Surry-Yadkin Electric Membership Corporation
- Assets
- $170.8m
- Revenue
- $58.4m
- Investments
- $0.0
- Employees
- 81
- Location
- Dobson, NC
- Founding
- 03/1961
- Data as of
- 12/2023
- EIN
- 56-0421795
Organization Overview
Surry-Yadkin Electric Membership Corporation is located in Dobson, 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 12/2023, Surry-Yadkin Electric Membership Corporation employed 81 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Surry-Yadkin 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 12/2023, Surry-Yadkin Electric Membership Corporation generated $58.4m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 2.0% each year. All expenses for the organization totaled $58.4m during the year ending 12/2023. While expenses have increased by 2.0% 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
PROVIDE OUTSTANDING SERVICE THAT POWERS OUR RURAL COMMUNITIES
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 SERVICE AREA AT A REASONABLE COST CONSISTENT WITH THE HIGHEST STANDARDS OF SERVICE.
Get More from Intellispect for FreeCreate a free account to get more data, nonprofit salaries, advanced search and more.
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
William Gregory Puckett Executive VP | Officer | 50 | $325,660 |
Misty Utt VP Of Financ | 45 | $169,666 | |
Ricky Bowman VP Of Operat | 45 | $164,704 | |
Richard Bryon Kennedy VP Of Mbr Sr | 45 | $153,345 | |
Micah Mills Manager Of O | 45 | $139,730 | |
Jody Norman Journey Line | 45 | $139,355 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Cooperative Building Solutions Planning, Desig | 12/30/23 | $4,136,113 |
Top Gun Application Services Llc Row Spraying | 12/30/23 | $487,781 |
The Ferguson Group Llc Consulting | 12/30/23 | $103,855 |
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 | $57,854,290 |
| Investment income | $571,944 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| 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 | $58,434,052 |
| 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 | $1,777,118 |
| Compensation of current officers, directors, key employees. | $634,194 |
| 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 | $2,394,619 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $4,949,825 |
| Insurance | $0 |
| All other expenses | $3,369,555 |
| Total functional expenses | $58,434,052 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $4,048,640 |
| Savings and temporary cash investments | $2,301,232 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $9,303,941 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $627,833 |
| Inventories for sale or use | $1,331,396 |
| Prepaid expenses and deferred charges | $479,575 |
| Net Land, buildings, and equipment | $137,557,883 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $15,128,632 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $170,779,132 |
| Accounts payable and accrued expenses | $5,212,548 |
| 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 | $86,111,792 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $11,711,904 |
| Total liabilities | $103,036,244 |
| 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 | $67,742,888 |
| Total liabilities and net assets/fund balances | $170,779,132 |