Edgecombe-Martin County Electric Membership Corp
- Assets
- $71.5m
- Revenue
- $29.2m
- Investments
- $0.0
- Employees
- 42
- Location
- Tarboro, NC
- Founding
- 03/1961
- Data as of
- 12/2021
- EIN
- 56-0211980
Organization Overview
Edgecombe-Martin County Electric Membership Corp is located in Tarboro, 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, Edgecombe-Martin County Electric Membership Corp employed 42 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Edgecombe-Martin County 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, Edgecombe-Martin County Electric Membership Corp generated $29.2m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 0.7% each year. All expenses for the organization totaled $29.5m during the year ending 12/2021. While expenses have increased by 0.8% 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.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
SAFE AND EFFECTIVE DISTRIBUTION OF ELECTRICITY TO THE MEMBERS OF THE COOPERATIVE
Describe the Organization's Program Activity:
Part 3 - Line 4a
SAFE AND EFFECTIVE DISTRIBUTION OF ELECTRICITY TO THE MEMBERS OF THE COOPERATIVE. THE COOPERATIVE'S THREE LARGEST PROGRAM SERVICES AS MEASURED BY EXPENSES WERE AS FOLLOWS: COST OF POWER 15,261,235 OTHER SALARIES AND WAGES 3,163,648 PATRONAGE DIVIDENDS 2,940,762
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Winston Howell CEO | Officer | 40 | $278,416 |
Michael Johnson VP Engineeri | 40 | $173,566 | |
James Stocks VP Mem & Ind | 40 | $171,613 | |
Melinda Nimmo VP Of Financ | Officer | 40 | $162,655 |
Lisa Tolson VP Of Hr | 40 | $144,943 | |
John Abrams Mgr Ops & Ma | 40 | $112,337 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Xylem Tree Company Inc Row, Tree Trim | 12/30/21 | $600,368 |
Pike Electric Line Conversion | 12/30/21 | $425,482 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $14,409 |
| 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 | $14,409 |
| Total Program Service Revenue | $28,562,324 |
| Investment income | $555,486 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $54,594 |
| Net Gain/Loss on Asset Sales | $45,790 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $29,232,800 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $2,940,762 |
| Compensation of current officers, directors, key employees. | $745,695 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $3,163,648 |
| Pension plan accruals and contributions | $391,812 |
| Other employee benefits | $0 |
| Payroll taxes | $288,378 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $37,358 |
| 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 | $369,940 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $80,626 |
| Interest | $1,232,053 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,773,789 |
| Insurance | $0 |
| All other expenses | -$1,143,660 |
| Total functional expenses | $29,544,343 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $411,739 |
| Savings and temporary cash investments | $55,204 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $4,540,218 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $1,456,701 |
| Inventories for sale or use | $662,863 |
| Prepaid expenses and deferred charges | $418,115 |
| Net Land, buildings, and equipment | $54,916,004 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $9,055,971 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $71,516,815 |
| Accounts payable and accrued expenses | $1,918,887 |
| 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 | $32,390,545 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $2,264,794 |
| Total liabilities | $36,574,226 |
| 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 | $34,942,589 |
| Total liabilities and net assets/fund balances | $71,516,815 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Satilla Rural Electric Membership Corp Alma, GA | $268,716,625 | $122,190,964 |
Upper Cumberland Electric Membership Corporation Carthage, TN | $208,911,918 | $121,895,944 |
Diverse Power Incorporated Lagrange, GA | $239,882,222 | $117,829,336 |
Aiken Electric Cooperative Inc Aiken, SC | $337,192,184 | $117,100,131 |
Meriwether Lewis Electric Cooperative Centerville, TN | $179,486,251 | $119,621,039 |
Southwest Tennessee Electric Membership Corp Brownsville, TN | $219,052,657 | $121,626,016 |
Blue Ridge Mountain Electric Membership Corp 101-10 Irc Young Harris, GA | $245,553,260 | $112,097,199 |
Appalachian Electric Cooperative New Market, TN | $242,163,198 | $119,028,278 |
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 |
Amicalola Electric Membership Corp Jasper, GA | $201,848,786 | $100,500,156 |