Central Electric Membership Corp
- Assets
- $124.1m
- Revenue
- $58.3m
- Investments
- $6.7m
- Employees
- 73
- Location
- Sanford, NC
- Founding
- 12/1966
- Data as of
- 12/2021
- 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 12/2021, Central Electric Membership Corp employed 73 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 12/2021, Central Electric Membership Corp generated $58.3m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 1.9% each year. All expenses for the organization totaled $58.5m during the year ending 12/2021. While expenses have increased by 2.0% 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
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 33,192,103 OTHER SALARIES AND WAGES 5,541,000 DEPRECIATION AND AMORTIZATION 4,840,566
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Edward B Oldham CEO & Gen. M | Officer | 40 | $219,761 |
Tabitha L Whitlow VP Fin & Act | Officer | 40 | $148,149 |
Angela D Hare VP Of Custom | Officer | 40 | $139,867 |
Jody B Albright VP Of Member | Officer | 40 | $133,442 |
George D Langston VP Admin Svc | Officer | 40 | $132,197 |
Robert Thompson Systems Engi | 40 | $130,621 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Cooperative Services Center Human Resources | 12/30/21 | $257,943 |
Lee Electrical Construction Oh & Ug Const | 12/30/21 | $3,548,373 |
Xylem Tree Experts Row Maintenance | 12/30/21 | $689,843 |
Sanford Contractors Inc Construction | 12/30/21 | $252,264 |
Lewis Tree Service Row Maintenance | 12/30/21 | $726,176 |
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 | $56,400,342 |
| Investment income | $28,747 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $142,851 |
| Net Gain/Loss on Asset Sales | -$7,611 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $58,271,426 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $49,290 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $3,433,182 |
| Compensation of current officers, directors, key employees. | $1,217,121 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $5,541,000 |
| Pension plan accruals and contributions | $1,110,088 |
| Other employee benefits | $167,625 |
| Payroll taxes | $505,153 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $245,386 |
| 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 | $598,673 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $121,010 |
| Interest | $1,829,208 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $4,840,566 |
| Insurance | $0 |
| All other expenses | -$552,515 |
| Total functional expenses | $58,537,497 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,570,158 |
| Savings and temporary cash investments | $30,222 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $6,998,069 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $583,540 |
| Inventories for sale or use | $1,189,164 |
| Prepaid expenses and deferred charges | $1,642,464 |
| Net Land, buildings, and equipment | $92,075,529 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $6,736,129 |
| Investments—program-related | $13,286,603 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $124,111,878 |
| Accounts payable and accrued expenses | $5,766,995 |
| 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 | $48,464,329 |
| Unsecured mortgages and notes payable | $896,223 |
| Other liabilities | $8,664,518 |
| Total liabilities | $63,792,065 |
| 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 | $60,319,813 |
| Total liabilities and net assets/fund balances | $124,111,878 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Satilla Rural Electric Membership Corp Alma, GA | $268,716,625 | $122,190,964 |
Upper Cumberland Electric Membership Corporation Carthage, TN | $208,911,918 | $121,895,944 |
Diverse Power Incorporated Lagrange, GA | $239,882,222 | $117,829,336 |
Aiken Electric Cooperative Inc Aiken, SC | $337,192,184 | $117,100,131 |
Meriwether Lewis Electric Cooperative Centerville, TN | $179,486,251 | $119,621,039 |
Southwest Tennessee Electric Membership Corp Brownsville, TN | $219,052,657 | $121,626,016 |
Blue Ridge Mountain Electric Membership Corp 101-10 Irc Young Harris, GA | $245,553,260 | $112,097,199 |
Appalachian Electric Cooperative New Market, TN | $242,163,198 | $119,028,278 |
South River Electric Membership Corporation Dunn, NC | $271,179,808 | $105,392,697 |
Central Virginia Electric Cooperative Lovingston, VA | $375,858,912 | $102,220,456 |
Wake Electric Membership Corp Wake Forest, NC | $280,486,920 | $101,861,632 |
Amicalola Electric Membership Corp Jasper, GA | $201,848,786 | $100,500,156 |