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Nonprofiteer
← BRUNSWICK ELECTRIC MEMBERSHIP CORP

Form 990 for tax year 2023

Filed by BRUNSWICK ELECTRIC MEMBERSHIP CORP.

This return was superseded by a later amendment. matched by us It is kept because history is preserved rather than replaced.

What the amendment changed

Compared with the latest return for 2023 , filed 26 September 2024. matched by us Only the return's totals, a 990-PF's accounting method and the names listed in Part VII (Part VIII on a 990-PF) are compared. We relate returns by organization, tax year and form, and order them by each return's own timestamp; the filer's own "amended return" checkbox is a separate fact.

Those are the same on the two returns, so the amendment changed something else.

Totals

Total revenue
$218,088,595
Total expenses
$213,390,688
Contributions and grants received
$324,773
Grants paid
$255,725
Program service revenue
$215,938,734
Investment income
$1,663,331
Other revenue
$161,757
Total assets, end of year
$510,296,750
Total liabilities, end of year
$298,038,383
Net assets or fund balances, end of year
$212,258,367
Program services expenses (Part IX)
$0
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
$213,390,688

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.

  • 1e · Government grants (contributions)

    $324,773

  • 2a · Program service revenue: ELEC. SALE/DISTRIBUTION

    total $204,159,974 · related or exempt $204,159,974

  • 2b · Program service revenue: CONTRIBUTION IN AID OF CONST.

    total $8,043,114 · related or exempt $8,043,114

  • 2c · Program service revenue: SOUTHPORT O&M CONTRACT

    total $1,572,816 · related or exempt $1,572,816

  • 2d · Program service revenue: SUNNY POINT O&M CONTRACT

    total $1,107,711 · related or exempt $1,107,711

  • 2e · Program service revenue: CAPITAL CREDITS RECEIVED

    total $1,055,119 · related or exempt $1,055,119

  • 3 · Investment income

    total $1,374,680 · excluded $1,374,680

  • 6a · Gross rents

    real property $122,847 · personal property $111,435

  • 6b · Less rental expenses

    real property $152,063

  • 6c · Rental income or loss

    real property -$29,216 · personal property $111,435

  • 6d · Net rental income or loss

    total $82,219 · related or exempt -$30,446 · unrelated business $1,230 · excluded $111,435

  • 7a · Gross sales of assets other than inventory

    other assets $288,651

  • 7c · Gain or loss

    other assets $288,651

  • 7d · Net gain or loss

    total $288,651 · excluded $288,651

  • 11a · Other revenue: LOAN SERVICING FEES

    total $117,042 · unrelated business $117,042

  • 11b · Other revenue: COMMON COSTS ALLOCATION

    total $23,373 · unrelated business $23,373

  • 11c · Other revenue: APPLIANCE SALES

    total -$416 · unrelated business -$416

  • 11d · All other revenue

    total -$60,461 · related or exempt -$60,461

  • 11e · Other revenue, total

    $79,538

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $255,725

  • 4 · Benefits paid to or for members

    total $11,324,822

  • 5 · Compensation of officers, directors and key employees

    total $4,373,338

  • 7 · Other salaries and wages

    total $15,720,661

  • 8 · Pension plan contributions

    total $2,565,582

  • 9 · Other employee benefits

    total $1,341,102

  • 10 · Payroll taxes

    total $1,521,208

  • 11b · Fees: legal

    total $207,853

  • 17 · Travel

    total $2,879,147

  • 19 · Conferences, conventions and meetings

    total $172,272

  • 20 · Interest

    total $8,095,897

  • 22 · Depreciation, depletion and amortization

    total $21,402,482

  • 24a · Other expenses: COST OF POWER

    total $128,219,334

  • 24b · Other expenses: ADMIN & GENERAL

    total $8,241,705

  • 24c · Other expenses: DISTRIBUTION OPERATION

    total $6,320,771

  • 24d · Other expenses: DISTRIBUTION MAINTENANCE

    total $5,177,879

  • 24e · All other expenses

    total -$4,429,090

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $2,223 · end of year $230,323

