Form 990 for tax year 2024
Filed by MECKLENBURG ELECTRIC COOPERATIVE.
Totals
- Total revenue
- $197,934,848
- Total expenses
- $140,509,768
- Contributions and grants received
- $0
- Grants paid
- $0
- Program service revenue
- $187,403,488
- Investment income
- $3,660,463
- Other revenue
- $6,870,897
- Total assets, end of year
- $333,555,706
- Total liabilities, end of year
- $226,069,125
- Net assets or fund balances, end of year
- $107,486,581
- 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 $136,760,558 · related or exempt $136,760,558
-
2b · Program service revenue: CONTRIBUTIONS IN AID
total $50,497,775 · related or exempt $50,497,775
-
2c · Program service revenue: PATRONAGE CAPITAL OTHER
total $145,155 · related or exempt $145,155
-
3 · Investment income
total $3,763,677 · excluded $3,763,677
-
6a · Gross rents
personal property $400,348
-
6c · Rental income or loss
personal property $400,348
-
6d · Net rental income or loss
total $400,348 · excluded $400,348
-
7a · Gross sales of assets other than inventory
other assets $61,040
-
7b · Less cost or other basis and sales expenses
other assets $164,254
-
7c · Gain or loss
other assets -$103,214
-
7d · Net gain or loss
total -$103,214 · excluded -$103,214
-
11a · Other revenue: INCOME FROM EQUITY INVESTMENT
total $4,087,938 · excluded $4,087,938
-
11b · Other revenue: COMMUNICATION EQUIPMENT
total $2,343,789 · unrelated business $2,343,789
-
11c · Other revenue: OTHER INCOME
total $38,822 · excluded $38,822
-
11e · Other revenue, total
$6,470,549
Functional expenses
Part IX, the statement of functional expenses.
-
4 · Benefits paid to or for members
total $3,291,852
-
5 · Compensation of officers, directors and key employees
total $1,884,974
-
7 · Other salaries and wages
total $11,636,685
-
8 · Pension plan contributions
total $1,387,415
-
9 · Other employee benefits
total -$56,767
-
10 · Payroll taxes
total $1,053,624
-
11b · Fees: legal
total $26,651
-
11g · Fees: other
total $77,456
-
17 · Travel
total $194,215
-
19 · Conferences, conventions and meetings
total $479,000
-
20 · Interest
total $6,356,775
-
22 · Depreciation, depletion and amortization
total $8,790,287
-
24a · Other expenses: COST OF POWER
total $104,173,026
-
24b · Other expenses: DISTRIBUTION - MAINTENANC
total $5,485,774
-
24c · Other expenses: DISTRIBUTION - OPERATIONS
total $2,446,862
-
24d · Other expenses: ADMINISTRATION - GENERAL
total $1,196,814
-
24e · All other expenses
total -$7,914,875
Balance sheet
Part X, book values.
