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Nonprofiteer
← CARTERET-CRAVEN ELECTRIC COOPERATIVE

Form 990 for tax year 2023

Filed by CARTERET-CRAVEN ELECTRIC COOPERATIVE.

Totals

Total revenue
$72,417,120
Total expenses
$68,415,516
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$69,229,398
Investment income
$1,388,446
Other revenue
$1,799,276
Total assets, end of year
$134,267,975
Total liabilities, end of year
$67,776,760
Net assets or fund balances, end of year
$66,491,215
Program services expenses (Part IX)
$0
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
$68,415,516

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.

  • 1a · Federated campaigns

    $0

  • 1b · Membership dues

    $0

  • 1c · Fundraising events

    $0

  • 1d · Related organizations

    $0

  • 1e · Government grants (contributions)

    $0

  • 1f · All other contributions, gifts and grants

    $0

  • 1g · Noncash contributions included above

    $0

  • 2a · Program service revenue: Revenue from Membership

    total $69,229,398 · related or exempt $69,229,398 · 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 $1,388,446 · related or exempt $1,388,446 · 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

  • 7c · Gain or loss

    securities $0 · other assets $0

  • 8a · Fundraising events: contributions included on line 1c

    $0

  • 11a · Other revenue: Patronage Dividends

    total $1,799,276 · related or exempt $1,799,276 · unrelated business $0 · excluded $0

  • 11d · All other revenue

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

  • 11e · Other revenue, total

    $1,799,276

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $889,653

  • 7 · Other salaries and wages

    total $4,632,708

  • 8 · Pension plan contributions

    total $1,526,258

  • 9 · Other employee benefits

    total $1,149,893

  • 10 · Payroll taxes

    total $436,462

  • 11b · Fees: legal

    total $103,501

  • 11c · Fees: accounting

    total $40,100

  • 20 · Interest

    total $1,850,726

  • 22 · Depreciation, depletion and amortization

    total $5,223,891

  • 23 · Insurance

    total $290,974

  • 24a · Other expenses: Cost of Purchase Power

    total $46,742,254

  • 24b · Other expenses: Maintenance and Operational Expenses

    total $3,708,031

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

    total $1,821,065

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $18,773,520 · end of year $16,539,410

  • 4 · Accounts receivable

    beginning of year $8,302,998 · end of year $9,561,540

  • 8 · Inventories for sale or use

    beginning of year $695,858 · end of year $845,273

  • 9 · Prepaid expenses and deferred charges

    beginning of year $747,685 · end of year $1,069,291

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

    $164,414,538

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

    $80,204,834

  • 10c · Land, buildings and equipment, net

    beginning of year $82,744,799 · end of year $84,209,704

  • 13 · Investments: program-related

    beginning of year $20,959,619 · end of year $22,042,757

  • 17 · Accounts payable and accrued expenses

    beginning of year $16,535,039 · end of year $17,264,973

  • 19 · Deferred revenue

    beginning of year $731,864 · end of year $236,782

  • 23 · Secured mortgages and notes payable

    beginning of year $48,305,795 · end of year $50,275,005

  • 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 $66,651,781 · end of year $66,491,215

Mission and programs · 2023

Mission

Electric Distribution to Membership

  • Electric distribution cooperative supplying electric power to a membership of 35,773 members with 42,604 metered electric services.

    Expenses $68,415,516 · Revenue $69,229,398

As filed on the 2023 return.

Listed in Part VII

  • Jake Joplin

    CEO

    Total calculated
    $523,752
    From this org
    $314,334
    From related orgs
    $0
    Other
    $209,418
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $314,334
    Bonus
    $0
    Other
    $0
    Deferred
    $209,418
    Nontaxable benefits
    $0
    Filer's total
    $523,752

  • Will Pittman

    VP of Engineering

    Total calculated
    $220,500
    From this org
    $176,259
    From related orgs
    $0
    Other
    $44,241
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $176,259
    Bonus
    $0
    Other
    $0
    Deferred
    $44,241
    Nontaxable benefits
    $0
    Filer's total
    $220,500

  • Cheryl Slater

    VP of Customer Services

    Total calculated
    $151,095
    From this org
    $151,095
    From related orgs
    $0
    Other
    $0
    Hours/week
    45

  • Tara Alderman

    VP of Finance & Accounting

    Total calculated
    $127,120
    From this org
    $127,120
    From related orgs
    $0
    Other
    $0
    Hours/week
    45

  • Rodney B Williams

    Line Crew Leader

    Total calculated
    $115,471
    From this org
    $115,471
    From related orgs
    $0
    Other
    $0
    Hours/week
    42.8

  • Michael Dowle Smith

    Line/Service Technician

    Total calculated
    $115,188
    From this org
    $115,188
    From related orgs
    $0
    Other
    $0
    Hours/week
    45.6

  • Joseph Klott

    Line Crew Leader

    Total calculated
    $114,825
    From this org
    $114,825
    From related orgs
    $0
    Other
    $0
    Hours/week
    45.3

  • Deloria Y Irby

    Director

    Total calculated
    $20,100
    From this org
    $20,100
    From related orgs
    $0
    Other
    $0
    Hours/week
    6.8

  • Anthony Nelson

    President

    Total calculated
    $17,400
    From this org
    $17,400
    From related orgs
    $0
    Other
    $0
    Hours/week
    6.9

  • James Schmitt

    Treasurer

    Total calculated
    $16,500
    From this org
    $16,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    4.6

  • Amy L Lock

    Secretary

    Total calculated
    $16,200
    From this org
    $16,200
    From related orgs
    $0
    Other
    $0
    Hours/week
    5.3

  • Alvin West

    Vice President

    Total calculated
    $16,200
    From this org
    $16,200
    From related orgs
    $0
    Other
    $0
    Hours/week
    8.2

  • Douglas S Fulcher

    Director

    Total calculated
    $15,300
    From this org
    $15,300
    From related orgs
    $0
    Other
    $0
    Hours/week
    6.3

  • William Fred Fulcher

    Director

    Total calculated
    $15,300
    From this org
    $15,300
    From related orgs
    $0
    Other
    $0
    Hours/week
    3.8

  • Thom Styron

    Assistant Treasurer

    Total calculated
    $14,400
    From this org
    $14,400
    From related orgs
    $0
    Other
    $0
    Hours/week
    2.2

  • Ben S Ball

    Assistant Secretary

    Total calculated
    $14,100
    From this org
    $14,100
    From related orgs
    $0
    Other
    $0
    Hours/week
    3.4

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
2023
Filed
23 April 2024
IRS schema version
2023v5.0
Source object
202441319349302579

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