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Nonprofiteer
← COASTAL ELECTRIC MEMBERSHIP CORP

Form 990 for tax year 2022

Filed by COASTAL ELECTRIC MEMBERSHIP CORP.

Totals

Total revenue
$68,399,834
Total expenses
$68,399,834
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$68,371,886
Investment income
$27,948
Other revenue
$0
Total assets, end of year
$152,079,516
Total liabilities, end of year
$95,173,366
Net assets or fund balances, end of year
$56,906,150
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 $66,835,009 · related or exempt $66,835,009

  • 2b · Program service revenue: G & T CAPITAL CREDITS

    total $780,783 · related or exempt $780,783

  • 2c · Program service revenue: POLE RENTAL

    total $434,440 · related or exempt $434,440

  • 2d · Program service revenue: OTHER CAPITAL CREDITS

    total $321,654 · related or exempt $321,654

  • 3 · Investment income

    total $27,948 · excluded $27,948

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $2,086,426

  • 5 · Compensation of officers, directors and key employees

    total $584,107

  • 20 · Interest

    total $2,544,425

  • 22 · Depreciation, depletion and amortization

    total $4,666,217

  • 24a · Other expenses: PURCHASED POWER

    total $47,568,363

  • 24b · Other expenses: DISTRIBUTION OPERATIONS

    total $3,214,309

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

    total $2,772,259

  • 24d · Other expenses: CONSUMER ACCOUNTS

    total $2,113,782

  • 24e · All other expenses

    total $2,849,946

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $7,385,958 · end of year $7,701,536

  • 4 · Accounts receivable

    beginning of year $4,896,273 · end of year $5,661,773

  • 8 · Inventories for sale or use

    beginning of year $4,830,379 · end of year $6,328,686

  • 9 · Prepaid expenses and deferred charges

    beginning of year $876,929 · end of year $750,731

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

    $150,257,207

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

    $35,854,378

  • 10c · Land, buildings and equipment, net

    beginning of year $106,560,022 · end of year $114,402,829

  • 13 · Investments: program-related

    beginning of year $16,179,052 · end of year $17,232,212

  • 15 · Other assets

    beginning of year $5,049 · end of year $1,749

  • 17 · Accounts payable and accrued expenses

    beginning of year $7,029,541 · end of year $8,454,526

  • 23 · Secured mortgages and notes payable

    beginning of year $70,870,195 · end of year $79,459,327

  • 25 · Other liabilities

    beginning of year $6,478,352 · end of year $7,259,513

  • 29 · Capital stock, trust principal or current funds

    beginning of year $92,195 · end of year $95,325

  • 31 · Retained earnings, endowment or other funds

    beginning of year $56,263,379 · end of year $56,810,825

Mission and programs · 2022

Mission

TO MEET OR EXCEED MEMBER-OWNER'S EXPECTATIONS BY BEING AN OUTSTANDING PROVIDER OF ENERGY SERVICES.

  • TO PROVIDE THE BEST POSSIBLE ELECTRIC SERVICE TO ALL WHO DESIRE IT WITHIN THE SYSTEM AREA AT A REASONABLE COST CONSISTENT WITH THE HIGHEST STANDARDS OF SERVICE.

  • TO PROVIDE THE BEST POSSIBLE ELECTRIC SERVICE TO ALL WHO DESIRE IT WITHIN THE SYSTEM AREA AT A REASONABLE COST CONSISTENT WITH THE HIGHEST STANDARDS OF SERVICE.

As filed on the 2022 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Jack Waters

    PRESIDENT

    Total calculated
    $37,263
    From this org
    $37,263
    From related orgs
    $0
    Other
    $0
    Hours/week
    7.82

  • John T Woods III

    VICE-PRESIDE

    Total calculated
    $29,065
    From this org
    $29,065
    From related orgs
    $0
    Other
    $0
    Hours/week
    6.99

  • Laura McGee

    SECRETARY-TR

    Total calculated
    $15,632
    From this org
    $15,632
    From related orgs
    $0
    Other
    $0
    Hours/week
    5.45

  • Kyle Christiansen

    DIRECTOR

    Total calculated
    $9,932
    From this org
    $9,932
    From related orgs
    $0
    Other
    $0
    Hours/week
    3.02

  • Holly Fields

    DIRECTOR

    Total calculated
    $15,011
    From this org
    $15,011
    From related orgs
    $0
    Other
    $0
    Hours/week
    3.94