-
1 · Cash, non-interest-bearing
beginning of year $47,325,397 · end of year $8,115,410
-
2 · Savings and temporary cash investments
beginning of year $350,103 · end of year $33,862,448
-
4 · Accounts receivable
beginning of year $13,619,755 · end of year $24,013,794
-
7 · Other notes and loans receivable
beginning of year $85,759 · end of year $83,340
-
8 · Inventories for sale or use
beginning of year $12,924,539 · end of year $11,198,800
-
9 · Prepaid expenses and deferred charges
beginning of year $13,084,612 · end of year $15,508,920
-
10a · Land, buildings and equipment: cost or other basis
$274,283,707
-
10b · Land, buildings and equipment: accumulated depreciation
$78,653,178
-
10c · Land, buildings and equipment, net
beginning of year $194,842,393 · end of year $195,630,529
-
13 · Investments: program-related
beginning of year $38,973,664 · end of year $44,022,824
-
14 · Intangible assets
beginning of year $1,119,641 · end of year $1,119,641
-
17 · Accounts payable and accrued expenses
beginning of year $68,378,420 · end of year $63,399,603
-
23 · Secured mortgages and notes payable
beginning of year $153,954,714 · end of year $159,545,404
-
25 · Other liabilities
beginning of year $3,874,580 · end of year $3,124,118
-
31 · Retained earnings, endowment or other funds
beginning of year $96,118,149 · end of year $107,486,581
Mission and programs · 2024
Mission
TO PROVIDE SERVICES AND CREATE OPPORTUNITIES TO ENHANCE THE QUALITY OF LIFE
Activities or mission (Part I)
PROVIDE SAFE AND EFFECTIVE DISTRIBUTION OF ELECTRICITY TO THE MEMBERS OF MECKLENBURG ELECTRIC COOPERATIVE
-
SAFE AND EFFECTIVE DISTRIBUTION OF ELECTRICITY TO THE MEMBERS OF THE COOPERATIVE. THE THREE LARGEST PROGRAM SERVICES AS MEASURED BY EXPENSES WERE AS FOLLOWS: COST OF POWER 104,173,026 OTHER SALARIES AND WAGES 11,636,685 DEPRECIATION AND AMORTIZATION 8,790,287
As filed on the 2024 return.
Listed in Part VII
-
John C Lee JrJOHN C LEE JR
FORMER CEO
- Total calculated
- $782,824
- From this org
- $766,671
- From related orgs
- $0
- Other
- $16,153
- Hours/week
- 25 + 40 related
Schedule J breakdown matched by us
- Base
- $601,298
- Bonus
- not reported
- Other
- $165,373
- Deferred
- $6,099
- Nontaxable benefits
- $10,054
- Filer's total
- $782,824
-
Cary J LoganCARY J LOGAN
PRESIDENT AN
- Total calculated
- $547,773
- From this org
- $464,559
- From related orgs
- $0
- Other
- $83,214
- Hours/week
- 55
Schedule J breakdown matched by us
- Base
- $469,107
- Bonus
- not reported
- Other
- -$4,548
- Deferred
- $55,680
- Nontaxable benefits
- $27,534
- Filer's total
- $547,773
-
Carol B JonesCAROL B JONES
ASSISTANT TR
- Total calculated
- $231,118
- From this org
- $212,124
- From related orgs
- $0
- Other
- $18,994
- Hours/week
- 50
Schedule J breakdown matched by us
- Base
- $217,839
- Bonus
- not reported
- Other
- -$5,715
- Deferred
- $3,742
- Nontaxable benefits
- $15,252
- Filer's total
- $231,118
-
Carolyn T GlassCAROLYN T GLASS
ASSISTANT SE
- Total calculated
- $145,008
- From this org
- $90,249
- From related orgs
- $0
- Other
- $54,759
- Hours/week
- 40 + 3 related
-
James P Guy IIJAMES P GUY II
LEGAL COUNSE
- Total calculated
- $351,731
- From this org
- $266,951
- From related orgs
- $0
- Other
- $84,780
- Hours/week
- 55
Schedule J breakdown matched by us
- Base
- $273,699
- Bonus
- not reported
- Other
- -$6,748
- Deferred
- $57,931
- Nontaxable benefits
- $26,849
- Filer's total
- $351,731
-
David H LipscombDAVID H LIPSCOMB
VP MEMBER AN
- Total calculated
- $247,328
- From this org
- $217,617
