Lumbee River Electric Membership Corporation
- Assets
- $379.1m
- Revenue
- $157.0m
- Investments
- $13.2m
- Employees
- 123
- Location
- Pembroke, NC
- Founding
- 12/1966
- Data as of
- 12/2021
- EIN
- 56-0305124
Organization Overview
Lumbee River Electric Membership Corporation is located in Pembroke, 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, Lumbee River Electric Membership Corporation employed 123 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Lumbee River 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 12/2021, Lumbee River Electric Membership Corporation generated $157.0m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 1.1% each year. All expenses for the organization totaled $156.4m during the year ending 12/2021. While expenses have increased by 1.1% 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 LREMC.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SAFE AND EFFECTIVE DISTRIBUTION OF ELECTRICITY TO THE MEMBERS OF LREMC. THE THREE LARGEST PROGRAM SERVICES, AS MEASURED BY EXPENSES, WERE AS FOLLOWS: COST OF POWER: 100,626,812 BENEFITS PAID TO MEMBERS: 14,268,098 DEPRECIATION: 12,520,606
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Shawn Hunt Formerpresid | Officer | 40 | $946,655 |
Lea Hewett Former VP Of | Officer | 40 | $156,815 |
William Dockery General Fore | 60 | $154,198 | |
Walter White VP Of Corp S | 40 | $142,411 | |
Chris Locklear VP Eng & Ope | 40 | $123,049 | |
Cynthia Stiles VP Of Hr | 40 | $122,604 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
East Coast Electrical Construction | 12/30/21 | $3,416,141 |
Xylem Inc Tree Trimming | 12/30/21 | $2,165,508 |
Lee Electrical Construction Construction | 12/30/21 | $1,241,497 |
Directional Services Inc Electrical | 12/30/21 | $1,209,805 |
Ervin Cable Construction Fiber Const. | 12/30/21 | $850,370 |
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 | $154,841,217 |
| Investment income | $734,880 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $114,840 |
| 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 | -$11,144 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $157,047,109 |
| 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 | $14,268,098 |
| Compensation of current officers, directors, key employees. | $1,353,159 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $9,339,965 |
| Pension plan accruals and contributions | $1,836,956 |
| Other employee benefits | $991,672 |
| Payroll taxes | $889,368 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $317,436 |
| 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 | $1,247,728 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $132,867 |
| Interest | $4,610,362 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $12,520,606 |
| Insurance | $0 |
| All other expenses | -$2,782,320 |
| Total functional expenses | $156,380,186 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $34,065,958 |
| Savings and temporary cash investments | $100,000 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $15,494,096 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $3,595,402 |
| Inventories for sale or use | $5,090,870 |
| Prepaid expenses and deferred charges | $218,994 |
| Net Land, buildings, and equipment | $268,482,779 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $13,200,505 |
| Investments—program-related | $38,028,164 |
| Intangible assets | $0 |
| Other assets | $860,360 |
| Total assets | $379,137,128 |
| Accounts payable and accrued expenses | $13,699,850 |
| 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 | $173,800,372 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $28,949,549 |
| Total liabilities | $216,449,771 |
| 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 | $162,687,357 |
| Total liabilities and net assets/fund balances | $379,137,128 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Lumbee River Electric Membership Corporation has recieved totaling $11,312.
| Awarding Organization | Amount |
|---|---|
North Carolina Electric Membership Corporation Raleigh, NC PURPOSE: EDUCATIONAL ASSISTANCE | $11,312 |
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 |