Pitt & Greene Electric Membership Corporation
- Assets
- $61.1m
- Revenue
- $24.8m
- Investments
- $0.0
- Employees
- 36
- Location
- Farmville, NC
- Founding
- 12/1966
- Data as of
- 12/2021
- EIN
- 56-0360850
Organization Overview
Pitt & Greene Electric Membership Corporation is located in Farmville, 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, Pitt & Greene Electric Membership Corporation employed 36 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Pitt & Greene 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, Pitt & Greene Electric Membership Corporation generated $24.8m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 1.4% each year. All expenses for the organization totaled $22.9m during the year ending 12/2021. While expenses have increased by 0.5% 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
IT SHALL BE THE AIM OF PITT AND GREENE ELECTRIC MEMBERSHIP CORPORATION TO MAKE ELECTRIC ENERGY AVAILABLE TO ITS MEMBERS AT THE LOWEST COST
Describe the Organization's Program Activity:
Part 3 - Line 4a
SALE OF ELECTRICITY TO COOPERATIVE MEMBERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Mark A Suggs General Managerevp | 40 | $342,097 | |
Anthony W Barrow Director Engineering | 40 | $227,709 | |
Patsy B Rowe Director Finance | 40 | $156,768 | |
Milton M Grant Director Operations | 40 | $155,235 | |
Austin Dixon CFO | 40 | $126,654 | |
William E Askew Vicepresident | OfficerTrustee | 1.3 | $14,800 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Mastec North America Inc Line Construction | 12/30/21 | $346,893 |
Xylem Tree Experts Row Trimming | 12/30/21 | $331,040 |
Carolina Power & Signaliza Line Construction | 12/30/21 | $305,321 |
Lucas Tree Experts Row Trimming | 12/30/21 | $228,284 |
Booth & Associates Llc Engineering Services | 12/30/21 | $223,694 |
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 | $23,478,847 |
| Investment income | $1,306,562 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $33,174 |
| 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 | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $24,818,628 |
| 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 | $479,458 |
| Compensation of current officers, directors, key employees. | $1,288,483 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $1,037,385 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $94,255 |
| Fees for services: Accounting | $46,500 |
| 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 | $747,099 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,424,755 |
| Insurance | $0 |
| All other expenses | $168,289 |
| Total functional expenses | $22,912,418 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $683,741 |
| Savings and temporary cash investments | $3,850,000 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $2,551,830 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $495,890 |
| Prepaid expenses and deferred charges | $590,730 |
| Net Land, buildings, and equipment | $45,508,693 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $7,452,324 |
| Intangible assets | $0 |
| Other assets | -$1,589 |
| Total assets | $61,131,619 |
| Accounts payable and accrued expenses | $2,796,113 |
| 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 | $21,785,796 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $4,361,019 |
| Total liabilities | $28,942,928 |
| 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 | $32,188,691 |
| Total liabilities and net assets/fund balances | $61,131,619 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Tideland Electric Membership Corp Pantego, NC | $155,003,665 | $49,716,262 |
Tri-County Electric Membership Corp Gray, GA | $134,615,818 | $47,083,595 |
Green Power Emc Tucker, GA | $4,289,905 | $48,321,829 |
Washington Electric Membership Corp Sandersville, GA | $120,334,964 | $48,227,831 |
Pee Dee Electric Membership Corporation Wadesboro, NC | $143,974,115 | $47,288,455 |
Haywood Electric Membership Corporation Waynesville, NC | $163,078,361 | $47,361,396 |
Pickwick Electric Cooperative Selmer, TN | $93,706,292 | $47,229,186 |
Excelsior Electric Membership Corporation Metter, GA | $119,361,267 | $45,904,608 |
Tri-County Electric Cooperative Inc St Matthews, SC | $138,986,472 | $45,784,852 |
Newberry Electric Cooperative Inc Newberry, SC | $94,155,817 | $45,705,196 |
Tennessee Valley Electric Cooperative Savannah, TN | $70,169,300 | $47,105,536 |
Grady Electric Membership Corporation Cairo, GA | $133,402,414 | $41,955,759 |