ALBEMARLE ELECTRIC MEMBERSHIP CORP: Form 990, tax year 2025
View the entire original 990 at ProPublica ↗
- Organization
- ALBEMARLE ELECTRIC MEMBERSHIP CORP (EIN 56-0475840)
- Tax period
- 2025-01-01 to 2025-12-31
- Filed
- 2026-02-24
- IRS object ID
- 202640559349300239
- Schema version
- 2025v4.0
- Source
- Download XML · Original 990 at ProPublica
Every field in the e-filed return. Faint text is the IRS element name, for citing.
Return header ReturnHeader
| Field | Value | IRS element (for citing) |
|---|---|---|
| Return | 2026-02-24T13:58:01-05:00 | ReturnTs |
| Tax Period End | 2025-12-31 | TaxPeriodEndDt |
Preparer Firm PreparerFirmGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Preparer Firm EIN | 581094351 | PreparerFirmEIN |
Preparer Firm Name PreparerFirmName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | MCNAIR MCLEMORE MIDDLEBROOKS & CO LLC | BusinessNameLine1Txt |
Preparer US Address PreparerUSAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | POST OFFICE BOX ONE | AddressLine1Txt |
| City | MACON | CityNm |
| State Abbreviation | GA | StateAbbreviationCd |
| ZIP | 312020001 | ZIPCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Return Type | 990 | ReturnTypeCd |
| Tax Period Begin | 2025-01-01 | TaxPeriodBeginDt |
Filer Filer
| Field | Value | IRS element (for citing) |
|---|---|---|
| EIN | 560475840 | EIN |
Business Name BusinessName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | ALBEMARLE ELECTRIC MEMBERSHIP CORP | BusinessNameLine1Txt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Control | ALBE | BusinessNameControlTxt |
| Phone | 2524265735 | PhoneNum |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | PO BOX 69 | AddressLine1Txt |
| City | HERTFORD | CityNm |
| State Abbreviation | NC | StateAbbreviationCd |
| ZIP | 279440069 | ZIPCd |
Business Officer BusinessOfficerGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Person | KEVIN HEATH | PersonNm |
| Person Title | EXEC VP/GM | PersonTitleTxt |
| Phone | 8002159915 | PhoneNum |
| Signature | 2026-02-21 | SignatureDt |
| Discuss With Paid Preparer | Yes (true) | DiscussWithPaidPreparerInd |
Preparer Person PreparerPersonGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Preparer Person | WILLIAM R ROUNTREE | PreparerPersonNm |
| PTIN | P01231836 | PTIN |
| Phone | 4787466277 | PhoneNum |
| Preparation | 2026-02-24 | PreparationDt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Tax | 2025 | TaxYr |
| Build TS | 2025-03-06 01:10:19Z | BuildTS |
Form 990 IRS990
| Field | Value | IRS element (for citing) |
|---|---|---|
| Principal Officer | KEVIN HEATH | PrincipalOfficerNm |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | PO BOX 69 | AddressLine1Txt |
| City | HERTFORD | CityNm |
| State Abbreviation | NC | StateAbbreviationCd |
| ZIP | 27994 | ZIPCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Gross Receipts | $37,006,663 | GrossReceiptsAmt |
| Group Return For Affiliates | false | GroupReturnForAffiliatesInd |
| Organization501c | Yes (X) | Organization501cInd |
| Website Address | HTTP://WWW.AEMC.COOP | WebsiteAddressTxt |
| Type Of Organization Corp | Yes (X) | TypeOfOrganizationCorpInd |
| Formation | 1945 | FormationYr |
| Legal Domicile State | NC | LegalDomicileStateCd |
| Activity Or 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. | ActivityOrMissionDesc |
| Voting Members Governing Body | 9 | VotingMembersGoverningBodyCnt |
| Voting Members Independent | 9 | VotingMembersIndependentCnt |
| Total Employee | 41 | TotalEmployeeCnt |
| Total Gross UBI | $0 | TotalGrossUBIAmt |
| CY Contributions Grants | $0 | CYContributionsGrantsAmt |
| PY Program Service Revenue | $33,357,921 | PYProgramServiceRevenueAmt |
| CY Program Service Revenue | $36,893,120 | CYProgramServiceRevenueAmt |
