Irwin Electric Membership Corp
- Assets
- $129.7m
- Revenue
- $34.4m
- Investments
- $0.0
- Employees
- 49
- Location
- Ocilla, GA
- Founding
- 03/1942
- Data as of
- 12/2023
- EIN
- 58-0300540
Organization Overview
Irwin Electric Membership Corp is located in Ocilla, 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 12/2023, Irwin Electric Membership Corp employed 49 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Irwin 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, Irwin Electric Membership Corp generated $34.4m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 3.2% each year. All expenses for the organization totaled $34.4m during the year ending 12/2023. While expenses have increased by 3.2% 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE THE BEST POSSIBLE ELECTRIC SERVICE TO ALL WHO DESIRE IT WITHIN THE SYSTEM AREA AT A REASONABLE COST CONSISTENT WITH THE HIGHEST STANDARDS OF SERVICE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
N/A
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Betty Metts Chairman | OfficerTrustee | 6.8 | $30,139 |
Phil Gilley Vice Chairma | OfficerTrustee | 6.3 | $30,139 |
Donald Wiggins Sec/treas. | OfficerTrustee | 6.3 | $30,139 |
Keith Barnette Director | Trustee | 6.3 | $30,139 |
Ira Tucker Director | Trustee | 6.3 | $5,023 |
Glenn Griffin Director | Trustee | 6.3 | $30,139 |
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 | $34,061,231 |
| Investment income | $38,886 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| 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 | $34,370,396 |
| 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 | $2,472,751 |
| Compensation of current officers, directors, key employees. | $544,061 |
| 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 | $3,690,240 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $4,071,939 |
| Insurance | $0 |
| All other expenses | $1,943,474 |
| Total functional expenses | $34,370,396 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,204,439 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $3,056,085 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $7,657,364 |
| Prepaid expenses and deferred charges | $394,493 |
| Net Land, buildings, and equipment | $101,215,851 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $14,397,553 |
| Intangible assets | $0 |
| Other assets | $747,934 |
| Total assets | $129,673,719 |
| Accounts payable and accrued expenses | $13,835,334 |
| 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 | $81,117,659 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $1,969,365 |
| Total liabilities | $96,922,358 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $186,964 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $32,564,397 |
| Total liabilities and net assets/fund balances | $129,673,719 |