Form 990 for tax year 2023
Filed by FRENCH BROAD ELECTRIC MEMBERSHIP CORPORATION.
Totals
- Total revenue
- $85,151,420
- Total expenses
- $83,947,044
- Contributions and grants received
- $2,720,979
- Grants paid
- $0
- Program service revenue
- $80,530,051
- Investment income
- $343,106
- Other revenue
- $1,557,284
- Total assets, end of year
- $167,501,334
- Total liabilities, end of year
- $112,669,546
- Net assets or fund balances, end of year
- $54,831,788
- 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.
-
1e · Government grants (contributions)
$2,720,979
-
2a · Program service revenue: SALE OF ELECTRICITY
total $79,501,555 · related or exempt $79,501,555
-
2b · Program service revenue: CIAC
total $942,935 · related or exempt $942,935
-
2c · Program service revenue: PATRONAGE ALLOCATIONS
total $85,561 · related or exempt $85,561
-
3 · Investment income
total $329,481 · excluded $329,481
-
6a · Gross rents
real property $2,535 · personal property $1,556,087
-
6b · Less rental expenses
real property $1,762
-
6c · Rental income or loss
real property $773 · personal property $1,556,087
-
6d · Net rental income or loss
total $1,556,860 · unrelated business $773 · excluded $1,556,087
-
7a · Gross sales of assets other than inventory
other assets $13,625
-
7c · Gain or loss
other assets $13,625
-
7d · Net gain or loss
total $13,625 · excluded $13,625
-
11a · Other revenue: MISCELLANEOUS INCOME
total $424 · related or exempt $424
-
11e · Other revenue, total
$424
Functional expenses
Part IX, the statement of functional expenses.
-
4 · Benefits paid to or for members
total $3,816,189
-
5 · Compensation of officers, directors and key employees
total $2,493,165
-
7 · Other salaries and wages
total $10,756,704
-
8 · Pension plan contributions
total $2,359,152
-
9 · Other employee benefits
total $437,400
-
10 · Payroll taxes
total $962,836
-
11b · Fees: legal
total $36,226
-
17 · Travel
total $1,631,778
-
19 · Conferences, conventions and meetings
total $104,560
-
20 · Interest
total $2,844,426
-
22 · Depreciation, depletion and amortization
total $10,905,823
-
24a · Other expenses: COST OF POWER
total $35,427,327
-
24b · Other expenses: DISTRIBUTION MAINTENANCE
total $12,603,546
-
24c · Other expenses: DISTRIBUTION OPERATION
total $3,038,686
-
24d · Other expenses: ADMIN AND GENERAL
total $1,428,827
-
24e · All other expenses
total -$4,899,601
Balance sheet
Part X, book values.
-
1 · Cash, non-interest-bearing
beginning of year $4,966,872 · end of year $6,047,871
-
4 · Accounts receivable
beginning of year $6,303,193 · end of year $7,874,173
-
7 · Other notes and loans receivable
beginning of year $476,600 · end of year $483,900
-
8 · Inventories for sale or use
beginning of year $4,910,901 · end of year $6,286,740
-
9 · Prepaid expenses and deferred charges
beginning of year $334,245 · end of year $352,915
-
10a · Land, buildings and equipment: cost or other basis
$270,252,235
-
10b · Land, buildings and equipment: accumulated depreciation
$127,048,965
-
10c · Land, buildings and equipment, net
beginning of year $136,052,593 · end of year $143,203,270
-
13 · Investments: program-related
beginning of year $2,554,024 · end of year $2,637,572
-
15 · Other assets
beginning of year $711,929 · end of year $614,893
-
17 · Accounts payable and accrued expenses
beginning of year $9,397,917 · end of year $9,721,471
-
23 · Secured mortgages and notes payable
beginning of year $78,906,605 · end of year $87,260,478
-
25 · Other liabilities
beginning of year $14,722,882 · end of year $15,687,597
-
31 · Retained earnings, endowment or other funds
beginning of year $53,282,953 · end of year $54,831,788
Mission and programs · 2023
Mission
SAFE AND EFFECTIVE DISTRIBUTION OF ELECTRICITY TO MEMBERS OF FRENCH BROAD EMC.
