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Nonprofiteer
← CARROLL ELECTRIC MEMBERSHIP CORP

Form 990 for tax year 2023

Filed by CARROLL ELECTRIC MEMBERSHIP CORP.

Totals

Total revenue
$141,687,883
Total expenses
$141,687,883
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$140,383,448
Investment income
$1,137,158
Other revenue
$167,277
Total assets, end of year
$330,953,224
Total liabilities, end of year
$179,698,986
Net assets or fund balances, end of year
$151,254,238
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: ELECTRIC REVENUE

    total $136,426,168 · related or exempt $136,426,168

  • 2b · Program service revenue: POLE RENTAL

    total $2,686,451 · excluded $2,686,451

  • 2c · Program service revenue: OTHER CAPITAL CREDITS

    total $1,270,829 · related or exempt $1,270,829

  • 3 · Investment income

    total $1,137,158 · related or exempt $5,379 · excluded $1,131,779

  • 11a · Other revenue: REVENUE - BROADBAND

    total $159,184 · related or exempt $159,184

  • 11b · Other revenue: GAIN ON DISPOSITION OF PROPER

    total $9,894 · excluded $9,894

  • 11c · Other revenue: REVENUE - EV TRIDENT SEAFOOD

    total $1,170 · related or exempt $1,170

  • 11d · All other revenue

    total -$2,971 · related or exempt -$2,971

  • 11e · Other revenue, total

    $167,277

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $24,510,761

  • 5 · Compensation of officers, directors and key employees

    total $1,062,797

  • 13 · Office expenses

    total $1,378,195

  • 20 · Interest

    total $4,775,459

  • 22 · Depreciation, depletion and amortization

    total $11,365,023

  • 24a · Other expenses: PURCHASED POWER

    total $75,213,418

  • 24b · Other expenses: DISTRIBUTION MAINTENANCE

    total $7,873,891

  • 24c · Other expenses: OTHER DEDUCTIONS

    total $6,222,125

  • 24d · Other expenses: ADMIN. & GENERAL EXP.

    total $5,754,393

  • 24e · All other expenses

    total $3,531,821

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $5,031,917 · end of year $8,256,869

  • 2 · Savings and temporary cash investments

    beginning of year $1,058,041 · end of year $7,935,547

  • 4 · Accounts receivable

    beginning of year $9,082,348 · end of year $9,366,411

  • 7 · Other notes and loans receivable

    beginning of year $533,791 · end of year $509,471

  • 8 · Inventories for sale or use

    beginning of year $3,357,982 · end of year $2,918,243

  • 9 · Prepaid expenses and deferred charges

    beginning of year $10,921,313 · end of year $12,055,996

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

    $371,684,338

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

    $105,282,767

  • 10c · Land, buildings and equipment, net

    beginning of year $245,185,932 · end of year $266,401,571

  • 13 · Investments: program-related

    beginning of year $8,011,023 · end of year $8,855,496

  • 15 · Other assets

    beginning of year $13,595,785 · end of year $14,653,620

  • 17 · Accounts payable and accrued expenses

    beginning of year $18,669,744 · end of year $15,791,276

  • 19 · Deferred revenue

    beginning of year $5,000,000 · end of year $2,000,000

  • 23 · Secured mortgages and notes payable

    beginning of year $140,298,430 · end of year $157,851,921

  • 25 · Other liabilities

    beginning of year $3,359,248 · end of year $4,055,789

  • 29 · Capital stock, trust principal or current funds

    beginning of year $1,781,708 · end of year $1,824,658

  • 31 · Retained earnings, endowment or other funds

    beginning of year $127,669,002 · end of year $149,429,580

Mission and programs · 2023

Mission

TO PROVIDE THE BEST POSSIBLE ELECTRIC SERVICE TO ALL WHO DESIRE IT WITHIN THE SYSTEM AREA AT THE LOWEST PRICE CONSISTENT WITH HIGH STANDARDS OF SERVICE.

Activities or mission (Part I)

SERVICE TO ALL WHO DESIRE IT WITHIN THE SYSTEM AREA AT THE LOWEST PRICE CONSISTENT WITH HIGH STANDARDS OF SERVICE.

