Wake Electric Membership Corp
501(c)(12)
100% goes to programs Strong reserves
Wake Electric Membership Corp is a 501(c)(12) organization based in Wake Forest, North Carolina, registered in 1961, with $116,700,642 in FY2024 revenue. CharityIndex grades it A+, and it directs about 100% of spending to programs.
Po Box 1229, Wake Forest, NC, 27588 EIN 56-0440935 Since 1961
Revenue (FY2024)
$116.7M
▲ 10.4% vs prior year
Expenses (FY2024)
$116.7M
Net assets
$119.8M
Employees
61
CharityIndex rating
One independent A+ to F grade from four published criteria, each scored separately from IRS filings and combined by weight.
A+
A+Program efficiency40% of the rating100% to programs
Measures how much of every dollar spent actually reaches programs, plus what it costs to raise $100 of donations. The worse of the two measures sets the letter (85%+ to programs is an A; under $15 to raise $100 is an A), averaged over the three most recent filings. For Wake Electric Membership Corp: 100% to programs earns a A+ on this criterion. See the exact thresholds →
AFinancial health25% of the rating12 mo reserves · +0% margin
Measures whether the organization is built to last: how many months its reserves would cover expenses (3+ months earns an A-range score, but hoarding 5+ years of budget is capped) and whether it runs a surplus or a deficit. For Wake Electric Membership Corp: 12 mo reserves · +0% margin earns a A on this criterion. See the exact thresholds →
A+Governance25% of the rating6 of 6 checks met
Checks how the organization is run, from its own Form 990: an independent board majority, a board of five or more, conflict-of-interest, whistleblower and document-retention policies, and independently audited financials. The share of disclosed checks that pass sets the letter. For Wake Electric Membership Corp: 6 of 6 checks met earns a A+ on this criterion. See the exact thresholds →
ATransparency10% of the rating4 of 5 disclosure signals
Counts five disclosure signals: a recent filing, a mission statement, program descriptions, a listed website, and the full expense breakdown. More disclosure, better letter. For Wake Electric Membership Corp: 4 of 5 disclosure signals earns a A on this criterion. See the exact thresholds →
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Mission
Wake electric provides reliable, safe, and affordable energy and related services. wake electric operates as a cooperative business and continually improves its services to meet the needs of our members and enhance their quality of life. wake electric operates a sustainable electric system. sustainable means delivering affordable, increasingly clean electricity over a grid that is more efficient, resilient and capable of supporting new energy resources.
Contact & location
- Address
- Po Box 1229, Wake Forest, NC, 27588
- City
- Wake Forest
- State
- North Carolina
- Category
- —
- Subcategory
- —
- Phone
- …
- Website
- …
Financial trends
Revenue grew from $88.8M (FY2016) to $116.7M (FY2024) across 9 reported years.
Financial snapshot
Financial health & position (FY2024)
Liabilities $215.6MNet assets $119.8M
Operating margin
0.0%
Revenue exceeded expenses in the latest fiscal year.
Total assets
$335.4M
Total liabilities
$215.6M
Net assets
$119.8M
Salaries & benefits
$11.5M
10% of expenses
Board members
9
9 independent
Financials by year
| Fiscal year | Revenue | Expenses | Net assets | Total assets | Form |
|---|---|---|---|---|---|
| 2024 | $116,700,642▲10.4% | $116,700,642▲10.4% | $119,792,555▲3.6% | $335,397,488▲6.3% | 990 |
| 2023 | $105,727,856▲0.8% | $105,727,856▲0.8% | $115,650,493▲0.1% | $315,412,174▲5.7% | 990 |
| 2022 | $104,928,493▲3.0% | $104,928,493▲3.0% | $115,485,590▲2.9% | $298,402,185▲6.4% | 990 |
| 2021 | $101,861,632▲4.5% | $101,861,632▲4.5% | $112,282,820▲6.0% | $280,486,920▲7.7% | 990 |
| 2020 | $97,434,140▼2.9% | $97,434,140▼2.9% | $105,886,170▲4.6% | $260,399,357▲5.8% | 990 |
| 2019 | $100,355,216▼0.5% | $100,355,216▼0.5% | $101,197,235▲8.1% | $246,078,938▲4.1% | 990 |
| 2018 | $100,876,481▲11.1% | $100,876,481▲11.1% | $93,624,147▲13.0% | $236,429,522▲3.8% | 990 |
| 2017 | $90,838,721▲2.3% | $90,838,721▲2.3% | $82,858,477▲9.9% | $227,672,889▲4.1% | 990 |
| 2016 | $88,836,136 | $88,836,136 | $75,381,034 | $218,732,777 | 990 |
Original Form 990 PDFs (the Form column) are served by ProPublica Nonprofit Explorer, as filed with the IRS. Create a free account to download the CSV report.
