Albemarle Electric Membership Corp

Organization Overview

Albemarle Electric Membership Corp is located in Hertford, NC. The organization was established in 1966. 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, Albemarle Electric Membership Corp employed 40 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Albemarle 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 12/2022, Albemarle Electric Membership Corp generated $32.4m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 1.2% each year. All expenses for the organization totaled $32.4m during the year ending 12/2022. While expenses have increased by 1.2% 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.

Mission & Program ActivityExcerpts From the 990 Filing

TAX YEAR

2022

Describe the Organization's Mission:

Part 3 - Line 1

ALBEMARLE EMC STRIVES TO SAFELY DELIVER RELIABLE POWER AND RELATED ENERGY SOLUTIONS TO OUR MEMBERS AND LOCAL COMMUNITIES BY PROVIDING THE HIGHEST VALUE THROUGH SERVICE EXCELLENCE.

Describe the Organization's Program Activity:

Part 3 - Line 4a

N/A


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Board, Officers & Key Employees

Name (title)Compensation
Gary W Ray
Exec Vp/gm
$254,054
Kevin Heath
Mgr Engineer
$148,230
Clarissa Perry
Mgr Of Corpo
$130,975
Bobby Upton
Crew Leader
$127,371
Roy O'neal
Mgr Of Opera
$118,371
Paul Byrum
Crew Leader
$111,153

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$32,289,006
Investment income $69,057
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 $32,358,063

Grants Recieved

Over the last fiscal year, we have identified 1 grants that Albemarle Electric Membership Corp has recieved totaling $12,221.

Awarding OrganizationAmount
United Way Of Greater Richmond

Richmond, VA

PURPOSE: DONOR DIRECTS FUNDS(DESIGNATIONS) FOR ENERGY SHARE

$12,221
View Grant Recipient Profile

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