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Nonprofiteer
← CARTERET-CRAVEN ELECTRIC COOPERATIVE

Form 990 for tax year 2024

Filed by CARTERET-CRAVEN ELECTRIC COOPERATIVE.

Totals

Total revenue
$75,188,403
Total expenses
$71,135,832
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$72,348,688
Investment income
$878,992
Other revenue
$1,960,723
Total assets, end of year
$140,843,073
Total liabilities, end of year
$73,362,213
Net assets or fund balances, end of year
$67,480,860
Program services expenses (Part IX)
$0
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
$71,135,832

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: Revenue from Membership

    total $72,348,688 · related or exempt $72,348,688 · unrelated business $0 · excluded $0

  • 2f · All other program service revenue

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 3 · Investment income

    total $878,992 · related or exempt $878,992 · unrelated business $0 · excluded $0

  • 4 · Income from investment of tax-exempt bond proceeds

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 5 · Royalties

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 6c · Rental income or loss

    real property $0 · personal property $0

  • 7a · Gross sales of assets other than inventory

    securities $0 · other assets $0

  • 7b · Less cost or other basis and sales expenses

    securities $0 · other assets $0

  • 7c · Gain or loss

    securities $0 · other assets $0

  • 7d · Net gain or loss

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 11a · Other revenue: Patronage Allocations Received

    total $1,632,281 · related or exempt $1,632,281 · unrelated business $0 · excluded $0

  • 11b · Other revenue: Other Non Operating Margins & Reimbursements

    total $328,442 · related or exempt $328,442 · unrelated business $0 · excluded $0

  • 11d · All other revenue

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 11e · Other revenue, total

    $1,960,723

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $0

  • 2 · Grants to domestic individuals

    total $0

  • 3 · Grants to foreign organizations and individuals

    total $0

  • 4 · Benefits paid to or for members

    total $0

  • 5 · Compensation of officers, directors and key employees

    total $874,050

  • 6 · Compensation of disqualified persons

    total $0

  • 7 · Other salaries and wages

    total $4,800,425

  • 8 · Pension plan contributions

    total $1,314,989

  • 9 · Other employee benefits

    total $1,187,950

  • 10 · Payroll taxes

    total $454,711

  • 11a · Fees: management

    total $0

  • 11b · Fees: legal

    total $72,614

  • 11c · Fees: accounting

    total $40,225

  • 11d · Fees: lobbying

    total $0

  • 11e · Fees: professional fundraising services

    total $0

  • 11f · Fees: investment management

    total $0

  • 11g · Fees: other

    total $0

  • 12 · Advertising and promotion

    total $0

  • 13 · Office expenses

    total $0

  • 14 · Information technology

    total $0

  • 15 · Royalties

    total $0

  • 16 · Occupancy

    total $0

  • 17 · Travel

    total $0

  • 18 · Travel or entertainment for public officials

    total $0

  • 19 · Conferences, conventions and meetings

    total $0

  • 20 · Interest

    total $1,958,476

  • 21 · Payments to affiliates

    total $0

  • 22 · Depreciation, depletion and amortization

    total $5,443,695

  • 23 · Insurance

    total $311,082

  • 24a · Other expenses: Cost of Purchase Power

    total $49,323,234

  • 24b · Other expenses: Maintenance and Operational Expenses

    total $3,479,621

  • 24c · Other expenses: Customer/Administrative & General

    total $1,874,760

  • 24e · All other expenses

    total $0

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $16,539,410 · end of year $8,764,405

  • 2 · Savings and temporary cash investments

    end of year $13,000,000

  • 4 · Accounts receivable

    beginning of year $9,561,540 · end of year $9,569,283

  • 8 · Inventories for sale or use

    beginning of year $845,273 · end of year $888,265

  • 9 · Prepaid expenses and deferred charges

    beginning of year $1,069,291 · end of year -$43,584

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

    $169,547,673

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

    $84,391,026

  • 10c · Land, buildings and equipment, net

    beginning of year $84,209,704 · end of year $85,156,647

  • 13 · Investments: program-related

    beginning of year $22,042,757 · end of year $23,508,057

  • 17 · Accounts payable and accrued expenses

    beginning of year $17,264,973 · end of year $14,943,867

  • 19 · Deferred revenue

    beginning of year $236,782 · end of year $210,097

  • 23 · Secured mortgages and notes payable

    beginning of year $50,275,005 · end of year $58,208,249

  • 29 · Capital stock, trust principal or current funds

    beginning of year $0 · end of year $0

  • 30 · Paid-in or capital surplus, or land, building or equipment fund

    beginning of year $0 · end of year $0

  • 31 · Retained earnings, endowment or other funds

    beginning of year $66,491,215 · end of year $67,480,860

Mission and programs · 2024

Mission

Electric Distribution to Membership

Activities or mission (Part I)

