Rutherford Electric Membership
- Assets
- $344.2m
- Revenue
- $154.8m
- Investments
- $0.0
- Employees
- 206
- Location
- Forest City, NC
- Founding
- 03/1961
- Data as of
- 12/2022
- EIN
- 56-0386171
Organization Overview
Rutherford Electric Membership is located in Forest City, 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 12/2022, Rutherford Electric Membership employed 206 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Rutherford Electric Membership 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, Rutherford Electric Membership generated $154.8m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 1.5% each year. All expenses for the organization totaled $154.8m during the year ending 12/2022. While expenses have increased by 1.5% per year over the past 8 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
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.
N/A
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
S Dirk Burleson General Mana | Officer | $268,274 | |
Randy C Ward Vp-District | $207,158 | ||
Colon L Saunders Vp-Operation | $205,080 | ||
Jeffrey C Brittain Vp-Engineeri | $198,239 | ||
Thomas M Haire System Engin | $142,262 | ||
Tommy W Chapman District Man | $141,638 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Williams Electric Company Construction | 12/30/22 | $4,800,587 |
Wolf Tree Inc Reclearing | 12/30/22 | $941,394 |
Asplundh Tree Expert Llc Tree Service | 12/30/22 | $737,956 |
Utility Tree Service Reclearing | 12/30/22 | $725,340 |
Lewis Tree Service Inc Reclearing | 12/30/22 | $698,481 |
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 | $154,542,904 |
| Investment income | $153,822 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $47,741 |
| 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 | $154,765,252 |
| 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 | $15,314,851 |
| Compensation of current officers, directors, key employees. | $569,735 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $9,130,190 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $3,539,279 |
| Payroll taxes | $669,080 |
| 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 | $179,081 |
| Advertising and promotion | $0 |
| Office expenses | $168,666 |
| Information technology | $1,263,871 |
| 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 | $5,863,805 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $16,345,903 |
| Insurance | $184,256 |
| All other expenses | $3,205,806 |
| Total functional expenses | $154,765,252 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,374,311 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $16,485,272 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $2,976,680 |
| Prepaid expenses and deferred charges | $917,089 |
| Net Land, buildings, and equipment | $310,127,247 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $11,129,995 |
| Intangible assets | $0 |
| Other assets | $1,214,377 |
| Total assets | $344,224,971 |
| Accounts payable and accrued expenses | $12,378,726 |
| 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 | $161,701,173 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $29,178,356 |
| Total liabilities | $203,258,255 |
| 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 | $662,390 |
| Retained earnings, endowment, accumulated income, or other funds | $140,304,326 |
| Total liabilities and net assets/fund balances | $344,224,971 |