French Broad Electric Membership Corporation
- Assets
- $142.2m
- Revenue
- $62.2m
- Investments
- $0.0
- Employees
- 126
- Location
- Marshall, NC
- Founding
- 12/1966
- Data as of
- 12/2020
- EIN
- 56-0229234
Organization Overview
French Broad Electric Membership Corporation is located in Marshall, 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 12/2020, French Broad Electric Membership Corporation employed 126 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. French Broad 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 12/2020, French Broad Electric Membership Corporation generated $62.2m in total revenue. The organization has seen a slow decline revenue. Over the past 6 years, revenues have fallen by an average of (0.4%) each year. All expenses for the organization totaled $61.7m during the year ending 12/2020. As we would expect to see with falling revenues, expenses have declined by (0.4%) per year over the past 6 years. 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
2020
Describe the Organization's Mission:
Part 3 - Line 1
SAFE AND EFFECTIVE DISTRIBUTION OF ELECTRICITY TO MEMBERS OF FRENCH BROAD EMC.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE SALE AND DISTRIBUTION OF ELECTRICITY TO MEMBERS OF FRENCH BROAD EMC. THE THREE LARGEST PROGRAM SERVICES, AS MEASURED BY EXPENSES, ARE AS FOLLOWS: COST OF POWER: 28,510,327 SALARIES AND WAGES: 9,122,702 DEPRECIATION AND AMORTIZATION: 8,584,393
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jeffery Loven General Mana | Officer | 45 | $382,002 |
Gregory Fowler District Man | Officer | 48 | $212,122 |
Tracy Evans District Man | Officer | 55 | $206,895 |
Phyllis Holt Office Manag | Officer | 45 | $205,478 |
Hugh R Fleming Op Mgr. / Sa | 55 | $174,748 | |
Donald R Webb Eng. & Opr. | 45 | $171,518 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Heritage Exterior Maintenance Right Of Way | 12/30/20 | $2,836,411 |
Lewis Tree Right Of Way | 12/30/20 | $1,643,720 |
Haynes Electric Utility Work | 12/30/20 | $1,511,280 |
Cvo Enterprises Inc Fiber Work | 12/30/20 | $1,317,978 |
Cls Construction Grading | 12/30/20 | $538,788 |
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 | $60,762,168 |
| Investment income | $263,449 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $1,191,748 |
| Net Gain/Loss on Asset Sales | $21,269 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $62,238,759 |
| 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 | $2,050,991 |
| Compensation of current officers, directors, key employees. | $2,004,832 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $9,122,702 |
| Pension plan accruals and contributions | $1,457,059 |
| Other employee benefits | $511,998 |
| Payroll taxes | $810,336 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $24,459 |
| 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 | $1,224,693 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $41,349 |
| Interest | $2,373,585 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $8,584,393 |
| Insurance | $0 |
| All other expenses | -$3,590,490 |
| Total functional expenses | $61,697,350 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $3,518,376 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $5,940,094 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $443,905 |
| Inventories for sale or use | $3,371,736 |
| Prepaid expenses and deferred charges | $670,141 |
| Net Land, buildings, and equipment | $125,104,784 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $2,478,944 |
| Intangible assets | $0 |
| Other assets | $709,736 |
| Total assets | $142,237,716 |
| Accounts payable and accrued expenses | $8,233,186 |
| 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 | $71,659,409 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $12,058,131 |
| Total liabilities | $91,950,726 |
| 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 | $50,286,990 |
| Total liabilities and net assets/fund balances | $142,237,716 |
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 |