FOUR COUNTY ELECTRIC MEMBERSHIP CO… - Form 990 Financial Data

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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

1937

Legal Domicile

Principal Officer

DON GATTON

Phone

9102592171

Tax Period

2024-01-01 to 2024-12-31

FOUR COUNTY ELECTRIC MEMBERSHIP CORP, founded in 1937, is a major nonprofit that reported $115.0M in total revenue in fiscal year 2024. Expenses of $108.5M left a modest 6% surplus.

Mission

TO PROVIDE HIGHLY RELIABLE ELECTRIC SERVICES, INNOVATIVE ENERGY SOLUTIONS AND OUTSTANDING SERVICE TO OUR MEMBERS AND COMMUNITIES.

Program Service Accomplishments

Program 1

Expenses: $108,532,189 Revenue: $113,705,753

FOUR COUNTY ELECTRIC IS A NOT-FOR-PROFIT ELECTRIC COOPERATIVE OWNED BY THE PEOPLE IT SERVES. AS A HOMETOWN UTILITY, FOUR COUNTY IS COMMITTED TO PROVIDING SAFE, RELIABLE AND AFFORDABLE ENERGY TO ITS MORE THAN 32,000 COMMERCIAL AND RESIDENTIAL MEMBER-OWNERS IN SIX NORTH CAROLINA COUNTIES, INCLUDING BLADEN, DUPLIN, PENDER, SAMPSON, COLUMBUS AND ONSLOW COUNTIES. TODAY, MORE THAN 5,000 MILES OF OVERHEAD, UNDERGROUND, AND TRANSMISSION LINES PROVIDE RELIABLE ELECTRIC SERVICE TO OVER 32,000 SERVICES WHICH INCLUDE RESIDENCES, FARMS, BUSINESSES, INDUSTRIES, CHURCHES, AND SCHOOLS.

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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%)

Financial Overview (2024)

Revenue Breakdown

Contributions & Grants $0

Program Service Revenue $114,062,153

Investment Income $925,232

Other Revenue $0

TOTAL REVENUE $114,987,385

Expense Breakdown

Grants Paid $0

Salaries & Benefits $2,647,080

Fundraising Expenses $0

Program Expenses $108,532,189

Other Expenses $104,281,021

TOTAL EXPENSES $108,532,189

Year-over-Year Comparison

	2024	2023	Change
Revenue	$114,987,385	$109,316,259	+0.1%
Expenses	$108,532,189	$102,478,548	+0.1%
Net Income	$6,455,196	$6,837,711	-0.1%

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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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

Independent Members

Employees

115

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

$2,009,134

Total Directors

$207,985

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
CLAYTON HOLLINGSWORTH	BOARD DIRECTOR	8.75	Director	$24,016	$0	$24,016
KENNETH THORNTON	BOARD VICE PRESIDENT	7.50	Officer Director	$23,366	$0	$23,366
GENE JORDAN	BOARD SECRETARY/TREASURER	7.00	Officer Director	$22,716	$0	$22,716
MARY ROSE	BOARD DIRECTOR	6.75	Director	$22,716	$0	$22,716
FRANKLIN WILLIAMS	BOARD PRESIDENT	5.75	Officer Director	$21,091	$0	$21,091
STEVE MATTHIS	BOARD DIRECTOR	4.25	Director	$19,466	$0	$19,466
ARLESTER FULLWOOD	BOARD DIRECTOR	4.75	Director	$18,816	$0	$18,816
BERTICE LANIER	BOARD DIRECTOR	2.75	Director	$18,816	$0	$18,816
RONALD J ALLEN	BOARD DIRECTOR	5.25	Director	$18,816	$0	$18,816
CARLTON RAYNOR	BOARD DIRECTOR	4.25	Director	$18,166	$0	$18,166
DONALD L GATTON	CHIEF EXECUTIVE OFFICER	40.00	Officer	$316,783	$213,649	$530,432
GARY W CHITWOOD	CHIEF FINANCIAL OFFICER	40.00	Officer	$242,668	$5,329	$247,997
GREGG A COHN	VICE PRESIDENT ENGINEERING	40.00	Officer	$204,073	$84,146	$288,219
FRANKLIN S COOK	VICE PRESIDENT OPERATIONS	40.00	Officer	$157,742	$49,458	$207,200
GREGORY S SAGER	VICE PRESIDENT MEMBER SERVICES	40.00	Officer	$143,503	$34,734	$178,237
JENNIFER M HEDGE	VICE PRESIDENT HUMAN RESOURCES	40.00	Officer	$139,480	$41,014	$180,494
ANTHONY A KENT	VICE PRESIDENT INFORMATION TECHNOLOGY	40.00	Officer	$128,287	$40,171	$168,458
CHARLES E REYNOLDS	VICE PRESIDENT OF FINANCE AND ACCOUNTING	40.00	Officer	$124,640	$16,284	$140,924

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
2024	$114,987,385	$108,532,189	$275,386,094	$6,455,196
2023	$109,316,259	$102,478,548	$265,679,857	$6,837,711
2022	$108,859,188	$101,159,650	$237,668,720	$7,699,538
2021	$103,654,934	$98,214,218	$229,795,069	$5,440,716
2020	$98,415,248	$94,592,503	$230,909,701	$3,822,745
2019	$101,446,733	$98,515,379	$216,381,303	$2,931,354
2018	$101,267,648	$96,102,695	$214,733,387	$5,164,953

FOUR COUNTY ELECTRIC MEMBERSHIP CORP