NORTH CAROLINA ELECTRIC MEMBERSHIP CORPORATION

EIN: 560995910 Mutual Benefit

RALEIGH, NC

Total Revenue
$1,402,413,754
Total Expenses
$1,372,413,754
Total Assets
$2,425,741,838
Net Assets
$450,236,076
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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
1949
Legal Domicile
NC
Principal Officer
JOSEPH P BRANNAN
Phone
9198720800
Tax Period
2025-01-01 to 2025-12-31

NORTH CAROLINA ELECTRIC MEMBERSHIP CORPORATION, founded in 1949, is a large national nonprofit in the Mutual Benefit sector that reported $1.4B in total revenue in fiscal year 2025. Revenue grew 12% year-over-year, indicating healthy expansion.

Mission

SALE OF ELECTRIC POWER TO NC DISTRIBUTION MEMBER COOPERATIVES.

Program Service Accomplishments

Program 1

NORTH CAROLINA ELECTRIC MEMBERSHIP CORPORATION PROVIDES WHOLESALE ELECTRIC GENERATION AND TRANSMISSION SERVICES TO 25 MEMBER ELECTRIC DISTRIBUTION COOPERATIVES THAT PROVIDE ELECTRIC SERVICE TO OVER...

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NORTH CAROLINA ELECTRIC MEMBERSHIP CORPORATION PROVIDES WHOLESALE ELECTRIC GENERATION AND TRANSMISSION SERVICES TO 25 MEMBER ELECTRIC DISTRIBUTION COOPERATIVES THAT PROVIDE ELECTRIC SERVICE TO OVER ONE MILLION HOMES, FARMS, AND BUSINESSES IN NORTH CAROLINA.

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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 (2025)

Revenue Breakdown

Contributions & Grants $0
Program Service Revenue $1,375,147,305
Investment Income $26,914,179
Other Revenue $352,270
TOTAL REVENUE $1,402,413,754

Expense Breakdown

Grants Paid $584,642
Salaries & Benefits $49,772,612
Fundraising Expenses $0
Other Expenses $1,322,056,500
TOTAL EXPENSES $1,372,413,754

Year-over-Year Comparison

2025 2024 Change
Revenue $1,402,413,754 $1,251,544,262 +0.1%
Expenses $1,372,413,754 $1,221,544,262 +0.1%
Net Income $30,000,000 $30,000,000 N/A
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

