Civic Intelligence

North Carolina Advanced Energy Corporation

990 • Fiscal year 2021 • EIN 56-1275391

Jan 01, 2021 to Dec 31, 2021 • Filed on Jul 26, 2022

909 Capability DriveRaleigh, NC 27605

(919) 857-9000

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

39th percentile

0.06x

Higher debt load relative to assets than 39% of similar nonprofits.

2021 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2021

Liabilities / Revenue

32nd percentile

0.07x

Higher debt load relative to revenue than 32% of similar nonprofits.

2021 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2021

Net Margin

57th percentile

16%

Higher net margin than 57% of similar nonprofits.

2021 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2021

Top Officer Pay

83rd percentile

$234,790

Higher top officer pay than 83% of similar nonprofits.

Top officer pay equals 2.7% of source-year revenue.

2021 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2021

Asset Growth

61st percentile

15%

Faster asset growth than 61% of similar nonprofits.

2021 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2020 to 2021

Revenue Growth

56th percentile

16%

Faster revenue growth than 56% of similar nonprofits.

2021 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2020 to 2021

Assets

Up

$9,515,286

Up $1,221,152 (+15%) from 2020

Net Assets

Up

$8,903,218

Up $1,428,086 (+19%) from 2020

Liabilities

Down

$612,068

Down $206,934 (-25%) from 2020

Revenue

Up

$8,839,166

Up $1,223,280 (+16%) from 2020

Expenses

Up

$7,411,080

Up $1,060,718 (+17%) from 2020

Net Income

Up

$1,428,086

Up $162,562 (+13%) from 2020

Historical Trend

Balance Sheet Trend

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$15M$10M$5.0M$0Assets 2010: $5,920,552Liabilities 2010: $770,642Net Assets 2010: $5,149,9102010Assets 2011: $6,403,963Liabilities 2011: $1,321,165Net Assets 2011: $5,082,7982011Assets 2012: $5,545,096Liabilities 2012: $541,609Net Assets 2012: $5,003,4872012Assets 2013: $4,385,784Liabilities 2013: $492,774Net Assets 2013: $3,893,0102013Assets 2014: $4,335,936Liabilities 2014: $572,175Net Assets 2014: $3,763,7612014Assets 2015: $4,076,287Liabilities 2015: $438,773Net Assets 2015: $3,637,5142015Assets 2016: $4,370,680Liabilities 2016: $562,468Net Assets 2016: $3,808,2122016Assets 2017: $4,616,360Liabilities 2017: $489,790Net Assets 2017: $4,126,5702017Assets 2018: $5,986,199Liabilities 2018: $661,194Net Assets 2018: $5,325,0052018Assets 2019: $6,697,706Liabilities 2019: $488,098Net Assets 2019: $6,209,6082019Assets 2020: $8,294,134Liabilities 2020: $819,002Net Assets 2020: $7,475,1322020Assets 2021: $9,515,286Liabilities 2021: $612,068Net Assets 2021: $8,903,2182021Assets 2022: $9,435,626Liabilities 2022: $974,282Net Assets 2022: $8,461,3442022Assets 2023: $10,460,302Liabilities 2023: $2,286,299Net Assets 2023: $8,174,0032023Assets 2024: $9,155,220Liabilities 2024: $1,742,717Net Assets 2024: $7,412,5032024

Highlighted filing

2021

Assets$9,515,286
Liabilities$612,068
Net Assets$8,903,218

Operations Trend

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$10M$5.0M$0-$5.0MExpenses 2010: $7,354,6152010Expenses 2011: $8,346,8032011Expenses 2012: $8,476,3302012Revenue 2013: $7,118,573Expenses 2013: $8,229,050Net Income 2013: -$1,110,4772013Revenue 2014: $7,663,476Expenses 2014: $7,792,725Net Income 2014: -$129,2492014Revenue 2015: $7,087,343Expenses 2015: $7,213,592Net Income 2015: -$126,2492015Revenue 2016: $6,887,998Expenses 2016: $6,717,300Net Income 2016: $170,6982016Revenue 2017: $6,669,273Expenses 2017: $6,350,915Net Income 2017: $318,3582017Revenue 2018: $7,685,439Expenses 2018: $6,487,004Net Income 2018: $1,198,4352018Revenue 2019: $7,840,968Expenses 2019: $6,956,365Net Income 2019: $884,6032019Revenue 2020: $7,615,886Expenses 2020: $6,350,362Net Income 2020: $1,265,5242020Revenue 2021: $8,839,166Expenses 2021: $7,411,080Net Income 2021: $1,428,0862021Revenue 2022: $8,369,337Expenses 2022: $8,811,211Net Income 2022: -$441,8742022Revenue 2023: $8,001,008Expenses 2023: $8,288,349Net Income 2023: -$287,3412023Revenue 2024: $7,935,080Expenses 2024: $8,579,226Net Income 2024: -$644,1462024

Highlighted filing

2021

Revenue$8,839,166
Expenses$7,411,080
Net Income$1,428,086
Jump To
Filing Snapshot
Filing Period
Jan 1, 2021 to Dec 31, 2021
Signed
Jul 26, 2022
Return Version
2021v4.0
Gross Receipts
$8,839,166
Mission and Program Overview

Mission

To create economic, environmental and societal benefits through innovative and market-based approaches to energy issues.

