Brunswick Electric Membership Corp
- Assets
- $510.3m
- Revenue
- $218.1m
- Investments
- $1.2m
- Employees
- 231
- Location
- Shallotte, NC
- Founding
- 03/1961
- Data as of
- 12/2023
- 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 12/2023, Brunswick Electric Membership Corp employed 231 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 12/2023, Brunswick Electric Membership Corp generated $218.1m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 3.3% each year. All expenses for the organization totaled $213.4m during the year ending 12/2023. While expenses have increased by 3.1% per year over the past 8 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 22 individual grants totaling $752,560. 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
2023
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.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Joshua Winslow CEO / Gen Mg | Officer | 50 | $454,243 |
Corey Thurlow COO | Officer | 45 | $333,596 |
Scott Thomas VP Corp Serv | Officer | 40 | $305,181 |
David Reel VP Technolog | Officer | 40 | $288,031 |
Lisa Fitzgerald VP Finance | Officer | 50 | $271,604 |
Jordan Overbee VP Eng & Ops | Officer | 50 | $203,285 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Lee Electrical Construction Inc Line Const. | 12/30/23 | $13,583,591 |
New South Maintenance Inc Line Const. | 12/30/23 | $4,058,504 |
Sumter Utilities Inc Line Const. | 12/30/23 | $3,492,876 |
Usic Locating Services Inc Underground | 12/30/23 | $1,633,632 |
Clemmons Trimming Mowing Right Of Way | 12/30/23 | $1,245,801 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $324,773 |
| 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 | $324,773 |
| Total Program Service Revenue | $215,938,734 |
| Investment income | $1,374,680 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $82,219 |
| Net Gain/Loss on Asset Sales | $288,651 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $218,088,595 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $255,725 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $11,324,822 |
| Compensation of current officers, directors, key employees. | $4,373,338 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $15,720,661 |
| Pension plan accruals and contributions | $2,565,582 |
| Other employee benefits | $1,341,102 |
| Payroll taxes | $1,521,208 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $207,853 |
| 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 | $2,879,147 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $172,272 |
| Interest | $8,095,897 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $21,402,482 |
| Insurance | $0 |
| All other expenses | -$4,429,090 |
| Total functional expenses | $213,390,688 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $230,323 |
| Savings and temporary cash investments | $20,556,195 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $27,858,215 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $1,801,222 |
| Inventories for sale or use | $15,620,868 |
| Prepaid expenses and deferred charges | $1,203,850 |
| Net Land, buildings, and equipment | $384,267,407 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $1,187,542 |
| Investments—program-related | $57,571,128 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $510,296,750 |
| Accounts payable and accrued expenses | $29,044,094 |
| 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 | $228,620,239 |
| Unsecured mortgages and notes payable | $1,542,209 |
| Other liabilities | $38,831,841 |
| Total liabilities | $298,038,383 |
| 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 | $212,258,367 |
| Total liabilities and net assets/fund balances | $510,296,750 |
Grants Awarded
Over the last fiscal year, Brunswick Electric Membership Corp has awarded $40,000 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
COLUMBUS COUNTY DEPT OF AGING PURPOSE: ELECTRIC BILLS | $20,000 |
BRUNSWICK FAMILY ASSISTANCE PURPOSE: ELECTRIC BILLS | $20,000 |