Tri-County Electric Membership Corporation
- Assets
- $97.6m
- Revenue
- $60.6m
- Investments
- $0.0
- Employees
- 51
- Location
- Dudley, NC
- Founding
- 03/1961
- Data as of
- 12/2022
- EIN
- 56-0432086
Organization Overview
Tri-County Electric Membership Corporation is located in Dudley, 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, Tri-County Electric Membership Corporation employed 51 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Tri-County 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 12/2022, Tri-County Electric Membership Corporation generated $60.6m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 1.2% each year. All expenses for the organization totaled $58.7m during the year ending 12/2022. While expenses have increased by 1.5% 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
ELECTRIC COOPERATIVE PROVIDING ELECTRICITY TO ITS MEMBERSHIP.
Describe the Organization's Program Activity:
Part 3 - Line 4a
NOT APPLICABLE
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
J Michael Davis General Manager | Officer | 60 | $286,424 |
Kenneth E Davis Jr Manager Of Finance And Administration | 55 | $190,738 | |
Tony Grantham Manager Of Engineering | 55 | $187,850 | |
Jeff W Kennedy Forman | 55 | $133,988 | |
Stephanie Brown Staff Accountant | 40 | $133,953 | |
Ricky L Richardson Forman | 55 | $132,875 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
John J Rowe Co Right Of Way Clearing | 12/30/22 | $313,163 |
Transformer Maintenance & Svc Inc Equip Repair And Maint | 12/30/22 | $170,604 |
Mastec Of Nc Inc Line Construction | 12/30/22 | $187,334 |
Electrical Consulting Engineers Electrical Consulting | 12/30/22 | $933,852 |
Carolina Power Signalization Inc Station Construction | 12/30/22 | $260,186 |
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 | $60,195,613 |
| Investment income | $40,140 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $28,596 |
| 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 | $60,563,062 |
| 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 | $2,777,638 |
| Compensation of current officers, directors, key employees. | $0 |
| 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 | $1,488,792 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $3,671,251 |
| Insurance | $0 |
| All other expenses | $2,791,444 |
| Total functional expenses | $58,703,229 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,756,393 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $6,627,310 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $4,311,810 |
| Inventories for sale or use | $830,360 |
| Prepaid expenses and deferred charges | $204,291 |
| Net Land, buildings, and equipment | $79,309,285 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $3,176,829 |
| Intangible assets | $0 |
| Other assets | $365,719 |
| Total assets | $97,581,997 |
| Accounts payable and accrued expenses | $5,677,102 |
| 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 | $50,313,294 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $4,253,870 |
| Total liabilities | $60,244,266 |
| 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 | $37,337,731 |
| Total liabilities and net assets/fund balances | $97,581,997 |