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Nonprofiteer
← LUMBEE RIVER ELECTRIC MEMBERSHIP CORPORATION

Form 990 for tax year 2023

Filed by LUMBEE RIVER ELECTRIC MEMBERSHIP CORPORATION.

Totals

Total revenue
$158,192,273
Total expenses
$161,652,260
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$157,635,501
Investment income
$368,339
Other revenue
$188,433
Total assets, end of year
$388,927,167
Total liabilities, end of year
$221,890,840
Net assets or fund balances, end of year
$167,036,327
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: SALE OF ELECTRICITY

    total $155,444,925 · related or exempt $155,444,925

  • 2b · Program service revenue: CONTRIB IN AID OF CONSTR.

    total $1,713,426 · related or exempt $1,713,426

  • 2c · Program service revenue: PATRONAGE CAPITAL REC.

    total $477,150 · related or exempt $477,150

  • 3 · Investment income

    total $183,422 · excluded $183,422

  • 6a · Gross rents

    personal property $120,672

  • 6b · Less rental expenses

    personal property $625

  • 6c · Rental income or loss

    personal property $120,047

  • 6d · Net rental income or loss

    total $120,047 · unrelated business $4,615 · excluded $115,432

  • 7a · Gross sales of assets other than inventory

    other assets $387,367

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

    other assets $202,450

  • 7c · Gain or loss

    other assets $184,917

  • 7d · Net gain or loss

    total $184,917 · excluded $184,917

  • 10a · Gross sales of inventory

    $525

  • 10b · Cost of goods sold

    $17,922

  • 10c · Net income from sales of inventory

    total -$17,397 · unrelated business -$17,397

  • 11a · Other revenue: ADMIN. SERVICES

    total $742,609 · unrelated business $742,609

  • 11b · Other revenue: HOME WARRANTY WIRING

    total $78,413 · related or exempt $78,413

  • 11c · Other revenue: EQUITY EARNINGS (LOSS) SUBSID

    total -$735,239 · related or exempt -$735,239

  • 11e · Other revenue, total

    $85,783

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $6,192,752

  • 5 · Compensation of officers, directors and key employees

    total $661,004

  • 7 · Other salaries and wages

    total $10,798,121

  • 8 · Pension plan contributions

    total $1,866,345

  • 9 · Other employee benefits

    total $26,849

  • 10 · Payroll taxes

    total $951,850

  • 11b · Fees: legal

    total $93,981

  • 17 · Travel

    total $1,524,602

  • 19 · Conferences, conventions and meetings

    total $697,082

  • 20 · Interest

    total $5,194,732

  • 22 · Depreciation, depletion and amortization

    total $12,906,216

  • 24a · Other expenses: COST OF POWER

    total $105,910,915

  • 24b · Other expenses: ADMIN AND GENERAL

    total $8,612,487

  • 24c · Other expenses: DISTRIBUTION MAINTENANCE

    total $6,004,857

  • 24d · Other expenses: DISTRIBUTION OPERATION

    total $2,432,203

  • 24e · All other expenses

    total -$2,221,736

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $15,288,087 · end of year $7,898,672

  • 2 · Savings and temporary cash investments

    beginning of year $100,000 · end of year $100,000

  • 4 · Accounts receivable

    beginning of year $16,220,330 · end of year $21,668,207

  • 7 · Other notes and loans receivable

    beginning of year $2,698,673 · end of year $3,238,260

  • 8 · Inventories for sale or use

    beginning of year $5,816,915 · end of year $7,775,818

  • 9 · Prepaid expenses and deferred charges

    beginning of year $650,990 · end of year $866,560

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

    $435,289,711

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

    $141,554,676

  • 10c · Land, buildings and equipment, net

    beginning of year $278,098,156 · end of year $293,735,035

  • 12 · Investments: other securities

    beginning of year $8,818,963 · end of year $7,705,963

  • 13 · Investments: program-related

    beginning of year $41,674,178 · end of year $45,575,452

  • 15 · Other assets

    beginning of year $519,852 · end of year $363,200

  • 17 · Accounts payable and accrued expenses

    beginning of year $17,972,208 · end of year $17,063,294

  • 23 · Secured mortgages and notes payable

    beginning of year $166,141,224 · end of year $186,206,373

  • 25 · Other liabilities

    beginning of year $22,947,274 · end of year $18,621,173

  • 31 · Retained earnings, endowment or other funds

    beginning of year $162,825,438 · end of year $167,036,327

Mission and programs · 2023

Mission

SAFE AND EFFECTIVE DISTRIBUTION OF ELECTRICITY TO THE MEMBERS OF LREMC.