-
THE SALE AND DISTRIBUTION OF ELECTRICITY TO MEMBERS OF FRENCH BROAD EMC. THE THREE LARGEST PROGRAM SERVICES, AS MEASURED BY EXPENSES, ARE AS FOLLOWS: COST OF POWER: 35,427,327 DISTRIBUTION MAINTENANCE: 12,603,546 DEPRECIATION AND AMORTIZATION: 10,905,823
As filed on the 2023 return.
Listed in Part VII
-
Jeffery LovenJEFFERY LOVEN
GENERAL MANA
- Total calculated
- $703,070
- From this org
- $415,034
- From related orgs
- $0
- Other
- $288,036
- Hours/week
- 45
Schedule J breakdown matched by us
- Base
- $409,872
- Bonus
- $215
- Other
- $4,947
- Deferred
- $264,924
- Nontaxable benefits
- $23,112
- Filer's total
- $703,070
-
Tracy EvansTRACY EVANS
DISTRICT MAN
- Total calculated
- $394,699
- From this org
- $223,793
- From related orgs
- $0
- Other
- $170,906
- Hours/week
- 55
Schedule J breakdown matched by us
- Base
- $221,971
- Bonus
- $205
- Other
- $1,617
- Deferred
- $149,423
- Nontaxable benefits
- $21,483
- Filer's total
- $394,699
-
Gregory FowlerGREGORY FOWLER
DISTRICT MAN
- Total calculated
- $390,908
- From this org
- $230,846
- From related orgs
- $0
- Other
- $160,062
- Hours/week
- 45
Schedule J breakdown matched by us
- Base
- $226,036
- Bonus
- $205
- Other
- $4,605
- Deferred
- $138,579
- Nontaxable benefits
- $21,483
- Filer's total
- $390,908
-
Phyllis HoltPHYLLIS HOLT
OFFICE MANAG
- Total calculated
- $386,912
- From this org
- $223,782
- From related orgs
- $0
- Other
- $163,130
- Hours/week
- 45
Schedule J breakdown matched by us
- Base
- $218,952
- Bonus
- $189
- Other
- $4,641
- Deferred
- $141,530
- Nontaxable benefits
- $21,600
- Filer's total
- $386,912
-
Donald R WebbDONALD R WEBB
ENG. & OPR.
- Total calculated
- $266,547
- From this org
- $185,292
- From related orgs
- $0
- Other
- $81,255
- Hours/week
- 45
Schedule J breakdown matched by us
- Base
- $184,520
- Bonus
- $157
- Other
- $615
- Deferred
- $60,392
- Nontaxable benefits
- $20,863
- Filer's total
- $266,547
-
Hugh R FlemingHUGH R FLEMING
OPERATIONS M
- Total calculated
- $213,840
- From this org
- $189,154
- From related orgs
- $0
- Other
- $24,686
- Hours/week
- 55
Schedule J breakdown matched by us
- Base
- $182,697
- Bonus
- $264
- Other
- $6,193
- Deferred
- $3,667
- Nontaxable benefits
- $21,019
- Filer's total
- $213,840
-
Dewey R WillsDEWEY R WILLS
SERVICE TECH
- Total calculated
- $204,815
- From this org
- $157,873
- From related orgs
- $0
- Other
- $46,942
- Hours/week
- 57
Schedule J breakdown matched by us
- Base
- $156,214
- Bonus
- $184
- Other
- $1,475
- Deferred
- $27,349
- Nontaxable benefits
- $19,593
- Filer's total
- $204,815
-
Realigh PeekREALIGH PEEK
FIBER CREW L
- Total calculated
- $192,021
- From this org
- $137,162
- From related orgs
- $0
- Other
- $54,859
- Hours/week
- 49
Schedule J breakdown matched by us
- Base
- $135,318
- Bonus
- $195
- Other
- $1,649
- Deferred
- $35,191
- Nontaxable benefits
- $19,668
- Filer's total
- $192,021
-
