Wake Electric Membership Corp
- Assets
- $280.5m
- Revenue
- $101.9m
- Investments
- $0.0
- Employees
- 57
- Location
- Wake Forest, NC
- Founding
- 03/1961
- Data as of
- 12/2021
- EIN
- 56-0440935
Organization Overview
Wake Electric Membership Corp is located in Wake Forest, 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, Wake Electric Membership Corp employed 57 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Wake 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 12/2021, Wake Electric Membership Corp generated $101.9m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 2.1% each year. All expenses for the organization totaled $101.9m during the year ending 12/2021. While expenses have increased by 2.1% 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
N/A
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
James E Mangum Jr CEO & Gen. M | Officer | 50 | $840,434 |
Cynthia M Currin General Coun | 50 | $315,788 | |
Don Bowman VP Of Engin | 50 | $302,620 | |
Christopher D Wright Mgr Of Engin | 50 | $176,935 | |
Steve Ballard Mgr Of Cyber | 50 | $155,937 | |
Charles Pernell Mgr Of Opera | 50 | $150,248 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Cooperative Blding Solutions Renovations | 12/30/21 | $10,918,198 |
It Savy Llc Network Secur | 12/30/21 | $212,578 |
Townsend Tree Service Co Llc Row Services | 12/30/21 | $1,340,467 |
Strategic Security Solutions Llc Security | 12/30/21 | $377,854 |
Volt Power Llc Traffic Control | 12/30/21 | $403,889 |
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 | $101,743,065 |
| Investment income | $42,077 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $91,466 |
| 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 | $101,861,632 |
| 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 | $8,460,169 |
| Compensation of current officers, directors, key employees. | $1,161,487 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $4,547,223 |
| Pension plan accruals and contributions | $755,010 |
| Other employee benefits | $2,121,922 |
| Payroll taxes | $379,157 |
| 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 | $4,880,913 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $8,275,202 |
| Insurance | $0 |
| All other expenses | -$269,290 |
| Total functional expenses | $101,861,632 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $333,431 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $11,438,958 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $1,889,269 |
| Inventories for sale or use | $4,622,407 |
| Prepaid expenses and deferred charges | $507,775 |
| Net Land, buildings, and equipment | $234,088,526 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $27,602,882 |
| Intangible assets | $0 |
| Other assets | $3,672 |
| Total assets | $280,486,920 |
| Accounts payable and accrued expenses | $24,104,078 |
| 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 | $139,253,887 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $4,846,135 |
| Total liabilities | $168,204,100 |
| 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 | $112,282,820 |
| Total liabilities and net assets/fund balances | $280,486,920 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Wake Electric Membership Corp has recieved totaling $11,487.
| Awarding Organization | Amount |
|---|---|
North Carolina Electric Membership Corporation Raleigh, NC PURPOSE: EDUCATIONAL ASSISTANCE | $11,487 |
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 |