  • 2 · Savings and temporary cash investments

    beginning of year $32,131,365 · end of year $20,556,195

  • 4 · Accounts receivable

    beginning of year $26,066,127 · end of year $27,858,215

  • 7 · Other notes and loans receivable

    beginning of year $2,838,299 · end of year $1,801,222

  • 8 · Inventories for sale or use

    beginning of year $13,712,929 · end of year $15,620,868

  • 9 · Prepaid expenses and deferred charges

    beginning of year $798,475 · end of year $1,203,850

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

    $627,131,171

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

    $242,863,764

  • 10c · Land, buildings and equipment, net

    beginning of year $368,607,969 · end of year $384,267,407

  • 12 · Investments: other securities

    beginning of year $1,897,459 · end of year $1,187,542

  • 13 · Investments: program-related

    beginning of year $52,624,553 · end of year $57,571,128

  • 17 · Accounts payable and accrued expenses

    beginning of year $28,822,646 · end of year $29,044,094

  • 23 · Secured mortgages and notes payable

    beginning of year $220,117,335 · end of year $228,620,239

  • 24 · Unsecured notes and loans payable

    beginning of year $2,407,187 · end of year $1,542,209

  • 25 · Other liabilities

    beginning of year $45,586,916 · end of year $38,831,841

  • 31 · Retained earnings, endowment or other funds

    beginning of year $201,745,315 · end of year $212,258,367

Mission and programs · 2023

Mission

THE MISSION OF BRUNSWICK ELECTRIC MEMBERSHIP CORPORATION IS TO PROVIDE OUR COOPERATIVE MEMBERSHIP WITH SUPERIOR ELECTRIC AND CONSUMER SERVICES THROUGH OPEN COMMUNICATION, UTILIZING A HIGHLY-TRAINED, EFFICIENT WORK FORCE IN CONJUNCTION WITH A KNOWLEDGEABLE AND WELL-INFORMED MEMBERSHIP. OUR PRIMARY GOAL IS TO DISTRIBUTE SAFE, AFFORDABLE, RELIABLE, AND ENVIRONMENTALLY RESPONSIBLE ELECTRICITY TO OUR MEMBERSHIP.

  • DISTRIBUTION OF ELECTRICITY TO MEMBERS, WHICH INCLUDES THE PURCHASE OF ELECTRIC POWER FROM SUPPLIERS, TRANSMISSION OPERATIONS AND MAINTENANCE, DISTRIBUTION OPERATIONS AND MAINTENANCE, CUSTOMER ACCOUNTING, CUSTOMER SERVICE, MARKETING, GENERAL ADMINISTRATION, AND MINOR NON-OPERATING ACTIVITIES.

    Expenses $200,740,945 · Grants $255,725

  • PATRONAGE DIVIDENDS PAID TO MEMBERS' ACCOUNTS. SEE PART IX, LINE 4, "BENEFITS PAID TO OR FOR MEMBERS", PER IRS INSTRUCTIONS.

    Expenses $11,324,822

  • OPERATION, MAINTENANCE, AND CONSTRUCTION OF ELECTRIC DISTRIBUTION LINES FOR (1) THE MILITARY OCEAN TERMINAL SUNNY POINT, UNDER THE TERMS OF A LONG-TERM CONTRACT WITH THE UNITED STATES GOVERNMENT, AND (2) THE CITY OF SOUTHPORT, NC.

    Expenses $1,324,921

As filed on the 2023 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Joshua Winslow

    CEO / GEN MG

    Total calculated
    $652,081
    From this org
    $454,243
    From related orgs
    $0
    Other
    $197,838
    Hours/week
    50 + 5 related

    Schedule J breakdown matched by us

    Base
    $454,243
    Bonus
    not reported
    Other
    not reported
    Deferred
    $168,102
    Nontaxable benefits
    $29,736
    Filer's total
    $652,081

  • Corey Thurlow

    COO

    Total calculated
    $389,425
    From this org
    $333,596
    From related orgs
    $0
    Other
    $55,829
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $327,245
    Bonus
    $6,351
    Other
    not reported
    Deferred
    $44,353
    Nontaxable benefits
    $11,476
    Filer's total
    $389,425