  • Charles Gaskin

    DIRECTOR

    Total calculated
    $13,782
    From this org
    $13,782
    From related orgs
    $0
    Other
    $0
    Hours/week
    1.62

  • John P Kearns

    DIRECTOR

    Total calculated
    $33,626
    From this org
    $33,626
    From related orgs
    $0
    Other
    $0
    Hours/week
    4.52

  • Ken P Luke

    DIRECTOR

    Total calculated
    $8,132
    From this org
    $8,132
    From related orgs
    $0
    Other
    $0
    Hours/week
    1.27

  • Reagan Odom

    DIRECTOR

    Total calculated
    $30,265
    From this org
    $30,265
    From related orgs
    $0
    Other
    $0
    Hours/week
    5.93

  • Christopher W Fettes

    CEO

    Total calculated
    $391,398
    From this org
    $303,865
    From related orgs
    $0
    Other
    $87,533
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $270,595
    Bonus
    $3,524
    Other
    $29,746
    Deferred
    $81,069
    Nontaxable benefits
    $6,464
    Filer's total
    $391,398

  • Emily Cannon

    VP FINANCE &

    Total calculated
    $248,089
    From this org
    $192,987
    From related orgs
    $0
    Other
    $55,102
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $182,813
    Bonus
    $2,385
    Other
    $7,789
    Deferred
    $52,153
    Nontaxable benefits
    $2,949
    Filer's total
    $248,089

  • John M Bolton

    VP MKTNG & E

    Total calculated
    $260,296
    From this org
    $201,115
    From related orgs
    $0
    Other
    $59,181
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $171,462
    Bonus
    $2,250
    Other
    $27,403
    Deferred
    $52,717
    Nontaxable benefits
    $6,464
    Filer's total
    $260,296

  • Brian Hayes

    VP ENGINEER

    Total calculated
    $219,886
    From this org
    $174,639
    From related orgs
    $0
    Other
    $45,247
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $151,805
    Bonus
    $7,541
    Other
    $15,293
    Deferred
    $40,925
    Nontaxable benefits
    $4,322
    Filer's total
    $219,886

  • James Horton Jr

    MANAGER, OPE

    Total calculated
    $189,891
    From this org
    $143,690
    From related orgs
    $0
    Other
    $46,201
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $128,000
    Bonus
    $1,722
    Other
    $13,968
    Deferred
    $39,737
    Nontaxable benefits
    $6,464
    Filer's total
    $189,891

  • Daphanie Harris

    MANAGER, HR

    Total calculated
    $178,553
    From this org
    $141,472
    From related orgs
    $0
    Other
    $37,081
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $138,323
    Bonus
    $1,768
    Other
    $1,381
    Deferred
    $37,081
    Nontaxable benefits
    not reported
    Filer's total
    $178,553

  • Frank Hollowell Jr

    CEO RETIRED

    Total calculated
    $117,583
    From this org
    $117,583
    From related orgs
    $0
    Other
    $0

    Schedule J breakdown matched by us

    Base
    not reported
    Bonus
    not reported
    Other
    $117,583
    Deferred
    not reported
    Nontaxable benefits
    not reported
    Filer's total
    $117,583

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 · Independent compensation consultant
  • 3 · Form 990 of other organizations
  • 3 · Written employment contract
  • 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
FRANK HOLLOWELL, JR. 0 117,583 0
SCHEDULE J, PART III
FRANK HOLLOWELL, JR. COMPENSATION IS DUE TO DISTRIBTUIONS FROM HIS IRC 457 (B) PLAN. THESE DISTRIBUTIONS WILL CONTINUE BASED ON HIS PAYOUT SCHEDULE PROVIDED BY THE PARTICIPANT. THE DISTRIBUTIONS WERE FUNDED SOLEY FROM EMPLOYEE DEFERRALS OF COMPENSATION UNDER IRC 457 (B).

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.

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.

  • COASTAL FIBER INC

    C CORP · BROADBAND · GA · 100% owned · share of income $15,797 · share of assets $113,884 · controlled entity

    Directly controlled by COAST EMC

Provenance

Return type
form_990
Tax year
2022
Filed
10 April 2023
IRS schema version
2022v5.0
Source object
202301019349300710

Check it against the return as filed: the GivingTuesday Data Lake hosts a public copy of the original XML.

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