| PY Investment Income | $143,974 | PYInvestmentIncomeAmt |
| CY Investment Income | $113,543 | CYInvestmentIncomeAmt |
| CY Other Revenue | $0 | CYOtherRevenueAmt |
| PY Total Revenue | $33,501,895 | PYTotalRevenueAmt |
| CY Total Revenue | $37,006,663 | CYTotalRevenueAmt |
| CY Grants And Similar Paid | $0 | CYGrantsAndSimilarPaidAmt |
| PY Benefits Paid To Members | $2,174,565 | PYBenefitsPaidToMembersAmt |
| CY Benefits Paid To Members | $2,611,390 | CYBenefitsPaidToMembersAmt |
| PY Salaries Comp Emp Bnft Paid | $404,818 | PYSalariesCompEmpBnftPaidAmt |
| CY Salaries Comp Emp Bnft Paid | $460,644 | CYSalariesCompEmpBnftPaidAmt |
| CY Total Prof Fndrsng Expns | $0 | CYTotalProfFndrsngExpnsAmt |
| CY Total Fundraising Expense | $0 | CYTotalFundraisingExpenseAmt |
| PY Other Expenses | $30,922,512 | PYOtherExpensesAmt |
| CY Other Expenses | $33,934,629 | CYOtherExpensesAmt |
| PY Total Expenses | $33,501,895 | PYTotalExpensesAmt |
| CY Total Expenses | $37,006,663 | CYTotalExpensesAmt |
| CY Revenues Less Expenses | $0 | CYRevenuesLessExpensesAmt |
| Total Assets BOY | $100,410,524 | TotalAssetsBOYAmt |
| Total Assets EOY | $103,225,251 | TotalAssetsEOYAmt |
| Total Liabilities BOY | $53,773,889 | TotalLiabilitiesBOYAmt |
| Total Liabilities EOY | $54,843,464 | TotalLiabilitiesEOYAmt |
| Net Assets Or Fund Balances BOY | $46,636,635 | NetAssetsOrFundBalancesBOYAmt |
| Net Assets Or Fund Balances EOY | $48,381,787 | NetAssetsOrFundBalancesEOYAmt |
| 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. | MissionDesc |
| Significant New Program Srvc | false | SignificantNewProgramSrvcInd |
| Significant Change | false | SignificantChangeInd |
| Desc | TO PROVIDE SAFE AND RELIABLE ELECTRICITY TO ALL WHO DESIRE IT WITHIN THE COUNTIES WE SERVE. | Desc |
| Described In Section501c3 | false | DescribedInSection501c3Ind |
| Schedule B Required | false | ScheduleBRequiredInd |
| Political Campaign Acty | false | PoliticalCampaignActyInd |
| Subject To Proxy Tax | false | SubjectToProxyTaxInd |
| Donor Advised Fund | false | DonorAdvisedFundInd |
| Conservation Easements | false | ConservationEasementsInd |
| Collections Of Art | false | CollectionsOfArtInd |
| Credit Counseling | false | CreditCounselingInd |
| Donor Rstr Or Quasi Endowments | false | DonorRstrOrQuasiEndowmentsInd |
| Report Land Building Equipment | Yes (true) | ReportLandBuildingEquipmentInd |
| Report Investments Other Sec | false | ReportInvestmentsOtherSecInd |
| Report Program Related Invst | Yes (true) | ReportProgramRelatedInvstInd |
| Report Other Assets | false | ReportOtherAssetsInd |
| Report Other Liabilities | Yes (true) | ReportOtherLiabilitiesInd |
| Include FIN48 Footnote | false | IncludeFIN48FootnoteInd |
| Independent Audit Fincl Stmt | Yes (true) | IndependentAuditFinclStmtInd |
| Consolidated Audit Fincl Stmt | false | ConsolidatedAuditFinclStmtInd |
| School Operating | false | SchoolOperatingInd |
| Foreign Office | false | ForeignOfficeInd |
| Foreign Activities | false | ForeignActivitiesInd |
| More Than5000 K To Org | false | MoreThan5000KToOrgInd |
| More Than5000 K To Individuals | false | MoreThan5000KToIndividualsInd |
| Professional Fundraising | false | ProfessionalFundraisingInd |
| Fundraising Activities | false | FundraisingActivitiesInd |
| Gaming Activities | false | GamingActivitiesInd |
| Operate Hospital | false | OperateHospitalInd |
| Grants To Organizations | false | GrantsToOrganizationsInd |
| Grants To Individuals | false | GrantsToIndividualsInd |
| Schedule J Required | Yes (true) | ScheduleJRequiredInd |
| Tax Exempt Bonds | false | TaxExemptBondsInd |
| Loan Outstanding | false | LoanOutstandingInd |
| Grant To Related Person | false | GrantToRelatedPersonInd |
