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Nonprofiteer
← WAKE ELECTRIC MEMBERSHIP CORP

Form 990 for tax year 2025

Filed by WAKE ELECTRIC MEMBERSHIP CORP.

Totals

Total revenue
$129,361,410
Total expenses
$129,361,410
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$129,211,826
Investment income
$54,876
Other revenue
$94,708
Total assets, end of year
$365,417,450
Total liabilities, end of year
$240,942,105
Net assets or fund balances, end of year
$124,475,345
Program services expenses (Part IX)
$129,361,410
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
not reported

Program services were 100.0% 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: ELEC. SALES AND SERVICE

    total $125,896,781 · related or exempt $125,896,781

  • 2b · Program service revenue: CAPITAL CREDITS

    total $3,137,350 · related or exempt $3,137,350

  • 2c · Program service revenue: POLE RENTAL

    total $177,695 · excluded $177,695

  • 3 · Investment income

    total $54,876 · related or exempt $32,572 · excluded $22,304

  • 6a · Gross rents

    real property $425,204

  • 6b · Less rental expenses

    real property $331,472

  • 6c · Rental income or loss

    real property $93,732

  • 6d · Net rental income or loss

    total $93,732 · excluded $93,732

  • 11a · Other revenue: OTHER INCOME

    total $976 · related or exempt $976

  • 11e · Other revenue, total

    $976

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $6,898,326 · program services $6,898,326

  • 5 · Compensation of officers, directors and key employees

    total $1,425,344 · program services $1,425,344

  • 7 · Other salaries and wages

    total $6,181,039 · program services $6,181,039

  • 8 · Pension plan contributions

    total $1,067,291 · program services $1,067,291

  • 9 · Other employee benefits

    total $2,878,927 · program services $2,878,927

  • 10 · Payroll taxes

    total $535,083 · program services $535,083

  • 20 · Interest

    total $8,666,704 · program services $8,666,704

  • 22 · Depreciation, depletion and amortization

    total $10,870,869 · program services $10,870,869

  • 24a · Other expenses: PURCHASED POWER

    total $80,404,292 · program services $80,404,292

  • 24b · Other expenses: CONSUMER ACCOUNTS

    total $4,107,635 · program services $4,107,635

  • 24c · Other expenses: DISTRIBUTION MAINTENANCE

    total $3,792,787 · program services $3,792,787

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

    total $3,333,925 · program services $3,333,925

  • 24e · All other expenses

    total -$800,812 · program services -$800,812

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $513,258 · end of year $518,200

  • 2 · Savings and temporary cash investments

    beginning of year $672,760 · end of year $889,303

  • 4 · Accounts receivable

    beginning of year $14,797,208 · end of year $17,117,611

  • 7 · Other notes and loans receivable

    beginning of year $2,370,340 · end of year $1,939,322

  • 8 · Inventories for sale or use

    beginning of year $8,205,181 · end of year $8,718,700

  • 9 · Prepaid expenses and deferred charges

    beginning of year $659,466 · end of year $690,356

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

    $407,254,307

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

    $107,712,542

  • 10c · Land, buildings and equipment, net

    beginning of year $274,566,899 · end of year $299,541,765

  • 13 · Investments: program-related

    beginning of year $33,606,887 · end of year $35,996,685

  • 15 · Other assets

    beginning of year $5,489 · end of year $5,508

  • 17 · Accounts payable and accrued expenses

    beginning of year $14,646,390 · end of year $14,993,698

  • 23 · Secured mortgages and notes payable

    beginning of year $196,923,005 · end of year $220,968,688

  • 25 · Other liabilities

    beginning of year $4,035,538 · end of year $4,979,719

  • 31 · Retained earnings, endowment or other funds

    beginning of year $119,792,555 · end of year $124,475,345

Mission and programs · 2025

Mission

WAKE ELECTRIC PROVIDES RELIABLE, SAFE, AND AFFORDABLE ENERGY AND RELATED SERVICES. WAKE ELECTRIC OPERATES AS A COOPERATIVE BUSINESS AND CONTINUALLY IMPROVES ITS SERVICES TO MEET THE NEEDS OF OUR MEMBERS AND ENHANCE THEIR QUALITY OF LIFE. WAKE ELECTRIC OPERATES A SUSTAINABLE ELECTRIC SYSTEM. SUSTAINABLE MEANS DELIVERING AFFORDABLE, INCREASINGLY CLEAN ELECTRICITY OVER A GRID THAT IS MORE EFFICIENT, RESILIENT AND CAPABLE OF SUPPORTING NEW ENERGY RESOURCES.

  • N/A

As filed on the 2025 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • H Michael Dickerson

    PRESIDENT

    Total calculated
    $44,680
    From this org
    $44,680
    From related orgs
    $0
    Other
    $0
    Hours/week
    13.52

  • Allen Nelson

    VICE PRESIDE

    Total calculated
    $41,681
    From this org
    $41,681
    From related orgs
    $0
    Other
    $0
    Hours/week
    10.6

  • Greg Fuller

    SECRETARY

    Total calculated
    $34,972
    From this org
    $34,972
    From related orgs
    $0
    Other
    $0
    Hours/week
    7.13

  • Robert Hill

    TREASURER

    Total calculated
    $30,172
    From this org
    $30,172
    From related orgs
    $0
    Other
    $0
    Hours/week
    8.62

  • Suzy Morgan

    DIRECTOR

    Total calculated
    $35,281
    From this org
    $35,281
    From related orgs
    $0
    Other
    $0
    Hours/week
    13.27

  • Robert Joe Eddins

    DIRECTOR

    Total calculated
    $28,972
    From this org
    $28,972
    From related orgs
    $0
    Other
    $0
    Hours/week
    6

