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Nonprofiteer
← EASTERN MAINE ELECTRIC COOPERATIVE INC

Form 990 for tax year 2023

Filed by EASTERN MAINE ELECTRIC COOPERATIVE INC.

Totals

Total revenue
$17,279,980
Total expenses
$17,279,980
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$16,876,146
Investment income
$403,834
Other revenue
$0
Total assets, end of year
$53,940,615
Total liabilities, end of year
$39,061,296
Net assets or fund balances, end of year
$14,879,319
Program services expenses (Part IX)
$17,279,980
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
$17,279,980

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: Electric Supply & Delivery

    total $16,876,146 · related or exempt $16,876,146 · 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 $397,151 · related or exempt $397,151 · 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

  • 6a · Gross rents

    real property $0 · personal property $0

  • 6b · Less rental expenses

    real property $0 · personal property $0

  • 6c · Rental income or loss

    real property $0 · personal property $0

  • 6d · Net rental income or loss

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

  • 7a · Gross sales of assets other than inventory

    securities $0 · other assets $6,683

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

    securities $0 · other assets $0

  • 7c · Gain or loss

    securities $0 · other assets $6,683

  • 7d · Net gain or loss

    total $6,683 · related or exempt $6,683 · unrelated business $0 · excluded $0

  • 11e · Other revenue, total

    $0

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $0 · program services $0

  • 2 · Grants to domestic individuals

    total $0 · program services $0

  • 3 · Grants to foreign organizations and individuals

    total $0 · program services $0

  • 4 · Benefits paid to or for members

    total $189,800 · program services $189,800

  • 5 · Compensation of officers, directors and key employees

    total $595,441 · program services $595,441

  • 6 · Compensation of disqualified persons

    total $0 · program services $0

  • 7 · Other salaries and wages

    total $2,069,578 · program services $2,069,578

  • 8 · Pension plan contributions

    total $0 · program services $0

  • 9 · Other employee benefits

    total $0 · program services $0

  • 10 · Payroll taxes

    total $0 · program services $0

  • 11a · Fees: management

    total $0 · program services $0

  • 11b · Fees: legal

    total $26,389 · program services $26,389

  • 11c · Fees: accounting

    total $59,294 · program services $59,294

  • 11d · Fees: lobbying

    total $0 · program services $0

  • 11e · Fees: professional fundraising services

    total $0

  • 11f · Fees: investment management

    total $0 · program services $0

  • 11g · Fees: other

    total $0 · program services $0

  • 12 · Advertising and promotion

    total $26,838 · program services $26,838

  • 13 · Office expenses

    total $114,737 · program services $114,737

  • 14 · Information technology

    total $64,086 · program services $64,086

  • 15 · Royalties

    total $0 · program services $0

  • 16 · Occupancy

    total $68,650 · program services $68,650

  • 17 · Travel

    total $28,427 · program services $28,427

  • 18 · Travel or entertainment for public officials

    total $0 · program services $0

  • 19 · Conferences, conventions and meetings

    total $82,585 · program services $82,585

  • 20 · Interest

    total $824,006 · program services $824,006

  • 21 · Payments to affiliates

    total $0 · program services $0

  • 22 · Depreciation, depletion and amortization

    total $2,569,342 · program services $2,569,342

  • 23 · Insurance

    total $119,595 · program services $119,595

  • 24a · Other expenses: Purchase Power & Energy Supply

    total $6,558,206 · program services $6,558,206 · management and general $0 · fundraising $0

  • 24b · Other expenses: Distribution & Transmission

    total $2,258,667 · program services $2,258,667 · management and general $0 · fundraising $0

  • 24c · Other expenses: Consumer Account, General Adm & Membership

    total $1,235,062 · program services $1,235,062 · management and general $0 · fundraising $0

  • 24d · Other expenses: Reg Fess, Energy Cons, LIAP

    total $389,277 · program services $389,277 · management and general $0 · fundraising $0

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $709,498 · end of year $454,919