- From related orgs
- $0
- Other
- $29,711
- Hours/week
- 47
Schedule J breakdown matched by us
- Base
- $214,114
- Bonus
- not reported
- Other
- $3,503
- Deferred
- $3,677
- Nontaxable benefits
- $26,034
- Filer's total
- $247,328
-
Benjamin J SeamansBENJAMIN J SEAMANS
VP ENGINEERI
- Total calculated
- $334,398
- From this org
- $231,097
- From related orgs
- $0
- Other
- $103,301
- Hours/week
- 50
Schedule J breakdown matched by us
- Base
- $238,936
- Bonus
- not reported
- Other
- -$7,839
- Deferred
- $75,767
- Nontaxable benefits
- $27,534
- Filer's total
- $334,398
-
Dwayne LongDWAYNE LONG
VP INFORMATI
- Total calculated
- $274,163
- From this org
- $212,490
- From related orgs
- $0
- Other
- $61,673
- Hours/week
- 50
Schedule J breakdown matched by us
- Base
- $215,295
- Bonus
- not reported
- Other
- -$2,805
- Deferred
- $34,139
- Nontaxable benefits
- $27,534
- Filer's total
- $274,163
-
Robert H LankfordROBERT H LANKFORD
DIRECTOR OF
- Total calculated
- $203,064
- From this org
- $181,852
- From related orgs
- $0
- Other
- $21,212
- Hours/week
- 50
Schedule J breakdown matched by us
- Base
- $190,177
- Bonus
- not reported
- Other
- -$8,325
- Deferred
- $3,403
- Nontaxable benefits
- $17,809
- Filer's total
- $203,064
-
David J JonesDAVID J JONES
CHAIRMAN
- Total calculated
- $24,850
- From this org
- $20,000
- From related orgs
- $4,850
- Other
- $0
- Hours/week
- 14.31 + 1.94 related
-
Franklin B MyersFRANKLIN B MYERS
VICE-CHAIRMA
- Total calculated
- $30,800
- From this org
- $25,850
- From related orgs
- $4,950
- Other
- $0
- Hours/week
- 9.56 + 1.83 related
-
Donald L MooreDONALD L MOORE
TREASURER-SE
- Total calculated
- $22,300
- From this org
- $13,800
- From related orgs
- $3,900
- Other
- $4,600
- Hours/week
- 3.31 + 1.73 related
-
David C HallDAVID C HALL
DIRECTOR
- Total calculated
- $24,300
- From this org
- $18,400
- From related orgs
- $5,900
- Other
- $0
- Hours/week
- 4.43 + 2.01 related
-
Brandon G HudsonBRANDON G HUDSON
DIRECTOR
- Total calculated
- $23,250
- From this org
- $18,400
- From related orgs
- $4,850
- Other
- $0
- Hours/week
- 2.95 + 1.65 related
-
Fletcher B JonesFLETCHER B JONES
DIRECTOR
- Total calculated
- $26,688
- From this org
- $16,500
- From related orgs
- $4,688
- Other
- $5,500
- Hours/week
- 7.91 + 2.98 related
-
Peggy LeePEGGY LEE
DIRECTOR
- Total calculated
- $23,763
- From this org
- $14,700
- From related orgs
- $4,163
- Other
- $4,900
- Hours/week
- 3.95 + 1.63 related
-
Michael H McDowellMICHAEL H MCDOWELL
DIRECTOR
- Total calculated
- $21,650
- From this org
- $16,800
- From related orgs
- $4,850
- Other
- $0
- Hours/week
- 3.05 + 2.35 related
-
Angela WilsonANGELA WILSON
DIRECTOR
- Total calculated
- $22,663
- From this org
- $14,100
- From related orgs
- $3,863
- Other
- $4,700
- Hours/week
- 3.86 + 2.07 related
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 · 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
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.
-
EMPOWER BROADBAND INC
C CORP · INTERNET · VA · 100% owned · share of income $3,568,636 · share of assets $26,674,571
Directly controlled by MECKLENBUR MECKLENBURG ELECTRIC
-
EMPOWER TELECOM INC
C CORP · TELECOMM · VA · 100% owned · share of income $519,302 · share of assets $5,741,278
Directly controlled by MECKLENBUR MECKLENBURG ELECTRIC
Provenance
- Return type
- form_990
- Tax year
- 2024
- Filed
- 15 July 2025
- IRS schema version
- 2024v5.0
- Source object
- 202522809349300547
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