Lumbee River Electric Membership Corporation
- Assets
- $388.9m
- Revenue
- $158.2m
- Investments
- $7.7m
- Employees
- 138
- Location
- Pembroke, NC
- Founding
- 12/1966
- Data as of
- 12/2023
- 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 12/2023, Lumbee River Electric Membership Corporation employed 138 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 12/2023, Lumbee River Electric Membership Corporation generated $158.2m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 0.9% each year. All expenses for the organization totaled $161.7m during the year ending 12/2023. While expenses have increased by 1.2% 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 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: 105,910,915 DEPRECIATION: 12,906,216 SALARIES: 10,798,121
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jon T Locklear President & | Officer | 40 | $244,192 |
Steven Davis VP Info Tech | 40 | $147,261 | |
William Dockery Sup Of Opera | 60 | $165,731 | |
Ruby Quick VP Member Sr | 41 | $150,276 | |
John Dyson COO | 40 | $179,258 | |
Walter White VP Of Corp S | 45 | $178,134 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
East Coast Electrical Construction | 12/30/23 | $3,959,645 |
Xylem Inc Tree Trimming | 12/30/23 | $3,731,867 |
Directional Services Inc Electrical | 12/30/23 | $2,831,162 |
Lee Electrical Construction Construction | 12/30/23 | $1,307,200 |
Pg Communications Llc Fiber Const. | 12/30/23 | $1,052,353 |
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 | $157,635,501 |
| Investment income | $183,422 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $120,047 |
| Net Gain/Loss on Asset Sales | $184,917 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | -$17,397 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $158,192,273 |
| 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 | $6,192,752 |
| Compensation of current officers, directors, key employees. | $661,004 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $10,798,121 |
| Pension plan accruals and contributions | $1,866,345 |
| Other employee benefits | $26,849 |
| Payroll taxes | $951,850 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $93,981 |
| 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 | $1,524,602 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $697,082 |
| Interest | $5,194,732 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $12,906,216 |
| Insurance | $0 |
| All other expenses | -$2,221,736 |
| Total functional expenses | $161,652,260 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $7,898,672 |
| Savings and temporary cash investments | $100,000 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $21,668,207 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $3,238,260 |
| Inventories for sale or use | $7,775,818 |
| Prepaid expenses and deferred charges | $866,560 |
| Net Land, buildings, and equipment | $293,735,035 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $7,705,963 |
| Investments—program-related | $45,575,452 |
| Intangible assets | $0 |
| Other assets | $363,200 |
| Total assets | $388,927,167 |
| Accounts payable and accrued expenses | $17,063,294 |
| 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 | $186,206,373 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $18,621,173 |
| Total liabilities | $221,890,840 |
| 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 | $167,036,327 |
| Total liabilities and net assets/fund balances | $388,927,167 |