Form 990 for tax year 2024
Filed by NORTH CAROLINA ELECTRIC MEMBERSHIP CORPORATION.
Totals
- Total revenue
- $1,251,544,262
- Total expenses
- $1,221,544,262
- Contributions and grants received
- $0
- Grants paid
- $620,322
- Program service revenue
- $1,241,477,202
- Investment income
- $9,714,790
- Other revenue
- $352,270
- Total assets, end of year
- $2,422,893,032
- Total liabilities, end of year
- $2,002,524,520
- Net assets or fund balances, end of year
- $420,368,512
- Program services expenses (Part IX)
- not reported
- Management and general expenses
- not reported
- Fundraising expenses
- not reported
- Program service expenses (Part III)
- not reported
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: PROVIDE ELECTRIC POWER
total $1,241,477,202 · related or exempt $1,241,477,202
-
3 · Investment income
total $9,647,765 · excluded $9,647,765
-
6a · Gross rents
real property $190,800
-
6b · Less rental expenses
real property $0
-
6c · Rental income or loss
real property $190,800
-
6d · Net rental income or loss
total $190,800 · unrelated business $190,800
-
7a · Gross sales of assets other than inventory
securities $36,775,149
-
7b · Less cost or other basis and sales expenses
securities $36,787,341 · other assets -$79,217
-
7c · Gain or loss
securities -$12,192 · other assets $79,217
-
7d · Net gain or loss
total $67,025 · excluded $67,025
-
11a · Other revenue: MISCELLANEOUS INCOME
total $161,470 · unrelated business $161,470
-
11e · Other revenue, total
$161,470
Functional expenses
Part IX, the statement of functional expenses.
-
1 · Grants to domestic organizations and governments
total $620,322
-
5 · Compensation of officers, directors and key employees
total $6,312,077
-
7 · Other salaries and wages
total $42,880,224
-
8 · Pension plan contributions
total $801,992
-
9 · Other employee benefits
total $187,225
-
10 · Payroll taxes
total $3,093
-
11b · Fees: legal
total $909,007
-
11c · Fees: accounting
total $435,576
-
12 · Advertising and promotion
total $59,900
-
13 · Office expenses
total $1,129,006
-
17 · Travel
total $434,002
-
20 · Interest
total $45,505,414
-
22 · Depreciation, depletion and amortization
total $74,517,896
-
23 · Insurance
total $176,387
-
24a · Other expenses: PURCHASED POWER
total $761,242,857
-
24b · Other expenses: TRANSMISSION & ANCILLAR
total $97,765,194
-
24c · Other expenses: POWER GENERATION EXPENS
total $75,408,784
-
24d · Other expenses: FUEL USED IN GENERATION
total $62,276,151
-
24e · All other expenses
total $50,879,155
Balance sheet
Part X, book values.
-
2 · Savings and temporary cash investments
beginning of year $188,595,569 · end of year $249,633,278
-
4 · Accounts receivable
beginning of year $101,051,638 · end of year $108,753,802
-
7 · Other notes and loans receivable
beginning of year $6,828,326 · end of year $7,958,581
-
8 · Inventories for sale or use
beginning of year $28,884,413 · end of year $24,033,885
-
9 · Prepaid expenses and deferred charges
beginning of year $4,711,205 · end of year $4,986,009
-
10a · Land, buildings and equipment: cost or other basis
$2,972,648,428
-
10b · Land, buildings and equipment: accumulated depreciation
$1,742,736,038
-
10c · Land, buildings and equipment, net
beginning of year $1,130,230,949 · end of year $1,229,912,390
-
11 · Investments: publicly traded securities
beginning of year $459,072,502 · end of year $530,068,386
-
12 · Investments: other securities
beginning of year $15,693,497 · end of year $17,423,515
-
15 · Other assets
beginning of year $267,458,146 · end of year $250,123,186
-
17 · Accounts payable and accrued expenses
beginning of year $149,390,501 · end of year $154,500,211
-
23 · Secured mortgages and notes payable
beginning of year $1,177,881,970 · end of year $1,293,612,217
-
25 · Other liabilities
beginning of year $485,773,546 · end of year $554,412,092
-
29 · Capital stock, trust principal or current funds
beginning of year $625 · end of year $625
-
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 $389,479,603 · end of year $420,367,887
Mission and programs · 2024
Mission
SALE OF ELECTRIC POWER TO NC DISTRIBUTION MEMBER COOPERATIVES.
