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Nonprofiteer
← MID-CAROLINA ELECTRIC COOPERATIVE INC

Form 990 for tax year 2025

Filed by MID-CAROLINA ELECTRIC COOPERATIVE INC.

Totals

Total revenue
$179,489,833
Total expenses
$179,489,833
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$179,333,572
Investment income
$156,261
Other revenue
$0
Total assets, end of year
$419,296,025
Total liabilities, end of year
$322,219,162
Net assets or fund balances, end of year
$97,076,863
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 $177,539,012 · related or exempt $177,539,012

  • 2b · Program service revenue: CAPITAL CREDITS

    total $1,512,347 · related or exempt $1,512,347

  • 2c · Program service revenue: POLE RENTAL

    total $282,213 · excluded $282,213

  • 3 · Investment income

    total $156,261 · excluded $156,261

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $10,209,367

  • 5 · Compensation of officers, directors and key employees

    total $907,619

  • 13 · Office expenses

    total $719,348

  • 20 · Interest

    total $13,764,630

  • 22 · Depreciation, depletion and amortization

    total $11,907,958

  • 24a · Other expenses: PURCHASED POWER

    total $100,661,617

  • 24b · Other expenses: DISTRIBUTION MAINTENANCE

    total $22,347,224

  • 24c · Other expenses: CONSUMER ACCOUNTS

    total $5,459,059

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

    total $5,209,044

  • 24e · All other expenses

    total $8,303,967

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $3,092,243 · end of year $3,074,605

  • 4 · Accounts receivable

    beginning of year $18,186,390 · end of year $18,142,072

  • 8 · Inventories for sale or use

    beginning of year $3,031,931 · end of year $3,950,359

  • 9 · Prepaid expenses and deferred charges

    beginning of year $23,512,833 · end of year $26,122,181

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

    $470,179,825

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

    $119,241,786

  • 10c · Land, buildings and equipment, net

    beginning of year $339,951,671 · end of year $350,938,039

  • 13 · Investments: program-related

    beginning of year $16,086,533 · end of year $17,052,517

  • 15 · Other assets

    beginning of year $17,105 · end of year $16,252

  • 17 · Accounts payable and accrued expenses

    beginning of year $23,709,469 · end of year $26,554,550

  • 23 · Secured mortgages and notes payable

    beginning of year $276,680,772 · end of year $284,517,959

  • 25 · Other liabilities

    beginning of year $12,381,512 · end of year $11,146,653

  • 29 · Capital stock, trust principal or current funds

    beginning of year $759,655 · end of year $766,045

  • 31 · Retained earnings, endowment or other funds

    beginning of year $90,347,298 · end of year $96,310,818

Mission and programs · 2025

Mission

WE DELIVER RELIABLE, COST EFFICIENT UTILITIES AND INNOVATIVE SOLUTIONS TO OUR MEMBERS.

  • N/A

As filed on the 2025 return.

Listed in Part VII

  • Marvin Sox

    CHAIRMAN

    Total calculated
    $26,829
    From this org
    $26,829
    From related orgs
    $0
    Other
    $0
    Hours/week
    3.46

  • Alan Lunsford

    VICE CHAIRMA

    Total calculated
    $24,056
    From this org
    $24,056
    From related orgs
    $0
    Other
    $0
    Hours/week
    3.92

  • J Allan Risinger

    TREASURER

    Total calculated
    $19,665
    From this org
    $19,665
    From related orgs
    $0
    Other
    $0
    Hours/week
    4.04

  • Donette Kirkland

    SECRETARY

    Total calculated
    $32,413
    From this org
    $32,413
    From related orgs
    $0
    Other
    $0
    Hours/week
    5.08

  • Carey Bedenbaugh

    TRUSTEE

    Total calculated
    $20,931
    From this org
    $20,931
    From related orgs
    $0
    Other
    $0
    Hours/week
    3.24

  • Justin Watts

    TRUSTEE

    Total calculated
    $18,329
    From this org
    $18,329
    From related orgs
    $0
    Other
    $0
    Hours/week
    3.38

  • Eddie Best

    TRUSTEE

    Total calculated
    $24,330
    From this org
    $24,330
    From related orgs
    $0
    Other
    $0
    Hours/week
    3.31

  • Kenneth Lindler

    TRUSTEE

    Total calculated
    $20,189
    From this org
    $20,189
    From related orgs
    $0
    Other
    $0
    Hours/week
    3.65

  • Mark Svrcek

    TRUSTEE

    Total calculated
    $22,326
    From this org
    $22,326
    From related orgs
    $0
    Other
    $0
    Hours/week
    2.69

  • B Robert Paulling

    PRESIDENT &

    Total calculated
    $698,551
    From this org
    $498,253
    From related orgs
    $0
    Other
    $200,298
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $456,895
    Bonus
    $1,800
    Other
    $39,558
    Deferred
    $175,105
    Nontaxable benefits
    $25,193
    Filer's total
    $698,551

  • Theresa Crepes

    CFO

    Total calculated
    $441,183
    From this org
    $295,472
    From related orgs
    $0
    Other
    $145,711
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $260,885
    Bonus
    $1,400
    Other
    $33,187
    Deferred
    $131,863
    Nontaxable benefits
    $13,848
    Filer's total
    $441,183

  • Troy Simpson

    VP - MEMBER

    Total calculated
    $377,903
    From this org
    $232,372
    From related orgs
    $0
    Other
    $145,531
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $224,731
    Bonus
    $1,400
    Other
    $6,241
    Deferred
    $114,101
    Nontaxable benefits
    $31,430
    Filer's total
    $377,903

  • Bobby Wilbur

    VP - OPERATI

    Total calculated
    $371,736
    From this org
    $229,542
    From related orgs
    $0
    Other
    $142,194
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $219,591
    Bonus
    $1,900
    Other
    $8,051
    Deferred
    $112,493
    Nontaxable benefits
    $29,701
    Filer's total
    $371,736

  • Steve Davidson

    VP- INFORMAT

    Total calculated
    $328,784
    From this org
    $198,906
    From related orgs
    $0
    Other
    $129,878
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $193,646
    Bonus
    $1,400
    Other
    $3,860
    Deferred
    $100,134
    Nontaxable benefits
    $29,744
    Filer's total
    $328,784

  • Lee Ayers

    VP - ENGINEE

    Total calculated
    $324,751
    From this org
    $281,106
    From related orgs
    $0
    Other
    $43,645
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $253,391
    Bonus
    $7,827
    Other
    $19,888
    Deferred
    $30,884
    Nontaxable benefits
    $12,761
    Filer's total
    $324,751

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 · 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.

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.

Provenance

Return type
form_990
Tax year
2025
Filed
10 September 2026
IRS schema version
2025v4.0
Source object
202622539349300417

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