Skip to content
Nonprofiteer
← NORTH CAROLINA ADVANCED ENERGY CORPORATION

Form 990 for tax year 2023

Filed by NORTH CAROLINA ADVANCED ENERGY CORPORATION.

Totals

Total revenue
$8,001,008
Total expenses
$8,288,349
Contributions and grants received
$332,565
Grants paid
$0
Program service revenue
$7,555,751
Investment income
$112,692
Other revenue
$0
Total assets, end of year
$10,460,302
Total liabilities, end of year
$2,286,299
Net assets or fund balances, end of year
$8,174,003
Program services expenses (Part IX)
$5,551,335
Management and general expenses
$2,737,014
Fundraising expenses
$0
Program service expenses (Part III)
$5,551,335

Program services were 67.0% 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.

  • 1e · Government grants (contributions)

    $332,565

  • 2a · Program service revenue: SERVICE ACCOUNT REVENUE

    total $2,360,574 · related or exempt $2,360,574

  • 2b · Program service revenue: UTILITY NON-MEMBER REVENUE

    total $1,941,710 · related or exempt $1,941,710

  • 2c · Program service revenue: NON-UTILITY REVENUE

    total $1,074,804 · related or exempt $1,074,804

  • 2d · Program service revenue: STRATEGIC INVESTMENT REVENUE

    total $1,000,000 · related or exempt $1,000,000

  • 2e · Program service revenue: NC GREENPOWER REVENUE

    total $652,771 · related or exempt $652,771

  • 2f · All other program service revenue

    total $525,892 · related or exempt $525,892

  • 3 · Investment income

    total $112,692 · related or exempt $112,692

Functional expenses

Part IX, the statement of functional expenses.

  • 7 · Other salaries and wages

    total $4,300,488 · program services $3,079,426 · management and general $1,221,062

  • 8 · Pension plan contributions

    total $250,410 · program services $180,295 · management and general $70,115

  • 9 · Other employee benefits

    total $1,322,088 · program services $951,903 · management and general $370,185

  • 10 · Payroll taxes

    total $382,918 · program services $275,701 · management and general $107,217

  • 11b · Fees: legal

    total $26,702 · management and general $26,702

  • 11c · Fees: accounting

    total $74,578 · management and general $74,578

  • 11g · Fees: other

    total $546,809 · program services $327,654 · management and general $219,155

  • 12 · Advertising and promotion

    total $699 · management and general $699

  • 13 · Office expenses

    total $27,222 · program services $23,411 · management and general $3,811

  • 14 · Information technology

    total $339,963 · program services $91,790 · management and general $248,173

  • 16 · Occupancy

    total $364,677 · program services $313,622 · management and general $51,055

  • 17 · Travel

    total $157,911 · program services $66,323 · management and general $91,588

  • 19 · Conferences, conventions and meetings

    total $280,792 · program services $117,933 · management and general $162,859

  • 22 · Depreciation, depletion and amortization

    total $132,961 · program services $54,364 · management and general $78,597

  • 23 · Insurance

    total $80,131 · program services $68,913 · management and general $11,218

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $617,333 · end of year $337,198

  • 2 · Savings and temporary cash investments

    beginning of year $6,759,060 · end of year $6,716,223

  • 4 · Accounts receivable

    beginning of year $1,498,036 · end of year $1,711,744

  • 9 · Prepaid expenses and deferred charges

    beginning of year $196,264 · end of year $187,929

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

    $3,406,791

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

    $1,899,583

  • 10c · Land, buildings and equipment, net

    beginning of year $364,933 · end of year $1,507,208

  • 17 · Accounts payable and accrued expenses

    beginning of year $484,282 · end of year $529,436

  • 25 · Other liabilities

    beginning of year $490,000 · end of year $1,756,863

  • 27 · Net assets without donor restrictions

    beginning of year $8,461,344 · end of year $8,174,003

Mission and programs · 2023

Mission

TO CREATE ECONOMIC, ENVIROMENTAL AND SOCIETAL BENEFITS THROUGH INNOVATIVE AND MARKET-BASED APPROACHES TO ENERGY ISSUES.

