Brunswick Electric Membership Corp
- Assets
- $489.2m
- Revenue
- $201.3m
- Investments
- $2.6m
- Employees
- 225
- Location
- Shallotte, NC
- Founding
- 03/1961
- Data as of
- 12/2021
- EIN
- 56-0154512
Organization Overview
Brunswick Electric Membership Corp is located in Shallotte, NC. The organization was established in 1961. 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, Brunswick Electric Membership Corp employed 225 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Brunswick Electric Membership Corp 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, Brunswick Electric Membership Corp generated $201.3m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 2.5% each year. All expenses for the organization totaled $199.0m during the year ending 12/2021. While expenses have increased by 2.5% per year over the past 7 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Since 2014, Brunswick Electric Membership Corp has awarded 18 individual grants totaling $642,560. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
THE MISSION OF BRUNSWICK ELECTRIC MEMBERSHIP CORPORATION IS TO PROVIDE OUR COOPERATIVE MEMBERSHIP WITH SUPERIOR ELECTRIC AND CONSUMER SERVICES THROUGH OPEN COMMUNICATION, UTILIZING A HIGHLY-TRAINED, EFFICIENT WORK FORCE IN CONJUNCTION WITH A KNOWLEDGEABLE AND WELL-INFORMED MEMBERSHIP. OUR PRIMARY GOAL IS TO DISTRIBUTE SAFE, AFFORDABLE, RELIABLE, AND ENVIRONMENTALLY RESPONSIBLE ELECTRICITY TO OUR MEMBERSHIP.
Describe the Organization's Program Activity:
Part 3 - Line 4a
DISTRIBUTION OF ELECTRICITY TO MEMBERS, WHICH INCLUDES THE PURCHASE OF ELECTRIC POWER FROM SUPPLIERS, TRANSMISSION OPERATIONS AND MAINTENANCE, DISTRIBUTION OPERATIONS AND MAINTENANCE, CUSTOMER ACCOUNTING, CUSTOMER SERVICE, MARKETING, GENERAL ADMINISTRATION, AND MINOR NON-OPERATING ACTIVITIES.
PATRONAGE DIVIDENDS PAID TO MEMBERS' ACCOUNTS. SEE PART IX, LINE 4, "BENEFITS PAID TO OR FOR MEMBERS", PER IRS INSTRUCTIONS.
OPERATION, MAINTENANCE, AND CONSTRUCTION OF ELECTRIC DISTRIBUTION LINES FOR (1) THE MILITARY OCEAN TERMINAL SUNNY POINT, UNDER THE TERMS OF A LONG-TERM CONTRACT WITH THE UNITED STATES GOVERNMENT, AND (2) THE CITY OF SOUTHPORT, NC.
CONSTRUCTION OF ELECTRIC TRANSMISSION AND DISTRIBUTION LINES TO SERVE MEMBERS. RECEIPTS, IN THE FORM OF CONTRIBUTIONS IN AID OF CONSTRUCTION, AND CONSTRUCTION COSTS ARE CAPITALIZED IN ACCORDANCE WITH ACCOUNTING PRINCIPLES GENERALLY ACCEPTED IN THE UNITED STATES OF AMERICA. FOR PURPOSES OF THE FORM 990 , CONSTRUCTION COSTS (EXPENSES) ARE CAPITALIZED, BUT CONTRIBUTIONS IN AID OF CONSTRUCTION ARE SHOWN AS REVENUE IN ACCORDANCE WITH IRS INSTRUCTIONS. EXPENSES ON FORM 990 = 0. REVENUE ON FORM 990 = 4,296,005. CAPITAL CREDITS RECEIVED FROM SUPPLIERS FOR THE FURTHERANCE OF THE DISTRIBUTION OF ELECTRICITY TO MEMBERS. EXPENSES ON FORM 990 = 36,825. REVENUE ON FORM 990 = 0 OTHER NON-OPERATING REVENUE INCLUDING INVESTMENT INCOME AND OTHER MISCELLANEOUS REVENUE TOTALING 963,363
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Don M Hughes Former Offic | $414,648 | ||
Joshua Winslow CEO / Gen Mg | Officer | 60 | $338,254 |
Lewis Shaw VP Oper & En | Officer | 50 | $270,313 |
Corey Thurlow COO | Officer | 45 | $264,496 |
David Reel VP Technolog | Officer | 40 | $216,903 |
Scott Thomas VP Corp Serv | Officer | 50 | $204,775 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Lee Electrical Construction Inc Line Const. | 12/30/21 | $8,640,776 |
New South Maintenance Inc Right Way Maint | 12/30/21 | $2,518,762 |
Pike Electric Llc Line Const. | 12/30/21 | $2,138,349 |
Musco Corporation Lighting | 12/30/21 | $1,127,168 |
Sumter Utilities Inc Line Const. | 12/30/21 | $1,862,832 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $404,034 |
