Halifax Electric Membership Corporation
- Assets
- $75.5m
- Revenue
- $28.8m
- Investments
- $0.0
- Employees
- 48
- Location
- Enfield, NC
- Founding
- 12/1966
- Data as of
- 12/2023
- EIN
- 56-0250191
Organization Overview
Halifax Electric Membership Corporation is located in Enfield, 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 12/2023, Halifax Electric Membership Corporation employed 48 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Halifax 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, Halifax Electric Membership Corporation generated $28.8m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 2.1% each year. All expenses for the organization totaled $29.1m during the year ending 12/2023. While expenses have increased by 2.3% 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE THE BEST POSSIBLE ELECTRIC SERVICE TO ALL WHO DESIRE IT WITHIN THE SYSTEM SERVICE AREA AT A REASONABLE COST CONSISTENT WITH THE HIGHEST STANDARDS OF SERVICE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO PROVIDE THE BEST POSSIBLE ELECTRIC SERVICE TO ALL WHO DESIRE IT WITHIN THE SYSTEM SERVICE AREA AT A REASONABLE COST CONSISTENT WITH THE HIGHEST STANDARDS OF SERVICE. THE THREE LARGEST PROGRAM SERVICES AS MEASURED BY EXPENSES WERE AS FOLLOWS: COST OF POWER 14,261,783 DEPRECIATION 3,104,996 OTHER SALARIES AND WAGES 3,025,572
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Charles H Guerry Retired Vp/g | Officer | 40 | $198,258 |
Adam T Lemley CEO | Officer | 40 | $167,564 |
Wanda P Cooke Director Of | Officer | 40 | $121,775 |
James T Harriett Director Of | 40 | $114,130 | |
Roger L Chappell Line Superin | 40 | $116,786 | |
Raymond T Conner Lead Lineman | 40 | $105,420 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Xylem Tree Experts Clearing | 12/30/23 | $947,474 |
C-phase Services Llc Contractor | 12/30/23 | $647,418 |
Booth & Associates Inc Engineering | 12/30/23 | $214,458 |
Advantage Electric & Utilities Inc Construction | 12/30/23 | $222,017 |
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 | $28,593,342 |
| Investment income | $48,054 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $78,424 |
| Net Gain/Loss on Asset Sales | $59,515 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $28,778,915 |
| 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 | $1,918,198 |
| Compensation of current officers, directors, key employees. | $798,381 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $3,025,572 |
| Pension plan accruals and contributions | $903,194 |
| Other employee benefits | $0 |
| Payroll taxes | $281,054 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $46,267 |
| 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 | $1,255,317 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $131,694 |
| Interest | $1,483,547 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $3,104,996 |
| Insurance | $0 |
| All other expenses | -$1,619,179 |
| Total functional expenses | $29,096,862 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $908,746 |
| Savings and temporary cash investments | $1,272,349 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $3,312,419 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $1,083,000 |
| Inventories for sale or use | $1,514,039 |
| Prepaid expenses and deferred charges | $151,353 |
| Net Land, buildings, and equipment | $59,800,695 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $7,498,601 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $75,541,202 |
| Accounts payable and accrued expenses | $2,914,489 |
| 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 | $44,826,265 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $1,396,235 |
| Total liabilities | $49,136,989 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $102,860 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $26,301,353 |
| Total liabilities and net assets/fund balances | $75,541,202 |