgs
    $0
    Other
    $11,833
    Hours/week
    2.92

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 · Independent compensation consultant
  • 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
24 April 2023
IRS schema version
2022v5.0
Source object
202301189349300125

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