| Business Rln With Org Mem | false | BusinessRlnWithOrgMemInd |
| Business Rln With Fam Mem | false | BusinessRlnWithFamMemInd |
| Business Rln With35 Ctrl Ent | false | BusinessRlnWith35CtrlEntInd |
| Deductible Non Cash Contri | false | DeductibleNonCashContriInd |
| Deductible Art Contribution | false | DeductibleArtContributionInd |
| Terminate Operations | false | TerminateOperationsInd |
| Partial Liquidation | false | PartialLiquidationInd |
| Disregarded Entity | false | DisregardedEntityInd |
| Related Entity | Yes (true) | RelatedEntityInd |
| Related Organization Ctrl Ent | false | RelatedOrganizationCtrlEntInd |
| Activities Conducted Prtshp | false | ActivitiesConductedPrtshpInd |
| Schedule O Required | Yes (true) | ScheduleORequiredInd |
| IRP Document | 27 | IRPDocumentCnt |
| IRP Document W2 G | 0 | IRPDocumentW2GCnt |
| Backup Wthld Compliance | Yes (true) | BackupWthldComplianceInd |
| Employee | 41 | EmployeeCnt |
| Employment Tax Returns Filed | Yes (true) | EmploymentTaxReturnsFiledInd |
| Unrelated Bus Incm Over Limit | false | UnrelatedBusIncmOverLimitInd |
| Foreign Financial Account | false | ForeignFinancialAccountInd |
| Prohibited Tax Shelter Trans | false | ProhibitedTaxShelterTransInd |
| Taxable Party Notification | false | TaxablePartyNotificationInd |
| Nondeductible Contributions | false | NondeductibleContributionsInd |
| Members And Shr Gross Income | $36,192,896 | MembersAndShrGrossIncomeAmt |
| Other Sources Gross Income | $420,639 | OtherSourcesGrossIncomeAmt |
| Indoor Tanning Services | false | IndoorTanningServicesInd |
| Subj To Tax Rmnrtn Ex Prcht Pymt | false | SubjToTaxRmnrtnExPrchtPymtInd |
| Subject To Excs Tax Net Invst Inc | false | SubjectToExcsTaxNetInvstIncInd |
| Info In Schedule O Part VI | Yes (X) | InfoInScheduleOPartVIInd |
| Governing Body Voting Members | 9 | GoverningBodyVotingMembersCnt |
| Independent Voting Member | 9 | IndependentVotingMemberCnt |
| Family Or Business Rln | false | FamilyOrBusinessRlnInd |
| Delegation Of Mgmt Duties | false | DelegationOfMgmtDutiesInd |
| Change To Org Documents | false | ChangeToOrgDocumentsInd |
| Material Diversion Or Misuse | false | MaterialDiversionOrMisuseInd |
| Members Or Stockholders | Yes (true) | MembersOrStockholdersInd |
| Election Of Board Members | Yes (true) | ElectionOfBoardMembersInd |
| Decisions Subject To Approva | Yes (true) | DecisionsSubjectToApprovaInd |
| Minutes Of Governing Body | Yes (true) | MinutesOfGoverningBodyInd |
| Minutes Of Committees | Yes (true) | MinutesOfCommitteesInd |
| Officer Mailing Address | false | OfficerMailingAddressInd |
| Local Chapters | false | LocalChaptersInd |
| Form990 Provided To Gvrn Body | Yes (true) | Form990ProvidedToGvrnBodyInd |
| Conflict Of Interest Policy | Yes (true) | ConflictOfInterestPolicyInd |
| Annual Disclosure Covered Prsn | Yes (true) | AnnualDisclosureCoveredPrsnInd |
| Regular Monitoring Enfrc | Yes (true) | RegularMonitoringEnfrcInd |
| Whistleblower Policy | Yes (true) | WhistleblowerPolicyInd |
| Document Retention Policy | Yes (true) | DocumentRetentionPolicyInd |
| Compensation Process CEO | Yes (true) | CompensationProcessCEOInd |
| Compensation Process Other | Yes (true) | CompensationProcessOtherInd |
| Investment In Joint Venture | false | InvestmentInJointVentureInd |
| States Where Copy Of Return Is Fld | NC | StatesWhereCopyOfReturnIsFldCd |
| Upon Request | Yes (X) | UponRequestInd |
Books In Care Of Detail BooksInCareOfDetail
| Field | Value | IRS element (for citing) |
|---|---|---|
| Person | ERIN STALLINGS ALBEMARLE EMC | PersonNm |
| Phone | 2524265735 | PhoneNum |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | PO BOX 69 | AddressLine1Txt |
| City | HERTFORD | CityNm |
