Wake Electric Membership Corp
- Assets
- $315.4m
- Revenue
- $105.7m
- Investments
- $0.0
- Employees
- 56
- Location
- Wake Forest, NC
- Founding
- 03/1961
- Data as of
- 12/2023
- 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 12/2023, Wake Electric Membership Corp employed 56 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 12/2023, Wake Electric Membership Corp generated $105.7m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 2.2% each year. All expenses for the organization totaled $105.7m during the year ending 12/2023. While expenses have increased by 2.2% 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
WAKE ELECTRIC PROVIDES RELIABLE, SAFE, AND AFFORDABLE ENERGY AND RELATED SERVICES. WAKE ELECTRIC OPERATES AS A COOPERATIVE BUSINESS AND CONTINUALLY IMPROVES ITS SERVICES TO MEET THE NEEDS OF OUR MEMBERS AND ENHANCE THEIR QUALITY OF LIFE. WAKE ELECTRIC OPERATES A SUSTAINABLE ELECTRIC SYSTEM. SUSTAINABLE MEANS DELIVERING AFFORDABLE, INCREASINGLY CLEAN ELECTRICITY OVER A GRID THAT IS MORE EFFICIENT, RESILIENT AND CAPABLE OF SUPPORTING NEW ENERGY RESOURCES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
N/A
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Suzy Morgan President | OfficerTrustee | 12.88 | $35,701 |
H Michael Dickerson Vice Preside | OfficerTrustee | 11.08 | $37,100 |
Robert Hill Treasurer | OfficerTrustee | 8.75 | $28,992 |
Greg Fuller Secretary | OfficerTrustee | 6.79 | $28,192 |
Robert Joe Eddins Director | Trustee | 5.48 | $25,392 |
Jackie Thompson Director | Trustee | 4.38 | $6,048 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Townsend Tree Service Co Llc Row Services | 12/30/23 | $1,596,519 |
C-phase Services Llc Oh Line Const | 12/30/23 | $458,104 |
Integrated Facility Services Pole Inspection | 12/30/23 | $192,415 |
Itsavvy Llc License Support | 12/30/23 | $118,663 |
Source North America Fuel Tank Sys | 12/30/23 | $118,102 |
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 | $104,509,498 |
| Investment income | $1,244,486 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | -$15,692 |
| 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 | $105,727,856 |
| 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 | $2,322,427 |
| Compensation of current officers, directors, key employees. | $1,254,388 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $5,322,947 |
| Pension plan accruals and contributions | $920,444 |
| Other employee benefits | $2,454,726 |
| Payroll taxes | $443,726 |
| 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 | $6,428,698 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $9,493,604 |
| Insurance | $0 |
| All other expenses | -$266,717 |
| Total functional expenses | $105,727,856 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $861,568 |
| Savings and temporary cash investments | $400,735 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $13,107,715 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $2,394,479 |
| Inventories for sale or use | $7,053,904 |
| Prepaid expenses and deferred charges | $916,044 |
| Net Land, buildings, and equipment | $259,549,937 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $31,124,120 |
| Intangible assets | $0 |
| Other assets | $3,672 |
| Total assets | $315,412,174 |
| Accounts payable and accrued expenses | $14,298,285 |
| 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 | $182,294,389 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $3,169,007 |
| Total liabilities | $199,761,681 |
| 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 | $115,650,493 |
| Total liabilities and net assets/fund balances | $315,412,174 |