North Carolina Electric Membership Corporation
- Assets
- $2.4b
- Revenue
- $1.2b
- Investments
- $73.2m
- Employees
- 185
- Location
- Raleigh, NC
- Founding
- 08/2000
- Data as of
- 12/2021
- EIN
- 56-0995910
Organization Overview
North Carolina Electric Membership Corporation is located in Raleigh, NC. The organization was established in 2000. According to its NTEE Classification (Y22) the organization is classified as: Local Benevolent Life Insurance Associations, under the broad grouping of Mutual & Membership Benefit and related organizations. As of 12/2021, North Carolina Electric Membership Corporation employed 185 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. North Carolina Electric Membership Corporation 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, North Carolina Electric Membership Corporation generated $1.2b in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 0.8% each year. All expenses for the organization totaled $1.1b during the year ending 12/2021. While expenses have increased by 0.7% 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.
Since 2017, North Carolina Electric Membership Corporation has awarded 314 individual grants totaling $4,164,398. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
SALE OF ELECTRIC POWER TO NC DISTRIBUTION MEMBER COOPERATIVES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
NORTH CAROLINA ELECTRIC MEMBERSHIP CORPORATION PROVIDES WHOLESALE ELECTRIC GENERATION AND TRANSMISSION SERVICES TO 25 MEMBER ELECTRIC DISTRIBUTION COOPERATIVES THAT PROVIDE ELECTRIC SERVICE TO OVER ONE MILLION HOMES, FARMS, AND BUSINESSES IN NORTH CAROLINA.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Joseph P Brannan Executive VP & CEO | Officer | 34 | $2,042,478 |
Lark S James Senior Vp, Finance & CFO | Officer | 34 | $1,253,924 |
Michael W Burnette Senior VP & COO | 40 | $1,084,993 | |
Nelle P Hotchkiss Senior VP & Coo, Ncaec | 10 | $843,413 | |
Richard M Feathers Senior Vp, General Counsel | Officer | 34 | $623,913 |
Amadou Fall Senior VP & COO | Officer | 40 | $403,113 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Parc Consulting Llc It Services | 12/30/21 | $191,750 |
Eversheds Sutherland Llp Legal Services | 12/30/21 | $177,372 |
Mccarter & English Llp Legal Services | 12/30/21 | $669,014 |
Aces Power Marketing Power Management Services | 12/30/21 | $3,298,346 |
Chatham Electrical Service Llc Electrical Services | 12/30/21 | $157,422 |
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 | $1,127,981,587 |
| Investment income | $8,951,452 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $172,800 |
| Net Gain/Loss on Asset Sales | $33,460,941 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,170,744,231 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $664,662 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $9,069,075 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $35,928,877 |
| Pension plan accruals and contributions | $989,415 |
| Other employee benefits | $97,359 |
| Payroll taxes | $71,000 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $869,944 |
| Fees for services: Accounting | $191,170 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $126,000 |
| Office expenses | $947,191 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $190,507 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $43,573,350 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $61,499,335 |
| Insurance | $104,042 |
| All other expenses | $58,961,262 |
| Total functional expenses | $1,140,744,231 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $270,246,362 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $88,283,540 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $4,981,619 |
| Inventories for sale or use | $24,704,200 |
| Prepaid expenses and deferred charges | $4,872,902 |
| Net Land, buildings, and equipment | $1,192,091,741 |
| Investments—publicly traded securities | $492,172,066 |
| Investments—other securities | $73,195,623 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $205,934,938 |
| Total assets | $2,356,482,991 |
| Accounts payable and accrued expenses | $160,018,411 |
| 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 | $1,253,991,336 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $620,257,281 |
| Total liabilities | $2,034,267,028 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $625 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $322,215,338 |
| Total liabilities and net assets/fund balances | $2,356,482,991 |
Grants Awarded
Over the last fiscal year, North Carolina Electric Membership Corporation has awarded $604,662 in support to 45 organizations.
| Grant Recipient | Amount |
|---|---|
Statesville, NC PURPOSE: EDUCATIONAL ASSISTANCE | $35,334 |
NC DEPT OF AGRICULTURE PURPOSE: AGRICULTURAL ASSISTANCE | $30,000 |
UNC CHARLOTTE PURPOSE: EDUCATIONAL ASSISTANCE | $25,000 |
UNC PEMBROKE PURPOSE: EDUCATIONAL ASSISTANCE | $25,000 |
Raleigh, NC PURPOSE: ECONOMIC DEVELOPMENT ASSISTANCE | $25,000 |
Charlotte, NC PURPOSE: AGRICULTURAL ASSISTANCE | $20,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
North Georgia Electric Membership Dalton, GA | $403,958,912 | $261,073,462 |
Smarr Emc Tucker, GA | $71,741,134 | $49,681,647 |
Citizens Telephone Cooperative Floyd, VA | $51,526,560 | $17,586,773 |
North Georgia Network Cooperative Inc Cornelia, GA | $3,041,928 | $3,287,743 |
Meansville Riley Road Water Company Inc Union, SC | $9,319,076 | $1,440,416 |
Dewees Utility Corporation Dewees Island, SC | $1,783,599 | $734,885 |
Rocky Creek Water Co Jonesville, SC | $1,590,252 | $450,069 |
Ridge Utilities Inc Louisa, VA | $995,536 | $313,235 |
Mountain Lakes Water & Sewer Authority Inc Dawsonville, GA | $798,351 | $107,095 |
Jason Water Corporation Snow Hill, NC | $571,862 | $93,678 |
Groundhog Mtn Water & Sewer Company Inc Charlotte, NC | $818,657 | $135,066 |
Groundhog Mountain Property Owners Inc Fancy Gap, VA | $312,730 | $0 |