Grady Electric Membership Corporation
- Assets
- $142.5m
- Revenue
- $52.0m
- Investments
- $0.0
- Employees
- 73
- Location
- Cairo, GA
- Founding
- 09/1942
- Data as of
- 12/2022
- EIN
- 58-0264525
Organization Overview
Grady Electric Membership Corporation is located in Cairo, GA. The organization was established in 1942. 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 12/2022, Grady Electric Membership Corporation employed 73 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Grady 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 12/2022, Grady Electric Membership Corporation generated $52.0m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 2.8% each year. All expenses for the organization totaled $51.7m during the year ending 12/2022. While expenses have increased by 2.7% per year over the past 8 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
SALE OF ELECTRICITY TO COOPERATIVE MEMBERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SALE OF ELECTRICITY TO COOPERATIVE MEMBERS. THE COOPERATIVE SERVES APPROXIMATELY 13,600 MEMBERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Gregory Brouillet Secretary/treasurer | OfficerTrustee | 2 | $8,500 |
Eric Cohen Chairman | OfficerTrustee | 2 | $19,172 |
James Hammett Director | Trustee | 2 | $13,224 |
Terry Hurst Vice Chairman | OfficerTrustee | 2 | $6,000 |
Blake Stanaland Director | Trustee | 2 | $17,172 |
Lee Powell Director | Trustee | 2 | $16,172 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Mealor Construction Inc Right Of Way Clearing | 12/30/22 | $1,551,677 |
Blackout Solutions Contract Crew | 12/30/22 | $642,670 |
Osmose Utilities Service Inc Pole Inspection | 12/30/22 | $118,615 |
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 | $51,872,870 |
| Investment income | $46,398 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $60,835 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $52,006,596 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $8,282,347 |
| Compensation of current officers, directors, key employees. | $671,280 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| 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 | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $1,879,332 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $3,676,909 |
| Insurance | $0 |
| All other expenses | $2,096,395 |
| Total functional expenses | $51,729,742 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $6,128,311 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $4,665,180 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $1,431,712 |
| Prepaid expenses and deferred charges | $280,614 |
| Net Land, buildings, and equipment | $96,662,265 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $31,694,867 |
| Intangible assets | $0 |
| Other assets | $1,618,206 |
| Total assets | $142,481,155 |
| Accounts payable and accrued expenses | $8,373,026 |
| 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 | $53,475,936 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $7,577,942 |
| Total liabilities | $69,426,904 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $69,345 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $72,984,906 |
| Total liabilities and net assets/fund balances | $142,481,155 |