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Nonprofiteer
← CARROLL ELECTRIC MEMBERSHIP CORP

Form 990 for tax year 2024

Filed by CARROLL ELECTRIC MEMBERSHIP CORP.

Totals

Total revenue
$148,841,545
Total expenses
$148,841,545
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$146,864,554
Investment income
$1,294,823
Other revenue
$682,168
Total assets, end of year
$356,044,291
Total liabilities, end of year
$192,519,204
Net assets or fund balances, end of year
$163,525,087
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 $143,195,596 · related or exempt $143,195,596

  • 2b · Program service revenue: POLE RENTAL

    total $2,658,718 · excluded $2,658,718

  • 2c · Program service revenue: OTHER CAPITAL CREDITS

    total $1,010,240 · related or exempt $1,010,240

  • 3 · Investment income

    total $1,294,823 · related or exempt $20,986 · excluded $1,273,837

  • 11a · Other revenue: GAIN/LOSS ON PLAN ASSETS

    total $448,991 · related or exempt $448,991

  • 11b · Other revenue: REVENUE - BROADBAND PH 1

    total $207,196 · related or exempt $207,196

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

    total $23,586 · excluded $23,586

  • 11d · All other revenue

    total $2,395 · related or exempt $2,395

  • 11e · Other revenue, total

    $682,168

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $17,302,399

  • 5 · Compensation of officers, directors and key employees

    total $1,259,488

  • 13 · Office expenses

    total $1,426,070

  • 20 · Interest

    total $5,521,135

  • 22 · Depreciation, depletion and amortization

    total $12,317,999

  • 24a · Other expenses: PURCHASED POWER

    total $86,335,773

  • 24b · Other expenses: DISTRIBUTION MAINTENANCE

    total $8,398,620

  • 24c · Other expenses: OTHER DEDUCTIONS

    total $6,649,469

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

    total $5,974,700

  • 24e · All other expenses

    total $3,655,892

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $8,256,869 · end of year $12,780,299

  • 2 · Savings and temporary cash investments

    beginning of year $7,935,547

  • 4 · Accounts receivable

    beginning of year $9,366,411 · end of year $10,846,595

  • 7 · Other notes and loans receivable

    beginning of year $509,471 · end of year $487,307

  • 8 · Inventories for sale or use

    beginning of year $2,918,243 · end of year $3,136,940

  • 9 · Prepaid expenses and deferred charges

    beginning of year $12,055,996 · end of year $13,126,389

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

    $403,010,262

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

    $112,443,934

  • 10c · Land, buildings and equipment, net

    beginning of year $266,401,571 · end of year $290,566,328

  • 13 · Investments: program-related

    beginning of year $8,855,496 · end of year $9,430,664

  • 15 · Other assets

    beginning of year $14,653,620 · end of year $15,669,769

  • 17 · Accounts payable and accrued expenses

    beginning of year $15,791,276 · end of year $18,714,289

  • 19 · Deferred revenue

    beginning of year $2,000,000

  • 23 · Secured mortgages and notes payable

    beginning of year $157,851,921 · end of year $171,288,422

  • 25 · Other liabilities

    beginning of year $4,055,789 · end of year $2,516,493

  • 29 · Capital stock, trust principal or current funds

    beginning of year $1,824,658 · end of year $1,865,429

  • 31 · Retained earnings, endowment or other funds

    beginning of year $149,429,580 · end of year $161,659,658

Mission and programs · 2024

Mission

TO PROVIDE THE BEST POSSIBLE ELECTRIC SERVICE TO ALL WHO DESIRE IT WITHIN THE SYSTEM AREA AT THE LOWEST PRICE CONSISTENT WITH HIGH STANDARDS OF SERVICE.

Activities or mission (Part I)

SERVICE TO ALL WHO DESIRE IT WITHIN THE SYSTEM AREA AT THE LOWEST PRICE CONSISTENT WITH HIGH STANDARDS OF SERVICE.

  • N/A

As filed on the 2024 return.

