Tideland Electric Membership Corp
- Assets
- $158.2m
- Revenue
- $52.4m
- Investments
- $0.0
- Employees
- 69
- Location
- Pantego, NC
- Founding
- 03/1961
- Data as of
- 12/2023
- EIN
- 56-0993598
Organization Overview
Tideland Electric Membership Corp is located in Pantego, 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, Tideland Electric Membership Corp employed 69 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Tideland 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, Tideland Electric Membership Corp generated $52.4m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 1.4% each year. All expenses for the organization totaled $51.9m during the year ending 12/2023. While expenses have increased by 1.3% 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 TEMC
Describe the Organization's Program Activity:
Part 3 - Line 4a
SALE AND DISTRIBUTION OF ELECTRICITY TO MEMBERS OF TEMC. THE THREE LARGEST PROGRAM SERVICES AS MEASURED BY EXPENSES ARE AS FOLLOWS: COST OF POWER 28,432,588 DEPRECIATION 5,176,206 OTHER SALARIES AND WAGES 4,947,644
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Paul G Spruill CEO | Officer | 40 | $253,622 |
Jim Chrisman CFO | Officer | 40 | $185,609 |
Steven Harris Line Superin | 40 | $133,290 | |
Myra Beasley Hr/risk Mgmt | 40 | $133,056 | |
Michael Marslender Line Superin | 40 | $117,722 | |
Karen Heffley Controller | 40 | $104,963 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
John Lucas Tree Expert Tree Removal | 12/30/23 | $1,503,837 |
River City Construction Inc Power Line Cons | 12/30/23 | $712,948 |
Lee Electrical Const Inc Power Line Cons | 12/30/23 | $1,246,155 |
Southeastern Data Coop Inc Software | 12/30/23 | $544,442 |
Gunnison Tree Services Llc Tree Removal | 12/30/23 | $468,260 |
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 | $52,056,531 |
| Investment income | $162,426 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $159,549 |
| 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 | $52,378,506 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $16,107 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $2,808,285 |
| Compensation of current officers, directors, key employees. | $696,515 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $4,947,644 |
| Pension plan accruals and contributions | $1,091,870 |
| Other employee benefits | $173,902 |
| Payroll taxes | $430,950 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $35,670 |
| 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 | $1,449,946 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $95,322 |
| Interest | $2,163,763 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $5,176,206 |
| Insurance | $0 |
| All other expenses | -$2,686,696 |
| Total functional expenses | $51,949,525 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,909,431 |
| Savings and temporary cash investments | $1,680,805 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $5,516,373 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $2,261,283 |
| Inventories for sale or use | $3,558,514 |
| Prepaid expenses and deferred charges | $493,664 |
| Net Land, buildings, and equipment | $128,714,143 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $13,348,070 |
| Intangible assets | $0 |
| Other assets | $724,519 |
| Total assets | $158,206,802 |
| Accounts payable and accrued expenses | $3,082,410 |
| 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 | $79,509,450 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $13,070,726 |
| Total liabilities | $95,662,586 |
| 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 | $62,544,216 |
| Total liabilities and net assets/fund balances | $158,206,802 |