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Nonprofiteer
← COASTAL ELECTRIC MEMBERSHIP CORP

Form 990 for tax year 2024

Filed by COASTAL ELECTRIC MEMBERSHIP CORP.

Totals

Total revenue
$71,541,924
Total expenses
$71,541,924
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$71,444,782
Investment income
$86,929
Other revenue
$10,213
Total assets, end of year
$181,691,685
Total liabilities, end of year
$113,028,733
Net assets or fund balances, end of year
$68,662,952
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 $69,144,779 · related or exempt $69,144,779

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

    total $1,003,939 · related or exempt $1,003,939

  • 2c · Program service revenue: OTHER CAPITAL CREDITS

    total $669,251 · related or exempt $669,251

  • 2d · Program service revenue: POLE RENTAL

    total $626,813 · excluded $626,813

  • 3 · Investment income

    total $86,929 · excluded $86,929

  • 11a · Other revenue: TOWER RENTAL INCOME

    total $6,042 · related or exempt $6,042

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

    total $4,171 · related or exempt $4,171

  • 11e · Other revenue, total

    $10,213

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $3,820,555

  • 5 · Compensation of officers, directors and key employees

    total $684,308

  • 20 · Interest

    total $3,352,757

  • 22 · Depreciation, depletion and amortization

    total $5,658,301

  • 24a · Other expenses: PURCHASED POWER

    total $45,571,741

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

    total $3,351,877

  • 24c · Other expenses: DISTRIBUTION OPERATIONS

    total $3,194,074

  • 24d · Other expenses: DISTRIBUTION MAINTENANCE

    total $2,963,180

  • 24e · All other expenses

    total $2,945,131

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $2,040,967 · end of year $2,704,616

  • 4 · Accounts receivable

    beginning of year $5,702,468 · end of year $5,871,576

  • 8 · Inventories for sale or use

    beginning of year $6,940,306 · end of year $7,265,675

  • 9 · Prepaid expenses and deferred charges

    beginning of year $671,823 · end of year $395,468

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

    $186,466,143

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

    $42,633,933

  • 10c · Land, buildings and equipment, net

    beginning of year $129,109,193 · end of year $143,832,210

  • 13 · Investments: program-related

    beginning of year $18,363,209 · end of year $20,029,908

  • 15 · Other assets

    beginning of year -$1,715 · end of year $1,592,232

  • 17 · Accounts payable and accrued expenses

    beginning of year $8,963,435 · end of year $11,001,369

  • 23 · Secured mortgages and notes payable

    beginning of year $84,629,790 · end of year $100,088,409

  • 25 · Other liabilities

    beginning of year $5,914,215 · end of year $1,938,955

  • 29 · Capital stock, trust principal or current funds

    beginning of year $98,310 · end of year $101,275

  • 31 · Retained earnings, endowment or other funds

    beginning of year $63,220,501 · end of year $68,561,677

Mission and programs · 2024

Mission

TO MEET OR EXCEED MEMBER-OWNER'S EXPECTATIONS BY BEING AN OUTSTANDING PROVIDER OF ENERGY SERVICES.

  • N/A

As filed on the 2024 return.

Listed in Part VII

  • John T Woods III

    PRESIDENT

    Total calculated
    $30,214
    From this org
    $30,214
    From related orgs
    $0
    Other
    $0
    Hours/week
    9

  • Reagan Odom

    VICE-PRESIDE

    Total calculated
    $31,561
    From this org
    $31,561
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Laura McGee

    SECRETARY-TR

    Total calculated
    $16,832
    From this org
    $16,832
    From related orgs
    $0
    Other
    $0
    Hours/week
    7

  • Kyle Christiansen

    DIRECTOR

    Total calculated
    $11,032
    From this org
    $11,032
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Holly Fields

    DIRECTOR

    Total calculated
    $12,961
    From this org
    $12,961
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Charles Gaskin

    DIRECTOR

    Total calculated
    $13,232
    From this org
    $13,232
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Joe Gill