  • Scott Thomas

    VP CORP SERV

    Total calculated
    $370,676
    From this org
    $305,181
    From related orgs
    $0
    Other
    $65,495
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $299,471
    Bonus
    $5,710
    Other
    not reported
    Deferred
    $35,759
    Nontaxable benefits
    $29,736
    Filer's total
    $370,676

  • David Reel

    VP TECHNOLOG

    Total calculated
    $372,467
    From this org
    $288,031
    From related orgs
    $0
    Other
    $84,436
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $282,551
    Bonus
    $5,480
    Other
    not reported
    Deferred
    $54,700
    Nontaxable benefits
    $29,736
    Filer's total
    $372,467

  • Lisa Fitzgerald

    VP FINANCE

    Total calculated
    $360,620
    From this org
    $271,604
    From related orgs
    $0
    Other
    $89,016
    Hours/week
    50 + 2 related

    Schedule J breakdown matched by us

    Base
    $266,341
    Bonus
    $5,263
    Other
    not reported
    Deferred
    $59,280
    Nontaxable benefits
    $29,736
    Filer's total
    $360,620

  • Jordan Overbee

    VP ENG & OPS

    Total calculated
    $255,590
    From this org
    $203,285
    From related orgs
    $0
    Other
    $52,305
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $198,741
    Bonus
    $4,544
    Other
    not reported
    Deferred
    $22,569
    Nontaxable benefits
    $29,736
    Filer's total
    $255,590

  • James T Tippett

    MGR OPERATIO

    Total calculated
    $437,490
    From this org
    $403,609
    From related orgs
    $0
    Other
    $33,881
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $398,754
    Bonus
    $4,855
    Other
    not reported
    Deferred
    $4,145
    Nontaxable benefits
    $29,736
    Filer's total
    $437,490

  • James Green

    MGR CUSTOMER

    Total calculated
    $394,232
    From this org
    $379,040
    From related orgs
    $0
    Other
    $15,192
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $374,711
    Bonus
    $4,329
    Other
    not reported
    Deferred
    $3,716
    Nontaxable benefits
    $11,476
    Filer's total
    $394,232

  • James E Etheridge

    SUPER. DIST

    Total calculated
    $372,162
    From this org
    $339,334
    From related orgs
    $0
    Other
    $32,828
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $335,731
    Bonus
    $3,603
    Other
    not reported
    Deferred
    $3,092
    Nontaxable benefits
    $29,736
    Filer's total
    $372,162

  • John E Johnson

    MGR OPERATIO

    Total calculated
    $224,153
    From this org
    $190,993
    From related orgs
    $0
    Other
    $33,160
    Hours/week
    48

    Schedule J breakdown matched by us

    Base
    $187,005
    Bonus
    $3,988
    Other
    not reported
    Deferred
    $3,424
    Nontaxable benefits
    $29,736
    Filer's total
    $224,153

  • Jeffrey Jackson

    MGR, INFO TE

    Total calculated
    $215,821
    From this org
    $182,713
    From related orgs
    $0
    Other
    $33,108
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $178,761
    Bonus
    $3,952
    Other
    not reported
    Deferred
    $3,372
    Nontaxable benefits
    $29,736
    Filer's total
    $215,821

  • Gary McCumbee

    DIST. ASSET

    Total calculated
    $192,986
    From this org
    $179,565
    From related orgs
    $0
    Other
    $13,421
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $179,565
    Bonus
    not reported
    Other
    not reported
    Deferred
    $1,031
    Nontaxable benefits
    $12,390
    Filer's total
    $192,986

  • James N Nance

    KEY ACCOUNTS

    Total calculated
    $188,271
    From this org
    $174,565
    From related orgs
    $0
    Other
    $13,706
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $174,565
    Bonus
    not reported
    Other
    not reported
    Deferred
    $1,047
    Nontaxable benefits
    $12,659
    Filer's total
    $188,271

