Mecklenburg Electric Cooperative
- Assets
- $225.5m
- Revenue
- $70.3m
- Investments
- $0.0
- Employees
- 109
- Location
- Chase City, VA
- Founding
- 02/1940
- Data as of
- 12/2021
- EIN
- 54-0299805
Organization Overview
Mecklenburg Electric Cooperative is located in Chase City, VA. The organization was established in 1940. According to its NTEE Classification (W80) the organization is classified as: Public Utilities, under the broad grouping of Public & Societal Benefit and related organizations. As of 12/2021, Mecklenburg Electric Cooperative employed 109 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Mecklenburg Electric Cooperative is a 501(c)(12) and as such, is described as a "Benevolent Life Insurance Association, Mutual Ditch or Irrigation Company, Mutual or Cooperative Telephone Company" by the IRS.
For the year ending 12/2021, Mecklenburg Electric Cooperative generated $70.3m in total revenue. The organization has seen a slow decline revenue. Over the past 7 years, revenues have fallen by an average of (1.0%) each year. All expenses for the organization totaled $66.5m during the year ending 12/2021. As we would expect to see with falling revenues, expenses have declined by (1.6%) per year over the past 7 years. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
PROVIDE SAFE AND EFFECTIVE DISTRIBTUION OF ELECTRICITY TO THE MEMBERS OF MECKLENBURG ELECTRIC COOPERATIVE
Describe the Organization's Program Activity:
Part 3 - Line 4a
SALE OF ELECTRICITY TO OUR MEMBERS
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
John C Lee Jr President And CEO | Officer | 50 | $943,905 |
James P Guy II Legal Counsel | 55 | $215,600 | |
David H Lipscomb VP Member And Energy Services | 47 | $168,309 | |
Dwayne Long VP Information Technology | 60 | $164,321 | |
Benjamin J Seamans VP Engineering & Operations | 50 | $162,579 | |
Carol B Jones VP Finance And Accounting | Officer | 50 | $151,726 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Better Cable Systems Inc System Improvements & Ftth | 12/30/21 | $2,255,484 |
Aubrey Silvey Enterprises Inc Electrical Distribution | 12/30/21 | $3,493,729 |
Asplundh Tree Expert Co Inc Right Of Way Maintenance | 12/30/21 | $2,489,018 |
Davis H Elliott Inc System Improvements & Ftth | 12/30/21 | $2,219,809 |
River City Construction Inc System Improvements & Ftth | 12/30/21 | $2,689,080 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $69,140,769 |
| Investment income | $128,084 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $860,389 |
| Net Gain/Loss on Asset Sales | $158,792 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $6,166 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $70,294,200 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $5,000 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $2,995,450 |
| Compensation of current officers, directors, key employees. | $1,745,933 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $3,183,433 |
| Pension plan accruals and contributions | $1,333,202 |
| Other employee benefits | $0 |
| Payroll taxes | $669,214 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $45,765 |
| Fees for services: Accounting | $43,199 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $45,366 |
| Advertising and promotion | $0 |
| Office expenses | $196,401 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $37,442 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $177,098 |
| Interest | $3,998,691 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $6,426,776 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $66,533,483 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,510 |
| Savings and temporary cash investments | $7,384,607 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $9,270,414 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $978,441 |
| Inventories for sale or use | $3,930,639 |
| Prepaid expenses and deferred charges | $10,682,099 |
| Net Land, buildings, and equipment | $153,683,686 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $38,453,891 |
| Intangible assets | $1,119,641 |
| Other assets | $0 |
| Total assets | $225,505,928 |
| Accounts payable and accrued expenses | $16,834,840 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $121,174,768 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $1,475,318 |
| Total liabilities | $139,484,926 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $86,021,002 |
| Total liabilities and net assets/fund balances | $225,505,928 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Upper Cumberland Electric Membership Corporation Carthage, TN | $208,911,918 | $121,895,944 |
Meriwether Lewis Electric Cooperative Centerville, TN | $179,486,251 | $119,621,039 |
Salt River Electric Bardstown, KY | $187,060,575 | $114,408,015 |
Southwest Tennessee Electric Membership Corp Brownsville, TN | $219,052,657 | $121,626,016 |
Appalachian Electric Cooperative New Market, TN | $242,163,198 | $119,028,278 |
Jackson Energy Cooperative Corporat Ion Inc Mckee, KY | $284,949,026 | $109,799,636 |
South River Electric Membership Corporation Dunn, NC | $271,179,808 | $105,392,697 |
Central Virginia Electric Cooperative Lovingston, VA | $375,858,912 | $102,220,456 |
Wake Electric Membership Corp Wake Forest, NC | $280,486,920 | $101,861,632 |
Gibson Electric Membership Corp Trenton, TN | $199,281,246 | $104,510,085 |
Four County Electric Membership Corp Burgaw, NC | $229,795,069 | $103,654,934 |
Holston Electric Cooperative Inc Rogersville, TN | $140,432,181 | $97,958,544 |