-
NORTH CAROLINA ELECTRIC MEMBERSHIP CORPORATION PROVIDES WHOLESALE ELECTRIC GENERATION AND TRANSMISSION SERVICES TO 25 MEMBER ELECTRIC DISTRIBUTION COOPERATIVES THAT PROVIDE ELECTRIC SERVICE TO OVER ONE MILLION HOMES, FARMS, AND BUSINESSES IN NORTH CAROLINA.
As filed on the 2024 return.
Listed in Part VII
-
Susan E FlytheSUSAN E FLYTHE
PRESIDENT
- Total calculated
- $0
- Hours/week
- 4 + 2 related
-
Greg AndressGREG ANDRESS
VICE PRESIDENT
- Total calculated
- $0
- Hours/week
- 4 + 2 related
-
Josh WinslowJOSH WINSLOW
SECRETARY/TREASURER
- Total calculated
- $0
- Hours/week
- 4 + 2 related
-
Kevin HeathKEVIN HEATH
DIRECTOR
- Total calculated
- $0
- Hours/week
- 2 + 2 related
-
John W SpenceJOHN W SPENCE
DIRECTOR
- Total calculated
- $0
- Hours/week
- 2 + 2 related
-
Douglas W JohnsonDOUGLAS W JOHNSON
DIRECTOR
- Total calculated
- $0
- Hours/week
- 2 + 2 related
-
Johnny WishonJOHNNY WISHON
DIRECTOR
- Total calculated
- $0
- Hours/week
- 2 + 2 related
-
David GoreDAVID GORE
DIRECTOR
- Total calculated
- $0
- Hours/week
- 2 + 2 related
-
Richard A MidgettRICHARD A MIDGETT
DIRECTOR
- Total calculated
- $0
- Hours/week
- 2 + 2 related
-
Jacob JoplinJACOB JOPLIN
DIRECTOR
- Total calculated
- $0
- Hours/week
- 2 + 2 related
-
Deloria IrbyDELORIA IRBY
DIRECTOR
- Total calculated
- $0
- Hours/week
- 2 + 2 related
-
Eddie OldhamEDDIE OLDHAM
DIRECTOR
- Total calculated
- $0
- Hours/week
- 2 + 2 related
-
Rebecca P CoganREBECCA P COGAN
DIRECTOR
- Total calculated
- $0
- Hours/week
- 2 + 2 related
-
Winston HowellWINSTON HOWELL
DIRECTOR
- Total calculated
- $0
- Hours/week
- 2 + 2 related
-
Elbert Ray Pitt JrELBERT RAY PITT JR
DIRECTOR
- Total calculated
- $0
- Hours/week
- 2 + 2 related
-
Thomas GoldenTHOMAS GOLDEN
DIRECTOR
- Total calculated
- $0
- Hours/week
- 2 + 2 related
-
Brian SissonBRIAN SISSON
DIRECTOR
- Total calculated
- $0
- Hours/week
- 2 + 2 related
-
Donald Lee GattonDONALD LEE GATTON
DIRECTOR
- Total calculated
- $0
- Hours/week
- 2 + 2 related
-
S Franklin WilliamsS FRANKLIN WILLIAMS
DIRECTOR
- Total calculated
- $0
- Hours/week
- 2 + 2 related
-
Tucker LemleyTUCKER LEMLEY
DIRECTOR
- Total calculated
- $0
- Hours/week
- 2 + 2 related
-
Basil WilliamsBASIL WILLIAMS
DIRECTOR
- Total calculated
- $0
- Hours/week
- 2 + 2 related
-
Tom BatchelorTOM BATCHELOR
DIRECTOR
- Total calculated
- $0
- Hours/week
- 2 + 2 related
-
Lucas SorrellLUCAS SORRELL
DIRECTOR
- Total calculated
- $0
- Hours/week
- 2 + 2 related
-
Gary W RayGARY W RAY
DIRECTOR
- Total calculated
- $0
- Hours/week
- 2 + 2 related
-
John L PierceJOHN L PIERCE
DIRECTOR
- Total calculated
- $0
- Hours/week
- 2 + 2 related
-