| State Abbreviation | NC | StateAbbreviationCd |
| ZIP | 27944 | ZIPCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Info In Schedule O Part VII | Yes (X) | InfoInScheduleOPartVIIInd |
Form990 Part VII Section A Form990PartVIISectionAGrp (15 entries)
| TitleTitleTxt | Average Hours Per WeekAverageHoursPerWeekRt | Individual Trustee Or DirectorIndividualTrusteeOrDirectorInd | OfficerOfficerInd | Reportable Comp From OrgReportableCompFromOrgAmt | Reportable Comp From Rltd OrgReportableCompFromRltdOrgAmt | Other CompensationOtherCompensationAmt | Highest Compensated EmployeeHighestCompensatedEmployeeInd |
|---|---|---|---|---|---|---|---|
| JOHN W SPENCE | |||||||
| PRESIDENT | 3.78 | Yes (X) | Yes (X) | $15,150 | $0 | $0 | |
| ROBERT WHITEHEAD | |||||||
| VICE PRESIDE | 2.38 | Yes (X) | Yes (X) | $13,200 | $0 | $0 | |
| T CHAD MATHEWS | |||||||
| TREASURER | 0.99 | Yes (X) | Yes (X) | $11,800 | $0 | $0 | |
| THELMA FINCH-COPELAND | |||||||
| SECRETARY | 3.83 | Yes (X) | Yes (X) | $15,600 | $0 | $0 | |
| MELVIN RAY ALBERTSON | |||||||
| DIRECTOR | 2.10 | Yes (X) | $12,800 | $0 | $0 | ||
| LINDA FELTON BURRUS | |||||||
| DIRECTOR | 2.85 | Yes (X) | $14,000 | $0 | $0 | ||
| ALLEN LAYTON | |||||||
| DIRECTOR | 1.89 | Yes (X) | $13,800 | $0 | $0 | ||
| JOSIAH A WEBB III | |||||||
| DIRECTOR | 0.83 | Yes (X) | $11,000 | $0 | $0 | ||
| MICAHEL J WHITEHURST | |||||||
| DIRECTOR | 2.15 | Yes (X) | $12,800 | $0 | $0 | ||
| KEVIN HEATH | |||||||
| EXEC VP/GM | 50.00 | Yes (X) | $249,989 | $0 | $90,505 | ||
| MICHAEL T RIDDICK | |||||||
| MGR OF TECH. | 50.00 | $122,157 | $0 | $66,634 | Yes (X) | ||
| BOBBY UPTON | |||||||
| MGR OF OPERA | 50.00 | $146,594 | $0 | $54,603 | Yes (X) | ||
| PAUL BYRUM | |||||||
| CREW LEADER | 40.00 | $133,710 | $0 | $50,154 | Yes (X) | ||
| ROY O'NEAL | |||||||
| MGR OF OPERA | 50.00 | $137,881 | $0 | $57,317 | Yes (X) | ||
| CHRISTOPHER WHITE | |||||||
| LINEMAN 1ST | 40.00 | $135,904 | $0 | $47,227 | Yes (X) | ||
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Reportable Comp From Org | $1,046,385 | TotalReportableCompFromOrgAmt |
| Total Other Compensation | $366,440 | TotalOtherCompensationAmt |
| Indiv Rcvd Greater Than100 K | 12 | IndivRcvdGreaterThan100KCnt |
| Former Ofcr Employees Listed | false | FormerOfcrEmployeesListedInd |
| Total Comp Greater Than150 K | Yes (true) | TotalCompGreaterThan150KInd |
| Compensation From Other Srcs | false | CompensationFromOtherSrcsInd |
Contractor Compensation ContractorCompensationGrp (5 entries)
| Address Line1ContractorAddress/USAddress/AddressLine1Txt | CityContractorAddress/USAddress/CityNm | State AbbreviationContractorAddress/USAddress/StateAbbreviationCd | ZIPContractorAddress/USAddress/ZIPCd | ServicesServicesDesc | CompensationCompensationAmt |
|---|---|---|---|---|---|
| RIVER CITY CONSTRUCTION | |||||
| 3534 CHERRY RUN RD | WASHINGTON | NC | 27889 | CONSTRUCTION | $3,001,109 |
| COLE UNDERGROUND | |||||
| 151 LEE CT | KILL DEVIL HILLS | NC | 279489170 | UNDERGROUND | $717,940 |
| JOHN LUCAS TREE EXPERTS | |||||
| 12 NORTHBOOK DR | FALMOUTH | ME | 04105 | ROW | $538,939 |
| XYLEM TREE EXPERTS | |||||
| 208 E PLUME ST SUITE 250 | NORFOLK | VA | 23510 | ROW | $306,957 |
| AR CHESSON CONSTRUCTION | |||||
| PO BOX 1147 | WILLIAMSTON | NC | 27892 | CONSTRUCTION | $149,674 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Cntrct Rcvd Greater Than100 K | 7 | CntrctRcvdGreaterThan100KCnt |
Program Service Revenue ProgramServiceRevenueGrp (5 entries)
| DescDesc | BusinessBusinessCd | Total Revenue ColumnTotalRevenueColumnAmt | Related Or Exempt Func IncomeRelatedOrExemptFuncIncomeAmt | ExclusionExclusionAmt |
|---|---|---|---|---|
| ELECTRIC REVENUE | 221000 | $36,192,896 | $36,192,896 | |
| G & T CAPITAL CREDITS | 221000 | $556,217 | $556,217 | |
