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Nonprofiteer
← CARTERET-CRAVEN ELECTRIC COOPERATIVE

Form 990 for tax year 2022

Filed by CARTERET-CRAVEN ELECTRIC COOPERATIVE.

Totals

Total revenue
$70,087,411
Total expenses
$66,951,412
Contributions and grants received
$22,152
Grants paid
$0
Program service revenue
$67,519,128
Investment income
$800,215
Other revenue
$1,745,916
Total assets, end of year
$132,224,479
Total liabilities, end of year
$65,572,698
Net assets or fund balances, end of year
$66,651,781
Program services expenses (Part IX)
$0
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
$66,973,564

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)

    $22,152

  • 1f · All other contributions, gifts and grants

    $0

  • 1g · Noncash contributions included above

    $0

  • 2a · Program service revenue: Revenue from Membership

    total $67,519,128 · related or exempt $67,519,128 · 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 $800,215 · related or exempt $800,215 · 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 $1,745,916 · related or exempt $1,745,916 · unrelated business $0 · excluded $0

  • 11d · All other revenue

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

  • 11e · Other revenue, total

    $1,745,916

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $1,076,440

  • 7 · Other salaries and wages

    total $4,356,380

  • 8 · Pension plan contributions

    total $1,353,392

  • 9 · Other employee benefits

    total $1,100,784

  • 10 · Payroll taxes

    total $408,976

  • 11b · Fees: legal

    total $87,696

  • 11c · Fees: accounting

    total $35,000

  • 20 · Interest

    total $1,922,722

  • 22 · Depreciation, depletion and amortization

    total $5,066,178

  • 23 · Insurance

    total $303,957

  • 24a · Other expenses: Cost of Purchased Power

    total $45,781,388

  • 24b · Other expenses: Distribution/Operational Expenses

    total $3,491,876

  • 24c · Other expenses: Administrative and General/Customer Accounts Exp

    total $1,966,623

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $21,354,022 · end of year $18,773,520

  • 4 · Accounts receivable

    beginning of year $8,472,646 · end of year $8,302,998

  • 8 · Inventories for sale or use

    beginning of year $555,382 · end of year $695,858

  • 9 · Prepaid expenses and deferred charges

    beginning of year $2,579,200 · end of year $747,685

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

    $158,901,967

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

    $76,157,168

  • 10c · Land, buildings and equipment, net

    beginning of year $83,433,659 · end of year $82,744,799

  • 13 · Investments: program-related

    beginning of year $20,948,955 · end of year $20,959,619

  • 17 · Accounts payable and accrued expenses

    beginning of year $16,677,903 · end of year $16,535,039

  • 19 · Deferred revenue

    end of year $731,864

  • 23 · Secured mortgages and notes payable

    beginning of year $53,343,581 · end of year $48,305,795

  • 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 $67,322,380 · end of year $66,651,781

Mission and programs · 2022

Mission

Electric Distribution to Membership

  • Electric distribution cooperative supplying electric power to a membership of 35,450 members with 42,374 metered electric services.

    Expenses $66,973,564 · Grants $22,152 · Revenue $70,109,563

As filed on the 2022 return.

Listed in Part VII

  • Jake Joplin

    CEO

    Total calculated
    $661,300
    From this org
    $300,549
    From related orgs
    $0
    Other
    $360,751
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $300,549
    Bonus
    $0
    Other
    $0
    Deferred
    $360,751
    Nontaxable benefits
    $0
    Filer's total
    $661,300

  • Will Pittman

    VP of Engineering

    Total calculated
    $261,240
    From this org
    $174,600
    From related orgs
    $0
    Other
    $86,640
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $174,600
    Bonus
    $0
    Other
    $0
    Deferred
    $86,640
    Nontaxable benefits
    $0
    Filer's total
    $261,240

  • Cheryl Slater

    VP of Customer Services

    Total calculated
    $147,579
    From this org
    $147,579
    From related orgs
    $0
    Other
    $0
    Hours/week
    45

  • James R Carr

    VP of IT Systems

    Total calculated
    $139,824
    From this org
    $139,824
    From related orgs
    $0
    Other
    $0
    Hours/week
    45

  • Rodney B Williams

    Line Crew Leader

    Total calculated
    $116,664
    From this org
    $116,664
    From related orgs
    $0
    Other
    $0
    Hours/week
    44.5

  • Tara Alderman

    VP of Finance & Accounting

    Total calculated
    $115,839
    From this org
    $115,839
    From related orgs
    $0
    Other
    $0
    Hours/week
    45

  • Michael Dowle Smith

    Line/Service Technician

    Total calculated
    $109,536
    From this org
    $109,536
    From related orgs
    $0
    Other
    $0
    Hours/week
    45.4

  • Deloria Y Irby

    Director

    Total calculated
    $21,000
    From this org
    $21,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    9.4

  • Anthony Nelson

    President

    Total calculated
    $18,600
    From this org
    $18,600
    From related orgs
    $0
    Other
    $0
    Hours/week
    5.4

  • James Schmitt

    Treasurer

    Total calculated
    $18,300
    From this org
    $18,300
    From related orgs
    $0
    Other
    $0
    Hours/week
    5.4

  • Douglas S Fulcher

    Director

    Total calculated
    $17,400
    From this org
    $17,400
    From related orgs
    $0
    Other
    $0
    Hours/week
    5.7

  • Amy L Lock

    Secretary

    Total calculated
    $17,100
    From this org
    $17,100
    From related orgs
    $0
    Other
    $0
    Hours/week
    3.9

  • William Fred Fulcher

    Director

    Total calculated
    $17,100
    From this org
    $17,100
    From related orgs
    $0
    Other
    $0
    Hours/week
    4.2

  • Thom Styron

    Assistant Treasurer

    Total calculated
    $15,600
    From this org
    $15,600
    From related orgs
    $0
    Other
    $0
    Hours/week
    2.6

  • Ben S Ball

    Assistant Secretary

    Total calculated
    $15,300
    From this org
    $15,300
    From related orgs
    $0
    Other
    $0
    Hours/week
    5.5

  • Alvin West

    Vice President

    Total calculated
    $13,500
    From this org
    $13,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    4.2

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 · 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
2022
Filed
20 March 2023
IRS schema version
2022v5.0
Source object
202311219349302361

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