NORTH CAROLINA ELECTRIC MEMBERSHIP CORPORATION

EIN: 560995910 Mutual Benefit

RALEIGH, NC

Total Revenue
$1,251,544,262
Total Expenses
$1,221,544,262
Total Assets
$2,422,893,032
Net Assets
$420,368,512
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Financial Vulnerability Assessment (Tuckman-Chang)

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Financial Trends

Organization Details

Formation Year
1949
Legal Domicile
NC
Principal Officer
JOSEPH P BRANNAN
Phone
9198720800
Tax Period
2024-01-01 to 2024-12-31

NORTH CAROLINA ELECTRIC MEMBERSHIP CORPORATION, founded in 1949, is a large national nonprofit in the Mutual Benefit sector that reported $1.3B in total revenue in fiscal year 2024.

Mission

SALE OF ELECTRIC POWER TO NC DISTRIBUTION MEMBER COOPERATIVES.

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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 $1,241,477,202
Investment Income $9,714,790
Other Revenue $352,270
TOTAL REVENUE $1,251,544,262

Expense Breakdown

Grants Paid $620,322
Salaries & Benefits $50,184,611
Fundraising Expenses $0
Other Expenses $1,170,739,329
TOTAL EXPENSES $1,221,544,262

Year-over-Year Comparison

2024 2023 Change
Revenue $1,251,544,262 $1,171,919,581 +0.1%
Expenses $1,221,544,262 $1,141,919,581 +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

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Financial Distress Indicator

Liquidity & Cash Position

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Governance

Voting Members
50
Independent Members
49
Employees
182
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
8
$3,488,280
Total Directors
50
$0
Key Employees
1
$638,939
Highest Compensated
5
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
SUSAN E FLYTHE PRESIDENT 4.00
Officer Director
$0 $0 $0
GREG ANDRESS VICE PRESIDENT 4.00
Officer Director
$0 $0 $0
JOSH WINSLOW SECRETARY/TREASURER 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
DOUGLAS W JOHNSON 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
EDDIE OLDHAM 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
GARY W RAY 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
S DIRK BURLESON DIRECTOR 2.00
Director
$0 $0 $0
J DEAN CARPENTER 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
JAMES E MANGUM JR DIRECTOR 2.00
Director
$0 $0 $0
DENT TURNER DIRECTOR 2.00
Director
$0 $0 $0
MIKE DICKERSON DIRECTOR 2.00
Director
$0 $0 $0
JOSEPH P BRANNAN EXECUTIVE VP & CEO 34.00
Officer
$1,587,879 $140,417 $1,728,296
LARK S JAMES SENIOR VP, FINANCE & CFO 34.00
Officer
$560,612 $139,152 $699,764
MICHAEL YOUTH ASSISTANT SECRETARY/TREASURER 34.00
Officer
$234,119 $69,228 $303,347
CHARLES BAYLESS SENIOR VP, GENERAL COUNSEL 34.00
Officer
$361,073 $118,879 $479,952
TIMOTHY DODGE ASSISTANT SECRETARY/TREASURER 34.00
Officer
$200,632 $76,289 $276,921
AMADOU FALL SENIOR VP & COO 40.00
Key Emp
$527,799 $111,140 $638,939
NELLE HOTCHKISS SENIOR VP & COO, NCAEC 10.00
Highest
$391,012 $137,497 $528,509
CHRISTOPHER VANLOKEREN CHIEF INFORMATION OFFICER 34.00
Highest
$356,110 $109,250 $465,360
LEE S RAGSDALE SENIOR VICE PRESIDENT, GRID INFRASTRUCTURE & COMPL 40.00
Highest
$305,195 $126,192 $431,387
DOUGLAS R BROWNE VICE PRESIDENT, FINANCE 34.00
Highest
$311,037 $126,843 $437,880
MELCHER KENNETH VICE PRESIDENT, IT OPERATIONS 34.00
Highest
$263,918 $57,805 $321,723
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 $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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