Skip to main content

Nonprofit · EIN 56-0995910

NORTH CAROLINA ELECTRIC MEMBERSHIP CORPORATION

Tax-exempt · RALEIGH, NC 27616

Financials

$1.2B$1.1B2023$1.3B$1.2B2024$1.4B$1.4B2025
Revenue Expenses · by fiscal year end
Financials of NORTH CAROLINA ELECTRIC MEMBERSHIP CORPORATION by year, from its e-filed returns
Year endedFormRevenueExpensesNet incomeTotal assetsLiabilitiesNet assets
December 31, 2025990$1,402,413,754$1,372,413,754$30,000,000$2,425,741,838$1,975,505,762$450,236,076
December 31, 2024990$1,251,544,262$1,221,544,262$30,000,000$2,422,893,032$2,002,524,520$420,368,512
December 31, 2023990$1,171,919,581$1,141,919,581$30,000,000$2,202,526,245$1,813,046,017$389,480,228
Financial details: 990 for the year ended December 31, 2025

Revenue

Contributions, gifts and grants
$0
Program service revenue
$1,375,147,305
Investment income
$26,914,179
Net rental income
$190,800
Net gain from sales of assets
$118,723
Other revenue
$352,270

Expenses

Grants and similar amounts paid
$584,642
Compensation of officers, directors and key employees
$8,823,486
Other salaries and wages
$40,047,943
Salaries, compensation and benefits (total)
$49,772,612
Professional fundraising fees
$0
Legal fees
$945,319
Accounting fees
$925,727
Travel
$462,235
Depreciation
$79,045,995

Balance sheet and other

Total assets, start of year
$2,422,893,032
Total assets, end of year
$2,425,741,838
Total liabilities, end of year
$1,975,505,762
Net assets, end of year
$450,236,076
Land, buildings and equipment
$1,199,728,554
Publicly traded securities
$590,479,201
Gross unrelated business income
$352,270
Gross receipts
$1,450,714,072
Employees
200
Volunteers
0
Year formed
1949
State of legal domicile
NC

From the e-filed returns the IRS publishes as XML (latest three processing years; amended returns replace the original). PDF copies at the IRS.

Officers, directors and key employees

As listed on the 990 for the year ended December 31, 2025, highest compensation first.

