CARTERET-CRAVEN ELECTRIC COOPERATIVE

EIN: 560168825

Newport, NC

Total Revenue
$75,188,403
Total Expenses
$71,135,832
Total Assets
$140,843,073
Net Assets
$67,480,860
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Financial Vulnerability Assessment (Tuckman-Chang)

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Financial Trends

Organization Details

Formation Year
1940
Legal Domicile
NC
Principal Officer
Tara Alderman
Phone
2522473107
Tax Period
2024-01-01 to 2024-12-31

CARTERET-CRAVEN ELECTRIC COOPERATIVE, founded in 1940, is a mid-sized nonprofit that reported $75.2M in total revenue in fiscal year 2024. Expenses of $71.1M left a modest 5% surplus.

Mission

Distribution of Electricity to the Membership of Carteret-Craven Electric Cooperative

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

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Financial Overview (2024)

Revenue Breakdown

Contributions & Grants $0
Program Service Revenue $72,348,688
Investment Income $878,992
Other Revenue $1,960,723
TOTAL REVENUE $75,188,403

Expense Breakdown

Grants Paid $0
Salaries & Benefits $8,632,125
Fundraising Expenses $0
Program Expenses $71,135,832
Other Expenses $62,503,707
TOTAL EXPENSES $71,135,832

Year-over-Year Comparison

2024 2023 Change
Revenue $75,188,403 $72,417,120 +0.0%
Expenses $71,135,832 $68,415,516 +0.0%
Net Income $4,052,571 $4,001,604 +0.0%
Key Indicators
✗ Grants to Organizations ✗ Grants to Individuals ✗ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✗ Schedule B Required
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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Governance

Voting Members
9
Independent Members
9
Employees
82
Volunteers
N/A

Governance Policies

✓ Conflict of Interest Policy
✓ Whistleblower Policy
✓ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School
✗ Operated a Hospital
✗ Provided First Class Travel
✗ Reported Conflict of Interest
✗ Reported Asset Diversion
✗ Excess Benefit Transaction
✗ Made Political Expenditures
✗ Engaged in Lobbying
✗ Operated Donor Advised Fund
✗ Maintained Art Collections
✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers
1
$503,260
Total Directors
9
$144,025
Key Employees
1
$226,765
Highest Compensated
5
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
Jake Joplin CEO 45
Officer
$329,765 $173,495 $503,260
Will Pittman VP of Engineering 45
Key Emp
$181,030 $45,735 $226,765
Cheryl Slater VP of Customer Services 45
Highest
$162,007 $0 $162,007
Rex Larowe Director of Engineering 45
Highest
$143,492 $0 $143,492
Tara Alderman VP of Finance & Accounting 45
Highest
$140,770 $0 $140,770
Michael Dowle Smith Line/Service Technician 48.76
Highest
$138,123 $0 $138,123
Rodney B Williams Line Crew Leader 44.07
Highest
$135,197 $0 $135,197
Deloria Y Irby Director 6.6
Director
$19,300 $0 $19,300
Amy L Lock President 4.8
Director
$18,050 $0 $18,050
Ben S Ball Treasurer 2.7
Director
$16,700 $0 $16,700
Douglas S Fulcher Assistant Treasurer 5.3
Director
$16,400 $0 $16,400
Anthony Nelson Director 4.3
Director
$16,100 $0 $16,100
James Schmitt Vice President 4.7
Director
$16,075 $0 $16,075
Alvin West Secretary 5.5
Director
$14,300 $0 $14,300
Thom Styron Assistant Secretary 1.8
Director
$13,800 $0 $13,800
William Fred Fulcher Director 2.8
Director
$13,300 $0 $13,300
Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year Revenue Expenses Assets Net Income
2025 No data No data No data No data
2024 $75,188,403 $71,135,832 $140,843,073 $4,052,571
2023 $72,417,120 $68,415,516 $134,267,975 $4,001,604
2022 $70,087,411 $66,951,412 $132,224,479 $3,135,999
2021 $69,642,731 $63,628,368 $137,343,864 $6,014,363
2020 $70,996,772 $65,600,143 $136,390,442 $5,396,629
2019 $78,765,884 $73,724,323 $132,668,457 $5,041,561
2018 $72,525,227 $65,354,214 $134,502,263 $7,171,013
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