Leadership & compensation (FY2024)
Highest-paid: James E Mangum Jr — $1,060,122 (0.91% of total expenses)
| Name | Title | Hours/week | Compensation |
|---|---|---|---|
| James E Mangum Jr | Ceo & Gen. M | 50 | $1,060,122 |
| Cynthia M Currin | General Coun | 50 | $431,089 |
| Don Bowman | Manager of O | 50 | $426,183 |
| Christopher D Wright | Mgr of Engin | 50 | $217,220 |
| Kirk Metcalf | Vp of Market | 50 | $214,376 |
| Cecil Alexander | Substation S | 50 | $187,900 |
| H Michael Dickerson | President | 9.97 | $40,712 |
| Allen Nelson | Vice Preside | 8.27 | $35,313 |
| Suzy Morgan | Director | 13.4 | $33,813 |
| Greg Fuller | Secretary | 7.81 | $32,604 |
| Jackie Thompson | Director | 6.79 | $31,404 |
| Robert Hill | Treasurer | 10.54 | $31,004 |
| William Daniel Keel | Director | 6.77 | $30,604 |
| Robert Joe Eddins | Director | 5.88 | $28,604 |
| W Joseph Hilburn Jr | Director | 6.98 | $27,453 |
Top vendors & contractors (FY2024)
| Contractor | Services | Paid |
|---|---|---|
| Townsend Tree Service Co LLC | Row Services | $1,627,540 |
| C-phase Services LLC | Oh Line Const | $534,574 |
| Ampirical Solutions LLC | Eng. Consultant | $327,508 |
| Itsavvy LLC | License Support | $118,571 |
Grants received · $98K total
8 grants to Wake Electric Membership Corp totaling $98K, reported by foundations on their Schedule I filings.
| Grantmaker | Purpose | Year | Amount |
|---|---|---|---|
| North Carolina Electric Membership Corporation | Educational assistance | 2024 | $12,257 |
| North Carolina Electric Membership Corporation | Educational assistance | 2023 | $12,257 |
| North Carolina Electric Membership Corporation | Educational assistance | 2022 | $12,257 |
| North Carolina Electric Membership Corporation | Educational assistance | 2021 | $11,487 |
| North Carolina Electric Membership Corporation | Educational assistance | 2020 | $11,487 |
| North Carolina Electric Membership Corporation | Educational assistance | 2019 | $11,487 |
| North Carolina Electric Membership Corporation | Educational assistance | 2018 | $15,000 |
| North Carolina Electric Membership Corporation | Educational assistance | 2017 | $11,487 |
Frequently asked questions
- Is Wake Electric Membership Corp a legitimate nonprofit?
- Yes. Wake Electric Membership Corp is a 501(c)(12) organization registered with the U.S. Internal Revenue Service under EIN 56-0440935, based in Wake Forest, North Carolina.
- What is Wake Electric Membership Corp's EIN?
- Wake Electric Membership Corp's Employer Identification Number (EIN) is 56-0440935.
- How much revenue does Wake Electric Membership Corp report?
- Wake Electric Membership Corp reported $116,700,642 in total revenue on its fiscal year 2024 IRS Form 990 filing.
- How much of Wake Electric Membership Corp's spending goes to programs?
- Wake Electric Membership Corp spends about 100% of its total expenses on programs, based on its latest IRS Form 990.
- What financial grade does Wake Electric Membership Corp have?
- CharityIndex grades Wake Electric Membership Corp A+, based on program efficiency and fundraising cost.
- How much does Wake Electric Membership Corp's highest-paid employee make?
- The highest reported compensation on Wake Electric Membership Corp's latest Form 990 is $1,060,122, paid to James E Mangum Jr (Ceo & Gen. M).
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Data for Wake Electric Membership Corp (EIN 56-0440935) comes from the IRS Business Master File and e-filed Form 990 returns, via CharityIndex. Figures reflect what the organization reported to the IRS for each fiscal year.