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Nonprofiteer
← WAKE ELECTRIC MEMBERSHIP CORP

Form 990 for tax year 2022

Filed by WAKE ELECTRIC MEMBERSHIP CORP.

Totals

Total revenue
$104,928,493
Total expenses
$104,928,493
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$104,931,913
Investment income
$42,005
Other revenue
-$45,425
Total assets, end of year
$298,402,185
Total liabilities, end of year
$182,916,595
Net assets or fund balances, end of year
$115,485,590
Program services expenses (Part IX)
$104,928,493
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
not reported

Program services were 100.0% 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: ELEC. SALES AND SERVICE

    total $101,773,075 · related or exempt $101,773,075

  • 2b · Program service revenue: CAPITAL CREDITS

    total $2,999,097 · related or exempt $2,999,097

  • 2c · Program service revenue: POLE RENTAL

    total $159,741 · excluded $159,741

  • 3 · Investment income

    total $42,005 · related or exempt $20,031 · excluded $21,974

  • 6a · Gross rents

    real property $407,875

  • 6b · Less rental expenses

    real property $387,883

  • 6c · Rental income or loss

    real property $19,992

  • 6d · Net rental income or loss

    total $19,992 · excluded $19,992

  • 11a · Other revenue: SUBSIDIARY INCOME

    total -$65,417 · excluded -$65,417

  • 11e · Other revenue, total

    -$65,417

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $5,286,180 · program services $5,286,180

  • 5 · Compensation of officers, directors and key employees

    total $1,065,113 · program services $1,065,113

  • 7 · Other salaries and wages

    total $5,248,499 · program services $5,248,499

  • 8 · Pension plan contributions

    total $954,912 · program services $954,912

  • 9 · Other employee benefits

    total $2,123,828 · program services $2,123,828

  • 10 · Payroll taxes

    total $408,421 · program services $408,421

  • 20 · Interest

    total $5,580,335 · program services $5,580,335

  • 22 · Depreciation, depletion and amortization

    total $9,013,185 · program services $9,013,185

  • 24a · Other expenses: PURCHASED POWER

    total $66,223,794 · program services $66,223,794

  • 24b · Other expenses: CONSUMER ACCOUNTS

    total $3,572,752 · program services $3,572,752

  • 24c · Other expenses: DISTRIBUTION MAINTENANCE

    total $3,240,263 · program services $3,240,263

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

    total $2,624,884 · program services $2,624,884

  • 24e · All other expenses

    total -$413,673 · program services -$413,673

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $333,431 · end of year $653,179

  • 4 · Accounts receivable

    beginning of year $11,438,958 · end of year $13,434,452

  • 7 · Other notes and loans receivable

    beginning of year $1,889,269 · end of year $2,906,616

  • 8 · Inventories for sale or use

    beginning of year $4,622,407 · end of year $6,820,080

  • 9 · Prepaid expenses and deferred charges

    beginning of year $507,775 · end of year $424,518

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

    $332,147,979

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

    $86,704,356

  • 10c · Land, buildings and equipment, net

    beginning of year $234,088,526 · end of year $245,443,623

  • 13 · Investments: program-related

    beginning of year $27,602,882 · end of year $28,716,045

  • 15 · Other assets

    beginning of year $3,672 · end of year $3,672

  • 17 · Accounts payable and accrued expenses

    beginning of year $24,104,078 · end of year $20,289,455

  • 23 · Secured mortgages and notes payable

    beginning of year $139,253,887 · end of year $158,598,467

  • 25 · Other liabilities

    beginning of year $4,846,135 · end of year $4,028,673

  • 31 · Retained earnings, endowment or other funds

    beginning of year $112,282,820 · end of year $115,485,590

Mission and programs · 2022

Mission

WAKE ELECTRIC PROVIDES RELIABLE, SAFE, AND AFFORDABLE ENERGY AND RELATED SERVICES. WAKE ELECTRIC OPERATES AS A COOPERATIVE BUSINESS AND CONTINUALLY IMPROVES ITS SERVICES TO MEET THE NEEDS OF OUR MEMBERS AND ENHANCE THEIR QUALITY OF LIFE. WAKE ELECTRIC OPERATES A SUSTAINABLE ELECTRIC SYSTEM. SUSTAINABLE MEANS DELIVERING AFFORDABLE, INCREASINGLY CLEAN ELECTRICITY OVER A GRID THAT IS MORE EFFICIENT, RESILIENT AND CAPABLE OF SUPPORTING NEW ENERGY RESOURCES.

  • N/A

As filed on the 2022 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Suzy Morgan

    PRESIDENT

    Total calculated
    $34,363
    From this org
    $34,363
    From related orgs
    $0
    Other
    $0
    Hours/week
    12.54

  • H Michael Dickerson

    VICE PRESIDE

    Total calculated
    $35,577
    From this org
    $35,577
    From related orgs
    $0
    Other
    $0
    Hours/week
    10.87

  • Robert Hill

    TREASURER

    Total calculated
    $26,284
    From this org
    $26,284
    From related orgs
    $0
    Other
    $0
    Hours/week
    8.25

  • Robert Joe Eddins

    SECRETARY

    Total calculated
    $28,284
    From this org
    $28,284
    From related orgs
    $0
    Other
    $0
    Hours/week
    6.44

  • Reuben Matthews

    DIRECTOR

    Total calculated
    $25,084
    From this org
    $25,084
    From related orgs
    $0
    Other
    $0
    Hours/week
    4.04

  • W Joseph Hilburn Jr

    DIRECTOR

    Total calculated
    $27,127
    From this org
    $27,127
    From related orgs
    $0
    Other
    $0
    Hours/week
    7.63

