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Nonprofiteer
← FOUR COUNTY ELECTRIC MEMBERSHIP CORP

Form 990 for tax year 2024

Filed by FOUR COUNTY ELECTRIC MEMBERSHIP CORP.

Totals

Total revenue
$114,987,385
Total expenses
$108,532,189
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$114,062,153
Investment income
$925,232
Other revenue
$0
Total assets, end of year
$275,386,094
Total liabilities, end of year
$166,847,968
Net assets or fund balances, end of year
$108,538,126
Program services expenses (Part IX)
not reported
Management and general expenses
not reported
Fundraising expenses
not reported
Program service expenses (Part III)
$108,532,189

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 $108,267,936 · related or exempt $108,267,936

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

    total $2,899,030 · related or exempt $2,899,030

  • 2c · Program service revenue: PATRONAGE ALLOCATION

    total $2,538,787 · related or exempt $2,538,787

  • 2d · Program service revenue: ELECTRIC PROPERTY RENTAL

    total $356,400 · excluded $356,400

  • 3 · Investment income

    total $925,232 · excluded $925,232

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $1,604,088

  • 6 · Compensation of disqualified persons

    total $1,457,178

  • 7 · Other salaries and wages

    total $904,421

  • 9 · Other employee benefits

    total $285,481

  • 11c · Fees: accounting

    total $458,740

  • 13 · Office expenses

    total $452,514

  • 20 · Interest

    total $5,063,766

  • 22 · Depreciation, depletion and amortization

    total $8,587,782

  • 23 · Insurance

    total $100,044

  • 24a · Other expenses: COST OF POWER

    total $70,847,699

  • 24b · Other expenses: DISTRIBUTION MAINTENANC

    total $6,496,864

  • 24c · Other expenses: ADMINISTRATIVE & GENERA

    total $4,622,168

  • 24d · Other expenses: DISTRIBUTION OPERATION

    total $2,985,766

  • 24e · All other expenses

    total $4,665,678

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $7,757,041 · end of year $10,736,497

  • 2 · Savings and temporary cash investments

    beginning of year $10,245,374

  • 4 · Accounts receivable

    beginning of year $8,924,657 · end of year $9,413,957

  • 7 · Other notes and loans receivable

    beginning of year $4,377,309 · end of year $3,870,881

  • 8 · Inventories for sale or use

    beginning of year $6,043,448 · end of year $5,270,998

  • 9 · Prepaid expenses and deferred charges

    beginning of year $878,988 · end of year $1,257,000

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

    $310,520,611

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

    $99,422,634

  • 10c · Land, buildings and equipment, net

    beginning of year $195,838,390 · end of year $211,097,977

  • 12 · Investments: other securities

    beginning of year $31,614,650 · end of year $33,738,784

  • 17 · Accounts payable and accrued expenses

    beginning of year $12,066,622 · end of year $19,215,370

  • 23 · Secured mortgages and notes payable

    beginning of year $136,477,095 · end of year $136,053,685

  • 24 · Unsecured notes and loans payable

    beginning of year $2,854,150 · end of year $2,854,150

  • 25 · Other liabilities

    beginning of year $8,625,430 · end of year $8,724,763

  • 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 $105,656,560 · end of year $108,538,126

Mission and programs · 2024

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 $108,532,189 · Revenue $113,705,753

As filed on the 2024 return.

Listed in Part VII

  • Clayton Hollingsworth

    BOARD DIRECTOR

    Total calculated
    $24,016
    From this org
    $24,016
    From related orgs
    $0
    Other
    $0
    Hours/week
    8.75

  • Kenneth Thornton

    BOARD VICE PRESIDENT

    Total calculated
    $23,366
    From this org
    $23,366
    From related orgs
    $0
    Other
    $0
    Hours/week
    7.5

  • Gene Jordan

    BOARD SECRETARY/TREASURER

    Total calculated
    $22,716
    From this org
    $22,716
    From related orgs
    $0
    Other
    $0
    Hours/week
    7

