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Nonprofiteer
← HAYWOOD ELECTRIC MEMBERSHIP CORPORATION

Form 990 for tax year 2022

Filed by HAYWOOD ELECTRIC MEMBERSHIP CORPORATION.

Totals

Total revenue
$51,992,815
Total expenses
$50,771,813
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$51,715,143
Investment income
$274,882
Other revenue
$2,790
Total assets, end of year
$169,931,039
Total liabilities, end of year
$113,584,119
Net assets or fund balances, end of year
$56,346,920
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: PROGRAM SERVICE REVENUE

    total $50,707,270 · related or exempt $50,707,270

  • 2b · Program service revenue: POLE RENTAL INCOME

    total $601,755 · excluded $601,755

  • 2c · Program service revenue: PATRONAGE CAPITAL

    total $406,118 · related or exempt $406,118

  • 3 · Investment income

    total $274,882 · related or exempt $274,882

  • 6a · Gross rents

    real property $6,833

  • 6b · Less rental expenses

    real property $4,043

  • 6c · Rental income or loss

    real property $2,790

  • 6d · Net rental income or loss

    total $2,790 · excluded $2,790

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $3,198,708

  • 5 · Compensation of officers, directors and key employees

    total $724,867

  • 20 · Interest

    total $4,012,089

  • 22 · Depreciation, depletion and amortization

    total $5,694,020

  • 24a · Other expenses: PURCHASED POWER

    total $20,664,799

  • 24b · Other expenses: DISTRIBUTION MAINTENANCE

    total $7,363,111

  • 24c · Other expenses: ADMIN & GENERAL

    total $3,624,243

  • 24d · Other expenses: DISTRIBUTION OPERATIONS

    total $3,272,970

  • 24e · All other expenses

    total $2,217,006

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $6,187,858 · end of year $3,248,670

  • 2 · Savings and temporary cash investments

    beginning of year $7,400,000 · end of year $10,850,000

  • 4 · Accounts receivable

    beginning of year $3,712,969 · end of year $5,599,761

  • 7 · Other notes and loans receivable

    beginning of year $281,227 · end of year $225,155

  • 8 · Inventories for sale or use

    beginning of year $946,441 · end of year $1,364,557

  • 9 · Prepaid expenses and deferred charges

    beginning of year $307,009 · end of year $711,722

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

    $200,069,679

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

    $57,478,923

  • 10c · Land, buildings and equipment, net

    beginning of year $139,074,513 · end of year $142,590,756

  • 13 · Investments: program-related

    beginning of year $5,024,010 · end of year $5,150,822

  • 15 · Other assets

    beginning of year $144,334 · end of year $189,596

  • 17 · Accounts payable and accrued expenses

    beginning of year $4,645,940 · end of year $5,552,705

  • 23 · Secured mortgages and notes payable

    beginning of year $102,337,452 · end of year $105,000,594

  • 25 · Other liabilities

    beginning of year $4,004,350 · end of year $3,030,820

  • 31 · Retained earnings, endowment or other funds

    beginning of year $52,090,619 · end of year $56,346,920

Mission and programs · 2022

Mission

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.

Listed in Part VII

  • Thomas H Batchelor Jr

    CEO

    Total calculated
    $383,439
    From this org
    $317,725
    From related orgs
    $0
    Other
    $65,714
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $277,730
    Bonus
    $39,995
    Other
    not reported
    Deferred
    $49,770
    Nontaxable benefits
    $15,944
    Filer's total
    $383,439

  • Rex Larowe

    COO

    Total calculated
    $164,210
    From this org
    $127,842
    From related orgs
    $0
    Other
    $36,368
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $126,591
    Bonus
    $1,251
    Other
    not reported
    Deferred
    $23,402
    Nontaxable benefits
    $12,966
    Filer's total
    $164,210

  • John Carver

    TEAM LEADER

    Total calculated
    $159,370
    From this org
    $138,621
    From related orgs
    $0
    Other
    $20,749
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $138,015
    Bonus
    $606
    Other
    not reported
    Deferred
    $8,515
    Nontaxable benefits
    $12,234
    Filer's total
    $159,370

  • John Raines

    TEAM LEADER

    Total calculated
    $152,684
    From this org
    $115,375
    From related orgs
    $0
    Other
    $37,309
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $113,274
    Bonus
    $2,101
    Other
    not reported
    Deferred
    $17,500
    Nontaxable benefits
    $19,809
    Filer's total
    $152,684

  • Jeffrey Noland

    TEAM LEADER

    Total calculated
    $150,327
    From this org
    $113,046
    From related orgs
    $0
    Other
    $37,281
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $111,411
    Bonus
    $1,635
    Other
    not reported
    Deferred
    $17,500
    Nontaxable benefits
    $19,781
    Filer's total
    $150,327

  • John Boate

    CFO

    Total calculated
    $138,378
    From this org
    $115,560
    From related orgs
    $0
    Other
    $22,818
    Hours/week
    40

  • Larry Clark

    PRESIDENT

    Total calculated
    $68,482
    From this org
    $68,482
    From related orgs
    $0
    Other
    $0
    Hours/week
    16.85

  • David Noland

    ASST. SEC./T

    Total calculated
    $60,597
    From this org
    $60,597
    From related orgs
    $0
    Other
    $0
    Hours/week
    3.67

  • Roy Stamey

    DIRECTOR

    Total calculated
    $57,021
    From this org
    $57,021
    From related orgs
    $0
    Other
    $0
    Hours/week
    2.63

  • Kenneth Israel

    DIRECTOR

    Total calculated
    $45,271
    From this org
    $45,271
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Lucas Sorrells

    VICE PRESIDE

    Total calculated
    $31,557
    From this org
    $31,557
    From related orgs
    $0
    Other
    $0
    Hours/week
    19.65

  • Clay Talley

    SEC./TREASUR

    Total calculated
    $25,047
    From this org
    $25,047
    From related orgs
    $0
    Other
    $0
    Hours/week
    5.01

  • James Boyette

    DIRECTOR

    Total calculated
    $24,422
    From this org
    $24,422
    From related orgs
    $0
    Other
    $0
    Hours/week
    6.38

  • L Stephen Foster

    DIRECTOR

    Total calculated
    $23,587
    From this org
    $23,587
    From related orgs
    $0
    Other
    $0
    Hours/week
    3.19

  • Alan Israel

    DIRECTOR

    Total calculated
    $5,444
    From this org
    $5,444
    From related orgs
    $0
    Other
    $0
    Hours/week
    4.5

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 · 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.

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.

  • HAYWOOD SERVICES CORPORATION INC

    C CORP · ELECTRICAL · NC · 100% owned · share of income $480,422 · share of assets $318,195

    Directly controlled by HAYWOOD EMC

Provenance

Return type
form_990
Tax year
2022
Filed
15 August 2023
IRS schema version
2022v5.0
Source object
202342439349300319

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