  • Allen Nelson

    DIRECTOR

    Total calculated
    $31,963
    From this org
    $31,963
    From related orgs
    $0
    Other
    $0
    Hours/week
    7.6

  • Rodney Privette

    DIRECTOR

    Total calculated
    $16,945
    From this org
    $16,945
    From related orgs
    $0
    Other
    $0
    Hours/week
    2.81

  • Greg Fuller

    DIRECTOR

    Total calculated
    $28,284
    From this org
    $28,284
    From related orgs
    $0
    Other
    $0
    Hours/week
    7.83

  • James E Mangum Jr

    CEO & GEN. M

    Total calculated
    $811,202
    From this org
    $732,064
    From related orgs
    $0
    Other
    $79,138
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $580,593
    Bonus
    $114,104
    Other
    $37,367
    Deferred
    $54,122
    Nontaxable benefits
    $25,016
    Filer's total
    $811,202

  • Don Bowman

    VP OF ENGIN

    Total calculated
    $426,949
    From this org
    $364,489
    From related orgs
    $0
    Other
    $62,460
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $283,674
    Bonus
    $70,979
    Other
    $9,836
    Deferred
    $31,698
    Nontaxable benefits
    $30,762
    Filer's total
    $426,949

  • Cynthia M Currin

    GENERAL COUN

    Total calculated
    $403,909
    From this org
    $365,990
    From related orgs
    $0
    Other
    $37,919
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $275,655
    Bonus
    $50,997
    Other
    $39,338
    Deferred
    $31,698
    Nontaxable benefits
    $6,221
    Filer's total
    $403,909

  • Kirk Metcalf

    VP OF MARKET

    Total calculated
    $228,132
    From this org
    $162,182
    From related orgs
    $0
    Other
    $65,950
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $132,993
    Bonus
    $4,003
    Other
    $25,186
    Deferred
    $37,333
    Nontaxable benefits
    $28,617
    Filer's total
    $228,132

  • Steve Ballard

    MGR OF CYBER

    Total calculated
    $190,072
    From this org
    $160,023
    From related orgs
    $0
    Other
    $30,049
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $136,383
    Bonus
    $23,038
    Other
    $602
    Deferred
    $16,286
    Nontaxable benefits
    $13,763
    Filer's total
    $190,072

  • Christopher D Wright

    MGR OF ENGIN

    Total calculated
    $242,706
    From this org
    $194,272
    From related orgs
    $0
    Other
    $48,434
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $165,786
    Bonus
    $28,162
    Other
    $324
    Deferred
    $19,556
    Nontaxable benefits
    $28,878
    Filer's total
    $242,706

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
  • 4b · Supplemental nonqualified retirement plan

Answered no

  • 4a · Severance or change-of-control payment
  • 4c · Equity-based compensation arrangement

The filer's explanations (Part III)

SCHEDULE J, PAGE 1, PART I, LINE 4
JAMES E. MANGUM, JR. 0 9,468 0
SCHEDULE J, PART III
NONQUALIFIED DEFERRED COMPENSATION PLAN (NQDC PLAN): THE CORPORATION'S BOARD OF DIRECTORS APPROVED THE ADOPTION OF AND PARTICIPATION IN NATIONAL RURAL ELECTRIC COOPERATIVE ASSOCIATION'S PENSION RESTORATION DEFERRED COMPENSATION PLAN (NRECA PRP) TO PROVIDE SUPPLEMENTAL PAYMENTS TO CERTAIN EMPLOYEES DUE TO LIMITATIONS UNDER INTERNAL REVENUE CODE OF 1986 RELATING TO PERMISSIBLE PAYMENTS FROM QUALIFIED PENSION PLANS. ELIGIBLE PARTICIPANTS IN THE NRECA PRP HAVE A PENSION LIMITATION UPON VESTING IN THE PLAN, AS DEFINED IN SECITION 2(B) OF THE NRECA PRP, APPLIED TO REDUCE THE AMOUNT OF PAYMENT THAT WOULD OTHERWISE BE PAYABLE BY THE RETIREMENT SECURITY PLAN SPONSORED BY NRECA. THE PENSION LIMITATION IS THE DIFFERENCE BETWEEN THE SINGLE LUMP SUM EQUIVALENT OF THE PARTICIPANT'S ACCRUED BENEFIT FROM THE RETIREMENT SECURITY PLAN AS CALCULATED BY NRECA WITHOUT THE LIMITATIONS PROVIDED IN SECTIONS 415 OF THE INTERNAL REVENUE CODE OF 1986, AND THE PARTICIPANT'S ACCRUED BENEFIT FROM THE RETIREMENT SECURITY PLAN AS CALCULATED BY NRECA AFTER APPLICATION OF THE LIMITATIONS OF SECTIONS 415 AND 401(A)(17) OF THE CODE. DURING 2019, JAMES E. MANGUM, JR. BECAME VESTED IN THE NRECA PRP PLAN. DURING 2022, MANGNUM RECEIVED A DISTRIBUTION IN THE AMOUNT OF 9,468 WHICH IS INCLUDED IN SCHEDULE J,PART II (I)(B)(III) AS OTHER COMPENSATION, AND ALSO INCLUDED IN FORM 990, PART VII, 10(D). THE CORPORATION RECOVERED THE DISTRIBUTION FROM NRECA. THIS AMOUNTS IS ALSO REPORTED IN COLUMN F, AS THE AMOUNTS HAS BEEN REPORTED ON A PRIOR YEAR FORM 990.

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.

  • TRIANGLE SERVICES GROUP INC

    C CORP · ENERGY SRV · NC · 100% owned · share of income -$44,634 · share of assets $232,314 · controlled entity

Provenance

Return type
form_990
Tax year
2022
Filed
4 October 2023
IRS schema version
2022v5.0
Source object
202342779349300014

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