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Nonprofiteer
← ALBEMARLE ELECTRIC MEMBERSHIP CORP

Form 990 for tax year 2023

Filed by ALBEMARLE ELECTRIC MEMBERSHIP CORP.

Totals

Total revenue
$32,082,307
Total expenses
$32,082,307
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$31,952,396
Investment income
$129,911
Other revenue
$0
Total assets, end of year
$97,594,322
Total liabilities, end of year
$52,122,026
Net assets or fund balances, end of year
$45,472,296
Program services expenses (Part IX)
$0
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
$32,082,307

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 $30,564,932 · related or exempt $30,564,932

  • 2b · Program service revenue: OTHER NONOPERATING MARGINS

    total $625,185 · related or exempt $625,185

  • 2c · Program service revenue: G & T CAPITAL CREDITS

    total $547,433 · related or exempt $547,433

  • 2d · Program service revenue: OTHER CAPITAL CREDITS

    total $147,725 · related or exempt $147,725

  • 2e · Program service revenue: POLE RENTAL

    total $67,121 · related or exempt $67,121

  • 3 · Investment income

    total $129,911 · excluded $129,911

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $2,736,082

  • 5 · Compensation of officers, directors and key employees

    total $745,740

  • 20 · Interest

    total $1,724,917

  • 22 · Depreciation, depletion and amortization

    total $3,030,906

  • 24a · Other expenses: PURCHASED POWER

    total $18,067,045

  • 24b · Other expenses: DISTRIBUTION OPERATIONS

    total $1,718,503

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

    total $1,335,342

  • 24d · Other expenses: DISTRIBUTION MAINTENANCE

    total $1,137,506

  • 24e · All other expenses

    total $1,586,266

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $3,769,553 · end of year $2,825,722

  • 4 · Accounts receivable

    beginning of year $3,423,819 · end of year $3,994,771

  • 8 · Inventories for sale or use

    beginning of year $2,779,124 · end of year $1,493,145

  • 9 · Prepaid expenses and deferred charges

    beginning of year $660,623 · end of year $469,172

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

    $114,311,416

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

    $34,008,470

  • 10c · Land, buildings and equipment, net

    beginning of year $76,207,728 · end of year $80,302,946

  • 13 · Investments: program-related

    beginning of year $8,042,318 · end of year $8,657,445

  • 15 · Other assets

    beginning of year -$149,631 · end of year -$148,879

  • 17 · Accounts payable and accrued expenses

    beginning of year $3,774,131 · end of year $2,978,103

  • 23 · Secured mortgages and notes payable

    beginning of year $44,196,000 · end of year $45,735,364

  • 25 · Other liabilities

    beginning of year $3,159,665 · end of year $3,408,559

  • 29 · Capital stock, trust principal or current funds

    beginning of year $26,805 · end of year $25,580

  • 31 · Retained earnings, endowment or other funds

    beginning of year $43,576,933 · end of year $45,446,716

Mission and programs · 2023

Mission

ALBEMARLE EMC STRIVES TO SAFELY DELIVER RELIABLE POWER AND RELATED ENERGY SOLUTIONS TO OUR MEMBERS AND LOCAL COMMUNITIES BY PROVIDING THE HIGHEST VALUE THROUGH SERVICE EXCELLENCE.

  • TO PROVIDE SAFE AND RELIABLE ELECTRICITY TO ALL WHO DESIRE IT WITHIN THE COUNTIES WE SERVE.

    Expenses $32,082,307

As filed on the 2023 return.

Listed in Part VII

  • John W Spence

    PRESIDENT

    Total calculated
    $15,650
    From this org
    $15,650
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • Glenn Carey

    VICE PRESIDE

    Total calculated
    $11,000
    From this org
    $11,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Thelma Finch-Copeland

    SECRETARY

    Total calculated
    $12,600
    From this org
    $12,600
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • T Chad Mathews

    TREASURER

    Total calculated
    $11,600
    From this org
    $11,600
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Robert Whitehead

    DIRECTOR

    Total calculated
    $12,600
    From this org
    $12,600
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Josiah A Webb III

    DIRECTOR

    Total calculated
    $11,200
    From this org
    $11,200
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Allen Layton

    DIRECTOR

    Total calculated
    $12,600
    From this org
    $12,600
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Melvin Ray Albertson

    DIRECTOR

    Total calculated
    $10,500
    From this org
    $10,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Linda Felton Burrus

    DIRECTOR

    Total calculated
    $12,800
    From this org
    $12,800
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Kevin Heath

    EXEC VP/GM

    Total calculated
    $229,390
    From this org
    $170,746
    From related orgs
    $0
    Other
    $58,644
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $155,456
    Bonus
    $500
    Other
    $14,790
    Deferred
    $47,647
    Nontaxable benefits
    $10,997
    Filer's total
    $229,390

  • Gary W Ray

    FORMER-EXEC

    Total calculated
    $405,800
    From this org
    $328,473
    From related orgs
    $0
    Other
    $77,327
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $322,614
    Bonus
    $1,000
    Other
    $4,859
    Deferred
    $65,842
    Nontaxable benefits
    $11,485
    Filer's total
    $405,800

  • Clarissa Perry

    MGR OF CORPO

    Total calculated
    $194,532
    From this org
    $138,508
    From related orgs
    $0
    Other
    $56,024
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $125,329
    Bonus
    $500
    Other
    $12,679
    Deferred
    $41,186
    Nontaxable benefits
    $14,838
    Filer's total
    $194,532

  • Roy O'Neal

    MGR OF OPERA

    Total calculated
    $176,004
    From this org
    $122,128
    From related orgs
    $0
    Other
    $53,876
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $114,031
    Bonus
    $500
    Other
    $7,597
    Deferred
    $36,383
    Nontaxable benefits
    $17,493
    Filer's total
    $176,004

  • Bobby Upton

    CREW LEADER

    Total calculated
    $178,862
    From this org
    $129,269
    From related orgs
    $0
    Other
    $49,593
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $118,215
    Bonus
    $500
    Other
    $10,554
    Deferred
    $35,096
    Nontaxable benefits
    $14,497
    Filer's total
    $178,862

  • Paul Byrum

    CREW LEADER

    Total calculated
    $161,710
    From this org
    $117,998
    From related orgs
    $0
    Other
    $43,712
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $111,546
    Bonus
    $500
    Other
    $5,952
    Deferred
    $32,715
    Nontaxable benefits
    $10,997
    Filer's total
    $161,710

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 · 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

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
25 March 2024
IRS schema version
2023v5.0
Source object
202440879349300109

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