Carteret-Craven Electric Foundation

The Carteret-Craven Electric Foundation is a nonprofit organization classified under Philanthropy, Voluntarism and Grantmaking Foundations, categorized as a public foundation. Donations made to this organization are tax-deductible. It operates in conjunction with the Carteret-Craven Electric Cooperative (CCEC) to support various community initiatives.

Mission and Programs

The mission of the Carteret-Craven Electric Foundation is focused on improving the quality of life in the communities it serves, primarily through Operation RoundUP. This program involves rounding up the electric bills of participating CCEC members to the nearest dollar, with the excess amount (averaging $6 per year per member) going towards community grants. Since its inception in 1999, Operation RoundUP has distributed over $3.8 million to support youth leadership programs, college scholarships, veterans, food pantries, healthcare programs, shelters, and emergency heating and cooling assistance within Carteret, Craven, Jones, and Onslow counties.

Financials

As of the fiscal year ending in 2024, the foundation’s revenue was approximately $152,000, with expenses of about $184,000. The total assets were valued at around $182,000, and total liabilities were $0. The majority of its revenue comes from contributions, reflecting the voluntary participation of CCEC members in Operation RoundUP.

Governance

The foundation is managed by a board of volunteer co-op members who review grant applications and oversee the distribution of funds. Key employees and officers of the foundation historically have not received compensation for their roles.

Impact

The Carteret-Craven Electric Foundation plays a significant role in supporting community development and welfare through targeted grants across various sectors. This aligns with CCEC's broader commitment to enhancing community life through reliable and affordable energy services.