NameTitleHours / weekCompensationOther / benefits
JOSEPH P BRANNANEXECUTIVE VP & CEO
Officer
34$3,380,025$142,014
LARK S JAMESSENIOR VP, FINANCE & CFO
Officer
34$772,072$57,669
AMADOU FALLSENIOR VP & COO
Key employee
40$680,556$113,177
CHARLES BAYLESSSENIOR VP, GENERAL COUNSEL
Officer
34$403,455$126,081
DOUGLAS R BROWNECHIEF FINANCIAL OFFICER
Officer
34$366,401$131,894
CHRISTOPHER VANLOKERENCHIEF INFORMATION OFFICER
Highest-paid employee
34$374,960$111,235
LEE S RAGSDALESENIOR VICE PRESIDENT, GRID INFRASTRUCTURE & COMPL
Highest-paid employee
40$315,206$129,244
JAMES WILKINSVP, ENERGY PORTFOLIO
Highest-paid employee
40$292,467$77,581
JASON L CAUDLESENIOR VICE PRESIDENT & COO, TEMA
Highest-paid employee
6$292,462$75,428
NELLE HOTCHKISSSENIOR VP & COO, NCAEC
Highest-paid employee
10$306,616$43,877
MICHAEL YOUTHASSISTANT SECRETARY/TREASURER
Officer
34$266,483$74,472
TIMOTHY DODGEASSISTANT SECRETARY/TREASURER
Officer
34$211,681$78,430
SUSAN E FLYTHEPRESIDENT
Trustee or director, Officer
4$0$0
JOSH WINSLOWVICE PRESIDENT
Trustee or director, Officer
4$0$0
EDDIE OLDHAMVICE PRESIDENT
Trustee or director, Officer
4$0$0
47 more people on this return
NameTitleHours / weekCompensation
KEVIN HEATHDIRECTOR
Trustee or director
2$0
JOHN W SPENCEDIRECTOR
Trustee or director
2$0
KATIE WOODLEDIRECTOR
Trustee or director
2$0
JOHNNY WISHONDIRECTOR
Trustee or director
2$0
DAVID GOREDIRECTOR
Trustee or director
2$0
RICHARD A MIDGETTDIRECTOR
Trustee or director
2$0
JACOB JOPLINDIRECTOR
Trustee or director
2$0
DELORIA IRBYDIRECTOR
Trustee or director
2$0
REBECCA P COGANDIRECTOR
Trustee or director
2$0
WINSTON HOWELLDIRECTOR
Trustee or director
2$0
ELBERT RAY PITT JRDIRECTOR
Trustee or director
2$0
THOMAS GOLDENDIRECTOR
Trustee or director
2$0
BRIAN SISSONDIRECTOR
Trustee or director
2$0
DONALD LEE GATTONDIRECTOR
Trustee or director
2$0
S FRANKLIN WILLIAMSDIRECTOR
Trustee or director
2$0
TUCKER LEMLEYDIRECTOR
Trustee or director
2$0
BASIL WILLIAMSDIRECTOR
Trustee or director
2$0
TOM BATCHELORDIRECTOR
Trustee or director
2$0
LUCAS SORRELLDIRECTOR
Trustee or director
2$0
RICKY MAREADYDIRECTOR
Trustee or director
2$0
JOHN L PIERCEDIRECTOR
Trustee or director
2$0
JON T LOCKLEARDIRECTOR
Trustee or director
2$0
RORY EDDINGSDIRECTOR
Trustee or director
2$0
DONALD H SPIVEYDIRECTOR
Trustee or director
2$0
BENJAMIN R LYBRANDDIRECTOR
Trustee or director
2$0
JORDAN OVERBEEDIRECTOR
Trustee or director
2$0
J RANDY KINLEYDIRECTOR
Trustee or director
2$0
MARK A SUGGSDIRECTOR
Trustee or director
2$0
JEFFREY N LETCHWORTHDIRECTOR
Trustee or director
2$0
DENNIS MABEDIRECTOR
Trustee or director
2$0
JERRY BOWMANDIRECTOR
Trustee or director
2$0
MARSHALL CHERRYDIRECTOR
Trustee or director
2$0
ALLEN W SPELLERDIRECTOR
Trustee or director
2$0
JEFF BRITTAINDIRECTOR
Trustee or director
2$0
MARK MULLENDIRECTOR
Trustee or director
2$0
CHRISTOPHER SPEARSDIRECTOR
Trustee or director
2$0
KELLY HARRINGTONDIRECTOR
Trustee or director
2$0
W GREG PUCKETTDIRECTOR
Trustee or director
2$0
KAROLINE OVERBYDIRECTOR
Trustee or director
2$0
PAUL SPRUILLDIRECTOR
Trustee or director
2$0
J DOUGLAS BRINSONDIRECTOR
Trustee or director
2$0
J MICHAEL DAVISDIRECTOR
Trustee or director
2$0
CARL W KORNEGAY JRDIRECTOR
Trustee or director
2$0
GREG ANDRESSDIRECTOR
Trustee or director
2$0
DENT TURNERDIRECTOR
Trustee or director
2$0
JAMES E MANGUM JRDIRECTOR
Trustee or director
2$0
MIKE DICKERSONDIRECTOR
Trustee or director
2$0
