Edgecombe-Martin County Electric Membership Corp
- Assets
- $74.4m
- Revenue
- $29.7m
- Investments
- $0.0
- Employees
- 44
- Location
- Tarboro, NC
- Founding
- 03/1961
- Data as of
- 12/2023
- 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 12/2023, Edgecombe-Martin County Electric Membership Corp employed 44 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 12/2023, Edgecombe-Martin County Electric Membership Corp generated $29.7m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 0.8% each year. All expenses for the organization totaled $30.2m during the year ending 12/2023. While expenses have increased by 0.8% 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 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 15,524,084 OTHER SALARIES AND WAGES 3,444,727 DEPRECIATION AND AMORTIZATION 2,831,320
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Winston Howell CEO | Officer | 40 | $303,934 |
Melinda Nimmo VP Of Financ | Officer | 40 | $186,001 |
Michael Johnson VP Engineeri | 40 | $204,239 | |
James Stocks VP Mem & Ind | 40 | $193,941 | |
Lisa Tolson VP Of Hr | 40 | $162,471 | |
Bobby Wheeler Line Coordin | 40 | $123,117 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
John Lucas Tree Experts Row Maintenance | 12/30/23 | $971,618 |
River City Construction Line Conversion | 12/30/23 | $803,389 |
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 | $29,492,559 |
| Investment income | $104,962 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $70,003 |
| Net Gain/Loss on Asset Sales | $70,565 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $29,738,660 |
| 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 | $1,719,112 |
| Compensation of current officers, directors, key employees. | $797,438 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $3,444,727 |
| Pension plan accruals and contributions | $415,208 |
| Other employee benefits | $0 |
| Payroll taxes | $314,773 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $23,927 |
| 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 | $658,881 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $115,043 |
| Interest | $1,280,682 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,831,320 |
| Insurance | $0 |
| All other expenses | -$1,105,978 |
| Total functional expenses | $30,193,887 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,385,013 |
| Savings and temporary cash investments | $2,308,827 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $4,482,436 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $291,028 |
| Inventories for sale or use | $793,710 |
| Prepaid expenses and deferred charges | $176,867 |
| Net Land, buildings, and equipment | $56,088,678 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $8,878,312 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $74,404,871 |
| Accounts payable and accrued expenses | $2,388,094 |
| 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 | $32,029,402 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $4,293,448 |
| Total liabilities | $38,710,944 |
| 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 | $35,693,927 |
| Total liabilities and net assets/fund balances | $74,404,871 |