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Nonprofiteer
← HALIFAX ELECTRIC MEMBERSHIP CORPORATION

Form 990 for tax year 2023

Filed by HALIFAX ELECTRIC MEMBERSHIP CORPORATION.

Totals

Total revenue
$28,778,915
Total expenses
$29,096,862
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$28,593,342
Investment income
$107,569
Other revenue
$78,004
Total assets, end of year
$75,541,202
Total liabilities, end of year
$49,136,989
Net assets or fund balances, end of year
$26,404,213
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: ELECTRICITY SALES

    total $28,285,917 · related or exempt $28,285,917

  • 2b · Program service revenue: CIAC

    total $173,472 · related or exempt $173,472

  • 2c · Program service revenue: PATRONAGE ALLOC. RECEIVED

    total $133,953 · related or exempt $133,953

  • 3 · Investment income

    total $48,054 · excluded $48,054

  • 6a · Gross rents

    personal property $78,424

  • 6c · Rental income or loss

    personal property $78,424

  • 6d · Net rental income or loss

    total $78,424 · excluded $78,424

  • 7a · Gross sales of assets other than inventory

    other assets $202,763

  • 7b · Less cost or other basis and sales expenses

    other assets $143,248

  • 7c · Gain or loss

    other assets $59,515

  • 7d · Net gain or loss

    total $59,515 · excluded $59,515

  • 11a · Other revenue: INCOME FROM SUBSIDIARY

    total -$420 · related or exempt -$420

  • 11e · Other revenue, total

    -$420

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $1,918,198

  • 5 · Compensation of officers, directors and key employees

    total $798,381

  • 7 · Other salaries and wages

    total $3,025,572

  • 8 · Pension plan contributions

    total $903,194

  • 10 · Payroll taxes

    total $281,054

  • 11b · Fees: legal

    total $46,267

  • 17 · Travel

    total $1,255,317

  • 19 · Conferences, conventions and meetings

    total $131,694

  • 20 · Interest

    total $1,483,547

  • 22 · Depreciation, depletion and amortization

    total $3,104,996

  • 24a · Other expenses: COST OF POWER

    total $14,261,783

  • 24b · Other expenses: DISTRIBUTION MAINTENANCE

    total $1,726,854

  • 24c · Other expenses: DISTRIBUTION OPERATION

    total $953,535

  • 24d · Other expenses: ADMIN AND GENERAL

    total $825,649

  • 24e · All other expenses

    total -$1,619,179

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $860,329 · end of year $908,746

  • 2 · Savings and temporary cash investments

    beginning of year $987,405 · end of year $1,272,349

  • 4 · Accounts receivable

    beginning of year $3,027,147 · end of year $3,312,419

  • 7 · Other notes and loans receivable

    beginning of year $1,372,996 · end of year $1,083,000

  • 8 · Inventories for sale or use

    beginning of year $1,204,091 · end of year $1,514,039

  • 9 · Prepaid expenses and deferred charges

    beginning of year $335,623 · end of year $151,353

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

    $95,890,910

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

    $36,090,215

  • 10c · Land, buildings and equipment, net

    beginning of year $57,914,261 · end of year $59,800,695

  • 13 · Investments: program-related

    beginning of year $7,639,690 · end of year $7,498,601

  • 17 · Accounts payable and accrued expenses

    beginning of year $2,721,691 · end of year $2,914,489

  • 23 · Secured mortgages and notes payable

    beginning of year $44,130,070 · end of year $44,826,265

  • 25 · Other liabilities

    beginning of year $1,520,021 · end of year $1,396,235

  • 29 · Capital stock, trust principal or current funds

    beginning of year $101,955 · end of year $102,860

  • 31 · Retained earnings, endowment or other funds

    beginning of year $24,867,805 · end of year $26,301,353

Mission and programs · 2023

Mission

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

  • TO PROVIDE THE BEST POSSIBLE ELECTRIC SERVICE TO ALL WHO DESIRE IT WITHIN THE SYSTEM SERVICE AREA AT A REASONABLE COST CONSISTENT WITH THE HIGHEST STANDARDS OF SERVICE. THE THREE LARGEST PROGRAM SERVICES AS MEASURED BY EXPENSES WERE AS FOLLOWS: COST OF POWER 14,261,783 DEPRECIATION 3,104,996 OTHER SALARIES AND WAGES 3,025,572

As filed on the 2023 return.