| OTHER CAPITAL CREDITS | 221000 | $90,298 | $90,298 | |
| POLE RENTAL | 221000 | $66,842 | $66,842 | |
| OTHER NONOPERATING MARGINS | 221000 | -$13,133 | -$13,133 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Program Service Revenue | $36,893,120 | TotalProgramServiceRevenueAmt |
Investment Income InvestmentIncomeGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $113,543 | TotalRevenueColumnAmt |
| Exclusion | $113,543 | ExclusionAmt |
Total Revenue TotalRevenueGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $37,006,663 | TotalRevenueColumnAmt |
| Related Or Exempt Func Income | $36,826,278 | RelatedOrExemptFuncIncomeAmt |
| Exclusion | $180,385 | ExclusionAmt |
Benefits To Members BenefitsToMembersGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $2,611,390 | TotalAmt |
Comp Current Ofcr Directors CompCurrentOfcrDirectorsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $460,644 | TotalAmt |
Interest InterestGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $1,763,876 | TotalAmt |
Depreciation Depletion DepreciationDepletionGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $3,423,185 | TotalAmt |
Other Expenses OtherExpensesGrp (4 entries)
| DescDesc | TotalTotalAmt |
|---|---|
| PURCHASED POWER | $21,767,823 |
| DISTRIBUTION OPERATIONS | $1,914,115 |
| ADMIN. & GENERAL EXP. | $1,671,721 |
| CONSUMER ACCOUNTS | $1,404,940 |
All Other Expenses AllOtherExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $1,988,969 | TotalAmt |
Total Functional Expenses TotalFunctionalExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $37,006,663 | TotalAmt |
| Program Services | $0 | ProgramServicesAmt |
| Management And General | $0 | ManagementAndGeneralAmt |
| Fundraising | $0 | FundraisingAmt |
Cash Non Interest Bearing CashNonInterestBearingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $3,281,151 | BOYAmt |
| EOY | $4,512,256 | EOYAmt |
Accounts Receivable AccountsReceivableGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $4,094,611 | BOYAmt |
| EOY | $4,524,897 | EOYAmt |
Inventories For Sale Or Use InventoriesForSaleOrUseGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $1,350,093 | BOYAmt |
| EOY | $1,402,338 | EOYAmt |
Prepaid Expenses Defrd Charges PrepaidExpensesDefrdChargesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $695,321 | BOYAmt |
| EOY | $646,966 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Land Bldg Equip Cost Or Other Bss | $121,933,674 | LandBldgEquipCostOrOtherBssAmt |
| Land Bldg Equip Accum Deprec | $39,362,450 | LandBldgEquipAccumDeprecAmt |
Land Bldg Equip Basis Net LandBldgEquipBasisNetGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $81,934,060 | BOYAmt |
| EOY | $82,571,224 | EOYAmt |
Investments Program Related InvestmentsProgramRelatedGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $9,229,921 | BOYAmt |
| EOY | $9,785,710 | EOYAmt |
Other Assets Total OtherAssetsTotalGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | -$174,633 | BOYAmt |
| EOY | -$218,140 | EOYAmt |
Total Assets TotalAssetsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $100,410,524 | BOYAmt |
| EOY | $103,225,251 | EOYAmt |
Accounts Payable Accr Expnss AccountsPayableAccrExpnssGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $4,156,306 | BOYAmt |
| EOY | $5,404,851 | EOYAmt |
Mortg Notes Pybl Scrd Invst Prop MortgNotesPyblScrdInvstPropGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $45,601,390 | BOYAmt |
| EOY | $45,225,143 | EOYAmt |
Other Liabilities OtherLiabilitiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $4,016,193 | BOYAmt |
| EOY | $4,213,470 | EOYAmt |
Total Liabilities TotalLiabilitiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $53,773,889 | BOYAmt |
