North Carolina Advanced Energy Corporation

Organization Overview

North Carolina Advanced Energy Corporation is located in Raleigh, NC. The organization was established in 1981. According to its NTEE Classification (U99) the organization is classified as: Science & Technology N.E.C., under the broad grouping of Science & Technology and related organizations. As of 12/2023, North Carolina Advanced Energy Corporation employed 72 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. North Carolina Advanced Energy Corporation is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.

For the year ending 12/2023, North Carolina Advanced Energy Corporation generated $8.0m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 1.4% each year. All expenses for the organization totaled $8.3m during the year ending 12/2023. While expenses have increased by 1.6% per year over the past 9 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.

Mission & Program ActivityExcerpts From the 990 Filing

TAX YEAR

2023

Describe the Organization's Mission:

Part 3 - Line 1

THE TWO MAJOR CORPORATE GOALS ARE TO MODERATE THE RISE IN DEMAND FOR ELECTRICITY AND TO HELP SHIFT DEMAND TO OFF-PEAK PERIODS. THE ARTICLES OF INCORPORATION ALSO CHARGE THE CORPORATION WITH FULFILLING THE COMPLEMENTARY PURPOSES OF EDUCATING CONSUMERS ABOUT ENERGY, PROVIDING ALTERNATIVES TO CURRENT ELECTRIC GENERATION TECHNOLOGIES, DEVELOPING MORE ECONOMIC SOURCES OF ELECTRIC POWER, INCREASING SYSTEM EFFICIENCY AND LOAD FACTORS THROUGH CONSERVATION AND LOAD MANAGEMENT, HELPING TO MODERATE THE FUTURE COST OF ELECTRIC SERVICE, AND DEMONSTRATING MORE EFFICIENT USES OF ELECTRIC POWER.

Describe the Organization's Program Activity:

Part 3 - Line 4a

TESTING, CONSULTING AND TRAINING


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Board, Officers & Key Employees

Name (title)Compensation
Jo Anne Sanford
Chair
$250
Robert Powell
Vice Chair
$601
Katharine Kollins
Treasurer
$0
Carl Wilkins
Secretary
$375
Chris Edge
Member-At-La
$0
Venu Ghanta
Director
$0

Outside Vendors & Contractors

Vendor Name (Service)Compensation
Duggins Mechanical
Hvac Contractor
$273,597
Aire Serv Of Brunswick County
Hvac Contractor
$100,727
View All Vendors

Financial Statements

Statement of Revenue
Federated campaigns$0
Membership dues$0
Fundraising events$0
Related organizations$0
Government grants $332,565
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$332,565
Total Program Service Revenue$7,555,751
Investment income $112,692
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 $8,001,008

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