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Nonprofiteer
← LUMBEE RIVER ELECTRIC MEMBERSHIP CORPORATION

Form 990 for tax year 2022

Filed by LUMBEE RIVER ELECTRIC MEMBERSHIP CORPORATION.

Totals

Total revenue
$152,496,016
Total expenses
$154,973,989
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$152,343,280
Investment income
$595,678
Other revenue
-$442,942
Total assets, end of year
$369,886,144
Total liabilities, end of year
$207,060,706
Net assets or fund balances, end of year
$162,825,438
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: SALE OF ELECTRICITY

    total $150,097,221 · related or exempt $150,097,221

  • 2b · Program service revenue: CONTRIB IN AID OF CONSTR.

    total $1,746,111 · related or exempt $1,746,111

  • 2c · Program service revenue: PATRONAGE CAPITAL REC.

    total $499,948 · related or exempt $499,948

  • 3 · Investment income

    total $576,175 · excluded $576,175

  • 6a · Gross rents

    personal property $105,645

  • 6b · Less rental expenses

    personal property $625

  • 6c · Rental income or loss

    personal property $105,020

  • 6d · Net rental income or loss

    total $105,020 · unrelated business $9,420 · excluded $95,600

  • 7a · Gross sales of assets other than inventory

    other assets $61,653

  • 7b · Less cost or other basis and sales expenses

    other assets $42,150

  • 7c · Gain or loss

    other assets $19,503

  • 7d · Net gain or loss

    total $19,503 · excluded $19,503

  • 10b · Cost of goods sold

    $20,894

  • 10c · Net income from sales of inventory

    total -$20,894 · unrelated business -$20,894

  • 11a · Other revenue: ADMIN. SERVICES

    total $720,930 · unrelated business $720,930

  • 11b · Other revenue: HOME WARRANTY WIRING

    total $167,537 · related or exempt $167,537

  • 11c · Other revenue: EQUITY EARNINGS (LOSS) SUBSID

    total -$1,415,535 · related or exempt -$1,415,535

  • 11e · Other revenue, total

    -$527,068

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $7,095,576

  • 5 · Compensation of officers, directors and key employees

    total $635,581

  • 7 · Other salaries and wages

    total $9,170,670

  • 8 · Pension plan contributions

    total $1,706,139

  • 9 · Other employee benefits

    total $845,027

  • 10 · Payroll taxes

    total $808,382

  • 11b · Fees: legal

    total $64,479

  • 17 · Travel

    total $1,433,597

  • 19 · Conferences, conventions and meetings

    total $299,815

  • 20 · Interest

    total $4,772,358

  • 22 · Depreciation, depletion and amortization

    total $12,649,845

  • 24a · Other expenses: COST OF POWER

    total $105,377,695

  • 24b · Other expenses: ADMIN AND GENERAL

    total $6,644,834

  • 24c · Other expenses: DISTRIBUTION MAINTENANCE

    total $4,386,939

  • 24d · Other expenses: DISTRIBUTION OPERATION

    total $1,990,278

  • 24e · All other expenses

    total -$2,907,226

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $34,065,958 · end of year $15,288,087

  • 2 · Savings and temporary cash investments

    beginning of year $100,000 · end of year $100,000

  • 4 · Accounts receivable

    beginning of year $15,494,096 · end of year $16,220,330

  • 7 · Other notes and loans receivable

    beginning of year $3,595,402 · end of year $2,698,673

  • 8 · Inventories for sale or use

    beginning of year $5,090,870 · end of year $5,816,915

  • 9 · Prepaid expenses and deferred charges

    beginning of year $218,994 · end of year $650,990

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

    $411,088,226

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

    $132,990,070

  • 10c · Land, buildings and equipment, net

    beginning of year $268,482,779 · end of year $278,098,156

  • 12 · Investments: other securities

    beginning of year $13,200,505 · end of year $8,818,963

  • 13 · Investments: program-related

    beginning of year $38,028,164 · end of year $41,674,178

  • 15 · Other assets

    beginning of year $860,360 · end of year $519,852

  • 17 · Accounts payable and accrued expenses

    beginning of year $13,699,850 · end of year $17,972,208

  • 23 · Secured mortgages and notes payable

    beginning of year $173,800,372 · end of year $166,141,224

  • 25 · Other liabilities

    beginning of year $28,949,549 · end of year $22,947,274

  • 31 · Retained earnings, endowment or other funds

    beginning of year $162,687,357 · end of year $162,825,438

Mission and programs · 2022

Mission

SAFE AND EFFECTIVE DISTRIBUTION OF ELECTRICITY TO THE MEMBERS OF LREMC.

