Sumter Electric Membership Corporation
- Assets
- $152.3m
- Revenue
- $52.5m
- Investments
- $0.0
- Employees
- 80
- Location
- Americus, GA
- Founding
- 06/1958
- Data as of
- 12/2022
- EIN
- 58-0452284
Organization Overview
Sumter Electric Membership Corporation is located in Americus, GA. The organization was established in 1958. 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, Sumter Electric Membership Corporation employed 80 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Sumter 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, Sumter Electric Membership Corporation generated $52.5m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 0.7% each year. All expenses for the organization totaled $52.5m during the year ending 12/2022. While expenses have increased by 0.7% 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
TO PROVIDE THE BEST POSSIBLE ELECTRIC SERVICE TO ALL WHO DESIRE IT WITHIN THE SYSTEM SERVICE AREA AT A REASONABLE COST CONSISTENT WITH THE HIGHEST STANDARDS OF SERVICE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO PROVIDE THE BEST POSSIBLE ELECTRIC SERVICE TO ALL WHO DESIRE IT WITHIN THE SYSTEM SERVICE AREA AT A REASONABLE COST CONSISTENT WITH THE HIGHEST STANDARDS OF SERVICE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Rene Smith President & | Officer | 50 | $302,088 |
David Brokamp Sr. Vp. Oper | 50 | $222,552 | |
Julie Higgins VP Accountin | 50 | $192,710 | |
Brad Ward VP Engineeri | 50 | $167,202 | |
Andrea Walker VP Admin & M | 50 | $167,019 | |
William Hammack VP Finance | 50 | $158,010 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Southern Line Cont Inc Line Services | 12/30/22 | $1,084,288 |
Sunbelt Solomon Services Equipment | 12/30/22 | $743,029 |
Versalift North Carolina Equipment | 12/30/22 | $242,728 |
Mcclean Engineering Engineering | 12/30/22 | $183,050 |
Transformer Maintenance Maintenance | 12/30/22 | $207,271 |
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 | $52,228,475 |
| Investment income | $238,990 |
| 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 | $52,467,465 |
| 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 | $1,536,298 |
| Compensation of current officers, directors, key employees. | $735,580 |
| 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 | $2,013,725 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $4,306,282 |
| Insurance | $0 |
| All other expenses | $2,547,962 |
| Total functional expenses | $52,467,465 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $7,098,036 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $2,084,604 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $2,297,136 |
| Prepaid expenses and deferred charges | $2,754,290 |
| Net Land, buildings, and equipment | $112,667,491 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $21,011,297 |
| Intangible assets | $0 |
| Other assets | $4,412,501 |
| Total assets | $152,325,355 |
| Accounts payable and accrued expenses | $5,846,048 |
| 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 | $65,316,648 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $7,567,881 |
| Total liabilities | $78,730,577 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $75,855 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $73,518,923 |
| Total liabilities and net assets/fund balances | $152,325,355 |
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 |
Choctawhatchee Electric Cooperative Inc Defuniak Springs, FL | $360,891,875 | $124,274,504 |
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 |
Peace River Electric Cooperative Inc Wauchula, FL | $298,485,094 | $110,943,049 |
South River Electric Membership Corporation Dunn, NC | $271,179,808 | $105,392,697 |
Wake Electric Membership Corp Wake Forest, NC | $280,486,920 | $101,861,632 |