Distribution of Electricity to the Membership of Carteret-Craven Electric Cooperative

  • Electric distribution cooperative supplying electric power to a membership of 36,167 members with 43,136 metered electric services.

    Expenses $71,135,832 · Revenue $72,348,688

As filed on the 2024 return.

Listed in Part VII

  • Jake Joplin

    CEO

    Total calculated
    $503,260
    From this org
    $329,765
    From related orgs
    $0
    Other
    $173,495
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $329,765
    Bonus
    $0
    Other
    $0
    Deferred
    $173,495
    Nontaxable benefits
    $0
    Filer's total
    $503,260

  • Will Pittman

    VP of Engineering

    Total calculated
    $226,765
    From this org
    $181,030
    From related orgs
    $0
    Other
    $45,735
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $181,030
    Bonus
    $0
    Other
    $0
    Deferred
    $45,735
    Nontaxable benefits
    $0
    Filer's total
    $226,765

  • Cheryl Slater

    VP of Customer Services

    Total calculated
    $162,007
    From this org
    $162,007
    From related orgs
    $0
    Other
    $0
    Hours/week
    45

  • Rex Larowe

    Director of Engineering

    Total calculated
    $143,492
    From this org
    $143,492
    From related orgs
    $0
    Other
    $0
    Hours/week
    45

  • Tara Alderman

    VP of Finance & Accounting

    Total calculated
    $140,770
    From this org
    $140,770
    From related orgs
    $0
    Other
    $0
    Hours/week
    45

  • Michael Dowle Smith

    Line/Service Technician

    Total calculated
    $138,123
    From this org
    $138,123
    From related orgs
    $0
    Other
    $0
    Hours/week
    48.76

  • Rodney B Williams

    Line Crew Leader

    Total calculated
    $135,197
    From this org
    $135,197
    From related orgs
    $0
    Other
    $0
    Hours/week
    44.07

  • Deloria Y Irby

    Director

    Total calculated
    $19,300
    From this org
    $19,300
    From related orgs
    $0
    Other
    $0
    Hours/week
    6.6

  • Amy L Lock

    President

    Total calculated
    $18,050
    From this org
    $18,050
    From related orgs
    $0
    Other
    $0
    Hours/week
    4.8

  • Ben S Ball

    Treasurer

    Total calculated
    $16,700
    From this org
    $16,700
    From related orgs
    $0
    Other
    $0
    Hours/week
    2.7

  • Douglas S Fulcher

    Assistant Treasurer

    Total calculated
    $16,400
    From this org
    $16,400
    From related orgs
    $0
    Other
    $0
    Hours/week
    5.3

  • Anthony Nelson

    Director

    Total calculated
    $16,100
    From this org
    $16,100
    From related orgs
    $0
    Other
    $0
    Hours/week
    4.3

  • James Schmitt

    Vice President

    Total calculated
    $16,075
    From this org
    $16,075
    From related orgs
    $0
    Other
    $0
    Hours/week
    4.7

  • Alvin West

    Secretary

    Total calculated
    $14,300
    From this org
    $14,300
    From related orgs
    $0
    Other
    $0
    Hours/week
    5.5

  • Thom Styron

    Assistant Secretary

    Total calculated
    $13,800
    From this org
    $13,800
    From related orgs
    $0
    Other
    $0
    Hours/week
    1.8

  • William Fred Fulcher

    Director

    Total calculated
    $13,300
    From this org
    $13,300
    From related orgs
    $0
    Other
    $0
    Hours/week
    2.8

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 · Independent compensation consultant
  • 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.

Provenance

Return type
form_990
Tax year
2024
Filed
23 April 2025
IRS schema version
2024v5.0
Source object
202501329349303605

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