  • SAFE AND EFFECTIVE DISTRIBUTION OF ELECTRICITY TO THE MEMBERS OF LREMC. THE THREE LARGEST PROGRAM SERVICES, AS MEASURED BY EXPENSES, WERE AS FOLLOWS: COST OF POWER: 105,377,695 DEPRECIATION: 12,649,845 SALARIES: 9,170,670

As filed on the 2022 return.

Listed in Part VII

  • Randall Jones

    PRESIDENT &

    Total calculated
    $302,740
    From this org
    $234,374
    From related orgs
    $0
    Other
    $68,366
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $231,674
    Bonus
    $2,700
    Other
    not reported
    Deferred
    $59,955
    Nontaxable benefits
    $8,411
    Filer's total
    $302,740

  • William Dockery

    GENERAL FORE

    Total calculated
    $258,656
    From this org
    $161,574
    From related orgs
    $0
    Other
    $97,082
    Hours/week
    61

    Schedule J breakdown matched by us

    Base
    $154,818
    Bonus
    $3,129
    Other
    $3,627
    Deferred
    $85,730
    Nontaxable benefits
    $11,352
    Filer's total
    $258,656

  • Steven Davis

    VP INFO TECH

    Total calculated
    $231,200
    From this org
    $120,727
    From related orgs
    $0
    Other
    $110,473
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $110,807
    Bonus
    $9,920
    Other
    not reported
    Deferred
    $102,533
    Nontaxable benefits
    $7,940
    Filer's total
    $231,200

  • Walter White

    VP OF CORP S

    Total calculated
    $214,985
    From this org
    $148,652
    From related orgs
    $0
    Other
    $66,333
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $137,857
    Bonus
    $5,011
    Other
    $5,784
    Deferred
    $53,975
    Nontaxable benefits
    $12,358
    Filer's total
    $214,985

  • Tony Oxendine

    GENERAL FORE

    Total calculated
    $206,061
    From this org
    $126,029
    From related orgs
    $0
    Other
    $80,032
    Hours/week
    49

    Schedule J breakdown matched by us

    Base
    $120,144
    Bonus
    $4,072
    Other
    $1,813
    Deferred
    $72,174
    Nontaxable benefits
    $7,858
    Filer's total
    $206,061

  • John Dyson

    COO

    Total calculated
    $187,389
    From this org
    $149,058
    From related orgs
    $0
    Other
    $38,331
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $142,341
    Bonus
    $2,100
    Other
    $4,617
    Deferred
    $23,335
    Nontaxable benefits
    $14,996
    Filer's total
    $187,389

  • Elizabeth Locklear

    SUP OF ACCT.

    Total calculated
    $116,141
    From this org
    $105,327
    From related orgs
    $0
    Other
    $10,814
    Hours/week
    40

  • Rory C Eddings

    CHAIRMAN

    Total calculated
    $21,300
    From this org
    $21,300
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • Ronald G Hammonds

    DIRECTOR

    Total calculated
    $18,600
    From this org
    $18,600
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Silva Chavis

    DIRECTOR

    Total calculated
    $18,300
    From this org
    $18,300
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Kirk Lowery

    DIRECTOR

    Total calculated
    $18,300
    From this org
    $18,300
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • Anthony Hunt

    TREASURER

    Total calculated
    $17,400
    From this org
    $17,400
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Rhonda M Goins-Dial

    DIRECTOR

    Total calculated
    $17,100
    From this org
    $17,100
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Sherry Carter

    DIRECTOR

    Total calculated
    $16,800
    From this org
    $16,800
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Spencer Locklear

    DIRECTOR

    Total calculated
    $16,500
    From this org
    $16,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Roger Oxendine

    SECRETARY

    Total calculated
    $16,200
    From this org
    $16,200
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Eric Locklear

    VICE CHARIMA

    Total calculated
    $15,600
    From this org
    $15,600
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • James Hardin

    DIRECTOR

    Total calculated
    $15,000
    From this org
    $15,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Autry Lowry

    DIRECTOR

    Total calculated
    $14,400
    From this org
    $14,400
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Ron Anderson

    DIRECTOR

    Total calculated
    $11,200
    From this org
    $11,200
    From related orgs
    $0
    Other
    $0
    Hours/week
    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 · Written employment contract
  • 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.

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.

  • LREMC TECHNOLOGIES LLC

    C CORP · TELECOM · NC · 100% owned · share of income -$450,798 · share of assets $4,333,824 · controlled entity

    Directly controlled by C CORP

Provenance

Return type
form_990
Tax year
2022
Filed
24 October 2023
IRS schema version
2022v5.0
Source object
202323009349300707

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