| EOY | $54,843,464 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Org Does Not Follow FASB117 | Yes (X) | OrgDoesNotFollowFASB117Ind |
Cap Stk Tr Prin Current Funds CapStkTrPrinCurrentFundsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $24,545 | BOYAmt |
| EOY | $23,665 | EOYAmt |
Rtn Earn Endowment Incm Oth Fnds RtnEarnEndowmentIncmOthFndsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $46,612,090 | BOYAmt |
| EOY | $48,358,122 | EOYAmt |
Total Net Assets Fund Balance TotalNetAssetsFundBalanceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $46,636,635 | BOYAmt |
| EOY | $48,381,787 | EOYAmt |
Tot Liab Net Assets Fund Balance TotLiabNetAssetsFundBalanceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $100,410,524 | BOYAmt |
| EOY | $103,225,251 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Info In Schedule O Part XI | Yes (X) | InfoInScheduleOPartXIInd |
| Reconcilation Revenue Expnss | $0 | ReconcilationRevenueExpnssAmt |
| Other Changes In Net Assets | $1,745,152 | OtherChangesInNetAssetsAmt |
| Method Of Accounting Accrual | Yes (X) | MethodOfAccountingAccrualInd |
| Accountant Compile Or Review | false | AccountantCompileOrReviewInd |
| FS Audited | Yes (true) | FSAuditedInd |
FS Audited Basis FSAuditedBasisGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Separate Basis Fincl Stmt | Yes (X) | SeparateBasisFinclStmtInd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Audit Committee | Yes (true) | AuditCommitteeInd |
| Federal Grant Audit Required | false | FederalGrantAuditRequiredInd |
Schedule D IRS990ScheduleD
Land LandGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $1,980,443 | OtherCostOrOtherBasisAmt |
| Book Value | $1,980,443 | BookValueAmt |
Buildings BuildingsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $5,964,213 | OtherCostOrOtherBasisAmt |
| Depreciation | $1,603,044 | DepreciationAmt |
| Book Value | $4,361,169 | BookValueAmt |
Other Land Buildings OtherLandBuildingsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $113,989,018 | OtherCostOrOtherBasisAmt |
| Depreciation | $37,759,406 | DepreciationAmt |
| Book Value | $76,229,612 | BookValueAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Book Value Land Buildings | $82,571,224 | TotalBookValueLandBuildingsAmt |
Invst Program Related Org InvstProgramRelatedOrgGrp (11 entries)
| DescDesc | Book ValueBookValueAmt | Method ValuationMethodValuationCd |
|---|---|---|
| NCEMC | $8,047,583 | C |
| TEMA | $693,742 | C |
| CFC CTC'S | $294,761 | C |
| CFC MEMBER CAPITAL SECURITIES | $255,893 | C |
| FEDERATED | $197,228 | C |
| SEDC | $156,913 | C |
| COBANK | $124,348 | C |
| CRC | $11,088 | C |
| TOUCHSTONE | $2,500 | C |
| NRTC | $1,029 | C |
| EASTERN MDM | $625 | C |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Book Value Program Rltd | $9,785,710 | TotalBookValueProgramRltdAmt |
Other Liabilities Org OtherLiabilitiesOrgGrp (4 entries)
| DescDesc | AmtAmt |
|---|---|
| ACCUM PROV FOR PRBO | $2,202,672 |
| CONSUMER DEPOSITS | $1,194,578 |
| DEFERRED CREDITS | $500,438 |
| OVERRECOVERY OF WPCA | $315,782 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Liability | $4,213,470 | TotalLiabilityAmt |
| Total Rev Etc Audited Fincl Stmt | $37,006,663 | TotalRevEtcAuditedFinclStmtAmt |
| Revenue Subtotal | $37,006,663 | RevenueSubtotalAmt |
| Total Revenue Per Form990 | $37,006,663 | TotalRevenuePerForm990Amt |
| Tot Expns Etc Audited Fincl Stmt | $34,395,273 | TotExpnsEtcAuditedFinclStmtAmt |
| Expenses Subtotal | $34,395,273 | ExpensesSubtotalAmt |
| Other Expenses Not Included | $2,611,390 | OtherExpensesNotIncludedAmt |
| Expenses Not Rpt Fincl Stmt | $2,611,390 | ExpensesNotRptFinclStmtAmt |
| Total Expenses Per Form990 | $37,006,663 | TotalExpensesPerForm990Amt |