| 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 | $404,034 |
| Total Program Service Revenue | $199,278,405 |
| Investment income | $1,092,054 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $131,399 |
| Net Gain/Loss on Asset Sales | -$392,200 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $201,275,080 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $257,038 |
| Grants and other assistance to domestic individuals. | $10,000 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $12,515,359 |
| Compensation of current officers, directors, key employees. | $3,710,995 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $15,444,666 |
| Pension plan accruals and contributions | $2,316,241 |
| Other employee benefits | $1,847,353 |
| Payroll taxes | $1,443,174 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $96,635 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $3,831,654 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $459,754 |
| Interest | $7,839,994 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $19,627,847 |
| Insurance | $0 |
| All other expenses | -$3,469,760 |
| Total functional expenses | $199,029,268 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,123 |
| Savings and temporary cash investments | $38,105,004 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $27,009,117 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $3,093,585 |
| Inventories for sale or use | $9,705,577 |
| Prepaid expenses and deferred charges | $5,408,179 |
| Net Land, buildings, and equipment | $355,428,266 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $2,607,434 |
| Investments—program-related | $47,883,804 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $489,243,089 |
| Accounts payable and accrued expenses | $27,622,548 |
| 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 | $220,923,415 |
| Unsecured mortgages and notes payable | $3,499,827 |
| Other liabilities | $49,477,349 |
| Total liabilities | $301,523,139 |
| 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 | $187,719,950 |
| Total liabilities and net assets/fund balances | $489,243,089 |
Grants Awarded
Over the last fiscal year, Brunswick Electric Membership Corp has awarded $80,000 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
Shallotte, NC PURPOSE: ELECTRIC BILLS | $40,000 |
COLUMBUS COUNTY DEPT OF AGING PURPOSE: ELECTRIC BILLS | $40,000 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Brunswick Electric Membership Corp has recieved totaling $15,796.
| Awarding Organization | Amount |
|---|---|
North Carolina Electric Membership Corporation Raleigh, NC PURPOSE: EDUCATIONAL ASSISTANCE | $15,796 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Middle Tennessee Electric Membership Corporation Murfreesboro, TN | $972,885,002 | $816,151,968 |
Old Dominion Electric Cooperative Glen Allen, VA | $2,169,039,010 | $801,442,287 |
Northern Virginia Electric Co-Op Manassas, VA | $1,071,859,351 | $676,666,779 |
Jackson Electric Membership Corp Jefferson, GA | $1,224,303,203 | $616,720,445 |
Cobb Electric Membership Corporation Marietta, GA | $1,101,529,853 | $448,648,839 |
Sawnee Electric Membership Corp Cumming, GA | $881,772,713 | $421,763,531 |
Rappahannock Electric Cooperative Fredericksburg, VA | $1,043,159,165 | $419,807,187 |
Berkeley Electric Cooperative Inc Moncks Corner, SC | $676,271,341 | $408,085,738 |
Georgia Transmission Corporation Tucker, GA | $2,954,026,800 | $380,617,270 |
Walton Emc Monroe, GA | $527,402,332 | $323,280,272 |
Greystone Power Corporation An Electric Membership Corporation Douglasville, GA | $623,308,885 | $319,065,747 |
Cumberland Electric Membership Corp Clarksville, TN | $559,882,187 | $327,722,843 |