Carteret-Craven Electric Cooperative
- Assets
- $132.2m
- Revenue
- $70.1m
- Investments
- $0.0
- Employees
- 81
- Location
- Newport, NC
- Founding
- 03/1961
- Data as of
- 12/2022
- 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 12/2022, Carteret-Craven Electric Cooperative employed 81 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 12/2022, Carteret-Craven Electric Cooperative generated $70.1m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 0.4% each year. All expenses for the organization totaled $67.0m during the year ending 12/2022. While expenses have increased by 1.0% per year over the past 8 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
2022
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 35,450 MEMBERS WITH 42,374 METERED ELECTRIC SERVICES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jake Joplin CEO | Officer | 45 | $300,549 |
Will Pittman VP Of Engineering | Officer | 45 | $174,600 |
Cheryl Slater VP Of Customer Services | 45 | $147,579 | |
James R Carr VP Of It Systems | 45 | $139,824 | |
Rodney B Williams Line Crew Leader | 44.5 | $116,664 | |
Tara Alderman VP Of Finance & Accounting | 45 | $115,839 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
C Phase Services Utility Construction(transmission/distribution) | 12/30/22 | $1,592,493 |
Cw Wright Construction Co Llc Utility Construction(transmission/distribution) | 12/30/22 | $420,401 |
Temple Tree Service 1581965 Right Of Way Tree Trimming | 12/30/22 | $1,581,965 |
Primus Structures Inc Construction Services | 12/30/22 | $199,578 |
Dw Hill Inc Boring Services | 12/30/22 | $265,455 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $22,152 |
| 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 | $22,152 |
| Total Program Service Revenue | $67,519,128 |
| Investment income | $800,215 |
| 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 | $70,087,411 |
| 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. | $1,076,440 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $4,356,380 |
| Pension plan accruals and contributions | $1,353,392 |
| Other employee benefits | $1,100,784 |
| Payroll taxes | $408,976 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $87,696 |
| Fees for services: Accounting | $35,000 |
| 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 | $1,922,722 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $5,066,178 |
| Insurance | $303,957 |
| All other expenses | $0 |
| Total functional expenses | $66,951,412 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $18,773,520 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $8,302,998 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $695,858 |
| Prepaid expenses and deferred charges | $747,685 |
| Net Land, buildings, and equipment | $82,744,799 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $20,959,619 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $132,224,479 |
| Accounts payable and accrued expenses | $16,535,039 |
| Grants payable | $0 |
| Deferred revenue | $731,864 |
| 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 | $48,305,795 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $65,572,698 |
| 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 | $66,651,781 |
| Total liabilities and net assets/fund balances | $132,224,479 |