Jon T LocklearJON T LOCKLEAR
DIRECTOR
- Total calculated
- $0
- Hours/week
- 2 + 2 related
-
Rory EddingsRORY EDDINGS
DIRECTOR
- Total calculated
- $0
- Hours/week
- 2 + 2 related
-
Donald H SpiveyDONALD H SPIVEY
DIRECTOR
- Total calculated
- $0
- Hours/week
- 2 + 2 related
-
Benjamin R LybrandBENJAMIN R LYBRAND
DIRECTOR
- Total calculated
- $0
- Hours/week
- 2 + 2 related
-
Jordan OverbeeJORDAN OVERBEE
DIRECTOR
- Total calculated
- $0
- Hours/week
- 2 + 2 related
-
J Randy KinleyJ RANDY KINLEY
DIRECTOR
- Total calculated
- $0
- Hours/week
- 2 + 2 related
-
Mark A SuggsMARK A SUGGS
DIRECTOR
- Total calculated
- $0
- Hours/week
- 2 + 2 related
-
Jeffrey N LetchworthJEFFREY N LETCHWORTH
DIRECTOR
- Total calculated
- $0
- Hours/week
- 2 + 2 related
-
Dennis MabeDENNIS MABE
DIRECTOR
- Total calculated
- $0
- Hours/week
- 2 + 2 related
-
Jerry BowmanJERRY BOWMAN
DIRECTOR
- Total calculated
- $0
- Hours/week
- 2 + 2 related
-
Marshall CherryMARSHALL CHERRY
DIRECTOR
- Total calculated
- $0
- Hours/week
- 2 + 2 related
-
Allen W SpellerALLEN W SPELLER
DIRECTOR
- Total calculated
- $0
- Hours/week
- 2 + 2 related
-
S Dirk BurlesonS DIRK BURLESON
DIRECTOR
- Total calculated
- $0
- Hours/week
- 2 + 2 related
-
J Dean CarpenterJ DEAN CARPENTER
DIRECTOR
- Total calculated
- $0
- Hours/week
- 2 + 2 related
-
Christopher SpearsCHRISTOPHER SPEARS
DIRECTOR
- Total calculated
- $0
- Hours/week
- 2 + 2 related
-
Kelly HarringtonKELLY HARRINGTON
DIRECTOR
- Total calculated
- $0
- Hours/week
- 2 + 2 related
-
W Greg PuckettW GREG PUCKETT
DIRECTOR
- Total calculated
- $0
- Hours/week
- 2 + 2 related
-
Karoline OverbyKAROLINE OVERBY
DIRECTOR
- Total calculated
- $0
- Hours/week
- 2 + 2 related
-
Paul SpruillPAUL SPRUILL
DIRECTOR
- Total calculated
- $0
- Hours/week
- 2 + 2 related
-
J Douglas BrinsonJ DOUGLAS BRINSON
DIRECTOR
- Total calculated
- $0
- Hours/week
- 2 + 2 related
-
J Michael DavisJ MICHAEL DAVIS
DIRECTOR
- Total calculated
- $0
- Hours/week
- 2 + 2 related
-
Carl W Kornegay JrCARL W KORNEGAY JR
DIRECTOR
- Total calculated
- $0
- Hours/week
- 2 + 2 related
-
James E Mangum JrJAMES E MANGUM JR
DIRECTOR
- Total calculated
- $0
- Hours/week
- 2 + 2 related
-
Dent TurnerDENT TURNER
DIRECTOR
- Total calculated
- $0
- Hours/week
- 2 + 2 related
-
Mike DickersonMIKE DICKERSON
DIRECTOR
- Total calculated
- $0
- Hours/week
- 2 + 2 related
-
Joseph P BrannanJOSEPH P BRANNAN
EXECUTIVE VP & CEO
- Total calculated
- $1,728,296
- From this org
- $1,587,879
- From related orgs
- $0
- Other
- $140,417
- Hours/week
- 34 + 6 related
Schedule J breakdown matched by us
- Base
- $1,587,879
- Bonus
- $0
- Other
- $0
- Deferred