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.

Balance Sheet Detail
LineBeginningEndChange
Assets
Savings and Temporary Cash Investments$6,370,352$6,610,455▲ $240,103
Accounts Receivable$1,388,718$1,370,006▼ $18,712
Cash and Non-Interest-Bearing Accounts$246,549$1,139,029▲ $892,480
Prepaid Expenses and Deferred Charges$148,173$199,189▲ $51,016
Land, Buildings, and Equipment, Net$140,342$196,607▲ $56,265
Total Assets$8,294,134$9,515,286▲ $1,221,152
Liabilities
Accounts Payable and Accrued Expenses$569,002$612,068▲ $43,066
Unsecured Notes Loans Payable$250,000--
Total Liabilities$819,002$612,068▼ $206,934
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$7,475,132$8,903,218▲ $1,428,086
Total Net Assets Fund Balance$7,475,132$8,903,218▲ $1,428,086
Total Liabilities and Net Assets / Fund Balance$8,294,134$9,515,286▲ $1,221,152

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$66,632$1,125,821$1,192,453
Other Land Buildings$88,933$712,421$801,354
Leasehold Improvements$41,042$747,211$788,253
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Robert GoodsonPresident &FT$221,754$13,036$234,790
Robert GoodsonPresident & Ex. Director-$209,604$25,186$234,790
Brian CobleSenior VPFT$161,487$24,663$186,150
Eugene ButlerBus. DevelopFT$145,732$8,225$153,957
Eugene ButlerBus. Develop. Director-$138,125$15,832$153,957
Michael StoweEngineerFT$128,363$20,983$149,346
Shawn FitzpatrickSr. Solar EnFT$128,726$14,293$143,019
Chrstine MaurerTechnical MaFT$120,113$18,464$138,577
Kristin RigginsTechnical SpFT$114,210$6,593$120,803
Jo Anne SanfordChair-$500-$500
Carl WilkinsDirector-$375-$375
Robert PowellTreasurer-$375-$375

Board Members and Trustees

NameTitle
Dale LambertVice Chair
Adam FoodmanDirector
Dionne Delli-gattiDirector
Gaylene WatsonDirector
Hayes Jernigan FinleyDirector
Kendal BowmanDirector
Peter LedfordDirector
Robert KogerDirector
Chris EdgeMember at La
Katharine KollinsSecretary

Highest Paid Contractors

ContractorServicesLocationCompensation
Tierra Resource ConsultantsConsulting1501 N BROADWAY SUITE 300, Walnut Creek, CA 94596$126,357
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$8,497,829
Investment Income
$91,337
Other Revenue
$250,000
Change in Net Assets
$1,428,086

Audited Revenue Reconciliation

Revenue per Audited Statements
$8,839,166
Total Revenue per Audited Statements
$8,839,166
Total Revenue per Form 990
$8,839,166
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$5,109,248
Other Expenses$2,301,832
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$2,513,758$953,379-$3,467,137
Fees for Services Other$961,208$201,753-$1,162,961
Other Employee Benefits$817,057$309,881-$1,126,938
Payroll Taxes$229,225$86,937-$316,162
Occupancy$252,863$63,216-$316,079
Pension Plan Contributions$144,288$54,723-$199,011
Conferences and Meetings$24,304$106,685-$130,989
Other Expenses$76,942$19,237-$96,179
Travel$72,551$14,919-$87,470
Insurance$64,260$16,065-$80,325
Depreciation Depletion$34,463$44,959-$79,422
Fees for Services Accounting-$74,583-$74,583
Fees for Services Legal-$33,398-$33,398
Office Expenses$7,165$1,791-$8,956
Advertising$992$673-$1,665
Total Functional Expenses$5,365,965$2,045,115$0$7,411,080

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$7,411,080
Total Expenses per Audited Statements$7,411,080
Total Expenses per Form 990$7,411,080
International Activity

International Compliance

Foreign grant records maintained
No
Activity in boycott countries
No
Foreign corporation ownership
No
Foreign partnership interest
No
Interest in foreign trust
No
Passive foreign investment company interest
No
Transfers to foreign corporations
No
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
Yes
Business relationship with 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
Yes
Management duties delegated
No

Governance Explanations

Form 990, Page 6, Part VI, Line 6

Members of north carolina advanced energy are the commissioners of the north carolina utilities commission.

Form 990, Page 6, Part VI, Line 7A

Each of the organization's member organizations is able to appoint a member of the board from their organization. North carolina electric membership corporation appoints one member, dominion north carolina power appoints one member, and duke energy appoints two members.

Form 990, Page 6, Part VI, Line 7B

Members have certain approval rights, such as charter changes, which are listed in the articles of incorporation.

Form 990, Page 6, Part VI, Line 11B

A copy of the 990 is provided to the executive committee members for review.

