Piedmont Electric Membership Corp
- Assets
- $213.7m
- Revenue
- $66.2m
- Investments
- $0.0
- Employees
- 112
- Location
- Hillsborough, NC
- Founding
- 03/1961
- Data as of
- 12/2021
- EIN
- 56-0358446
Organization Overview
Piedmont Electric Membership Corp is located in Hillsborough, NC. The organization was established in 1961. 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, Piedmont Electric Membership Corp employed 112 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Piedmont 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, Piedmont Electric Membership Corp generated $66.2m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 0.3% each year. All expenses for the organization totaled $66.2m during the year ending 12/2021. While expenses have increased by 0.3% 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO EMPOWER AND TO PARTNER WITH OUR MEMBER-CONSUMERS TO PROVIDE ENERGY VALUE AND TO ENHANCE THE QUALITY OF LIFE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
NA
COMPENSATION OF CURRENT OFFICERS, DIRECTORS, TRUSTEES, AND KEY EMPLOYEES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Steve Hamlin President & | Officer | 50 | $297,681 |
Susan Cashion VP Compl. & | 50 | $219,671 | |
Lawrence Hopkins Mgr - Engine | 50 | $192,677 | |
Robert Riley VP Of Operat | 50 | $189,228 | |
Lisa Kennedy VP Financial | 50 | $179,969 | |
Brandon Reed Mgr Of Mbr S | 50 | $144,982 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Allegiant Utility Pole Inspection | 12/30/21 | $245,927 |
Wellsmont Landscaping Landscaping | 12/30/21 | $110,018 |
Bore-tech Utilities Fiber Optic | 12/30/21 | $109,797 |
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 | $66,197,212 |
| Investment income | $71,587 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | -$22,357 |
| Net Gain/Loss on Asset Sales | $5,251 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $66,236,089 |
| 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 | $5,296,834 |
| Compensation of current officers, directors, key employees. | $667,665 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $8,680,135 |
| Pension plan accruals and contributions | $1,675,122 |
| Other employee benefits | $2,080,100 |
| Payroll taxes | $633,379 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| 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 | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $2,976,732 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $7,941,964 |
| Insurance | $0 |
| All other expenses | -$5,411,190 |
| Total functional expenses | $66,236,089 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,788,343 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $6,958,920 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $6,418,601 |
| Inventories for sale or use | $3,201,693 |
| Prepaid expenses and deferred charges | $1,052,502 |
| Net Land, buildings, and equipment | $185,659,867 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $7,578,244 |
| Intangible assets | $0 |
| Other assets | $7,069 |
| Total assets | $213,665,239 |
| Accounts payable and accrued expenses | $13,565,421 |
| 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 | $121,167,781 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $9,841,430 |
| Total liabilities | $144,574,632 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $2,700,850 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $66,389,757 |
| Total liabilities and net assets/fund balances | $213,665,239 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Piedmont Electric Membership Corp has recieved totaling $9,328.
| Awarding Organization | Amount |
|---|---|
North Carolina Electric Membership Corporation Raleigh, NC PURPOSE: EDUCATIONAL ASSISTANCE | $9,328 |
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 |