Roanoke Electric Membership Corp
- Assets
- $147.8m
- Revenue
- $50.9m
- Investments
- $0.0
- Employees
- 89
- Location
- Aulander, NC
- Founding
- 00/0000
- Data as of
- 12/2022
- EIN
- 56-0378505
Organization Overview
Roanoke Electric Membership Corp is located in Aulander, NC. The organization was established in 0000. 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 12/2022, Roanoke Electric Membership Corp employed 89 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Roanoke 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 12/2022, Roanoke Electric Membership Corp generated $50.9m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 4.5% each year. All expenses for the organization totaled $50.8m during the year ending 12/2022. While expenses have increased by 4.5% 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE THE BEST POSSIBLE ELECTRIC SERVICE TO ALL WHO DESIRE IT WITHIN THE SYSTEM AREA AT A REASONABLE COST CONSISTENT WITH THE HIGHEST STANDARDS OF SERVICE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
N/A
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Allen Speller Chairman | OfficerTrustee | 7.83 | $27,950 |
Robert Riddick Vice Chairma | OfficerTrustee | 6.92 | $14,950 |
Delores H Amason Secretary/tr | OfficerTrustee | 6.65 | $10,900 |
Kenneth Jernigan Asst. Sec/tr | OfficerTrustee | 4.75 | $11,950 |
Cynthia Vaughan Director | Trustee | 1.64 | $8,100 |
Carolyn Bradley Director | Trustee | 7.08 | $16,750 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Electricom Llc Contruction | 12/30/22 | $4,195,665 |
Tbg Network Services Broadband | 12/30/22 | $2,517,621 |
Xylem Tree Expert Row | 12/30/22 | $1,277,179 |
Lee Electrical Construction Llc Construction | 12/30/22 | $1,157,840 |
Walker And Associates Consulting | 12/30/22 | $424,469 |
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 | $50,220,798 |
| Investment income | $606,403 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $4,500 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $50,932,357 |
| 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 | $1,634,513 |
| Compensation of current officers, directors, key employees. | $482,127 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| 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 | $2,812,121 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $5,248,568 |
| Insurance | $0 |
| All other expenses | $5,378,595 |
| Total functional expenses | $50,834,146 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $3,297,103 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $12,736,316 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $3,466,677 |
| Inventories for sale or use | $11,815,711 |
| Prepaid expenses and deferred charges | $404,971 |
| Net Land, buildings, and equipment | $107,888,082 |
| Investments—publicly traded securities | $855,355 |
| Investments—other securities | $0 |
| Investments—program-related | $6,765,129 |
| Intangible assets | $0 |
| Other assets | $526,951 |
| Total assets | $147,756,295 |
| Accounts payable and accrued expenses | $7,104,184 |
| 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 | $84,353,159 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $6,842,960 |
| Total liabilities | $98,300,303 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $64,605 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $49,391,387 |
| Total liabilities and net assets/fund balances | $147,756,295 |