990 for the year ended December 31, 2024: 61 people
NameTitleHours / weekCompensationOther / benefits
JOSEPH P BRANNANEXECUTIVE VP & CEO
Officer
34$1,587,879$140,417
LARK S JAMESSENIOR VP, FINANCE & CFO
Officer
34$560,612$139,152
AMADOU FALLSENIOR VP & COO
Key employee
40$527,799$111,140
NELLE HOTCHKISSSENIOR VP & COO, NCAEC
Highest-paid employee
10$391,012$137,497
CHARLES BAYLESSSENIOR VP, GENERAL COUNSEL
Officer
34$361,073$118,879
CHRISTOPHER VANLOKERENCHIEF INFORMATION OFFICER
Highest-paid employee
34$356,110$109,250
DOUGLAS R BROWNEVICE PRESIDENT, FINANCE
Highest-paid employee
34$311,037$126,843
LEE S RAGSDALESENIOR VICE PRESIDENT, GRID INFRASTRUCTURE & COMPL
Highest-paid employee
40$305,195$126,192
MELCHER KENNETHVICE PRESIDENT, IT OPERATIONS
Highest-paid employee
34$263,918$57,805
MICHAEL YOUTHASSISTANT SECRETARY/TREASURER
Officer
34$234,119$69,228
TIMOTHY DODGEASSISTANT SECRETARY/TREASURER
Officer
34$200,632$76,289
SUSAN E FLYTHEPRESIDENT
Trustee or director, Officer
4$0$0
GREG ANDRESSVICE PRESIDENT
Trustee or director, Officer
4$0$0
JOSH WINSLOWSECRETARY/TREASURER
Trustee or director, Officer
4$0$0
KEVIN HEATHDIRECTOR
Trustee or director
2$0$0
JOHN W SPENCEDIRECTOR
Trustee or director
2$0$0
DOUGLAS W JOHNSONDIRECTOR
Trustee or director
2$0$0
JOHNNY WISHONDIRECTOR
Trustee or director
2$0$0
DAVID GOREDIRECTOR
Trustee or director
2$0$0
RICHARD A MIDGETTDIRECTOR
Trustee or director
2$0$0
JACOB JOPLINDIRECTOR
Trustee or director
2$0$0
DELORIA IRBYDIRECTOR
Trustee or director
2$0$0
EDDIE OLDHAMDIRECTOR
Trustee or director
2$0$0
REBECCA P COGANDIRECTOR
Trustee or director
2$0$0
WINSTON HOWELLDIRECTOR
Trustee or director
2$0$0
ELBERT RAY PITT JRDIRECTOR
Trustee or director
2$0$0
THOMAS GOLDENDIRECTOR
Trustee or director
2$0$0
BRIAN SISSONDIRECTOR
Trustee or director
2$0$0
DONALD LEE GATTONDIRECTOR
Trustee or director
2$0$0
S FRANKLIN WILLIAMSDIRECTOR
Trustee or director
2$0$0
TUCKER LEMLEYDIRECTOR
Trustee or director
2$0$0
BASIL WILLIAMSDIRECTOR
Trustee or director
2$0$0
TOM BATCHELORDIRECTOR
Trustee or director
2$0$0
LUCAS SORRELLDIRECTOR
Trustee or director
2$0$0
GARY W RAYDIRECTOR
Trustee or director
2$0$0
JOHN L PIERCEDIRECTOR
Trustee or director
2$0$0
JON T LOCKLEARDIRECTOR
Trustee or director
2$0$0
RORY EDDINGSDIRECTOR
Trustee or director
2$0$0
DONALD H SPIVEYDIRECTOR
Trustee or director
2$0$0
BENJAMIN R LYBRANDDIRECTOR
Trustee or director
2$0$0
JORDAN OVERBEEDIRECTOR
Trustee or director
2$0$0
J RANDY KINLEYDIRECTOR
Trustee or director
2$0$0
MARK A SUGGSDIRECTOR
Trustee or director
2$0$0
JEFFREY N LETCHWORTHDIRECTOR
Trustee or director
2$0$0
DENNIS MABEDIRECTOR
Trustee or director
2$0$0
JERRY BOWMANDIRECTOR
Trustee or director
2$0$0
MARSHALL CHERRYDIRECTOR
Trustee or director
2$0$0
ALLEN W SPELLERDIRECTOR
Trustee or director
2$0$0
S DIRK BURLESONDIRECTOR
Trustee or director
2$0$0
J DEAN CARPENTERDIRECTOR
Trustee or director
2$0$0
CHRISTOPHER SPEARSDIRECTOR
Trustee or director
2$0$0
KELLY HARRINGTONDIRECTOR
Trustee or director
2$0$0
W GREG PUCKETTDIRECTOR
Trustee or director
2$0$0
KAROLINE OVERBYDIRECTOR
Trustee or director
2$0$0
PAUL SPRUILLDIRECTOR
Trustee or director
2$0$0
J DOUGLAS BRINSONDIRECTOR
Trustee or director
2$0$0
J MICHAEL DAVISDIRECTOR
Trustee or director
2$0$0
CARL W KORNEGAY JRDIRECTOR
Trustee or director
2$0$0
JAMES E MANGUM JRDIRECTOR
Trustee or director
2$0$0
DENT TURNERDIRECTOR
Trustee or director
2$0$0
MIKE DICKERSONDIRECTOR
Trustee or director
2$0$0