Kelby R CodyKELBY R CODY
IT ADMINISTR
- Total calculated
- $187,823
- From this org
- $137,852
- From related orgs
- $0
- Other
- $49,971
- Hours/week
- 50
Schedule J breakdown matched by us
- Base
- $137,021
- Bonus
- $168
- Other
- $663
- Deferred
- $29,801
- Nontaxable benefits
- $20,170
- Filer's total
- $187,823
-
William RobertsWILLIAM ROBERTS
LINE CREW LE
- Total calculated
- $175,694
- From this org
- $130,212
- From related orgs
- $0
- Other
- $45,482
- Hours/week
- 50
Schedule J breakdown matched by us
- Base
- $129,570
- Bonus
- $173
- Other
- $469
- Deferred
- $25,908
- Nontaxable benefits
- $19,574
- Filer's total
- $175,694
-
Gary T WildeGARY T WILDE
TREASURER
- Total calculated
- $40,716
- From this org
- $40,716
- From related orgs
- $0
- Other
- $0
- Hours/week
- 13
-
John L ChandlerJOHN L CHANDLER
PRESIDENT
- Total calculated
- $36,896
- From this org
- $36,896
- From related orgs
- $0
- Other
- $0
- Hours/week
- 12
-
Jill AustinJILL AUSTIN
DIRECTOR
- Total calculated
- $35,996
- From this org
- $35,996
- From related orgs
- $0
- Other
- $0
- Hours/week
- 12
-
James M RayJAMES M RAY
VICE PRESIDE
- Total calculated
- $35,996
- From this org
- $35,996
- From related orgs
- $0
- Other
- $0
- Hours/week
- 12
-
Paul BadgleyPAUL BADGLEY
DIRECTOR
- Total calculated
- $32,496
- From this org
- $32,496
- From related orgs
- $0
- Other
- $0
- Hours/week
- 10
-
Carl RamseyCARL RAMSEY
DIRECTOR
- Total calculated
- $32,262
- From this org
- $32,262
- From related orgs
- $0
- Other
- $0
- Hours/week
- 9
-
Keith A KuhneKEITH A KUHNE
DIRECTOR
- Total calculated
- $32,060
- From this org
- $32,060
- From related orgs
- $0
- Other
- $0
- Hours/week
- 10
-
Jerry GriffithJERRY GRIFFITH
DIRECTOR
- Total calculated
- $31,796
- From this org
- $31,796
- From related orgs
- $0
- Other
- $0
- Hours/week
- 9
-
Gordon RandolphGORDON RANDOLPH
SECRETARY
- Total calculated
- $20,036
- From this org
- $20,036
- From related orgs
- $0
- Other
- $0
- Hours/week
- 11
-
Chad BradleyCHAD BRADLEY
DIRECTOR
- Total calculated
- $19,123
- From this org
- $19,123
- From related orgs
- $0
- Other
- $0
- Hours/week
- 8
-
Mark SnelsonMARK SNELSON
DIRECTOR
- Total calculated
- $19,023
- From this org
- $19,023
- From related orgs
- $0
- Other
- $0
- Hours/week
- 6
-
Joseph G JusticeJOSEPH G JUSTICE
FORMER PRESI
- Total calculated
- $9,854
- From this org
- $9,854
- From related orgs
- $0
- Other
- $0
- Hours/week
- 1
-
Charles R TolleyCHARLES R TOLLEY
FORMER DIREC
- Total calculated
- $4,775
- From this org
- $4,775
- From related orgs
- $0
- Other
- $0
- Hours/week
- 1
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 · Compensation committee
- 3 · Form 990 of other organizations
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
- 2023
- Filed
- 25 September 2024
- IRS schema version
- 2023v5.0
- Source object
- 202442819349300024
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