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Nonprofiteer
← RAYLE ELECTRIC MEMBERSHIP CORP

Form 990 for tax year 2023

Filed by RAYLE ELECTRIC MEMBERSHIP CORP.

Totals

Total revenue
$39,259,738
Total expenses
$39,259,738
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$39,231,504
Investment income
$28,234
Other revenue
$0
Total assets, end of year
$110,654,525
Total liabilities, end of year
$65,356,803
Net assets or fund balances, end of year
$45,297,722
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 $37,666,130 · related or exempt $37,666,130

  • 2b · Program service revenue: OTHER CAPITAL CREDITS

    total $743,523 · related or exempt $743,523

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

    total $714,873 · related or exempt $714,873

  • 2d · Program service revenue: POLE RENTAL

    total $106,978 · excluded $106,978

  • 3 · Investment income

    total $28,234 · excluded $28,234

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $2,504,441

  • 5 · Compensation of officers, directors and key employees

    total $374,502

  • 13 · Office expenses

    total $280,764

  • 20 · Interest

    total $1,830,569

  • 22 · Depreciation, depletion and amortization

    total $3,376,742

  • 24a · Other expenses: PURCHASED POWER

    total $21,245,035

  • 24b · Other expenses: DISTRIBUTION MAINTENANCE

    total $5,107,556

  • 24c · Other expenses: DISTRIBUTION OPERATIONS

    total $1,922,852

  • 24d · Other expenses: CONSUMER ACCOUNTS

    total $1,573,827

  • 24e · All other expenses

    total $1,043,450

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $520,938 · end of year $972,688

  • 2 · Savings and temporary cash investments

    beginning of year $557,132 · end of year $130,264

  • 4 · Accounts receivable

    beginning of year $5,468,267 · end of year $4,734,398

  • 8 · Inventories for sale or use

    beginning of year $2,155,502 · end of year $2,456,947

  • 9 · Prepaid expenses and deferred charges

    beginning of year $21,069 · end of year $18,536

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

    $125,350,984

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

    $40,957,263

  • 10c · Land, buildings and equipment, net

    beginning of year $80,090,985 · end of year $84,393,721

  • 13 · Investments: program-related

    beginning of year $16,690,463 · end of year $17,942,134

  • 15 · Other assets

    beginning of year $451,159 · end of year $5,837

  • 17 · Accounts payable and accrued expenses

    beginning of year $4,902,838 · end of year $4,116,896

  • 23 · Secured mortgages and notes payable

    beginning of year $53,087,763 · end of year $55,761,399

  • 25 · Other liabilities

    beginning of year $4,604,715 · end of year $5,478,508

  • 29 · Capital stock, trust principal or current funds

    beginning of year $75,095 · end of year $76,465

  • 31 · Retained earnings, endowment or other funds

    beginning of year $43,285,104 · end of year $45,221,257

Mission and programs · 2023

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 2023 return.

Listed in Part VII

  • Fred McWhorter

    PRESIDENT

    Total calculated
    $9,400
    From this org
    $9,400
    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
    $14,664
    From this org
    $14,664
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • Kyle Brown

    DIRECTOR

    Total calculated
    $7,400
    From this org
    $7,400
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Jackson Copelan

    DIRECTOR

    Total calculated
    $14,264
    From this org
    $14,264
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • James A Mathews

    DIRECTOR

    Total calculated
    $14,264
    From this org
    $14,264
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Iris Walker

    DIRECTOR

    Total calculated
    $4,450
    From this org
    $4,450
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Herbert L Powell

    DIRECTOR

    Total calculated
    $7,400
    From this org
    $7,400
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Horace W Williams

    DIRECTOR

    Total calculated
    $22,304
    From this org
    $22,304
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Tony Griffin

    GENERAL MANA

    Total calculated
    $273,156
    From this org
    $197,312
    From related orgs
    $0
    Other
    $75,844
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $174,737
    Bonus
    $8,046
    Other
    $14,529
    Deferred
    $49,508
    Nontaxable benefits
    $26,336
    Filer's total
    $273,156

  • James Bennett

    MANAGER -ENG

    Total calculated
    $198,387
    From this org
    $135,659
    From related orgs
    $0
    Other
    $62,728
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $124,948
    Bonus
    $5,667
    Other
    $5,044
    Deferred
    $36,986
    Nontaxable benefits
    $25,742
    Filer's total
    $198,387

  • Karen Chafin

    MANAGER -ADM

    Total calculated
    $184,789
    From this org
    $123,809
    From related orgs
    $0
    Other
    $60,980
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $112,779
    Bonus
    $5,497
    Other
    $5,533
    Deferred
    $35,315
    Nontaxable benefits
    $25,665
    Filer's total
    $184,789

  • Kenneth Arnold

    DISTRICT FOR

    Total calculated
    $177,839
    From this org
    $126,564
    From related orgs
    $0
    Other
    $51,275
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $116,201
    Bonus
    $4,197
    Other
    $6,166
    Deferred
    $26,304
    Nontaxable benefits
    $24,971
    Filer's total
    $177,839

  • Michael Dawson

    MANAGER-OPER

    Total calculated
    $176,780
    From this org
    $122,102
    From related orgs
    $0
    Other
    $54,678
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $109,847
    Bonus
    $4,694
    Other
    $7,561
    Deferred
    $29,552
    Nontaxable benefits
    $25,126
    Filer's total
    $176,780

  • Joseph Edwards

    DISTRICT FOR

    Total calculated
    $171,151
    From this org
    $119,199
    From related orgs
    $0
    Other
    $51,952
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $111,640
    Bonus
    $4,092
    Other
    $3,467
    Deferred
    $26,713
    Nontaxable benefits
    $25,239
    Filer's total
    $171,151

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
2023
Filed
28 August 2024
IRS schema version
2023v5.0
Source object
202412549349300326

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