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Nonprofiteer
← FRENCH BROAD ELECTRIC MEMBERSHIP CORPORATION

Form 990 for tax year 2024

Filed by FRENCH BROAD ELECTRIC MEMBERSHIP CORPORATION.

Totals

Total revenue
$87,808,544
Total expenses
$86,888,442
Contributions and grants received
$4,132,185
Grants paid
$0
Program service revenue
$82,049,161
Investment income
$331,285
Other revenue
$1,295,913
Total assets, end of year
$201,532,362
Total liabilities, end of year
$148,600,567
Net assets or fund balances, end of year
$52,931,795
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.

  • 1e · Government grants (contributions)

    $4,132,185

  • 2a · Program service revenue: SALE OF ELECTRICITY

    total $81,294,592 · related or exempt $81,294,592

  • 2b · Program service revenue: CIAC

    total $669,216 · related or exempt $669,216

  • 2c · Program service revenue: PATRONAGE ALLOCATIONS

    total $85,353 · related or exempt $85,353

  • 3 · Investment income

    total $258,143 · excluded $258,143

  • 6a · Gross rents

    real property $1,800 · personal property $1,296,000

  • 6b · Less rental expenses

    real property $1,887

  • 6c · Rental income or loss

    real property -$87 · personal property $1,296,000

  • 6d · Net rental income or loss

    total $1,295,913 · unrelated business -$87 · excluded $1,296,000

  • 7a · Gross sales of assets other than inventory

    other assets $73,142

  • 7c · Gain or loss

    other assets $73,142

  • 7d · Net gain or loss

    total $73,142 · excluded $73,142

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $455,506

  • 5 · Compensation of officers, directors and key employees

    total $2,649,027

  • 7 · Other salaries and wages

    total $13,089,618

  • 8 · Pension plan contributions

    total $2,545,138

  • 9 · Other employee benefits

    total $684,401

  • 10 · Payroll taxes

    total $1,151,910

  • 11b · Fees: legal

    total $9,960

  • 17 · Travel

    total $1,740,877

  • 19 · Conferences, conventions and meetings

    total $117,105

  • 20 · Interest

    total $3,047,720

  • 22 · Depreciation, depletion and amortization

    total $11,661,181

  • 24a · Other expenses: COST OF POWER

    total $34,509,977

  • 24b · Other expenses: DISTRIBUTION MAINTENANCE

    total $15,558,489

  • 24c · Other expenses: DISTRIBUTION OPERATION

    total $2,917,323

  • 24d · Other expenses: ADMIN AND GENERAL

    total $1,494,060

  • 24e · All other expenses

    total -$4,743,850

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $6,047,871 · end of year $3,944,076

  • 4 · Accounts receivable

    beginning of year $7,874,173 · end of year $7,371,120

  • 7 · Other notes and loans receivable

    beginning of year $483,900 · end of year $771,200

  • 8 · Inventories for sale or use

    beginning of year $6,286,740 · end of year $7,391,143

  • 9 · Prepaid expenses and deferred charges

    beginning of year $352,915 · end of year $22,974,845

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

    $290,637,290

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

    $136,545,896

  • 10c · Land, buildings and equipment, net

    beginning of year $143,203,270 · end of year $154,091,394

  • 13 · Investments: program-related

    beginning of year $2,637,572 · end of year $2,719,521

  • 15 · Other assets

    beginning of year $614,893 · end of year $2,269,063

  • 17 · Accounts payable and accrued expenses

    beginning of year $9,721,471 · end of year $14,916,604

  • 23 · Secured mortgages and notes payable

    beginning of year $87,260,478 · end of year $110,966,832

  • 25 · Other liabilities

    beginning of year $15,687,597 · end of year $22,717,131

  • 31 · Retained earnings, endowment or other funds

    beginning of year $54,831,788 · end of year $52,931,795

Mission and programs · 2024

Mission

SAFE AND EFFECTIVE DISTRIBUTION OF ELECTRICITY TO MEMBERS OF FRENCH BROAD EMC.

  • THE SALE AND DISTRIBUTION OF ELECTRICITY TO MEMBERS OF FRENCH BROAD EMC. THE THREE LARGEST PROGRAM SERVICES, AS MEASURED BY EXPENSES, ARE AS FOLLOWS: COST OF POWER: 34,509,977 DISTRIBUTION MAINTENANCE: 15,558,489 OTHER SALARIES AND WAGES: 13,089,618

As filed on the 2024 return.