Activities or mission (Part I)

THE TWO MAJOR CORPORATE GOALS ARE TO MODERATE THE RISE IN DEMAND FOR ELECTRICITY AND TO HELP SHIFT DEMAND TO OFF-PEAK PERIODS. THE ARTICLES OF INCORPORATION ALSO CHARGE THE CORPORATION WITH FULFILLING THE COMPLEMENTARY PURPOSES OF EDUCATING CONSUMERS ABOUT ENERGY, PROVIDING ALTERNATIVES TO CURRENT ELECTRIC GENERATION TECHNOLOGIES, DEVELOPING MORE ECONOMIC SOURCES OF ELECTRIC POWER, INCREASING SYSTEM EFFICIENCY AND LOAD FACTORS THROUGH CONSERVATION AND LOAD MANAGEMENT, HELPING TO MODERATE THE FUTURE COST OF ELECTRIC SERVICE, AND DEMONSTRATING MORE EFFICIENT USES OF ELECTRIC POWER.

  • TESTING, CONSULTING AND TRAINING

    Expenses $5,551,335

As filed on the 2023 return.

Listed in Part VII

  • Jo Anne Sanford

    CHAIR

    Total calculated
    $250
    From this org
    $250
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Robert Powell

    VICE CHAIR

    Total calculated
    $601
    From this org
    $601
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Katharine Kollins

    TREASURER

    Total calculated
    $0
    Hours/week
    1

  • Carl Wilkins

    SECRETARY

    Total calculated
    $375
    From this org
    $375
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Chris Edge

    MEMBER-AT-LA

    Total calculated
    $0
    Hours/week
    1

  • Venu Ghanta

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Dionne Delli-Gatti

    DIRECTOR

    Total calculated
    $500
    From this org
    $500
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Hayes Jernigan Finley

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Adam Foodman

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Peter Ledford

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Paul Spruill

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Gaylene Watson

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Robert Goodson

    PRESIDENT &

    Total calculated
    $257,054
    From this org
    $242,921
    From related orgs
    $0
    Other
    $14,133
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $241,210
    Bonus
    not reported
    Other
    $1,711
    Deferred
    $11,500
    Nontaxable benefits
    $2,633
    Filer's total
    $257,054

  • Brian Coble

    CHIEF OP OFF

    Total calculated
    $204,662
    From this org
    $186,113
    From related orgs
    $0
    Other
    $18,549
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $185,603
    Bonus
    not reported
    Other
    $510
    Deferred
    $9,371
    Nontaxable benefits
    $9,178
    Filer's total
    $204,662

  • Eugene Butler

    BUS. DEVELP.

    Total calculated
    $151,661
    From this org
    $143,395
    From related orgs
    $0
    Other
    $8,266
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $142,442
    Bonus
    not reported
    Other
    $953
    Deferred
    $6,811
    Nontaxable benefits
    $1,455
    Filer's total
    $151,661

  • Michael Stowe

    ENGINEER V

    Total calculated
    $163,108
    From this org
    $140,289
    From related orgs
    $0
    Other
    $22,819
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $138,827
    Bonus
    not reported
    Other
    $1,462
    Deferred
    $6,890
    Nontaxable benefits
    $15,929
    Filer's total
    $163,108

  • Shawn Fitzpatrick

    ENGINEER III

    Total calculated
    $147,573
    From this org
    $132,319
    From related orgs
    $0
    Other
    $15,254
    Hours/week
    40

  • Chrstine Maurer

    ENGINEERING

    Total calculated
    $148,880
    From this org
    $129,577
    From related orgs
    $0
    Other
    $19,303
    Hours/week
    40

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 · Independent compensation consultant
  • 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
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

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
2023
Filed
13 June 2024
IRS schema version
2023v5.0
Source object
202401699349301600

Check it against the return as filed: the GivingTuesday Data Lake hosts a public copy of the original XML.

The source document this was parsed from is served over the API, which is where bulk and document access live.