Blue Ridge Electric Membership Corporation
- Assets
- $493.9m
- Revenue
- $162.0m
- Investments
- $25.8m
- Employees
- 207
- Location
- Lenoir, NC
- Founding
- 03/1961
- Data as of
- 12/2023
- EIN
- 56-0160075
Organization Overview
Blue Ridge Electric Membership Corporation is located in Lenoir, 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, Blue Ridge Electric Membership Corporation employed 207 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Blue Ridge Electric Membership Corporation 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, Blue Ridge Electric Membership Corporation generated $162.0m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 1.3% each year. All expenses for the organization totaled $155.7m during the year ending 12/2023. While expenses have increased by 0.9% per year over the past 9 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.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
SAFE AND EFFECTIVE DISTRIBUTION OF ELECTRICITY TO THE MEMBERS OF BLUE RIDGE EMC
Describe the Organization's Program Activity:
Part 3 - Line 4a
SAFE AND EFFECTIVE DELIVERY OF ELECTRICITY TO THE MEMBERS OF BLUE RIDGE EMC. THE THREE LARGEST PROGRAM SERVICES, AS MEASURED BY EXPENSES ARE AS FOLLOWS:COST OF POWER $74,746,639DEPRECIATION $19,744,754OTHER SALARIES AND WAGES $18,899,203
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Douglas W Johnson Exec. VP & CEO | Officer | 49 | $703,260 |
Alan Merck Svp, COO | Officer | 50 | $402,475 |
Julie O'dell Svp, Cao | Officer | 42 | $319,126 |
Brad Shields SVP & Exec Cons | Officer | 25 | $338,136 |
Katie M Woodle Svp, CFO | Officer | 40 | $359,017 |
Michael High Dir. Eng. Serv. | 45 | $231,522 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Pike Electric Llc Construction | 12/30/23 | $2,786,705 |
James R Vannoy & Sons Construction Building Construction | 12/30/23 | $2,793,575 |
John Lucas Tree Expert Co Tree Trimming | 12/30/23 | $2,416,926 |
Cvo Enterprises Inc Construction | 12/30/23 | $2,200,798 |
Xylem Tree Experts Tree Trimming | 12/30/23 | $1,300,761 |
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 | $8,188,795 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $8,188,795 |
| Total Program Service Revenue | $146,312,463 |
| Investment income | $997,087 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $2,411,770 |
| Net Gain/Loss on Asset Sales | -$2,549,459 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $33,220 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $161,962,785 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $30,217 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $10,900,476 |
| Compensation of current officers, directors, key employees. | $3,632,415 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $18,899,203 |
| Pension plan accruals and contributions | $4,328,467 |
| Other employee benefits | $328,069 |
| Payroll taxes | $1,720,382 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $663,848 |
| 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 | $3,699,444 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $363,149 |
| Interest | $7,985,099 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $19,744,754 |
| Insurance | $0 |
| All other expenses | -$8,217,271 |
| Total functional expenses | $155,745,368 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $5,249,572 |
| Savings and temporary cash investments | $5,897,568 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $21,636,287 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $6,848,367 |
| Inventories for sale or use | $8,453,302 |
| Prepaid expenses and deferred charges | $4,946,329 |
| Net Land, buildings, and equipment | $398,986,117 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $25,776,433 |
| Investments—program-related | $16,044,318 |
| Intangible assets | $0 |
| Other assets | $31,911 |
| Total assets | $493,870,204 |
| Accounts payable and accrued expenses | $24,206,518 |
| 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 | $249,476,992 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $19,472,678 |
| Total liabilities | $293,156,188 |
| 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 | $200,714,016 |
| Total liabilities and net assets/fund balances | $493,870,204 |