- $104,417
- Nontaxable benefits
- $36,000
- Filer's total
- $1,728,296
-
Lark S JamesLARK S JAMES
SENIOR VP, FINANCE & CFO
- Total calculated
- $699,764
- From this org
- $560,612
- From related orgs
- $0
- Other
- $139,152
- Hours/week
- 34 + 6 related
Schedule J breakdown matched by us
- Base
- $560,612
- Bonus
- $0
- Other
- $0
- Deferred
- $104,417
- Nontaxable benefits
- $34,735
- Filer's total
- $699,764
-
Michael YouthMICHAEL YOUTH
ASSISTANT SECRETARY/TREASURER
- Total calculated
- $303,347
- From this org
- $234,119
- From related orgs
- $0
- Other
- $69,228
- Hours/week
- 34 + 6 related
Schedule J breakdown matched by us
- Base
- $234,119
- Bonus
- $0
- Other
- $0
- Deferred
- $50,924
- Nontaxable benefits
- $18,304
- Filer's total
- $303,347
-
Charles BaylessCHARLES BAYLESS
SENIOR VP, GENERAL COUNSEL
- Total calculated
- $479,952
- From this org
- $361,073
- From related orgs
- $0
- Other
- $118,879
- Hours/week
- 34 + 6 related
Schedule J breakdown matched by us
- Base
- $361,073
- Bonus
- $0
- Other
- $0
- Deferred
- $99,124
- Nontaxable benefits
- $19,755
- Filer's total
- $479,952
-
Timothy DodgeTIMOTHY DODGE
ASSISTANT SECRETARY/TREASURER
- Total calculated
- $276,921
- From this org
- $200,632
- From related orgs
- $0
- Other
- $76,289
- Hours/week
- 34 + 6 related
Schedule J breakdown matched by us
- Base
- $200,632
- Bonus
- $0
- Other
- $0
- Deferred
- $45,570
- Nontaxable benefits
- $30,719
- Filer's total
- $276,921
-
Amadou FallAMADOU FALL
SENIOR VP & COO
- Total calculated
- $638,939
- From this org
- $527,799
- From related orgs
- $0
- Other
- $111,140
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $527,799
- Bonus
- $0
- Other
- $0
- Deferred
- $76,517
- Nontaxable benefits
- $34,623
- Filer's total
- $638,939
-
Nelle HotchkissNELLE HOTCHKISS
SENIOR VP & COO, NCAEC
- Total calculated
- $528,509
- From this org
- $391,012
- From related orgs
- $0
- Other
- $137,497
- Hours/week
- 10 + 30 related
Schedule J breakdown matched by us
- Base
- $391,012
- Bonus
- $0
- Other
- $0
- Deferred
- $104,417
- Nontaxable benefits
- $33,080
- Filer's total
- $528,509
-
Christopher VanlokerenCHRISTOPHER VANLOKEREN
CHIEF INFORMATION OFFICER
- Total calculated
- $465,360
- From this org
- $356,110
- From related orgs
- $0
- Other
- $109,250
- Hours/week
- 34 + 6 related
Schedule J breakdown matched by us
- Base
- $356,110
- Bonus
- $0
- Other
- $0
- Deferred
- $76,517
- Nontaxable benefits
- $32,733
- Filer's total
- $465,360
-
Lee S RagsdaleLEE S RAGSDALE
SENIOR VICE PRESIDENT, GRID INFRASTRUCTURE & COMPL
- Total calculated
- $431,387
- From this org
- $305,195
- From related orgs