Supplemental Information Detail SupplementalInformationDetail
| Field | Value | IRS element (for citing) |
|---|---|---|
| Form And Line Reference | SCHEDULE D, PAGE 4, PART XII, LINE 4B | FormAndLineReferenceDesc |
| Explanation | PATRONAGE CAPITAL CREDITS ASSIGNED 2,611,390 | ExplanationTxt |
Schedule J IRS990ScheduleJ
| Field | Value | IRS element (for citing) |
|---|---|---|
| Form990 Of Other Organizations | Yes (X) | Form990OfOtherOrganizationsInd |
| Compensation Survey | Yes (X) | CompensationSurveyInd |
| Board Or Committee Approval | Yes (X) | BoardOrCommitteeApprovalInd |
| Severance Payment | false | SeverancePaymentInd |
| Supplemental Nonqual Rtr Plan | false | SupplementalNonqualRtrPlanInd |
| Equity Based Comp Arrngm | false | EquityBasedCompArrngmInd |
Rltd Org Officer Trst Key Empl RltdOrgOfficerTrstKeyEmplGrp (6 entries)
| TitleTitleTxt | Base Compensation Filing OrgBaseCompensationFilingOrgAmt | Bonus Filing OrganizationBonusFilingOrganizationAmount | Other Compensation Filing OrgOtherCompensationFilingOrgAmt | Deferred Compensation Flng OrgDeferredCompensationFlngOrgAmt | Nontaxable Benefits Filing OrgNontaxableBenefitsFilingOrgAmt | Total Compensation Filing OrgTotalCompensationFilingOrgAmt |
|---|---|---|---|---|---|---|
| KEVIN HEATH | ||||||
| EXEC VP/GM | $232,573 | $500 | $16,916 | $78,303 | $12,202 | $340,494 |
| MICHAEL T RIDDICK | ||||||
| MGR OF TECH. SVCS | $120,645 | $500 | $1,012 | $39,740 | $26,894 | $188,791 |
| BOBBY UPTON | ||||||
| MGR OF OPERATIONS | $134,009 | $500 | $12,085 | $39,829 | $14,774 | $201,197 |
| PAUL BYRUM | ||||||
| CREW LEADER | $127,486 | $500 | $5,724 | $37,952 | $12,202 | $183,864 |
| ROY O'NEAL | ||||||
| MGR OF OPERATIONS | $134,962 | $500 | $2,419 | $43,929 | $13,388 | $195,198 |
| CHRISTOPHER WHITE | ||||||
| LINEMAN 1ST CLASS | $126,500 | $500 | $8,904 | $33,774 | $13,453 | $183,131 |
Schedule O IRS990ScheduleO
Supplemental Information Detail SupplementalInformationDetail (10 entries)
| Form And Line ReferenceFormAndLineReferenceDesc | ExplanationExplanationTxt |
|---|---|
| FORM 990, PAGE 6, PART VI, LINE 6 | THE COOPERATIVE HAS MEMBERS AS PROVIDED IN ITS BYLAWS WHICH ARE INCLUDED AS A PART OF THIS RETURN. |
| FORM 990, PAGE 6, PART VI, LINE 7A | THE COOPERATIVE HAS MEMBERS WHO ELECT MEMBERS OF THE GOVERNING BODY AS PROVIDED FOR IN ITS BYLAWS WHICH ARE INCLUDED AS A PART OF THIS RETURN. |
| FORM 990, PAGE 6, PART VI, LINE 7B | CERTAIN DECISIONS OF THE GOVERNING BODY ARE SUBJECT TO APPROVAL BY MEMBERS AS PROVIDED FOR IN ITS BYLAWS WHICH ARE INCLUDED AS A PART OF THIS RETURN. |
| FORM 990, PAGE 6, PART VI, LINE 11B | FORM 990 IS REVIEWED BY THE BOARD WITH ALL SUPPORTING DOCUMENTATION MADE AVAILABLE TO THEM. |
| FORM 990, PAGE 6, PART VI, LINE 12C | THE COOPERATIVE REGULARLY AND CONSISTENTLY MONITORS AND ENFORCES COMPLIANCE WITH THEIR CONFLICT OF INTEREST POLICY AS PROVIDED FOR IN ITS POLICY WHICH IS INCLUDED AS A PART OF THIS RETURN. |
| FORM 990, PAGE 6, PART VI, LINE 15A | COMPENSATION FOR THE GENERAL MANAGER IS REVIEWED AND APPROVED THROUGH THE USE OF A COMPENSATION SURVEY, REVIEW OF 990'S OF SIMILAR ORGANIZATIONS AND A PERFORMANCE REVIEW CONDUCTED BY THE MEMBER-ELECTED BOARD. |
| FORM 990, PAGE 6, PART VI, LINE 15B | COMPENSATION FOR KEY EMPLOYEES IS REVIEWED AND APPROVED THROUGH THE USE OF AN ANNUAL PERFORMANCE EVALUATION PERFORMED BY THE GENERAL MANAGER. |
| FORM 990, PAGE 6, PART VI, LINE 19 | THE COOPERATIVE MAKES ITS BYLAWS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC AS PART OF ITS FORM 990. THE FORM 990 IS AVAILABLE UPON REQUEST AS REFLECTED IN PART VI SECTION C LINE 18. |
| FORM 990, PART VII | IN NOVEMBER 2023, KEVIN HEATH ACCEPTED THE POSITION AS EXECUTIVE VP/GENERAL MANAGER AND CONTINUES TO SERVE IN THAT ROLE. |