  • Mary Rose

    BOARD DIRECTOR

    Total calculated
    $22,716
    From this org
    $22,716
    From related orgs
    $0
    Other
    $0
    Hours/week
    6.75

  • Franklin Williams

    BOARD PRESIDENT

    Total calculated
    $21,091
    From this org
    $21,091
    From related orgs
    $0
    Other
    $0
    Hours/week
    5.75

  • Steve Matthis

    BOARD DIRECTOR

    Total calculated
    $19,466
    From this org
    $19,466
    From related orgs
    $0
    Other
    $0
    Hours/week
    4.25

  • Arlester Fullwood

    BOARD DIRECTOR

    Total calculated
    $18,816
    From this org
    $18,816
    From related orgs
    $0
    Other
    $0
    Hours/week
    4.75

  • Bertice Lanier

    BOARD DIRECTOR

    Total calculated
    $18,816
    From this org
    $18,816
    From related orgs
    $0
    Other
    $0
    Hours/week
    2.75

  • Ronald J Allen

    BOARD DIRECTOR

    Total calculated
    $18,816
    From this org
    $18,816
    From related orgs
    $0
    Other
    $0
    Hours/week
    5.25

  • Carlton Raynor

    BOARD DIRECTOR

    Total calculated
    $18,166
    From this org
    $18,166
    From related orgs
    $0
    Other
    $0
    Hours/week
    4.25

  • Donald L Gatton

    CHIEF EXECUTIVE OFFICER

    Total calculated
    $530,432
    From this org
    $316,783
    From related orgs
    $0
    Other
    $213,649
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $316,783
    Bonus
    $0
    Other
    $0
    Deferred
    $186,452
    Nontaxable benefits
    $27,197
    Filer's total
    $530,432

  • Gary W Chitwood

    CHIEF FINANCIAL OFFICER

    Total calculated
    $247,997
    From this org
    $242,668
    From related orgs
    $0
    Other
    $5,329
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $242,668
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $5,329
    Filer's total
    $247,997

  • Gregg A Cohn

    VICE PRESIDENT ENGINEERING

    Total calculated
    $288,219
    From this org
    $204,073
    From related orgs
    $0
    Other
    $84,146
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $204,073
    Bonus
    $0
    Other
    $0
    Deferred
    $65,196
    Nontaxable benefits
    $18,950
    Filer's total
    $288,219

  • Franklin S Cook

    VICE PRESIDENT OPERATIONS

    Total calculated
    $207,200
    From this org
    $157,742
    From related orgs
    $0
    Other
    $49,458
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $157,742
    Bonus
    $0
    Other
    $0
    Deferred
    $26,478
    Nontaxable benefits
    $22,980
    Filer's total
    $207,200

  • Gregory S Sager

    VICE PRESIDENT MEMBER SERVICES

    Total calculated
    $178,237
    From this org
    $143,503
    From related orgs
    $0
    Other
    $34,734
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $143,503
    Bonus
    $0
    Other
    $0
    Deferred
    $14,963
    Nontaxable benefits
    $19,771
    Filer's total
    $178,237

  • Jennifer M Hedge

    VICE PRESIDENT HUMAN RESOURCES

    Total calculated
    $180,494
    From this org
    $139,480
    From related orgs
    $0
    Other
    $41,014
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $139,480
    Bonus
    $0
    Other
    $0
    Deferred
    $20,891
    Nontaxable benefits
    $20,123
    Filer's total
    $180,494

  • Anthony A Kent

    VICE PRESIDENT INFORMATION TECHNOLOGY

    Total calculated
    $168,458
    From this org
    $128,287
    From related orgs
    $0
    Other
    $40,171
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $128,287
    Bonus
    $0
    Other
    $0
    Deferred
    $18,383
    Nontaxable benefits
    $21,788
    Filer's total
    $168,458

  • Charles E Reynolds

    VICE PRESIDENT OF FINANCE AND ACCOUNTING

    Total calculated
    $140,924
    From this org
    $124,640
    From related orgs
    $0
    Other
    $16,284
    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
2024
Filed
6 August 2025
IRS schema version
2024v5.2
Source object
202522279349300942

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