Central Electric Membership Corp
- Assets
- $133.3m
- Revenue
- $58.2m
- Investments
- $3.7m
- Employees
- 71
- Location
- Sanford, NC
- Founding
- 12/1966
- Data as of
- 12/2023
- EIN
- 56-0478157
Organization Overview
Central Electric Membership Corp is located in Sanford, 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 12/2023, Central Electric Membership Corp employed 71 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Central 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, Central Electric Membership Corp generated $58.2m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 1.5% each year. All expenses for the organization totaled $60.1m during the year ending 12/2023. While expenses have increased by 1.8% per year over the past 9 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
SAFE AND EFFECTIVE DISTRIBUTION OF ELECTRICITY TO THE MEMBERS OF CENTRAL EMC
Describe the Organization's Program Activity:
Part 3 - Line 4a
SAFE AND EFFECTIVE DELIVERY OF ELECTRICITY TO THE MEMBERS OF CENTRAL ELECTRIC MEMBERSHIP CORPORATION. THE THREE LARGEST PROGRAM SERVICES, AS MEASURED BY EXPENSES WERE AS FOLLOWS: COST OF POWER 34,897,229 DEPRECIATION AND AMORTIZATION 5,217,777 OTHER SALARIES AND WAGES 4,958,944
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Edward B Oldham CEO & Gen. M | Officer | 40 | $242,589 |
Tabitha L Whitlow VP Fin & Act | Officer | 40 | $165,330 |
Angela D Hare VP Of Custom | Officer | 40 | $151,120 |
Jody B Albright VP Of Member | Officer | 40 | $147,326 |
Terry Collins Manager Of O | 40 | $121,188 | |
Robert Thompson Systems Engi | 40 | $132,524 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Lee Electrical Construction Oh & Ug Const | 12/30/23 | $3,453,098 |
Xylem Tree Experts Row Maintenance | 12/30/23 | $1,338,076 |
Lewis Tree Service Row Maintenance | 12/30/23 | $392,483 |
Cooperative Services Center Human Resources | 12/30/23 | $279,074 |
Union Power Answering Svcs | 12/30/23 | $196,364 |
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 | $58,111,890 |
| Investment income | $31,439 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $124,084 |
| Net Gain/Loss on Asset Sales | $10,822 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $58,207,932 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $22,254 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $3,488,990 |
| Compensation of current officers, directors, key employees. | $1,176,626 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $4,958,944 |
| Pension plan accruals and contributions | $1,121,439 |
| Other employee benefits | $0 |
| Payroll taxes | $453,225 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $279,074 |
| 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 | $690,824 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $244,592 |
| Interest | $2,175,287 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $5,217,777 |
| Insurance | $0 |
| All other expenses | -$1,343,868 |
| Total functional expenses | $60,109,851 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,286,115 |
| Savings and temporary cash investments | $30,279 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $7,646,330 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $298,022 |
| Inventories for sale or use | $1,673,816 |
| Prepaid expenses and deferred charges | $2,252,382 |
| Net Land, buildings, and equipment | $100,769,535 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $3,698,678 |
| Investments—program-related | $15,610,626 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $133,265,783 |
| Accounts payable and accrued expenses | $5,964,121 |
| 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 | $55,795,227 |
| Unsecured mortgages and notes payable | $711,467 |
| Other liabilities | $5,863,342 |
| Total liabilities | $68,334,157 |
| 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 | $64,931,626 |
| Total liabilities and net assets/fund balances | $133,265,783 |