Jackson Electric Membership Corp
- Assets
- $1.4b
- Revenue
- $643.2m
- Investments
- $0.0
- Employees
- 515
- Location
- Jefferson, GA
- Founding
- 02/1943
- Data as of
- 12/2023
- EIN
- 58-0301471
Organization Overview
Jackson Electric Membership Corp is located in Jefferson, GA. The organization was established in 1943. 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, Jackson Electric Membership Corp employed 515 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Jackson 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, Jackson Electric Membership Corp generated $643.2m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 1.9% each year. All expenses for the organization totaled $643.2m during the year ending 12/2023. While expenses have increased by 1.9% 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
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 |
|---|---|---|---|
Rodney Chandler Chairman | OfficerTrustee | 4 | $52,011 |
Lynn Price Vice Chairma | OfficerTrustee | 4 | $51,261 |
Shade Storey Secretary/tr | OfficerTrustee | 3 | $21,500 |
Otis Jones Director | Trustee | 3 | $43,528 |
Charles B Steele Director | Trustee | 3 | $31,076 |
Bill E Carpenter Director | Trustee | 3 | $7,182 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Southern Fiber Company Llc Construction | 12/30/23 | $3,086,737 |
Pike Electric Llc Line Const. | 12/30/23 | $8,013,389 |
The Townsend Corporation Right-of-way | 12/30/23 | $2,089,900 |
Shook Property Solutions Right-of-way | 12/30/23 | $1,029,121 |
Townsend Right-of-way | 12/30/23 | $2,024,376 |
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 | $635,536,508 |
| Investment income | $4,683,993 |
| 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 | $643,216,865 |
| 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 | $49,675,072 |
| Compensation of current officers, directors, key employees. | $1,293,613 |
| 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 | $1,010,689 |
| 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 | $17,146,975 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $44,278,176 |
| Insurance | $0 |
| All other expenses | $29,744,336 |
| Total functional expenses | $643,216,865 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $28,437,026 |
| Savings and temporary cash investments | $66,000,000 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $66,166,061 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $41,657,907 |
| Prepaid expenses and deferred charges | $1,529,808 |
| Net Land, buildings, and equipment | $906,392,436 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $261,784,813 |
| Intangible assets | $0 |
| Other assets | $553,325 |
| Total assets | $1,372,521,376 |
| Accounts payable and accrued expenses | $65,034,435 |
| 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 | $562,176,044 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $124,628,264 |
| Total liabilities | $751,838,743 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $4,140,670 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $616,541,963 |
| Total liabilities and net assets/fund balances | $1,372,521,376 |