Carteret-Craven Electric Cooperative
- Assets
- $137.3m
- Revenue
- $69.6m
- Investments
- $0.0
- Employees
- 85
- Location
- Newport, NC
- Founding
- 03/1961
- Data as of
- 12/2021
- EIN
- 56-0168825
Organization Overview
Carteret-Craven Electric Cooperative is located in Newport, NC. The organization was established in 1961. According to its NTEE Classification (W80) the organization is classified as: Public Utilities, under the broad grouping of Public & Societal Benefit and related organizations. As of 12/2021, Carteret-Craven Electric Cooperative employed 85 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Carteret-Craven Electric Cooperative is a 501(c)(12) and as such, is described as a "Benevolent Life Insurance Association, Mutual Ditch or Irrigation Company, Mutual or Cooperative Telephone Company" by the IRS.
For the year ending 12/2021, Carteret-Craven Electric Cooperative generated $69.6m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 0.3% each year. All expenses for the organization totaled $63.6m during the year ending 12/2021. While expenses have increased by 0.4% per year over the past 7 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
ELECTRIC DISTRIBUTION TO MEMBERSHIP
Describe the Organization's Program Activity:
Part 3 - Line 4a
ELECTRIC DISTRIBUTION COOPERATIVE SUPPLYING ELECTRIC POWER TO A MEMBERSHIP OF 35,045 MEMBERS WITH 41,825 METERED ELECTRIC SERVICES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jake Joplin CEO | Officer | 40 | $294,291 |
Will Pittman VP Of Engineering | Officer | 40 | $163,682 |
Sarah Grider VP Of Support Services | 40 | $145,674 | |
Cheryl Slater VP Of Customer Services | 40 | $140,805 | |
James R Carr VP Of It Systems | 40 | $136,787 | |
Rodney B Williams Line Crew Leader | 45 | $115,535 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Cw Wright Construction Co Llc Utility Construction(transmission/distribution) | 12/30/21 | $3,292,926 |
C Phase Services Utility Construction(transmission/distribution) | 12/30/21 | $1,270,514 |
Temple Tree Service Right Of Way Tree Trimming | 12/30/21 | $1,413,911 |
Quality Roofers Inc Construction Services | 12/30/21 | $878,490 |
Dw Hill Inc Boring Services | 12/30/21 | $294,201 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $492,941 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $492,941 |
| Total Program Service Revenue | $67,119,914 |
| Investment income | $303,975 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $69,642,731 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $870,329 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $5,205,778 |
| Pension plan accruals and contributions | $1,268,462 |
| Other employee benefits | $1,122,162 |
| Payroll taxes | $341,691 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $55,291 |
| Fees for services: Accounting | $42,965 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $2,068,496 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $4,978,697 |
| Insurance | $386,715 |
| All other expenses | $0 |
| Total functional expenses | $63,628,368 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $21,354,022 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $8,472,646 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $555,382 |
| Prepaid expenses and deferred charges | $2,579,200 |
| Net Land, buildings, and equipment | $83,433,659 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $20,948,955 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $137,343,864 |
| Accounts payable and accrued expenses | $16,677,903 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $53,343,581 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $70,021,484 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $67,322,380 |
| Total liabilities and net assets/fund balances | $137,343,864 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Carteret-Craven Electric Cooperative has recieved totaling $9,316.
| Awarding Organization | Amount |
|---|---|
North Carolina Electric Membership Corporation Raleigh, NC PURPOSE: EDUCATIONAL ASSISTANCE | $9,316 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Satilla Rural Electric Membership Corp Alma, GA | $268,716,625 | $122,190,964 |
Upper Cumberland Electric Membership Corporation Carthage, TN | $208,911,918 | $121,895,944 |
Diverse Power Incorporated Lagrange, GA | $239,882,222 | $117,829,336 |
Aiken Electric Cooperative Inc Aiken, SC | $337,192,184 | $117,100,131 |
Meriwether Lewis Electric Cooperative Centerville, TN | $179,486,251 | $119,621,039 |
Southwest Tennessee Electric Membership Corp Brownsville, TN | $219,052,657 | $121,626,016 |
Blue Ridge Mountain Electric Membership Corp 101-10 Irc Young Harris, GA | $245,553,260 | $112,097,199 |
Appalachian Electric Cooperative New Market, TN | $242,163,198 | $119,028,278 |
South River Electric Membership Corporation Dunn, NC | $271,179,808 | $105,392,697 |
Central Virginia Electric Cooperative Lovingston, VA | $375,858,912 | $102,220,456 |
Wake Electric Membership Corp Wake Forest, NC | $280,486,920 | $101,861,632 |
Amicalola Electric Membership Corp Jasper, GA | $201,848,786 | $100,500,156 |