| FORM 990, PART XI, LINE 9 | CAPITAL CREDITS - GAINS 312,607 PATRONAGE CAPITAL CREDITS ASSIGNED 2,611,390 CHANGE IN MEMBERSHIP FEES -880 PATRONAGE CAPITAL RETIRED -1,093,292 OTHER COMPREHENSIVE INCOME -84,673 TOTAL 1,745,152 |
Schedule R IRS990ScheduleR
Id Related Tax Exempt Org IdRelatedTaxExemptOrgGrp
Disregarded Entity Name DisregardedEntityName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | ALBEMARLE COMMUNITY TRUST | BusinessNameLine1Txt |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 125 COOPERATIVE WAY | AddressLine1Txt |
| City | HERTFORD | CityNm |
| State Abbreviation | NC | StateAbbreviationCd |
| ZIP | 279449825 | ZIPCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| EIN | 562273552 | EIN |
| Primary Activities | NONPROFIT | PrimaryActivitiesTxt |
| Legal Domicile State | NC | LegalDomicileStateCd |
| Exempt Code Section | 3 | ExemptCodeSectionTxt |
| Public Charity Status | 7 | PublicCharityStatusTxt |
| Direct Controlling NA | N/A | DirectControllingNACd |
| Controlled Organization | false | ControlledOrganizationInd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Receipt Of Int Annts Rnts Rylts | false | ReceiptOfIntAnntsRntsRyltsInd |
| Gift Grnt Or Cap Contri To Oth Org | Yes (true) | GiftGrntOrCapContriToOthOrgInd |
| Gift Grnt Cap Contri From Oth Org | false | GiftGrntCapContriFromOthOrgInd |
| Loans Or Guarantees To Other Org | false | LoansOrGuaranteesToOtherOrgInd |
| Loans Or Guarantees From Oth Org | false | LoansOrGuaranteesFromOthOrgInd |
| Div Related Organization | false | DivRelatedOrganizationInd |
| Asset Sale To Other Org | false | AssetSaleToOtherOrgInd |
| Asset Purchase From Other Org | false | AssetPurchaseFromOtherOrgInd |
| Asset Exchange | false | AssetExchangeInd |
| Rental Of Facilities To Oth Org | false | RentalOfFacilitiesToOthOrgInd |
| Rental Of Fclts From Oth Org | false | RentalOfFcltsFromOthOrgInd |
| Perform Of Services For Oth Org | false | PerformOfServicesForOthOrgInd |
| Perform Of Services By Other Org | false | PerformOfServicesByOtherOrgInd |
| Sharing Of Facilities | false | SharingOfFacilitiesInd |
| Paid Employees Sharing | Yes (true) | PaidEmployeesSharingInd |
| Reimbursement Paid To Other Org | false | ReimbursementPaidToOtherOrgInd |
| Reimbursement Paid By Other Org | false | ReimbursementPaidByOtherOrgInd |
| Transfer To Other Org | false | TransferToOtherOrgInd |
| Transfer From Other Org | false | TransferFromOtherOrgInd |
Transactions Related Org TransactionsRelatedOrgGrp (2 entries)
| Transaction TypeTransactionTypeTxt | InvolvedInvolvedAmt | Method Of Amount DeterminationMethodOfAmountDeterminationTxt |
|---|---|---|
| ALBEMARLE COMMUNITY TRUST | ||
| O | $15,706 | FMV |
| ALBEMARLE COMMUNITY TRUST | ||
| B | $3,379 | COST |
Supplemental Information Detail SupplementalInformationDetail
| Field | Value | IRS element (for citing) |
|---|---|---|
| Form And Line Reference | SCHEDULE R | FormAndLineReferenceDesc |
| Explanation | THE CORPORATION'S MEMBERS CAN PARTICIPATE IN AN OPERATION ROUNDUP PROGRAM AND HAVE THEIR ELECTRIC BILL ROUNDED TO THE NEXT HIGHEST WHOLE DOLLAR EACH MONTH. THESE FUNDS ARE TREATED AS CONTRIBUTIONS TO THE ALBEMARLE COMMUNITY TRUST (THE FOUNDATION) A NONPROFIT 501(C)(3) ORGANIZATION. THE FOUNDATION MAINTAINS A SEPARATE BOARD OF DIRECTORS WHICH APPROVES CHARITABLE ASSISTANCE TO THE AREAS SERVED BY ALBEMARLE ELECTRIC MEMBERSHIP CORPORATION. THE FOUNDATION HAS NO EMPLOYEES. THE TRANSACTIONS BETWEEN THE COROPORATION AND THE FOUNDATION REPORTED ON SCHEDULE R, PART V REPRESENT THE VALUE OF THE SERVICES DONATED BY THE CORPORATION TO THE FOUNDATION, AS WELL AS CONTRIBUTIONS MADE BY THE CORPORATION. SEE THE FOLLOWING WEBSITE FOR FURTHER INFORMATION: HTTPS://AEMC.COOP/ALBEMARLE-COMMUNITY-TRUST | ExplanationTxt |