Listed in Part VII

  • Charles H Guerry

    RETIRED VP/G

    Total calculated
    $248,431
    From this org
    $198,258
    From related orgs
    $0
    Other
    $50,173
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $195,190
    Bonus
    not reported
    Other
    $3,068
    Deferred
    $40,446
    Nontaxable benefits
    $9,727
    Filer's total
    $248,431

  • Adam T Lemley

    CEO

    Total calculated
    $234,861
    From this org
    $167,564
    From related orgs
    $0
    Other
    $67,297
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $166,210
    Bonus
    $742
    Other
    $612
    Deferred
    $55,672
    Nontaxable benefits
    $11,625
    Filer's total
    $234,861

  • Wanda P Cooke

    DIRECTOR OF

    Total calculated
    $192,401
    From this org
    $121,775
    From related orgs
    $0
    Other
    $70,626
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $119,838
    Bonus
    $742
    Other
    $1,195
    Deferred
    $48,688
    Nontaxable benefits
    $21,938
    Filer's total
    $192,401

  • James T Harriett

    DIRECTOR OF

    Total calculated
    $182,818
    From this org
    $114,130
    From related orgs
    $0
    Other
    $68,688
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $112,356
    Bonus
    $742
    Other
    $1,032
    Deferred
    $39,672
    Nontaxable benefits
    $29,016
    Filer's total
    $182,818

  • Roger L Chappell

    LINE SUPERIN

    Total calculated
    $166,392
    From this org
    $116,786
    From related orgs
    $0
    Other
    $49,606
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $114,518
    Bonus
    $742
    Other
    $1,526
    Deferred
    $37,097
    Nontaxable benefits
    $12,509
    Filer's total
    $166,392

  • Raymond T Conner

    LEAD LINEMAN

    Total calculated
    $152,531
    From this org
    $105,420
    From related orgs
    $0
    Other
    $47,111
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $104,020
    Bonus
    $742
    Other
    $658
    Deferred
    $28,431
    Nontaxable benefits
    $18,680
    Filer's total
    $152,531

  • Basil D Williams

    PRESIDENT

    Total calculated
    $20,951
    From this org
    $20,951
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Robin S Williams

    VICE PRESIDE

    Total calculated
    $14,051
    From this org
    $14,051
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Sanders P Cox

    DIRECTOR

    Total calculated
    $13,751
    From this org
    $13,751
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Barbara L Brayboy

    SEC-TREAS

    Total calculated
    $13,643
    From this org
    $13,643
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Robert F Harris

    DIRECTOR

    Total calculated
    $12,851
    From this org
    $12,851
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Harry M Williams III

    DIRECTOR

    Total calculated
    $12,551
    From this org
    $12,551
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Stanley J Brothers

    DIRECTOR

    Total calculated
    $12,430
    From this org
    $12,430
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Nathaniel M Robertson

    ASST. SEC-TR

    Total calculated
    $11,651
    From this org
    $11,651
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Frederick M Dunn Jr

    DIRECTOR

    Total calculated
    $10,809
    From this org
    $10,809
    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
  • 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
CHARLES H. GUERRY RETIRED ON MAY 23, 2023 WITH ADAM T. LEMLEY TAKING OVER AS THE CHIEF EXECUTIVE OFFICER.

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.

  • HALIFAX RESOURCES & SERVICES INC

    C CORP · INTERNET · NC · 100% owned · share of income -$420 · share of assets $87,207

    Directly controlled by HALIFAX EM

Provenance

Return type
form_990
Tax year
2023
Filed
27 August 2024
IRS schema version
2023v5.0
Source object
202412489349301471

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