  • 2 · Savings and temporary cash investments

    beginning of year $6,381,500 · end of year $6,184,588

  • 3 · Pledges and grants receivable

    beginning of year $0 · end of year $0

  • 4 · Accounts receivable

    beginning of year $1,471,984 · end of year $2,734,169

  • 5 · Loans and receivables from officers and key people

    beginning of year $0 · end of year $0

  • 6 · Loans and receivables from disqualified persons

    beginning of year $0 · end of year $0

  • 7 · Other notes and loans receivable

    beginning of year $0 · end of year $0

  • 8 · Inventories for sale or use

    beginning of year $1,462,031 · end of year $1,362,870

  • 9 · Prepaid expenses and deferred charges

    beginning of year $359,384 · end of year $429,472

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

    $77,051,080

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

    $41,721,050

  • 10c · Land, buildings and equipment, net

    beginning of year $34,931,017 · end of year $35,330,030

  • 13 · Investments: program-related

    beginning of year $1,033,666 · end of year $1,039,055

  • 15 · Other assets

    beginning of year $6,156,863 · end of year $6,405,512

  • 17 · Accounts payable and accrued expenses

    beginning of year $1,269,510 · end of year $2,002,620

  • 18 · Grants payable

    beginning of year $0

  • 19 · Deferred revenue

    beginning of year $6,381,500 · end of year $6,181,500

  • 20 · Tax-exempt bond liabilities

    beginning of year $0

  • 21 · Escrow or custodial account liability

    beginning of year $0

  • 22 · Loans and payables to officers and key people

    beginning of year $0

  • 23 · Secured mortgages and notes payable

    beginning of year $25,526,671 · end of year $25,903,899

  • 24 · Unsecured notes and loans payable

    beginning of year $0

  • 25 · Other liabilities

    beginning of year $4,526,814 · end of year $4,973,277

  • 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 $14,801,448 · end of year $14,879,319

Mission and programs · 2023

Mission

Eastern Maine Electric Cooperative, Inc. (EMEC) is Maine's premiere consumer-owned utility providing low cost energy solutions and adding value to our member's quality of life through creative application of technology, capital and a dedicated workforce.

Activities or mission (Part I)

EMEC is a non-profit consumer owned electric utility serving parts of Aroostook, Penobscot & Washington Counties on Maine's eastern border with Canada.

  • Utility System Programs, General/Others" Delivery of Electric Power (13,007 Consumers)

    Expenses $17,279,980 · Revenue $17,279,980

As filed on the 2023 return.

Listed in Part VII

  • Scott M Halowell

    Chief Executive Officer

    Total calculated
    $463,979
    From this org
    $265,184
    From related orgs
    $0
    Other
    $198,795
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $260,851
    Bonus
    $0
    Other
    $4,333
    Deferred
    $182,735
    Nontaxable benefits
    $16,060
    Filer's total
    $463,979

  • Andrew M Tickle

    Manager of Engineering

    Total calculated
    $243,773
    From this org
    $159,217
    From related orgs
    $0
    Other
    $84,556
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $157,110
    Bonus
    $0
    Other
    $2,107
    Deferred
    $80,455
    Nontaxable benefits
    $4,101
    Filer's total
    $243,773

  • Michael Carrier

    Manager of Operations

    Total calculated
    $236,103
    From this org
    $134,162
    From related orgs
    $0
    Other
    $101,941
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $133,544
    Bonus
    $0
    Other
    $618
    Deferred
    $86,303
    Nontaxable benefits
    $15,638
    Filer's total
    $236,103

  • Charles E McAlpin

    Manager of Member Services

    Total calculated
    $219,575
    From this org
    $136,023
    From related orgs
    $0
    Other
    $83,552
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $134,868
    Bonus
    $0
    Other
    $1,156
    Deferred
    $76,673
    Nontaxable benefits
    $6,879
    Filer's total
    $219,576

  • Elery Beale

    Manager of Information Technology

    Total calculated
    $164,001
    From this org
    $123,708
    From related orgs
    $0
    Other
    $40,293
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $123,117
    Bonus
    $0
    Other
    $591
    Deferred
    $23,645
    Nontaxable benefits
    $16,648
    Filer's total
    $164,001

  • Warren Moholland

    Chief Financial Officer

    Total calculated
    $152,557
    From this org
    $115,858
    From related orgs
    $0
    Other
    $36,699
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $115,306
    Bonus
    $0
    Other
    $552
    Deferred
    $20,621
    Nontaxable benefits
    $16,078
    Filer's total
    $152,557

  • R Scott Skinner

    President

    Total calculated
    $9,000
    From this org
    $9,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • John L Gallant

    Board Member

    Total calculated
    $6,500
    From this org
    $6,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • David A Johnson

    Board Member

    Total calculated
    $6,500
    From this org
    $6,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • David A Harbison

    Board Member

    Total calculated
    $6,250
    From this org
    $6,250
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • Timothy R Peters

    Board Member

    Total calculated
    $4,500
    From this org
    $4,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • Lawrence E Clark

    Board Member

    Total calculated
    $3,250
    From this org
    $3,250
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Dana R Hatton

    Board Member

    Total calculated
    $3,250
    From this org
    $3,250
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Earl Hill Jr

    Secretary

    Total calculated
    $3,250
    From this org
    $3,250
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • John Larkin

    Treasurer

    Total calculated
    $3,250
    From this org
    $3,250
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • John Leighton

    Board Member

    Total calculated
    $1,750
    From this org
    $1,750
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Ralph Staples

    Vice President

    Total calculated
    $1,500
    From this org
    $1,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

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 · Written employment contract
  • 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.

Provenance

Return type
form_990
Tax year
2023
Filed
26 July 2024
IRS schema version
2023v5.0
Source object
202442089349301104

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