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Governance

Voting Members
50
Independent Members
49
Employees
200
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
9
$6,010,677
Total Directors
50
$0
Key Employees
1
$793,733
Highest Compensated
5
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
JOSEPH P BRANNAN EXECUTIVE VP & CEO 34.00
Officer
$3,380,025 $142,014 $3,522,039
LARK S JAMES SENIOR VP, FINANCE & CFO 34.00
Officer
$772,072 $57,669 $829,741
AMADOU FALL SENIOR VP & COO 40.00
Key Emp
$680,556 $113,177 $793,733
CHARLES BAYLESS SENIOR VP, GENERAL COUNSEL 34.00
Officer
$403,455 $126,081 $529,536
DOUGLAS R BROWNE CHIEF FINANCIAL OFFICER 34.00
Officer
$366,401 $131,894 $498,295
CHRISTOPHER VANLOKEREN CHIEF INFORMATION OFFICER 34.00
Highest
$374,960 $111,235 $486,195
LEE S RAGSDALE SENIOR VICE PRESIDENT, GRID INFRASTRUCTURE & COMPL 40.00
Highest
$315,206 $129,244 $444,450
JAMES WILKINS VP, ENERGY PORTFOLIO 40.00
Highest
$292,467 $77,581 $370,048
JASON L CAUDLE SENIOR VICE PRESIDENT & COO, TEMA 6.00
Highest
$292,462 $75,428 $367,890
NELLE HOTCHKISS SENIOR VP & COO, NCAEC 10.00
Highest
$306,616 $43,877 $350,493
MICHAEL YOUTH ASSISTANT SECRETARY/TREASURER 34.00
Officer
$266,483 $74,472 $340,955
TIMOTHY DODGE ASSISTANT SECRETARY/TREASURER 34.00
Officer
$211,681 $78,430 $290,111
SUSAN E FLYTHE PRESIDENT 4.00
Officer Director
$0 $0 $0
JOSH WINSLOW VICE PRESIDENT 4.00
Officer Director
$0 $0 $0
EDDIE OLDHAM VICE PRESIDENT 4.00
Officer Director
$0 $0 $0
KEVIN HEATH DIRECTOR 2.00
Director
$0 $0 $0
JOHN W SPENCE DIRECTOR 2.00
Director
$0 $0 $0
KATIE WOODLE DIRECTOR 2.00
Director
$0 $0 $0
JOHNNY WISHON DIRECTOR 2.00
Director
$0 $0 $0
DAVID GORE DIRECTOR 2.00
Director
$0 $0 $0
RICHARD A MIDGETT DIRECTOR 2.00
Director
$0 $0 $0
JACOB JOPLIN DIRECTOR 2.00
Director
$0 $0 $0
DELORIA IRBY DIRECTOR 2.00
Director
$0 $0 $0
REBECCA P COGAN DIRECTOR 2.00
Director
$0 $0 $0
WINSTON HOWELL DIRECTOR 2.00
Director
$0 $0 $0
ELBERT RAY PITT JR DIRECTOR 2.00
Director
$0 $0 $0
THOMAS GOLDEN DIRECTOR 2.00
Director
$0 $0 $0
BRIAN SISSON DIRECTOR 2.00
Director
$0 $0 $0
DONALD LEE GATTON DIRECTOR 2.00
Director
$0 $0 $0
S FRANKLIN WILLIAMS DIRECTOR 2.00
Director
$0 $0 $0
TUCKER LEMLEY DIRECTOR 2.00
Director
$0 $0 $0
BASIL WILLIAMS DIRECTOR 2.00
Director
$0 $0 $0
TOM BATCHELOR DIRECTOR 2.00
Director
$0 $0 $0
LUCAS SORRELL DIRECTOR 2.00
Director
$0 $0 $0
RICKY MAREADY DIRECTOR 2.00
Director
$0 $0 $0
JOHN L PIERCE DIRECTOR 2.00
Director
$0 $0 $0
JON T LOCKLEAR DIRECTOR 2.00
Director
$0 $0 $0
RORY EDDINGS DIRECTOR 2.00
Director
$0 $0 $0
DONALD H SPIVEY DIRECTOR 2.00
Director
$0 $0 $0
BENJAMIN R LYBRAND DIRECTOR 2.00
Director
$0 $0 $0
JORDAN OVERBEE DIRECTOR 2.00
Director
$0 $0 $0
J RANDY KINLEY DIRECTOR 2.00
Director
$0 $0 $0
MARK A SUGGS DIRECTOR 2.00
Director
$0 $0 $0
JEFFREY N LETCHWORTH DIRECTOR 2.00
Director
$0 $0 $0
DENNIS MABE DIRECTOR 2.00
Director
$0 $0 $0
JERRY BOWMAN DIRECTOR 2.00
Director
$0 $0 $0
MARSHALL CHERRY DIRECTOR 2.00
Director
$0 $0 $0
ALLEN W SPELLER DIRECTOR 2.00
Director
$0 $0 $0
JEFF BRITTAIN DIRECTOR 2.00
Director
$0 $0 $0
MARK MULLEN DIRECTOR 2.00
Director
$0 $0 $0
CHRISTOPHER SPEARS DIRECTOR 2.00
Director
$0 $0 $0
KELLY HARRINGTON DIRECTOR 2.00
Director
$0 $0 $0
W GREG PUCKETT DIRECTOR 2.00
Director
$0 $0 $0
KAROLINE OVERBY DIRECTOR 2.00
Director
$0 $0 $0
PAUL SPRUILL DIRECTOR 2.00
Director
$0 $0 $0
J DOUGLAS BRINSON DIRECTOR 2.00
Director
$0 $0 $0
J MICHAEL DAVIS DIRECTOR 2.00
Director
$0 $0 $0
CARL W KORNEGAY JR DIRECTOR 2.00
Director
$0 $0 $0
GREG ANDRESS DIRECTOR 2.00
Director
$0 $0 $0
DENT TURNER DIRECTOR 2.00
Director
$0 $0 $0
JAMES E MANGUM JR DIRECTOR 2.00
Director
$0 $0 $0
MIKE DICKERSON DIRECTOR 2.00
Director
$0 $0 $0
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 $1,402,413,754 $1,372,413,754 $2,425,741,838 $30,000,000
2024 $1,251,544,262 $1,221,544,262 $2,422,893,032 $30,000,000
2023 $1,171,919,581 $1,141,919,581 $2,202,526,245 $30,000,000
2022 $1,247,913,136 $1,217,913,136 $2,328,294,916 $30,000,000
2021 $1,170,744,231 $1,140,744,231 $2,356,482,991 $30,000,000
2020 $1,109,305,874 $1,079,305,874 $2,174,728,007 $30,000,000
2019 $1,219,103,028 $1,189,103,028 $2,180,228,388 $30,000,000
2018 $1,210,648,659 $1,180,648,659 $2,183,458,229 $30,000,000
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