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Nonprofiteer
← FOUR COUNTY ELECTRIC MEMBERSHIP CORP

Form 990 for tax year 2023

Filed by FOUR COUNTY ELECTRIC MEMBERSHIP CORP.

Totals

Total revenue
$109,316,259
Total expenses
$102,478,548
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$108,565,681
Investment income
$750,578
Other revenue
$0
Total assets, end of year
$265,679,857
Total liabilities, end of year
$160,023,297
Net assets or fund balances, end of year
$105,656,560
Program services expenses (Part IX)
not reported
Management and general expenses
not reported
Fundraising expenses
not reported
Program service expenses (Part III)
$102,478,548

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 TO MEMBERS

    total $103,570,143 · related or exempt $103,570,143

  • 2b · Program service revenue: PATRONAGE ALLOCATION

    total $2,817,971 · related or exempt $2,817,971

  • 2c · Program service revenue: CONTRIBUTION IN AID OF CONSTRUCTI

    total $1,738,982 · related or exempt $1,738,982

  • 2d · Program service revenue: ELECTRIC PROPERTY RENTAL

    total $438,585 · excluded $438,585

  • 3 · Investment income

    total $750,578 · excluded $750,578

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $1,869,322

  • 5 · Compensation of officers, directors and key employees

    total $1,488,562

  • 7 · Other salaries and wages

    total $325,867

  • 9 · Other employee benefits

    total $249,301

  • 11c · Fees: accounting

    total $409,513

  • 13 · Office expenses

    total $493,603

  • 20 · Interest

    total $4,204,153

  • 22 · Depreciation, depletion and amortization

    total $8,258,745

  • 23 · Insurance

    total $92,435

  • 24a · Other expenses: COST OF POWER

    total $66,455,827

  • 24b · Other expenses: DISTRIBUTION MAINTENANC

    total $6,229,087

  • 24c · Other expenses: ADMINISTRATIVE & GENERA

    total $4,801,503

  • 24d · Other expenses: DISTRIBUTION OPERATION

    total $3,168,496

  • 24e · All other expenses

    total $4,432,134

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $4,150,381 · end of year $7,757,041

  • 2 · Savings and temporary cash investments

    beginning of year $1,413,975 · end of year $10,245,374

  • 4 · Accounts receivable

    beginning of year $7,085,667 · end of year $8,924,657

  • 7 · Other notes and loans receivable

    beginning of year $3,826,964 · end of year $4,377,309

  • 8 · Inventories for sale or use

    beginning of year $2,756,935 · end of year $6,043,448

  • 9 · Prepaid expenses and deferred charges

    beginning of year $918,923 · end of year $878,988

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

    $289,341,028

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

    $93,502,638

  • 10c · Land, buildings and equipment, net

    beginning of year $188,285,311 · end of year $195,838,390

  • 12 · Investments: other securities

    beginning of year $29,230,564 · end of year $31,614,650

  • 17 · Accounts payable and accrued expenses

    beginning of year $14,166,304 · end of year $12,066,622

  • 23 · Secured mortgages and notes payable

    beginning of year $110,820,384 · end of year $136,477,095

  • 24 · Unsecured notes and loans payable

    end of year $2,854,150

  • 25 · Other liabilities

    beginning of year $10,002,397 · end of year $8,625,430

  • 29 · Capital stock, trust principal or current funds

    beginning of year $0 · end of year $0

  • 30 · Paid-in or capital surplus, or land, building or equipment fund

    beginning of year $0 · end of year $0

  • 31 · Retained earnings, endowment or other funds

    beginning of year $102,679,635 · end of year $105,656,560

Mission and programs · 2023

Mission

TO PROVIDE HIGHLY RELIABLE ELECTRIC SERVICES, INNOVATIVE ENERGY SOLUTIONS AND OUTSTANDING SERVICE TO OUR MEMBERS AND COMMUNITIES.

  • FOUR COUNTY ELECTRIC IS A NOT-FOR-PROFIT ELECTRIC COOPERATIVE OWNED BY THE PEOPLE IT SERVES. AS A HOMETOWN UTILITY, FOUR COUNTY IS COMMITTED TO PROVIDING SAFE, RELIABLE AND AFFORDABLE ENERGY TO ITS MORE THAN 32,000 COMMERCIAL AND RESIDENTIAL MEMBER-OWNERS IN SIX NORTH CAROLINA COUNTIES, INCLUDING BLADEN, DUPLIN, PENDER, SAMPSON, COLUMBUS AND ONSLOW COUNTIES. TODAY, MORE THAN 5,000 MILES OF OVERHEAD, UNDERGROUND, AND TRANSMISSION LINES PROVIDE RELIABLE ELECTRIC SERVICE TO OVER 32,000 SERVICES WHICH INCLUDE RESIDENCES, FARMS, BUSINESSES, INDUSTRIES, CHURCHES, AND SCHOOLS.

    Expenses $102,478,548 · Revenue $108,127,096

As filed on the 2023 return.