- $0
- Other
- $126,192
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $305,195
- Bonus
- $0
- Other
- $0
- Deferred
- $94,045
- Nontaxable benefits
- $32,147
- Filer's total
- $431,387
-
Douglas R BrowneDOUGLAS R BROWNE
VICE PRESIDENT, FINANCE
- Total calculated
- $437,880
- From this org
- $311,037
- From related orgs
- $0
- Other
- $126,843
- Hours/week
- 34 + 6 related
Schedule J breakdown matched by us
- Base
- $311,037
- Bonus
- $0
- Other
- $0
- Deferred
- $94,646
- Nontaxable benefits
- $32,197
- Filer's total
- $437,880
-
Melcher KennethMELCHER KENNETH
VICE PRESIDENT, IT OPERATIONS
- Total calculated
- $321,723
- From this org
- $263,918
- From related orgs
- $0
- Other
- $57,805
- Hours/week
- 34 + 6 related
Schedule J breakdown matched by us
- Base
- $263,918
- Bonus
- $0
- Other
- $0
- Deferred
- $53,283
- Nontaxable benefits
- $4,522
- Filer's total
- $321,723
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
The filer's explanations (Part III)
- EXPLANATION FOR LINE 4B:
- IN 2024 AS PER THE TERMS OF THE COMPANY'S EXECUTIVE BENEFIT RESTORATION PLAN, AFTER ATTAINING REQUIRED VESTING TERM JOSEPH P. BRANNAN, LARK S. JAMES, AND CHRISTOPHER VANLOKEREN RECEIVED NO PAYMENTS.
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
-
$68,000
AGRICULTURAL ASSISTANCE
-
$50,000
ECONOMIC DEVELOPMENT ASSISTANCE
-
$36,104
EDUCATIONAL ASSISTANCE
-
$30,000
ECONOMIC DEVELOPMENT ASSISTANCE
-
CIVIC DONATION
-
ECONOMIC DEVELOPMENT PARTNERSHIP
$25,000
ECONOMIC DEVELOPMENT ASSISTANCE
-
UNC PEMBROKE
$25,000
EDUCATIONAL ASSISTANCE
-
NC DEPARTMENT OF AGRICULTURE AND CONSUMER SERVICE
$24,000
AGRICULTURAL ASSISTANCE
-
EDUCATIONAL ASSISTANCE
-
$17,591
EDUCATIONAL ASSISTANCE
The 10 largest by cash amount. The API serves every itemized grant.
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.
-
NORTH CAROLINA ASSOCIATION OF ELECTRIC COOPERATIVES INC
501(C)(6) · MEMBER SERVICES · NC
Directly controlled by NO
-
HUMAN CONNECTIONS FOUNDATION INC
501(C)(3) · DISTRIBUTES RELIEF FUNDS · NC
Directly controlled by NO
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.
-
THE TARHEEL ELECTRIC MEMBERSHIP ASSOCIATION
C · MATERIAL AND EQUIPMENT SALES · NC
-
NCEMC SOLAR ONE LLC
C · SOLAR ENERGY ACTIVITY · NC · 100% owned · share of income $1,000 · share of assets $1,000
Directly controlled by NCEMC
Provenance
- Return type
- form_990
- Tax year
- 2024
- Filed
- 6 November 2025
- IRS schema version
- 2024v5.2
- Source object
- 202503169349300710
Check it against the return as filed: the GivingTuesday Data Lake hosts a public copy of the original XML.
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