North Carolina's Electric Cooperatives

Legal name: North Carolina Electric Membership Corporation

Nonprofit profile at a glance

EIN
560995910
IRS 990 coverage
2010–2025
Official website data refreshed
Sep 2026
Forms available
Form 990 2025
Location
Raleigh, NC, US
Phone
(919) 875-3000
Rating confidence
Limited
Sector
Local Benevolent Life Insurance Associations

Official website

Reported finances

Revenue
$1,402,413,754
Expenses
$1,372,413,754
Assets
$2,425,741,838
Liabilities
$1,975,505,762

Source: IRS Form 990. Selected filing: tax year 2025. Amounts in USD.

Leadership & pay

62 people listed

Executive titles in this filing

  • JOSEPH P BRANNAN (EXECUTIVE VP & CEO)
  • LEE S RAGSDALE (SENIOR VICE PRESIDENT, GRID INFRASTRUCTURE & COMPL)
  • JASON L CAUDLE (SENIOR VICE PRESIDENT & COO, TEMA)
  • SUSAN E FLYTHE (PRESIDENT)
  • JOSH WINSLOW (VICE PRESIDENT)
  • EDDIE OLDHAM (VICE PRESIDENT)

Highest reported compensation

  • JOSEPH P BRANNAN (EXECUTIVE VP & CEO): $3,522,039 total reported compensation
  • LARK S JAMES (SENIOR VP, FINANCE & CFO): $829,741 total reported compensation
  • AMADOU FALL (SENIOR VP & COO): $793,733 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2025. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

To support member-owned, not-for-profit electric cooperatives in providing safe, reliable, and affordable energy to North Carolina communities.

What it reported doing in 2025

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.

Operating model

Revenue model
Earned-program. 98% of the money available for current operations came from fees and other program revenue.
Distribution model
Cannot be determined from the filing. The filing does not provide enough consistent spending detail to tell whether the nonprofit works directly or through others.

The verdict

- The available evidence is not sufficient to produce an overall rating for this filing. This is not a warning sign.

Rating breakdown

  • Financial Efficiency: NotEnoughData
  • Transparency & Controls: 81
  • Accountability: 99
  • Sustainability: 45
  • Growth: 60

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: Limited
  • Program expense ratio: Limited
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 66th percentile among comparable filings
  • Pay-setting controls: 2 of 6 controls in place; rating input score 33
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Pass
    • Board or committee approval: Pass
  • Foreign activity oversight: Limited
  • Grant itemization coverage: 100%; rating input score 100; 81st percentile among comparable filings
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 98%; rating input score 98; 31st percentile among comparable filings
  • Governance controls: 9 of 9 controls in place; rating input score 100
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • Other executive compensation review process: Pass
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 2.1%; rating input score 44; 44th percentile among comparable filings
  • Total-asset coverage ratio: 1.77; rating input score 44; 44th percentile among comparable filings
  • Liabilities to assets ratio: 0.81; rating input score 16; 16th percentile among comparable filings
  • Officer compensation ratio: 0.6%; rating input score 81; 81st percentile among comparable filings

Growth

  • Program expense growth: Limited
  • Revenue growth: 1.5% per year; rating input score 100; 10th percentile among comparable filings
  • Asset growth: 3.1% per year; rating input score 100; 17th percentile among comparable filings

Details

  • What they do: 9 programs and campaigns described on the official site · 1 operating location identified
  • Where the money goes: Financial trends and filed revenue, expense, asset, and liability detail
  • Governance: 49 of 50 board members independent · 9 of 9 filing controls reported
  • Programs: 1 filed program accomplishment
  • Leadership: top reported pay $3.5M · 62 people listed · 2 of 6 pay-setting controls reported
  • Highest-paid contractors: 5 contractors listed · $6M reported
  • Consistency: 13 of 13 current checks pass
  • Schedules: 6 filed schedules · includes grants and executive pay
  • Filing history: 16 filing years from 2010 to 2025
  • Contacts: How to reach this organization
  • Money network: 48 filed money-flow records
  • Related organizations: 38 filed related-organization links
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • Moderate — Sustainability: Operating margin scored 44/100.
  • Moderate — Sustainability: Total-asset coverage ratio scored 44/100.
  • High — Sustainability: Liabilities to assets ratio scored 16/100.