Tideland Electric Membership Corp
- Assets
- $155.0m
- Revenue
- $49.7m
- Investments
- $0.0
- Employees
- 70
- Location
- Pantego, NC
- Founding
- 03/1961
- Data as of
- 12/2021
- 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 12/2021, Tideland Electric Membership Corp employed 70 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 12/2021, Tideland Electric Membership Corp generated $49.7m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 1.1% each year. All expenses for the organization totaled $49.6m during the year ending 12/2021. While expenses have increased by 1.0% 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 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 25,869,274 DEPRECIATION 4,980,693 OTHER SALARIES AND WAGES 4,756,984
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Paul G Spruill CEO | Officer | 40 | $224,939 |
Jim Chrisman CFO | Officer | 40 | $148,673 |
Benjamin Beagleiii Mgr. Of Oper | 40 | $147,629 | |
Steven Harris Line Oper Su | 46 | $118,320 | |
Myra Beasley Mgr. Human R | 40 | $118,200 | |
William Midyette Line Oper Su | 43 | $117,564 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Lee Electrical Const Inc Power Line Cons | 12/30/21 | $2,443,374 |
John Lucas Tree Expert Tree Removal | 12/30/21 | $1,987,459 |
Gunnison Tree Services Llc Tree Removal | 12/30/21 | $781,882 |
River City Construction Inc Power Line Cons | 12/30/21 | $718,975 |
Southeastern Data Coop Inc Software | 12/30/21 | $475,963 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $344,187 |
| 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 | $344,187 |
| Total Program Service Revenue | $48,448,557 |
| Investment income | $80,014 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $148,204 |
| Net Gain/Loss on Asset Sales | $49,453 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $49,716,262 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $16,521 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $3,190,228 |
| Compensation of current officers, directors, key employees. | $634,341 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $4,756,984 |
| Pension plan accruals and contributions | $980,083 |
| Other employee benefits | $148,992 |
| Payroll taxes | $410,448 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $76,851 |
| 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 | $1,369,528 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $113,274 |
| Interest | $2,250,065 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $4,980,693 |
| Insurance | $0 |
| All other expenses | -$2,629,517 |
| Total functional expenses | $49,642,410 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $3,272,889 |
| Savings and temporary cash investments | $1,481,883 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $5,600,577 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $2,493,997 |
| Inventories for sale or use | $2,401,645 |
| Prepaid expenses and deferred charges | $407,628 |
| Net Land, buildings, and equipment | $125,455,812 |
| Investments—publicly traded securities | $1,600,000 |
| Investments—other securities | $0 |
| Investments—program-related | $11,619,129 |
| Intangible assets | $0 |
| Other assets | $670,105 |
| Total assets | $155,003,665 |
| Accounts payable and accrued expenses | $2,855,665 |
| 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 | $79,625,782 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $15,865,538 |
| Total liabilities | $98,346,985 |
| 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 | $56,656,680 |
| Total liabilities and net assets/fund balances | $155,003,665 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Tideland Electric Membership Corp has recieved totaling $5,316.
| Awarding Organization | Amount |
|---|---|
North Carolina Electric Membership Corporation Raleigh, NC PURPOSE: EDUCATIONAL ASSISTANCE | $5,316 |
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 |