990 for the year ended December 31, 2023: 61 people
NameTitleHours / weekCompensationOther / benefits
JOSEPH P BRANNANEXECUTIVE VP & CEO
Officer
34$2,361,364$134,792
LARK S JAMESSENIOR VP, FINANCE & CFO
Officer
34$805,660$133,241
AMADOU FALLSENIOR VP & COO
Key employee
40$486,714$106,868
NELLE HOTCHKISSSENIOR VP & COO, NCAEC
Highest-paid employee
10$374,023$131,512
CHRISTOPHER VANLOKERENCHIEF INFORMATION OFFICER
Highest-paid employee
34$358,197$105,514
CHARLES BAYLESSSENIOR VP, GENERAL COUNSEL
Officer
34$345,138$117,002
DOUGLAS R BROWNEVICE PRESIDENT, FINANCE
Highest-paid employee
34$298,121$120,501
LEE S RAGSDALESENIOR VICE PRESIDENT, GRID INFRASTRUCTURE & COMPL
Highest-paid employee
40$295,227$121,464
MICHAEL YOUTHASSISTANT SECRETARY/TREASURER
Officer
34$225,437$66,984
MELCHER KENNETHVICE PRESIDENT, IT OPERATIONS
Highest-paid employee
34$276,815$4,060
TIMOTHY DODGEASSISTANT SECRETARY/TREASURER
Officer
34$190,504$72,708
SUSAN E FLYTHEPRESIDENT
Trustee or director, Officer
4$0$0
GREG ANDRESSVICE PRESIDENT
Trustee or director, Officer
4$0$0
JOSH WINSLOWSECRETARY/TREASURER
Trustee or director, Officer
4$0$0
KEVIN HEATHDIRECTOR
Trustee or director
2$0$0
JOHN W SPENCEDIRECTOR
Trustee or director
2$0$0
DOUGLAS W JOHNSONDIRECTOR
Trustee or director
2$0$0
JOHNNY WISHONDIRECTOR
Trustee or director
2$0$0
DAVID GOREDIRECTOR
Trustee or director
2$0$0
RICHARD A MIDGETTDIRECTOR
Trustee or director
2$0$0
JACOB JOPLINDIRECTOR
Trustee or director
2$0$0
DELORIA IRBYDIRECTOR
Trustee or director
2$0$0
EDDIE OLDHAMDIRECTOR
Trustee or director
2$0$0
REBECCA P COGANDIRECTOR
Trustee or director
2$0$0
WINSTON HOWELLDIRECTOR
Trustee or director
2$0$0
ELBERT RAY PITT JRDIRECTOR
Trustee or director
2$0$0
THOMAS GOLDENDIRECTOR
Trustee or director
2$0$0
W MAX WALSERDIRECTOR
Trustee or director
2$0$0
DONALD LEE GATTONDIRECTOR
Trustee or director
2$0$0
S FRANKLIN WILLIAMSDIRECTOR
Trustee or director
2$0$0
TUCKER LEMLEYDIRECTOR
Trustee or director
2$0$0
BASIL WILLIAMSDIRECTOR
Trustee or director
2$0$0
TOM BATCHELORDIRECTOR
Trustee or director
2$0$0
LUCAS SORRELLDIRECTOR
Trustee or director
2$0$0
GARY W RAYDIRECTOR
Trustee or director
2$0$0
JOHN L PIERCEDIRECTOR
Trustee or director
2$0$0
JON T LOCKLEARDIRECTOR
Trustee or director
2$0$0
RORY EDDINGSDIRECTOR
Trustee or director
2$0$0
DONALD H SPIVEYDIRECTOR
Trustee or director
2$0$0
BENJAMIN R LYBRANDDIRECTOR
Trustee or director
2$0$0
STEVE HAMLINDIRECTOR
Trustee or director
2$0$0
J RANDY KINLEYDIRECTOR
Trustee or director
2$0$0
MARK A SUGGSDIRECTOR
Trustee or director
2$0$0
JEFFREY N LETCHWORTHDIRECTOR
Trustee or director
2$0$0
DALE F LAMBERTDIRECTOR
Trustee or director
2$0$0
JERRY BOWMANDIRECTOR
Trustee or director
2$0$0
MARSHALL CHERRYDIRECTOR
Trustee or director
2$0$0
ALLEN W SPELLERDIRECTOR
Trustee or director
2$0$0
S DIRK BURLESONDIRECTOR
Trustee or director
2$0$0
J DEAN CARPENTERDIRECTOR
Trustee or director
2$0$0
CHRISTOPHER SPEARSDIRECTOR
Trustee or director
2$0$0
KELLY HARRINGTONDIRECTOR
Trustee or director
2$0$0
W GREG PUCKETTDIRECTOR
Trustee or director
2$0$0
KAROLINE OVERBYDIRECTOR
Trustee or director
2$0$0
PAUL SPRUILLDIRECTOR
Trustee or director
2$0$0
J DOUGLAS BRINSONDIRECTOR
Trustee or director
4$0$0
J MICHAEL DAVISDIRECTOR
Trustee or director
2$0$0
CARL W KORNEGAY JRDIRECTOR
Trustee or director
2$0$0
DENT TURNERDIRECTOR
Trustee or director
2$0$0
JAMES E MANGUM JRDIRECTOR
Trustee or director
2$0$0
MIKE DICKERSONDIRECTOR
Trustee or director
2$0$0

