Four County Electric Membership Corp
- Assets
- $229.8m
- Revenue
- $103.7m
- Investments
- $27.0m
- Employees
- 112
- Location
- Burgaw, NC
- Founding
- 12/1966
- Data as of
- 12/2021
- EIN
- 56-0227152
Organization Overview
Four County Electric Membership Corp is located in Burgaw, NC. The organization was established in 1966. 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, Four County Electric Membership Corp employed 112 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Four 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, Four County Electric Membership Corp generated $103.7m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 0.9% each year. All expenses for the organization totaled $98.2m during the year ending 12/2021. While expenses have increased by 0.9% 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
TO PROVIDE HIGHLY RELIABLE ELECTRIC SERVICES, INNOVATIVE ENERGY SOLUTIONS AND OUTSTANDING SERVICE TO OUR MEMBERS AND COMMUNITIES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
FOUR COUNTY ELECTRIC IS A NOT-FOR-PROFIT ELECTRIC COOPERATIVE OWNED BY THE PEOPLE IT SERVES. AS A HOMETOWN UTILITY, FOUR COUNTY IS COMMITTED TO PROVIDING SAFE, RELIABLE AND AFFORDABLE ENERGY TO ITS MORE THAN 32,000 COMMERCIAL AND RESIDENTIAL MEMBER-OWNERS IN SIX NORTH CAROLINA COUNTIES, INCLUDING BLADEN, DUPLIN, PENDER, SAMPSON, COLUMBUS AND ONSLOW COUNTIES. TODAY, MORE THAN 5,000 MILES OF OVERHEAD, UNDERGROUND, AND TRANSMISSION LINES PROVIDE RELIABLE ELECTRIC SERVICE TO OVER 32,000 SERVICES WHICH INCLUDE RESIDENCES, FARMS, BUSINESSES, INDUSTRIES, CHURCHES, AND SCHOOLS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Mitchell Keel CEO - Former | Officer | 40 | $482,593 |
Gary Chitwood Chief Financial Officer | Officer | 40 | $180,383 |
Don Gatton CEO | Officer | 40 | $178,856 |
Gregg A Cohn Vice Pres. Engineering | 40 | $167,528 | |
Franklin S Cook Vice Pres. Operations | 40 | $125,310 | |
Anthony A Kent Vice Pres. Information Tec | 40 | $120,610 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Rowe Tree Co Tree Crews | 12/30/21 | $1,306,879 |
Meridian Cooperative Inc Data Processing | 12/30/21 | $956,515 |
Linetec Services Llc Line Construction | 12/30/21 | $747,284 |
Sumter Utilities Inc Line Crew | 12/30/21 | $657,500 |
Kennedy Tree Service Tree Crews | 12/30/21 | $690,473 |
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 | $103,198,579 |
| Investment income | $456,355 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $103,654,934 |
| 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 | $2,050,306 |
| Compensation of current officers, directors, key employees. | $1,375,169 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $825,917 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $202,588 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $493,547 |
| 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 | $519,622 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $3,479,430 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $7,687,076 |
| Insurance | $77,143 |
| All other expenses | $4,084,255 |
| Total functional expenses | $98,214,218 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $4,028,796 |
| Savings and temporary cash investments | $2,000,000 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $6,870,050 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $4,586,508 |
| Inventories for sale or use | $2,132,624 |
| Prepaid expenses and deferred charges | $1,462,530 |
| Net Land, buildings, and equipment | $181,710,745 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $27,003,816 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $229,795,069 |
| Accounts payable and accrued expenses | $12,061,906 |
| Grants payable | $0 |
| Deferred revenue | $3,500,000 |
| 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 | $106,162,298 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $13,128,423 |
| Total liabilities | $134,852,627 |
| 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 | $94,942,442 |
| Total liabilities and net assets/fund balances | $229,795,069 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Four County Electric Membership Corp has recieved totaling $7,360.
| Awarding Organization | Amount |
|---|---|
North Carolina Electric Membership Corporation Raleigh, NC PURPOSE: EDUCATIONAL ASSISTANCE | $7,360 |
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 |