  • N/A

As filed on the 2023 return.

Listed in Part VII

  • Eddie Gore

    CHAIRMAN

    Total calculated
    $52,144
    From this org
    $52,144
    From related orgs
    $0
    Other
    $0
    Hours/week
    15

  • Max Goldin

    VICE CHAIRMA

    Total calculated
    $71,810
    From this org
    $71,810
    From related orgs
    $0
    Other
    $0
    Hours/week
    20

  • Ronnie Jordan

    SECRETARY-TR

    Total calculated
    $61,460
    From this org
    $61,460
    From related orgs
    $0
    Other
    $0
    Hours/week
    14

  • Emmett Harrod

    DIRECTOR

    Total calculated
    $51,073
    From this org
    $51,073
    From related orgs
    $0
    Other
    $0
    Hours/week
    20

  • Nan Philpot

    DIRECTOR

    Total calculated
    $46,994
    From this org
    $46,994
    From related orgs
    $0
    Other
    $0
    Hours/week
    12

  • Donnie Brannon

    DIRECTOR

    Total calculated
    $51,560
    From this org
    $51,560
    From related orgs
    $0
    Other
    $0
    Hours/week
    15

  • Don Defoor

    DIRECTOR

    Total calculated
    $62,394
    From this org
    $62,394
    From related orgs
    $0
    Other
    $0
    Hours/week
    18

  • Alvin Ginn

    DIRECTOR

    Total calculated
    $52,744
    From this org
    $52,744
    From related orgs
    $0
    Other
    $0
    Hours/week
    20

  • Lynn Joyner

    DIRECTOR

    Total calculated
    $55,760
    From this org
    $55,760
    From related orgs
    $0
    Other
    $0
    Hours/week
    15

  • Timothy C Martin

    PRES & CEO

    Total calculated
    $556,858
    From this org
    $451,639
    From related orgs
    $0
    Other
    $105,219
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $413,201
    Bonus
    $8,687
    Other
    $29,751
    Deferred
    $93,022
    Nontaxable benefits
    $12,197
    Filer's total
    $556,858

  • Kevin J Johnston

    COO

    Total calculated
    $387,979
    From this org
    $302,908
    From related orgs
    $0
    Other
    $85,071
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $269,576
    Bonus
    $23,197
    Other
    $10,135
    Deferred
    $74,205
    Nontaxable benefits
    $10,866
    Filer's total
    $387,979

  • Jennifer Harmon

    VP., FIN. &

    Total calculated
    $327,808
    From this org
    $258,793
    From related orgs
    $0
    Other
    $69,015
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $231,392
    Bonus
    $17,297
    Other
    $10,104
    Deferred
    $62,268
    Nontaxable benefits
    $6,747
    Filer's total
    $327,808

  • Jay Gill

    SVP MEMBER S

    Total calculated
    $318,255
    From this org
    $251,372
    From related orgs
    $0
    Other
    $66,883
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $216,965
    Bonus
    $10,992
    Other
    $23,415
    Deferred
    $59,896
    Nontaxable benefits
    $6,987
    Filer's total
    $318,255

  • Kim Jennings

    VP HUMAN RES

    Total calculated
    $293,693
    From this org
    $235,305
    From related orgs
    $0
    Other
    $58,388
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $208,865
    Bonus
    $16,077
    Other
    $10,363
    Deferred
    $55,807
    Nontaxable benefits
    $2,581
    Filer's total
    $293,693

  • Tommy Cook

    VP OPERATION

    Total calculated
    $272,564
    From this org
    $217,494
    From related orgs
    $0
    Other
    $55,070
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $196,218
    Bonus
    $9,470
    Other
    $11,806
    Deferred
    $46,675
    Nontaxable benefits
    $8,395
    Filer's total
    $272,564

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 · Form 990 of other organizations
  • 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)

SCHEDULE J, PART III
TOTAL DEFERRED COMPENSATION AMOUNTED TO 679,085 AND 597,903 PER AUDITED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023 AND 2022, RESPECTIVELY.

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
2023
Filed
15 April 2024
IRS schema version
2023v5.0
Source object
202410999349300121

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