Address and contacts

Address (IRS master file)
3400 SUMNER BLVD, RALEIGH, NC 27616-2950
In care of
% ANGIE DUTTON
Principal officer (990 for 2025)
JOSEPH P BRANNAN, 3400 SUMNER BOULEVARD, RALEIGH, NC 27616
Signed the 990
JOSEPH P BRANNAN, CHIEF FINANCIAL OFFICER
Phone
(919) 872-0800
Return prepared by
DELOITTE TAX LLP

Mission

SALE OF ELECTRIC POWER TO NC DISTRIBUTION MEMBER COOPERATIVES.

990 for the year ended December 31, 2025

Program accomplishments

  • 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.

What it must file and when

IRS records say it files Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N. Its accounting year ends in December, so each return is due on the 15th day of the 5th month after that.

Tax yearYear endedDueIRS public records
2025December 31, 2025May 15, 2026990 on file
2024December 31, 2024May 15, 2025990 on file
2023December 31, 2023May 15, 2024990 on file

IRS record

EIN
56-0995910
Tax-exempt status
501(c)(12): Benevolent life insurance association or mutual company
Donations deductible
No
Exempt since
2000
Accounting year ends
December
Files
Form 990 or 990-EZ
Assets (IRS master file)
$2,425,741,838
Income (IRS master file)
$1,450,714,072

Filing history

FormYear endedRevenueExpensesAssetsReturn
990December 2025$1,402,413,754$1,372,413,754$2,425,741,838XML
990December 2024$1,251,544,262$1,221,544,262$2,422,893,032XML
990December 2023$1,171,919,581$1,141,919,581$2,202,526,245XML
990December 2022$1,247,913,136$1,217,913,136$2,328,294,916IRS
990December 2021–––IRS
990December 2020–––IRS
990December 2019–––IRS
990December 2018–––IRS

990-N: the IRS bulk file holds only the latest e-Postcard per organization; earlier years come from archived copies of that file since 2020 and can have gaps (the IRS e-Postcard search lists every one). 990, 990-EZ, 990-PF, 990-T: every e-filed return in the IRS e-file index since 2019; XML for the latest three processing years, amounts from the IRS Statistics of Income extracts before that. PDF copies and determination letters at the IRS (search EIN 56-0995910).

Questions about NORTH CAROLINA ELECTRIC MEMBERSHIP CORPORATION

What is the EIN of NORTH CAROLINA ELECTRIC MEMBERSHIP CORPORATION?
The employer identification number (EIN) of NORTH CAROLINA ELECTRIC MEMBERSHIP CORPORATION is 56-0995910.
Is NORTH CAROLINA ELECTRIC MEMBERSHIP CORPORATION tax-exempt?
Yes. The IRS lists it as tax-exempt under section 501(c)(12) since 2000.
Are donations to NORTH CAROLINA ELECTRIC MEMBERSHIP CORPORATION tax-deductible?
No. The IRS master file says contributions to it are not deductible.
Which annual return does NORTH CAROLINA ELECTRIC MEMBERSHIP CORPORATION file?
Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N.
When is the next return of NORTH CAROLINA ELECTRIC MEMBERSHIP CORPORATION due?
The return for tax year 2026 (the year ending December 31, 2026) is due May 17, 2027. Form 8868 extends it by six months; the 990-N cannot be extended.
When did NORTH CAROLINA ELECTRIC MEMBERSHIP CORPORATION last file with the IRS?
The latest return in the IRS public files is the 990 for the year ended December 2025.
Who is the principal officer of NORTH CAROLINA ELECTRIC MEMBERSHIP CORPORATION?
The 990 for the year ended December 31, 2025 names JOSEPH P BRANNAN.
Who are the officers and directors of NORTH CAROLINA ELECTRIC MEMBERSHIP CORPORATION?
The 990 for the year ended December 31, 2025 lists 62 people; 12 received compensation from the organization, the highest $3,380,025 (JOSEPH P BRANNAN, EXECUTIVE VP & CEO).
How much revenue does NORTH CAROLINA ELECTRIC MEMBERSHIP CORPORATION have?
On its 990 for the year ended December 31, 2025 it reported revenue of $1,402,413,754, expenses of $1,372,413,754 and total assets of $2,425,741,838 at year end.

Other nonprofits in RALEIGH

All nonprofits in RALEIGH · North Carolina · Mutual and membership benefit