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Nonprofiteer
← CARROLL ELECTRIC MEMBERSHIP CORP

Form 990 for tax year 2025

Filed by CARROLL ELECTRIC MEMBERSHIP CORP.

Totals

Total revenue
$157,741,534
Total expenses
$157,741,534
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$155,605,312
Investment income
$853,138
Other revenue
$1,283,084
Total assets, end of year
$402,895,002
Total liabilities, end of year
$226,726,042
Net assets or fund balances, end of year
$176,168,960
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 $152,013,437 · related or exempt $152,013,437

  • 2b · Program service revenue: POLE RENTAL

    total $2,993,982 · excluded $2,993,982

  • 2c · Program service revenue: OTHER CAPITAL CREDITS

    total $597,893 · related or exempt $597,893

  • 3 · Investment income

    total $853,138 · related or exempt $23,140 · excluded $829,998

  • 11a · Other revenue: REVENUE - BROADBAND PH 1

    total $631,519 · related or exempt $631,519

  • 11b · Other revenue: GAIN/LOSS ON PLAN ASSETS

    total $462,338 · related or exempt $462,338

  • 11c · Other revenue: REVENUE - BROADBAND PH 2

    total $186,765 · related or exempt $186,765

  • 11d · All other revenue

    total $2,462 · related or exempt -$67,067 · excluded $69,529

  • 11e · Other revenue, total

    $1,283,084

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $16,543,448

  • 5 · Compensation of officers, directors and key employees

    total $1,125,618

  • 13 · Office expenses

    total $1,512,936

  • 20 · Interest

    total $6,320,109

  • 22 · Depreciation, depletion and amortization

    total $13,314,306

  • 24a · Other expenses: PURCHASED POWER

    total $92,985,561

  • 24b · Other expenses: DISTRIBUTION MAINTENANCE

    total $9,910,755

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

    total $6,819,410

  • 24d · Other expenses: OTHER DEDUCTIONS

    total $5,041,546

  • 24e · All other expenses

    total $4,167,845

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $12,780,299 · end of year $6,943,446

  • 4 · Accounts receivable

    beginning of year $10,846,595 · end of year $14,257,482

  • 7 · Other notes and loans receivable

    beginning of year $487,307 · end of year $463,287

  • 8 · Inventories for sale or use

    beginning of year $3,136,940 · end of year $2,616,717

  • 9 · Prepaid expenses and deferred charges

    beginning of year $13,126,389 · end of year $15,844,888

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

    $444,437,543

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

    $117,320,354

  • 10c · Land, buildings and equipment, net

    beginning of year $290,566,328 · end of year $327,117,189

  • 13 · Investments: program-related

    beginning of year $9,430,664 · end of year $9,134,657

  • 15 · Other assets

    beginning of year $15,669,769 · end of year $26,517,336

  • 17 · Accounts payable and accrued expenses

    beginning of year $18,714,289 · end of year $21,957,202

  • 23 · Secured mortgages and notes payable

    beginning of year $171,288,422 · end of year $201,931,563

  • 25 · Other liabilities

    beginning of year $2,516,493 · end of year $2,837,277

  • 29 · Capital stock, trust principal or current funds

    beginning of year $1,865,429 · end of year $1,971,504

  • 31 · Retained earnings, endowment or other funds

    beginning of year $161,659,658 · end of year $174,197,456

Mission and programs · 2025

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 2025 return.

Listed in Part VII

  • Eddie Gore

    DIRECTOR

    Total calculated
    $56,084
    From this org
    $56,084
    From related orgs
    $0
    Other
    $0
    Hours/week
    15

  • Max Goldin

    DIRECTOR

    Total calculated
    $36,714
    From this org
    $36,714
    From related orgs
    $0
    Other
    $0
    Hours/week
    15

  • Ronnie Jordan

    SECRETARY-TR

    Total calculated
    $63,961
    From this org
    $63,961
    From related orgs
    $0
    Other
    $0
    Hours/week
    16

  • Emmett Harrod

    DIRECTOR

    Total calculated
    $53,619
    From this org
    $53,619
    From related orgs
    $0
    Other
    $0
    Hours/week
    20

  • Nan Philpot

    DIRECTOR

    Total calculated
    $55,084
    From this org
    $55,084
    From related orgs
    $0
    Other
    $0
    Hours/week
    14

  • Donnie Brannon

    VICE CHAIRMA

    Total calculated
    $51,340
    From this org
    $51,340
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

  • Don Defoor

    DIRECTOR

    Total calculated
    $59,284
    From this org
    $59,284
    From related orgs
    $0
    Other
    $0
    Hours/week
    18

  • Alvin Ginn

    CHAIRMAN

    Total calculated
    $60,384
    From this org
    $60,384
    From related orgs
    $0
    Other
    $0
    Hours/week
    22

  • Lynn Joyner

    DIRECTOR

    Total calculated
    $52,040
    From this org
    $52,040
    From related orgs
    $0
    Other
    $0
    Hours/week
    15

  • Timothy C Martin

    PRES & CEO

    Total calculated
    $637,108
    From this org
    $524,548
    From related orgs
    $0
    Other
    $112,560
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $467,669
    Bonus
    $39,564
    Other
    $17,315
    Deferred
    $102,017
    Nontaxable benefits
    $10,543
    Filer's total
    $637,108

  • Kevin J Johnston

    COO

    Total calculated
    $456,252
    From this org
    $356,375
    From related orgs
    $0
    Other
    $99,877
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $315,916
    Bonus
    $28,038
    Other
    $12,421
    Deferred
    $87,536
    Nontaxable benefits
    $12,341
    Filer's total
    $456,252

  • Jennifer Harmon

    CFO

    Total calculated
    $395,500
    From this org
    $311,721
    From related orgs
    $0
    Other
    $83,779
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $279,270
    Bonus
    $17,763
    Other
    $14,688
    Deferred
    $76,264
    Nontaxable benefits
    $7,515
    Filer's total
    $395,500

  • Jay Gill

    SVP MEMBER S

    Total calculated
    $381,116
    From this org
    $303,010
    From related orgs
    $0
    Other
    $78,106
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $252,565
    Bonus
    $25,549
    Other
    $24,896
    Deferred
    $70,551
    Nontaxable benefits
    $7,555
    Filer's total
    $381,116

  • Kim Jennings

    VP HUMAN RES

    Total calculated
    $359,098
    From this org
    $285,588
    From related orgs
    $0
    Other
    $73,510
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $244,598
    Bonus
    $18,177
    Other
    $22,813
    Deferred
    $67,402
    Nontaxable benefits
    $6,108
    Filer's total
    $359,098

  • Tommy Cook

    VP CONSTRUCT

    Total calculated
    $332,624
    From this org
    $260,687
    From related orgs
    $0
    Other
    $71,937
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $244,534
    Bonus
    $5,008
    Other
    $11,145
    Deferred
    $66,094
    Nontaxable benefits
    $5,843
    Filer's total
    $332,624

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 915,118 AND 737,648 PER AUDITED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2025 AND 2024, 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.

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
4 September 2026
IRS schema version
2025v4.0
Source object
202612479349300011

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