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Nonprofiteer
← RAYLE ELECTRIC MEMBERSHIP CORP

Form 990 for tax year 2022

Filed by RAYLE ELECTRIC MEMBERSHIP CORP.

Totals

Total revenue
$42,378,192
Total expenses
$42,378,192
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$42,350,310
Investment income
$27,882
Other revenue
$0
Total assets, end of year
$105,955,515
Total liabilities, end of year
$62,595,316
Net assets or fund balances, end of year
$43,360,199
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 $41,077,437 · related or exempt $41,077,437

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

    total $655,303 · related or exempt $655,303

  • 2c · Program service revenue: OTHER CAPITAL CREDITS

    total $420,477 · related or exempt $420,477

  • 2d · Program service revenue: POLE RENTAL

    total $197,093 · excluded $197,093

  • 3 · Investment income

    total $27,882 · excluded $27,882

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $2,865,412

  • 5 · Compensation of officers, directors and key employees

    total $355,341

  • 9 · Other employee benefits

    total -$18,013

  • 13 · Office expenses

    total $276,734

  • 20 · Interest

    total $1,611,017

  • 22 · Depreciation, depletion and amortization

    total $3,080,493

  • 24a · Other expenses: PURCHASED POWER

    total $25,739,065

  • 24b · Other expenses: DISTRIBUTION MAINTENANCE

    total $4,059,447

  • 24c · Other expenses: DISTRIBUTION OPERATIONS

    total $1,842,384

  • 24d · Other expenses: CONSUMER ACCOUNTS

    total $1,529,010

  • 24e · All other expenses

    total $1,037,302

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $474,378 · end of year $1,078,070

  • 4 · Accounts receivable

    beginning of year $3,959,079 · end of year $5,468,267

  • 8 · Inventories for sale or use

    beginning of year $1,476,136 · end of year $2,155,502

  • 9 · Prepaid expenses and deferred charges

    beginning of year $57,375 · end of year $21,069

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

    $118,904,779

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

    $38,813,794

  • 10c · Land, buildings and equipment, net

    beginning of year $76,345,906 · end of year $80,090,985

  • 13 · Investments: program-related

    beginning of year $15,763,285 · end of year $16,690,463

  • 15 · Other assets

    beginning of year $5,893 · end of year $451,159

  • 17 · Accounts payable and accrued expenses

    beginning of year $3,532,668 · end of year $4,902,838

  • 23 · Secured mortgages and notes payable

    beginning of year $48,927,122 · end of year $53,087,763

  • 25 · Other liabilities

    beginning of year $5,731,993 · end of year $4,604,715

  • 29 · Capital stock, trust principal or current funds

    beginning of year $74,415 · end of year $75,095

  • 31 · Retained earnings, endowment or other funds

    beginning of year $39,815,854 · end of year $43,285,104

Mission and programs · 2022

Mission

TO PROVIDE THE BEST POSSIBLE ELECTRIC SERVICE TO ALL WHO DESIRE IT WITHIN THE SYSTEM AREA AT A REASONABLE COST CONSISTENT WITH THE HIGHEST STANDARDS OF SERVICE.

  • N/A

As filed on the 2022 return.

Listed in Part VII

  • Fred McWhorter

    PRESIDENT

    Total calculated
    $8,800
    From this org
    $8,800
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Linton Scott

    VICE PRESIDE

    Total calculated
    $7,200
    From this org
    $7,200
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • William R Dingler Sr

    SEC-TREAS

    Total calculated
    $14,157
    From this org
    $14,157
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • Kyle Brown

    DIRECTOR

    Total calculated
    $8,000
    From this org
    $8,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Jackson Copelan

    DIRECTOR

    Total calculated
    $16,053
    From this org
    $16,053
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • James A Mathews

    DIRECTOR

    Total calculated
    $14,357
    From this org
    $14,357
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Maurice Mathews

    DIRECTOR

    Total calculated
    $6,600
    From this org
    $6,600
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Herbert L Powell

    DIRECTOR

    Total calculated
    $7,000
    From this org
    $7,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Horace W Williams

    DIRECTOR

    Total calculated
    $22,089
    From this org
    $22,089
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Tony Griffin

    GENERAL MANA

    Total calculated
    $251,084
    From this org
    $181,475
    From related orgs
    $0
    Other
    $69,609
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $162,323
    Bonus
    $7,591
    Other
    $11,561
    Deferred
    $44,649
    Nontaxable benefits
    $24,960
    Filer's total
    $251,084

  • James Bennett

    MANAGER -ENG

    Total calculated
    $183,627
    From this org
    $125,676
    From related orgs
    $0
    Other
    $57,951
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $116,137
    Bonus
    $5,502
    Other
    $4,037
    Deferred
    $33,530
    Nontaxable benefits
    $24,421
    Filer's total
    $183,627

  • Karen Chafin

    MANAGER -ADM

    Total calculated
    $172,237
    From this org
    $116,750
    From related orgs
    $0
    Other
    $55,487
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $105,675
    Bonus
    $5,228
    Other
    $5,847
    Deferred
    $31,178
    Nontaxable benefits
    $24,309
    Filer's total
    $172,237

  • Kenneth Arnold

    DISTRICT FOR

    Total calculated
    $155,060
    From this org
    $108,245
    From related orgs
    $0
    Other
    $46,815
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $100,513
    Bonus
    $3,849
    Other
    $3,883
    Deferred
    $23,151
    Nontaxable benefits
    $23,664
    Filer's total
    $155,060

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 · 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
8 November 2023
IRS schema version
2022v5.0
Source object
202323139349300617

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