Form 990, Page 6, Part VI, Line 12C

To implement compliance with the organization's conflict of interest policy, north carolina advanced energy corporation (aec) will endeavor to solicit an annual report from each board member regarding potential conflicts of interest. These reports will be reviewed by an office of aec, who will attempt to resolve any actual or portential conflict(s) and, in the absence of resolution, refer the matter to the board.

Form 990, Page 6, Part VI, Line 15A

Advanced energy strives to pay competitive wages in order to attract and maintain motivated, qualifies individuals. In order to ensure fair and competitive base wages, advanced energy follows a set compensation review process. Advanced energy has an independent organization reserach market rate salaries and set salary ranges. These market rate salary ranges and individual performance assist in setting individual salaries.

Form 990, Page 6, Part VI, Line 15B

Advanced energy strives to pay competitive wages in order to attract and maintain motivated, qualifies individuals. In order to ensure fair and competitive base wages, advanced energy follows a set compensation review process. Advanced energy has an independent organization reserach market rate salaries and set salary ranges. These market rate salary ranges and individual performance assist in setting individual salaries.

Form 990, Page 6, Part VI, Line 19

Audited financials, articles of incorporation, bylaws and subsequent changes are posted on the north carolina utilities commission (ncuc) website under docket e-100, sub 37 and 37-a, which are the dockets covering the organization. The ncuc also holds an annual public hearing to receive the annual report of activities and solicit public comment.

Filing and Contact Details

Filer

Filer Name
North Carolina Advanced Energy
EIN
56-1275391
Phone
9198579000
Address
909 CAPABILITY DRIVE, RALEIGH, NC 27605

Signing Officer

Name
Robert Goodson
Title
President & Ex. Director
Phone
9198579000
Signed
2022-07-26

Organization Details

Principal Officer
Robert Goodson
Formed
1980
Legal Domicile
Nc
Voting Board Members
13
Independent Board Members
13
Employees
69

Preparer

Firm
Mcnair Mclemore Middlebrooks & Co LLC
Address
POST OFFICE BOX ONE, MACON, GA 31202-0001
Preparer
J Randolph Nichols
Phone
4787466277
Supplemental Narrative

Additional Explanations

Form 990, Part IX, Line 11G

961,208 201,753 0

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IRS990/Form990PartVIISectionAGrp/TitleTxt1VICE CHAIR
IRS990/Form990PartVIISectionAGrp/TitleTxt2TREASURER
IRS990/Form990PartVIISectionAGrp/TitleTxt3SECRETARY
IRS990/Form990PartVIISectionAGrp/TitleTxt4MEMBER AT LA
IRS990/Form990PartVIISectionAGrp/TitleTxt5DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt6DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt7DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt8DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt9DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt10DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt11DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt12DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt13PRESIDENT &
IRS990/Form990PartVIISectionAGrp/TitleTxt14SENIOR VP
IRS990/Form990PartVIISectionAGrp/TitleTxt15BUS. DEVELOP
IRS990/Form990PartVIISectionAGrp/TitleTxt16SR. SOLAR EN
IRS990/Form990PartVIISectionAGrp/TitleTxt17ENGINEER
IRS990/Form990PartVIISectionAGrp/TitleTxt18TECHNICAL MA
IRS990/Form990PartVIISectionAGrp/TitleTxt19TECHNICAL SP
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IRS990/OtherExpensesGrp/TotalAmt0229805
IRS990/OtherExpensesGrp/TotalAmt196179
IRS990/OtherRevenueMiscGrp/Desc0MISC INCOME
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IRS990/PrincipalOfficerNm0ROBERT GOODSON
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IRS990ScheduleA/SubstAndDsqlfyPrsnsTotGrp/CurrentTaxYearMinus3YearsAmt05211183
IRS990ScheduleA/SubstAndDsqlfyPrsnsTotGrp/CurrentTaxYearMinus4YearsAmt04269011
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IRS990ScheduleD/ExpensesSubtotalAmt07411080

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$9.16$1.74$7.41$7.94$8.58$0.64
2023XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$10.5$2.29$8.17$8.00$8.29$0.29
2022XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$9.44$0.97$8.46$8.37$8.81$0.44
2021Detailed filing. Detailed filing data is available for this year.$9.52$0.61$8.90$8.84$7.41$1.43
2020Facts available. Structured filing facts are available, but richer extracted sections are limited.$8.29$0.82$7.48$7.62$6.35$1.27
2019Facts available. Structured filing facts are available, but richer extracted sections are limited.$6.70$0.49$6.21$7.84$6.96$0.88
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$5.99$0.66$5.33$7.69$6.49$1.20
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$4.62$0.49$4.13$6.67$6.35$0.32
2016XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$4.37$0.56$3.81$6.89$6.72$0.17
2015XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$4.08$0.44$3.64$7.09$7.21$0.13
2014XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$4.34$0.57$3.76$7.66$7.79$0.13
2013Detailed filing. Detailed filing data is available for this year.$4.39$0.49$3.89$7.12$8.23$1.11
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$5.55$0.54$5.00$8.48
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$6.40$1.32$5.08$8.35
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$5.92$0.77$5.15$7.35