Rutherford Electric Membership
- Assets
- $332.6m
- Revenue
- $140.3m
- Investments
- $0.0
- Employees
- 209
- Location
- Forest City, NC
- Founding
- 03/1961
- Data as of
- 12/2021
- 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 12/2021, Rutherford Electric Membership employed 209 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 12/2021, Rutherford Electric Membership generated $140.3m 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 $140.3m 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 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 |
|---|---|---|---|
Joseph H Joplin Gen Mngr (re | 0 | $243,919 | |
S Dirk Burleson General Mana | Officer | 50 | $217,508 |
Randy C Ward Vp-District | 50 | $196,353 | |
Colon L Saunders Vp-Operation | 50 | $194,917 | |
Jeffrey C Brittain Vp-Engineeri | 50 | $187,949 | |
Thomas M Haire System Engin | 50 | $134,971 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Williams Electric Company Construction | 12/30/21 | $5,163,200 |
Wolf Tree Inc Reclearing | 12/30/21 | $1,181,606 |
Caldwell Construction Paving Services | 12/30/21 | $482,787 |
Asplundh Tree Expert Llc Tree Service | 12/30/21 | $1,092,712 |
Cc Strickland And Sons Inc Grading Service | 12/30/21 | $526,625 |
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 | $140,145,848 |
| Investment income | $120,589 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $43,703 |
| 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 | $140,339,107 |
| 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 | $13,081,685 |
| Compensation of current officers, directors, key employees. | $541,639 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $8,646,794 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $3,770,430 |
| Payroll taxes | $623,702 |
| 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 | $212,848 |
| Advertising and promotion | $0 |
| Office expenses | $267,561 |
| Information technology | $1,240,545 |
| 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 | $6,053,916 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $15,552,007 |
| Insurance | $177,245 |
| All other expenses | $3,871,220 |
| Total functional expenses | $140,339,107 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,094,274 |
| Savings and temporary cash investments | $4,386,000 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $11,106,954 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $8,066 |
| Inventories for sale or use | $2,410,968 |
| Prepaid expenses and deferred charges | $843,807 |
| Net Land, buildings, and equipment | $298,961,198 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $10,973,706 |
| Intangible assets | $0 |
| Other assets | $1,845,108 |
| Total assets | $332,630,081 |
| Accounts payable and accrued expenses | $7,747,284 |
| 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 | $161,356,173 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $35,261,887 |
| Total liabilities | $204,365,344 |
| 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 | $654,025 |
| Retained earnings, endowment, accumulated income, or other funds | $127,610,712 |
| Total liabilities and net assets/fund balances | $332,630,081 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Rutherford Electric Membership has recieved totaling $15,101.
| Awarding Organization | Amount |
|---|---|
North Carolina Electric Membership Corporation Raleigh, NC PURPOSE: EDUCATIONAL ASSISTANCE | $15,101 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Middle Tennessee Electric Membership Corporation Murfreesboro, TN | $972,885,002 | $816,151,968 |
Old Dominion Electric Cooperative Glen Allen, VA | $2,169,039,010 | $801,442,287 |
Northern Virginia Electric Co-Op Manassas, VA | $1,071,859,351 | $676,666,779 |
Jackson Electric Membership Corp Jefferson, GA | $1,224,303,203 | $616,720,445 |
Cobb Electric Membership Corporation Marietta, GA | $1,101,529,853 | $448,648,839 |
Sawnee Electric Membership Corp Cumming, GA | $881,772,713 | $421,763,531 |
Rappahannock Electric Cooperative Fredericksburg, VA | $1,043,159,165 | $419,807,187 |
Berkeley Electric Cooperative Inc Moncks Corner, SC | $676,271,341 | $408,085,738 |
Georgia Transmission Corporation Tucker, GA | $2,954,026,800 | $380,617,270 |
Walton Emc Monroe, GA | $527,402,332 | $323,280,272 |
Greystone Power Corporation An Electric Membership Corporation Douglasville, GA | $623,308,885 | $319,065,747 |
Cumberland Electric Membership Corp Clarksville, TN | $559,882,187 | $327,722,843 |