Listed in Part VII

  • Eddie Gore

    CHAIRMAN

    Total calculated
    $52,284
    From this org
    $52,284
    From related orgs
    $0
    Other
    $0
    Hours/week
    15

  • Max Goldin

    DIRECTOR

    Total calculated
    $51,370
    From this org
    $51,370
    From related orgs
    $0
    Other
    $0
    Hours/week
    15

  • Ronnie Jordan

    SECRETARY-TR

    Total calculated
    $62,534
    From this org
    $62,534
    From related orgs
    $0
    Other
    $0
    Hours/week
    15

  • Emmett Harrod

    DIRECTOR

    Total calculated
    $40,084
    From this org
    $40,084
    From related orgs
    $0
    Other
    $0
    Hours/week
    20

  • Nan Philpot

    DIRECTOR

    Total calculated
    $49,184
    From this org
    $49,184
    From related orgs
    $0
    Other
    $0
    Hours/week
    15

  • Donnie Brannon

    DIRECTOR

    Total calculated
    $50,584
    From this org
    $50,584
    From related orgs
    $0
    Other
    $0
    Hours/week
    25

  • Don Defoor

    DIRECTOR

    Total calculated
    $59,684
    From this org
    $59,684
    From related orgs
    $0
    Other
    $0
    Hours/week
    18

  • Alvin Ginn

    DIRECTOR

    Total calculated
    $56,384
    From this org
    $56,384
    From related orgs
    $0
    Other
    $0
    Hours/week
    22

  • Lynn Joyner

    DIRECTOR

    Total calculated
    $51,984
    From this org
    $51,984
    From related orgs
    $0
    Other
    $0
    Hours/week
    15

  • Timothy C Martin

    PRES & CEO

    Total calculated
    $785,395
    From this org
    $496,808
    From related orgs
    $0
    Other
    $288,587
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $456,641
    Bonus
    $9,169
    Other
    $30,998
    Deferred
    $278,808
    Nontaxable benefits
    $9,779
    Filer's total
    $785,395

  • Kevin J Johnston

    COO

    Total calculated
    $449,152
    From this org
    $356,785
    From related orgs
    $0
    Other
    $92,367
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $294,786
    Bonus
    $23,553
    Other
    $38,446
    Deferred
    $80,650
    Nontaxable benefits
    $11,717
    Filer's total
    $449,152

  • Jennifer Harmon

    CFO

    Total calculated
    $353,988
    From this org
    $277,561
    From related orgs
    $0
    Other
    $76,427
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $256,932
    Bonus
    $19,710
    Other
    $919
    Deferred
    $69,379
    Nontaxable benefits
    $7,048
    Filer's total
    $353,988

  • Jay Gill

    SVP MEMBER S

    Total calculated
    $364,862
    From this org
    $290,503
    From related orgs
    $0
    Other
    $74,359
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $243,746
    Bonus
    $20,163
    Other
    $26,594
    Deferred
    $67,071
    Nontaxable benefits
    $7,288
    Filer's total
    $364,862

  • Kim Jennings

    VP HUMAN RES

    Total calculated
    $335,103
    From this org
    $268,083
    From related orgs
    $0
    Other
    $67,020
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $226,262
    Bonus
    $18,475
    Other
    $23,346
    Deferred
    $61,453
    Nontaxable benefits
    $5,567
    Filer's total
    $335,103

  • Tommy Cook

    VP CONSTRUCT

    Total calculated
    $314,628
    From this org
    $250,491
    From related orgs
    $0
    Other
    $64,137
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $226,459
    Bonus
    $11,383
    Other
    $12,649
    Deferred
    $59,104
    Nontaxable benefits
    $5,033
    Filer's total
    $314,628

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
  • 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

The filer's explanations (Part III)

SCHEDULE J, PART III
TOTAL DEFERRED COMPENSATION AMOUNTED TO 737,648 AND 679,085 PER AUDITED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024 AND 2023, RESPECTIVELY.

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.

Provenance

Return type
form_990
Tax year
2024
Filed
25 March 2025
IRS schema version
2024v5.0
Source object
202501579349300320

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