  • Larry Sanderson

    QUALITY CONT

    Total calculated
    $182,743
    From this org
    $150,906
    From related orgs
    $0
    Other
    $31,837
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $148,459
    Bonus
    $2,447
    Other
    not reported
    Deferred
    $2,101
    Nontaxable benefits
    $29,736
    Filer's total
    $182,743

  • Brian Hall

    OPS TECH MGR

    Total calculated
    $182,042
    From this org
    $149,565
    From related orgs
    $0
    Other
    $32,477
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $146,348
    Bonus
    $3,217
    Other
    not reported
    Deferred
    $2,741
    Nontaxable benefits
    $29,736
    Filer's total
    $182,042

  • John Ward

    DIRECTOR

    Total calculated
    $53,740
    From this org
    $51,940
    From related orgs
    $1,800
    Other
    $0
    Hours/week
    7 + 2 related

  • Larry Fowler

    SECT./ TREAS

    Total calculated
    $59,146
    From this org
    $57,346
    From related orgs
    $1,800
    Other
    $0
    Hours/week
    11 + 2 related

  • David Gore

    PRESIDENT

    Total calculated
    $65,446
    From this org
    $63,196
    From related orgs
    $2,250
    Other
    $0
    Hours/week
    15 + 2 related

  • Frederick Tedder

    VICE PRESIDE

    Total calculated
    $39,852
    From this org
    $38,052
    From related orgs
    $1,800
    Other
    $0
    Hours/week
    10 + 2 related

  • Calvin Duncan

    ASST. SECT./

    Total calculated
    $35,349
    From this org
    $33,549
    From related orgs
    $1,800
    Other
    $0
    Hours/week
    7 + 2 related

  • Dan Strickland

    DIRECTOR

    Total calculated
    $55,096
    From this org
    $53,296
    From related orgs
    $1,800
    Other
    $0
    Hours/week
    9 + 2 related

  • Moses Herring

    DIRECTOR

    Total calculated
    $25,446
    From this org
    $23,646
    From related orgs
    $1,800
    Other
    $0
    Hours/week
    2 + 2 related

  • Deborah Ahlers

    DIRECTOR

    Total calculated
    $14,260
    From this org
    $12,910
    From related orgs
    $1,350
    Other
    $0
    Hours/week
    3 + 2 related

  • Perry Sellers

    DIRECTOR

    Total calculated
    $35,710
    From this org
    $33,460
    From related orgs
    $2,250
    Other
    $0
    Hours/week
    10 + 2 related

  • Glenn Humbert

    DIRECTOR

    Total calculated
    $21,760
    From this org
    $19,510
    From related orgs
    $2,250
    Other
    $0
    Hours/week
    5 + 2 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 · Form 990 of other organizations
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee
  • 4b · Supplemental nonqualified retirement plan

Answered no

  • 4a · Severance or change-of-control payment
  • 4c · Equity-based compensation arrangement

The filer's explanations (Part III)

SCHEDULE J, PAGE 1, PART I, LINE 4
JOSHUA WINSLOW 0 22,500 0 SCOTT THOMAS 0 22,500 0 DAVID REEL 0 22,500 0 LISA FITZGERALD 0 21,000 0
SCHEDULE J, PART III
CERTAIN INDIVIDUALS PARTICIPATE IN A NONQUALIFIED EXECUTIVE BENEFIT RESTORATION PLAN (EBR) UNDER CODE SECTION 457(B), AS A RESULT OF HAVING BENEFITS UNDER THE QUALIFIED 401(K) PLAN RESTRICTED BECAUSE OF MAXIMUM LIMITS ON BENEFITS THAT MAY BE PROVIDED UNDER THE QUALIFIED 401(K) PLAN.

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

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.

  • SENC ENERGY LLC

    C CORP · ENERGY · NC · 100% owned · share of income -$60,461 · share of assets $991,487 · controlled entity

    Directly controlled by BRUNSWICK EMC

Provenance

Return type
form_990
Tax year
2023
Filed
26 September 2024
IRS schema version
2023v5.0
Source object
202442749349300914

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