Listed in Part VII

  • Jeffery Loven

    GENERAL MANA

    Total calculated
    $740,790
    From this org
    $431,422
    From related orgs
    $0
    Other
    $309,368
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $426,256
    Bonus
    $220
    Other
    $4,946
    Deferred
    $283,751
    Nontaxable benefits
    $25,617
    Filer's total
    $740,790

  • Gregory Fowler

    DISTRICT MAN

    Total calculated
    $417,457
    From this org
    $239,032
    From related orgs
    $0
    Other
    $178,425
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $234,675
    Bonus
    $210
    Other
    $4,147
    Deferred
    $154,333
    Nontaxable benefits
    $24,092
    Filer's total
    $417,457

  • Phyllis Holt

    OFFICE MANAG

    Total calculated
    $406,123
    From this org
    $233,235
    From related orgs
    $0
    Other
    $172,888
    Hours/week
    47

    Schedule J breakdown matched by us

    Base
    $228,138
    Bonus
    $195
    Other
    $4,902
    Deferred
    $148,739
    Nontaxable benefits
    $24,149
    Filer's total
    $406,123

  • Tracy Evans

    DISTRICT MAN

    Total calculated
    $402,484
    From this org
    $213,162
    From related orgs
    $0
    Other
    $189,322
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $211,238
    Bonus
    $210
    Other
    $1,714
    Deferred
    $165,290
    Nontaxable benefits
    $24,032
    Filer's total
    $402,484

  • Donald R Webb

    ENG. & OPR.

    Total calculated
    $281,510
    From this org
    $192,406
    From related orgs
    $0
    Other
    $89,104
    Hours/week
    52

    Schedule J breakdown matched by us

    Base
    $191,594
    Bonus
    $162
    Other
    $650
    Deferred
    $65,749
    Nontaxable benefits
    $23,355
    Filer's total
    $281,510

  • Realigh Peek

    FIBER CREW L

    Total calculated
    $245,905
    From this org
    $181,773
    From related orgs
    $0
    Other
    $64,132
    Hours/week
    56

    Schedule J breakdown matched by us

    Base
    $180,138
    Bonus
    $188
    Other
    $1,447
    Deferred
    $41,954
    Nontaxable benefits
    $22,178
    Filer's total
    $245,905

  • Hugh R Fleming

    OPERATIONS M

    Total calculated
    $222,885
    From this org
    $195,560
    From related orgs
    $0
    Other
    $27,325
    Hours/week
    60

    Schedule J breakdown matched by us

    Base
    $188,697
    Bonus
    $269
    Other
    $6,594
    Deferred
    $3,814
    Nontaxable benefits
    $23,511
    Filer's total
    $222,885

  • Dewey R Wills

    SERVICE TECH

    Total calculated
    $222,116
    From this org
    $170,251
    From related orgs
    $0
    Other
    $51,865
    Hours/week
    59

    Schedule J breakdown matched by us

    Base
    $168,777
    Bonus
    $190
    Other
    $1,284
    Deferred
    $29,878
    Nontaxable benefits
    $21,987
    Filer's total
    $222,116

  • William Roberts

    LINE CREW LE

    Total calculated
    $203,499
    From this org
    $154,371
    From related orgs
    $0
    Other
    $49,128
    Hours/week
    53

    Schedule J breakdown matched by us

    Base
    $153,693
    Bonus
    $179
    Other
    $499
    Deferred
    $27,177
    Nontaxable benefits
    $21,951
    Filer's total
    $203,499

  • Toby Bryant

    LINE CREW LE

    Total calculated
    $196,362
    From this org
    $156,827
    From related orgs
    $0
    Other
    $39,535
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $156,149
    Bonus
    $135
    Other
    $543
    Deferred
    $17,384
    Nontaxable benefits
    $22,151
    Filer's total
    $196,362

  • Mark Snelson

    DIRECTOR

    Total calculated
    $43,707
    From this org
    $43,707
    From related orgs
    $0
    Other
    $0
    Hours/week
    13

  • Gary T Wilde

    TREASURER

    Total calculated
    $40,926
    From this org
    $40,926
    From related orgs
    $0
    Other
    $0
    Hours/week
    13

  • James M Ray

    VICE PRESIDE

    Total calculated
    $39,207
    From this org
    $39,207
    From related orgs
    $0
    Other
    $0
    Hours/week
    13

  • Jill Austin

    DIRECTOR

    Total calculated
    $38,807
    From this org
    $38,807
    From related orgs
    $0
    Other
    $0
    Hours/week
    13

  • John L Chandler

    PRESIDENT

    Total calculated
    $37,107
    From this org
    $37,107
    From related orgs
    $0
    Other
    $0
    Hours/week
    12

  • Chad Bradley

    DIRECTOR

    Total calculated
    $36,807
    From this org
    $36,807
    From related orgs
    $0
    Other
    $0
    Hours/week
    11

  • Paul Badgley

    DIRECTOR

    Total calculated
    $36,707
    From this org
    $36,707
    From related orgs
    $0
    Other
    $0
    Hours/week
    12

  • Carl Ramsey

    DIRECTOR

    Total calculated
    $35,772
    From this org
    $35,772
    From related orgs
    $0
    Other
    $0
    Hours/week
    11

  • Jerry Griffith

    DIRECTOR

    Total calculated
    $35,607
    From this org
    $35,607
    From related orgs
    $0
    Other
    $0
    Hours/week
    11

  • Keith A Kuhne

    DIRECTOR

    Total calculated
    $35,570
    From this org
    $35,570
    From related orgs
    $0
    Other
    $0
    Hours/week
    11

  • Gordon Randolph

    SECRETARY

    Total calculated
    $20,446
    From this org
    $20,446
    From related orgs
    $0
    Other
    $0
    Hours/week
    13

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

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
1 July 2025
IRS schema version
2024v5.0
Source object
202512069349300531

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