  • SAFE AND EFFECTIVE DISTRIBUTION OF ELECTRICITY TO THE MEMBERS OF LREMC. THE THREE LARGEST PROGRAM SERVICES, AS MEASURED BY EXPENSES, WERE AS FOLLOWS: COST OF POWER: 105,910,915 DEPRECIATION: 12,906,216 SALARIES: 10,798,121

As filed on the 2023 return.

Listed in Part VII

  • Jon T Locklear

    PRESIDENT &

    Total calculated
    $259,613
    From this org
    $244,192
    From related orgs
    $0
    Other
    $15,421
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $234,192
    Bonus
    $10,000
    Other
    not reported
    Deferred
    not reported
    Nontaxable benefits
    $15,421
    Filer's total
    $259,613

  • Steven Davis

    VP INFO TECH

    Total calculated
    $254,039
    From this org
    $147,261
    From related orgs
    $0
    Other
    $106,778
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $140,173
    Bonus
    $7,088
    Other
    not reported
    Deferred
    $98,616
    Nontaxable benefits
    $8,162
    Filer's total
    $254,039

  • William Dockery

    SUP OF OPERA

    Total calculated
    $240,445
    From this org
    $165,731
    From related orgs
    $0
    Other
    $74,714
    Hours/week
    60

    Schedule J breakdown matched by us

    Base
    $158,207
    Bonus
    $3,716
    Other
    $3,808
    Deferred
    $63,253
    Nontaxable benefits
    $11,461
    Filer's total
    $240,445

  • Ruby Quick

    VP MEMBER SR

    Total calculated
    $222,344
    From this org
    $150,276
    From related orgs
    $0
    Other
    $72,068
    Hours/week
    41

    Schedule J breakdown matched by us

    Base
    $141,738
    Bonus
    $5,566
    Other
    $2,972
    Deferred
    $63,906
    Nontaxable benefits
    $8,162
    Filer's total
    $222,344

  • John Dyson

    COO

    Total calculated
    $209,294
    From this org
    $179,258
    From related orgs
    $0
    Other
    $30,036
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $171,679
    Bonus
    $7,579
    Other
    not reported
    Deferred
    $18,295
    Nontaxable benefits
    $11,741
    Filer's total
    $209,294

  • Walter White

    VP OF CORP S

    Total calculated
    $196,004
    From this org
    $178,134
    From related orgs
    $0
    Other
    $17,870
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $173,370
    Bonus
    $4,764
    Other
    not reported
    Deferred
    $5,380
    Nontaxable benefits
    $12,490
    Filer's total
    $196,004

  • Daniel Leonard

    CFO

    Total calculated
    $143,587
    From this org
    $128,516
    From related orgs
    $0
    Other
    $15,071
    Hours/week
    40

  • Randall Jones

    FORMER PRES.

    Total calculated
    $27,404
    From this org
    $27,404
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

  • Rory C Eddings

    CHAIRMAN

    Total calculated
    $20,700
    From this org
    $20,700
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • Ron Anderson

    DIRECTOR

    Total calculated
    $20,100
    From this org
    $20,100
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Silva Chavis

    SECRETARY

    Total calculated
    $19,200
    From this org
    $19,200
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Ronald G Hammonds

    DIRECTOR

    Total calculated
    $18,900
    From this org
    $18,900
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Kirk Lowery

    TREASURER

    Total calculated
    $18,600
    From this org
    $18,600
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Sherry Carter

    DIRECTOR

    Total calculated
    $18,300
    From this org
    $18,300
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • James Hardin

    DIRECTOR

    Total calculated
    $18,000
    From this org
    $18,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Rhonda M Goins-Dial

    DIRECTOR

    Total calculated
    $16,200
    From this org
    $16,200
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Anthony Hunt

    DIRECTOR

    Total calculated
    $16,200
    From this org
    $16,200
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Roger Oxendine

    VICE CHAIRMA

    Total calculated
    $15,000
    From this org
    $15,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Eric Locklear

    DIRECTOR

    Total calculated
    $14,700
    From this org
    $14,700
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Spencer Locklear

    DIRECTOR

    Total calculated
    $14,000
    From this org
    $14,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Autry Lowry

    DIRECTOR

    Total calculated
    $13,100
    From this org
    $13,100
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Sharon Burnette

    DIRECTOR

    Total calculated
    $3,700
    From this org
    $3,700
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Mary Beth Locklear

    DIRECTOR

    Total calculated
    $3,700
    From this org
    $3,700
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

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 · Written employment contract
  • 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.

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.

  • LREMC TECHNOLOGIES LLC

    C CORP · TELECOM · NC · 100% owned · share of income -$675,642 · share of assets $4,179,741 · controlled entity

    Directly controlled by C CORP

Provenance

Return type
form_990
Tax year
2023
Filed
14 November 2024
IRS schema version
2023v5.0
Source object
202443209349305979

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