  • Jackie Thompson

    DIRECTOR

    Total calculated
    $32,002
    From this org
    $32,002
    From related orgs
    $0
    Other
    $0
    Hours/week
    6.94

  • W Joseph Hilburn Jr

    DIRECTOR

    Total calculated
    $29,421
    From this org
    $29,421
    From related orgs
    $0
    Other
    $0
    Hours/week
    7.08

  • William Daniel Keel

    DIRECTOR

    Total calculated
    $29,202
    From this org
    $29,202
    From related orgs
    $0
    Other
    $0
    Hours/week
    6.58

  • James E Mangum Jr

    CEO & GEN. M

    Total calculated
    $1,118,961
    From this org
    $1,038,667
    From related orgs
    $0
    Other
    $80,294
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $737,167
    Bonus
    $141,617
    Other
    $159,883
    Deferred
    $52,642
    Nontaxable benefits
    $27,652
    Filer's total
    $1,118,961

  • Don Bowman

    MANAGER OF O

    Total calculated
    $529,903
    From this org
    $457,124
    From related orgs
    $0
    Other
    $72,779
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $378,949
    Bonus
    $73,571
    Other
    $4,604
    Deferred
    $35,439
    Nontaxable benefits
    $37,340
    Filer's total
    $529,903

  • Cynthia M Currin

    GENERAL COUN

    Total calculated
    $283,279
    From this org
    $270,966
    From related orgs
    $0
    Other
    $12,313
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $94,058
    Bonus
    $22,114
    Other
    $154,794
    Deferred
    $10,289
    Nontaxable benefits
    $2,024
    Filer's total
    $283,279

  • Christopher D Wright

    MGR OF ENGIN

    Total calculated
    $319,722
    From this org
    $264,310
    From related orgs
    $0
    Other
    $55,412
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $225,917
    Bonus
    $37,730
    Other
    $663
    Deferred
    $21,311
    Nontaxable benefits
    $34,101
    Filer's total
    $319,722

  • Kirk Metcalf

    VP OF MARKET

    Total calculated
    $304,097
    From this org
    $249,826
    From related orgs
    $0
    Other
    $54,271
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $195,790
    Bonus
    $40,635
    Other
    $13,401
    Deferred
    $19,598
    Nontaxable benefits
    $34,673
    Filer's total
    $304,097

  • Steven Ballard

    MGR-CYBER SE

    Total calculated
    $232,958
    From this org
    $200,078
    From related orgs
    $0
    Other
    $32,880
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $169,103
    Bonus
    $29,478
    Other
    $1,497
    Deferred
    $16,683
    Nontaxable benefits
    $16,197
    Filer's total
    $232,958

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 · 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
JAMES E. MANGUM, JR. 0 17,526 0
SCHEDULE J, PART III
NONQUALIFIED DEFERRED COMPENSATION PLAN (NQDC PLAN): THE CORPORATION'S BOARD OF DIRECTORS APPROVED THE ADOPTION OF AND PARTICIPATION IN NATIONAL RURAL ELECTRIC COOPERATIVE ASSOCIATION'S PENSION RESTORATION DEFERRED COMPENSATION PLAN (NRECA PRP) TO PROVIDE SUPPLEMENTAL PAYMENTS TO CERTAIN EMPLOYEES DUE TO LIMITATIONS UNDER INTERNAL REVENUE CODE OF 1986 RELATING TO PERMISSIBLE PAYMENTS FROM QUALIFIED PENSION PLANS. ELIGIBLE PARTICIPANTS IN THE NRECA PRP HAVE A PENSION LIMITATION UPON VESTING IN THE PLAN, AS DEFINED IN SECITION 2(B) OF THE NRECA PRP, APPLIED TO REDUCE THE AMOUNT OF PAYMENT THAT WOULD OTHERWISE BE PAYABLE BY THE RETIREMENT SECURITY PLAN SPONSORED BY NRECA. THE PENSION LIMITATION IS THE DIFFERENCE BETWEEN THE SINGLE LUMP SUM EQUIVALENT OF THE PARTICIPANT'S ACCRUED BENEFIT FROM THE RETIREMENT SECURITY PLAN AS CALCULATED BY NRECA WITHOUT THE LIMITATIONS PROVIDED IN SECTIONS 415 OF THE INTERNAL REVENUE CODE OF 1986, AND THE PARTICIPANT'S ACCRUED BENEFIT FROM THE RETIREMENT SECURITY PLAN AS CALCULATED BY NRECA AFTER APPLICATION OF THE LIMITATIONS OF SECTIONS 415 AND 401(A)(17) OF THE CODE. DURING 2019, JAMES E. MANGUM, JR. BECAME VESTED IN THE NRECA PRP PLAN. DURING 2025, MANGNUM RECEIVED A DISTRIBUTION IN THE AMOUNT OF 17,526 WHICH IS INCLUDED IN SCHEDULE J,PART II (I)(B)(III) AS OTHER COMPENSATION, AND ALSO INCLUDED IN FORM 990, PART VII, 10(D). THE CORPORATION RECOVERED THE DISTRIBUTION FROM NRECA. THIS AMOUNT IS ALSO REPORTED IN COLUMN F, AS THE AMOUNTS HAS BEEN REPORTED ON A PRIOR YEAR FORM 990.

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.

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.

  • TRIANGLE SERVICES GROUP INC

    ENERGY SRV · NC · controlled entity

Provenance

Return type
form_990
Tax year
2025
Filed
29 July 2026
IRS schema version
2025v4.0
Source object
202622109349300347

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