Listed in Part VII

  • Kenneth Thornton

    BOARD VICE PRESIDENT

    Total calculated
    $25,209
    From this org
    $25,209
    From related orgs
    $0
    Other
    $0
    Hours/week
    8.5

  • Franklin Williams

    BOARD PRESIDENT

    Total calculated
    $24,559
    From this org
    $24,559
    From related orgs
    $0
    Other
    $0
    Hours/week
    7.25

  • Clayton Hollingsworth

    BOARD DIRECTOR

    Total calculated
    $24,559
    From this org
    $24,559
    From related orgs
    $0
    Other
    $0
    Hours/week
    9

  • S Eugene Jordan

    BOARD SECRETARY/TREASURER

    Total calculated
    $24,234
    From this org
    $24,234
    From related orgs
    $0
    Other
    $0
    Hours/week
    7.75

  • Arlester Fullwood

    BOARD DIRECTOR

    Total calculated
    $23,259
    From this org
    $23,259
    From related orgs
    $0
    Other
    $0
    Hours/week
    5.25

  • Ronald J Allen

    BOARD DIRECTOR

    Total calculated
    $20,334
    From this org
    $20,334
    From related orgs
    $0
    Other
    $0
    Hours/week
    6

  • John Steven Matthis

    BOARD DIRECTOR

    Total calculated
    $19,684
    From this org
    $19,684
    From related orgs
    $0
    Other
    $0
    Hours/week
    4.25

  • E Carlton Raynor

    BOARD DIRECTOR

    Total calculated
    $19,359
    From this org
    $19,359
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • Bertice Lanier

    BOARD DIRECTOR

    Total calculated
    $17,484
    From this org
    $17,484
    From related orgs
    $0
    Other
    $0
    Hours/week
    3.5

  • Rw Blanchard Jr

    BOARD DIRECTOR

    Total calculated
    $11,432
    From this org
    $11,432
    From related orgs
    $0
    Other
    $0
    Hours/week
    1.75

  • Mary Rose

    BOARD DIRECTOR

    Total calculated
    $6,627
    From this org
    $6,627
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Donald L Gatton

    CHIEF EXECUTIVE OFFICER

    Total calculated
    $513,719
    From this org
    $342,886
    From related orgs
    $0
    Other
    $170,833
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $342,886
    Bonus
    $0
    Other
    $0
    Deferred
    $148,750
    Nontaxable benefits
    $22,083
    Filer's total
    $513,719

  • Gary W Chitwood

    CHIEF FINANCIAL OFFICER

    Total calculated
    $231,529
    From this org
    $211,907
    From related orgs
    $0
    Other
    $19,622
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $211,907
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $19,622
    Filer's total
    $231,529

  • Mitchell L Keel

    CHIEF EXECUTIVE OFFICER (RETIRED)

    Total calculated
    $200,000
    From this org
    $200,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $0
    Bonus
    $200,000
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $200,000

  • Gregg A Cohn

    VICE PRESIDENT ENGINEERING

    Total calculated
    $255,517
    From this org
    $179,983
    From related orgs
    $0
    Other
    $75,534
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $179,983
    Bonus
    $0
    Other
    $0
    Deferred
    $60,480
    Nontaxable benefits
    $15,054
    Filer's total
    $255,517

  • Franklin S Cook

    VICE PRESIDENT OPERATIONS

    Total calculated
    $193,720
    From this org
    $150,751
    From related orgs
    $0
    Other
    $42,969
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $150,751
    Bonus
    $0
    Other
    $0
    Deferred
    $21,962
    Nontaxable benefits
    $21,007
    Filer's total
    $193,720

  • Gregory S Sager

    VICE PRESIDENT MEMBER SERVICES

    Total calculated
    $169,752
    From this org
    $136,080
    From related orgs
    $0
    Other
    $33,672
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $136,080
    Bonus
    $0
    Other
    $0
    Deferred
    $14,882
    Nontaxable benefits
    $18,790
    Filer's total
    $169,752

  • Anthony A Kent

    VICE PRESIDENT INFORMATION TECHNOLOGY

    Total calculated
    $171,921
    From this org
    $134,672
    From related orgs
    $0
    Other
    $37,249
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $134,672
    Bonus
    $0
    Other
    $0
    Deferred
    $16,857
    Nontaxable benefits
    $20,392
    Filer's total
    $171,921

  • Jennifer M Hedge

    VICE PRESIDENT HUMAN RESOURCES

    Total calculated
    $170,919
    From this org
    $132,283
    From related orgs
    $0
    Other
    $38,636
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $132,283
    Bonus
    $0
    Other
    $0
    Deferred
    $19,846
    Nontaxable benefits
    $18,790
    Filer's total
    $170,919

  • Robert W Katalinic Jr

    1ST CLASS LINE WORKER

    Total calculated
    $217,872
    From this org
    $155,295
    From related orgs
    $0
    Other
    $62,577
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $155,295
    Bonus
    $0
    Other
    $0
    Deferred
    $54,076
    Nontaxable benefits
    $8,501
    Filer's total
    $217,872

  • William J Rouse

    GENERAL ACCOUNTING SUPV

    Total calculated
    $208,646
    From this org
    $136,097
    From related orgs
    $0
    Other
    $72,549
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $136,097
    Bonus
    $0
    Other
    $0
    Deferred
    $64,048
    Nontaxable benefits
    $8,501
    Filer's total
    $208,646

  • Anthony M Raynor

    DISTRICT STAKING TECHNICIAN

    Total calculated
    $137,882
    From this org
    $133,345
    From related orgs
    $0
    Other
    $4,537
    Hours/week
    40

  • Linwood D Kea Jr

    1ST CLASS LINE WORKER

    Total calculated
    $162,702
    From this org
    $129,599
    From related orgs
    $0
    Other
    $33,103
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $129,599
    Bonus
    $0
    Other
    $0
    Deferred
    $24,584
    Nontaxable benefits
    $8,519
    Filer's total
    $162,702

  • Norman W Rich

    OPERATIONS SUPERVISOR

    Total calculated
    $139,966
    From this org
    $126,921
    From related orgs
    $0
    Other
    $13,045
    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 · 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
29 April 2024
IRS schema version
2023v5.0
Source object
202411229349301121

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