    DIRECTOR

    Total calculated
    $12,232
    From this org
    $12,232
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • John B Kearns

    DIRECTOR

    Total calculated
    $34,345
    From this org
    $34,345
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Ken P Luke

    DIRECTOR

    Total calculated
    $9,032
    From this org
    $9,032
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Christopher W Fettes

    EXECUTIVE VP

    Total calculated
    $512,868
    From this org
    $371,136
    From related orgs
    $0
    Other
    $141,732
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $331,345
    Bonus
    $4,350
    Other
    $35,441
    Deferred
    $132,672
    Nontaxable benefits
    $9,060
    Filer's total
    $512,868

  • Emily Cannon

    VP CORPORATE

    Total calculated
    $307,981
    From this org
    $220,857
    From related orgs
    $0
    Other
    $87,124
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $209,261
    Bonus
    $5,311
    Other
    $6,285
    Deferred
    $83,306
    Nontaxable benefits
    $3,818
    Filer's total
    $307,981

  • John M Bolton

    VP COMM & MA

    Total calculated
    $300,614
    From this org
    $223,478
    From related orgs
    $0
    Other
    $77,136
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $190,382
    Bonus
    $2,704
    Other
    $30,392
    Deferred
    $68,034
    Nontaxable benefits
    $9,102
    Filer's total
    $300,614

  • Brian Hayes

    VP ENGINEER

    Total calculated
    $278,147
    From this org
    $208,213
    From related orgs
    $0
    Other
    $69,934
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $185,030
    Bonus
    $3,355
    Other
    $19,828
    Deferred
    $63,671
    Nontaxable benefits
    $6,263
    Filer's total
    $278,147

  • James Horton Jr

    MANAGER, OPE

    Total calculated
    $227,480
    From this org
    $166,781
    From related orgs
    $0
    Other
    $60,699
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $146,884
    Bonus
    $3,002
    Other
    $16,895
    Deferred
    $51,033
    Nontaxable benefits
    $9,666
    Filer's total
    $227,480

  • Daphanie Harris

    MANAGER, HR

    Total calculated
    $211,837
    From this org
    $159,595
    From related orgs
    $0
    Other
    $52,242
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $155,595
    Bonus
    $2,428
    Other
    $1,572
    Deferred
    $51,135
    Nontaxable benefits
    $1,107
    Filer's total
    $211,837

  • Frank Hollowell Jr

    CEO RETIRED

    Total calculated
    $118,736
    From this org
    $118,736
    From related orgs
    $0
    Other
    $0

    Schedule J breakdown matched by us

    Base
    not reported
    Bonus
    not reported
    Other
    $118,736
    Deferred
    not reported
    Nontaxable benefits
    not reported
    Filer's total
    $118,736

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 · Independent compensation consultant
  • 3 · Form 990 of other organizations
  • 3 · Written employment contract
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee
  • 4b · Supplemental nonqualified retirement plan

Answered no

  • 4a · Severance or change-of-control payment
  • 4c · Equity-based compensation arrangement

The filer's explanations (Part III)

SCHEDULE J, PAGE 1, PART I, LINE 4
FRANK HOLLOWELL, JR. 0 118,736 0
SCHEDULE J, PART III
FRANK HOLLOWELL, JR. COMPENSATION IS DUE TO DISTRIBTUIONS FROM HIS IRC 457 (B) PLAN. THESE DISTRIBUTIONS WILL CONTINUE BASED ON HIS PAYOUT SCHEDULE PROVIDED BY THE PARTICIPANT. THE DISTRIBUTIONS WERE FUNDED SOLEY FROM EMPLOYEE DEFERRALS OF COMPENSATION UNDER IRC 457 (B).

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.

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

  • COASTAL FIBER INC

    C CORP · BROADBAND · GA · share of income $1,065,207 · share of assets $546,955 · controlled entity

    Directly controlled by COAST EMC

Provenance

Return type
form_990
Tax year
2024
Filed
29 April 2025
IRS schema version
2024v5.0
Source object
202511209349300531

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