Middle Tennessee Electric Membershi P Corporation
- Assets
- $1.1b
- Revenue
- $897.3m
- Investments
- $98.3m
- Employees
- 565
- Location
- Murfreesboro, TN
- Founding
- 06/1947
- Data as of
- 12/2023
- EIN
- 62-0293472
Organization Overview
Middle Tennessee Electric Membershi P Corporation is located in Murfreesboro, TN. The organization was established in 1947. 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, Middle Tennessee Electric Membershi P Corporation employed 565 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Middle Tennessee Electric Membershi P 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 12/2023, Middle Tennessee Electric Membershi P Corporation generated $897.3m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 6.5% each year. All expenses for the organization totaled $897.3m during the year ending 12/2023. While expenses have increased by 6.7% 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
MIDDLE TENNESSEE ELECTRIC MEMBERSHIP CORPORATION'S MISSION IS TO PROVIDE AFFORDABLE, RELIABLE, SAFE ELECTRICITY AND OUTSTANDING MEMBER SERVICE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
MIDDLE TENNESSEE ELECTRIC MEMBERSHIP CORPORATION DISTRIBUTES ELECTRICITY TO ABOUT 339,729 RESIDENTIAL AND COMMERCIAL MEMBERS LOCATED IN CANNON, RUTHERFORD, WILLIAMSON, AND WILSON COUNTIES. THIS SERVICE AREA INCLUDES PARTS OF DAVIDSON, DEKALB, MARSHALL, MAURY, SMITH AND TROUSDALE COUNTIES AS WELL.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Chris Jones President/ce | Officer | 54 | $1,029,800 |
Brad Gibson COO | Officer | 55 | $392,803 |
Gray Bateman Chro/vp Of H | Officer | 50 | $268,920 |
Thomas Suggs COO | Officer | 50 | $283,318 |
Cindy Layne CFO | Officer | 50 | $308,253 |
Daniel Dement VP Operation | Officer | 50 | $228,977 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Paric Corporation Building Contra | 12/30/23 | $20,561,365 |
Service Electric Electrical Cont | 12/30/23 | $10,958,935 |
Power Resources Inc Electrical Cont | 12/30/23 | $8,260,447 |
Powergrid Services Llc Electrical Cont | 12/30/23 | $7,247,835 |
Hudson Reed & Christainsen Pllc Legal | 12/30/23 | $6,804,855 |
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 | $885,790,215 |
| Investment income | $2,872,646 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $7,375,465 |
| Net Gain/Loss on Asset Sales | -$602,351 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $897,322,235 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $388,443 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $25,817,231 |
| Compensation of current officers, directors, key employees. | $5,144,027 |
| 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 | $8,542,123 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $50,388,756 |
| Insurance | $0 |
| All other expenses | $19,597,550 |
| Total functional expenses | $897,322,235 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $35,576,801 |
| Savings and temporary cash investments | $200,000 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $61,633,691 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $4,486,146 |
| Inventories for sale or use | $12,070,409 |
| Prepaid expenses and deferred charges | $3,755,373 |
| Net Land, buildings, and equipment | $904,799,781 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $98,266,510 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $27,328,865 |
| Total assets | $1,148,117,576 |
| Accounts payable and accrued expenses | $111,826,961 |
| 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 | $344,164,651 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $92,446,702 |
| Total liabilities | $548,438,314 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $599,679,262 |
| Total liabilities and net assets/fund balances | $1,148,117,576 |