Southwest Tennessee Electric Membership Corp
- Assets
- $219.1m
- Revenue
- $121.6m
- Investments
- $11.6m
- Employees
- 151
- Location
- Brownsville, TN
- Founding
- 08/1941
- Data as of
- 06/2022
- EIN
- 62-0366645
Organization Overview
Southwest Tennessee Electric Membership Corp is located in Brownsville, TN. The organization was established in 1941. 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 06/2022, Southwest Tennessee Electric Membership Corp employed 151 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Southwest Tennessee 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 06/2022, Southwest Tennessee Electric Membership Corp generated $121.6m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 2.1% each year. All expenses for the organization totaled $112.9m during the year ending 06/2022. While expenses have increased by 1.4% 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
PROVIDE ELECTRICITY TO RURAL AREAS OF SOUTHWEST TENNESSEE AT A REASONABLE COST
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDES ELECTRICITY FOR APPROXIMATELY 50,350 CUSTOMERS IN PARTS OF ELEVEN COUNTIES IN SOUTHWEST TENNESSEE
PROVIDES ELECTRICITY FOR APPROXIMATELY 50,350 CUSTOMERS IN PARTS OF ELEVEN COUNTIES IN SOUTHWEST TENNESSEE
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
J Kevin Murphy President | Officer | 50 | $270,340 |
George R Mathis Director Of | Officer | 50 | $165,008 |
William T Smith Line Foreman | Officer | 64 | $157,886 |
Michael Russell VP Operation | Officer | 50 | $152,435 |
B Scott Sims VP Finance, | Officer | 50 | $150,628 |
William Gordon VP Tech Serv | 50 | $146,969 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Quanta Telecommunications Services Construction | 6/29/22 | $8,248,448 |
Mckenzie Tree Service Inc Row Maintenance | 6/29/22 | $2,139,868 |
Byrd Tree Service Row Maintenance | 6/29/22 | $2,425,142 |
Cablesouth Construction Llc Construction | 6/29/22 | $1,760,384 |
Mckenzie Tree Service Inc Row Maintenance | 6/29/22 | $2,139,868 |
Quanta Telecommunications Services Construction | 6/29/22 | $8,248,448 |
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 | $119,641,690 |
| Investment income | $1,970,294 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $7,625 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $6,407 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $121,626,016 |
| 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 | $0 |
| Compensation of current officers, directors, key employees. | $732,272 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $10,473,356 |
| Pension plan accruals and contributions | $1,798,577 |
| Other employee benefits | $2,331,280 |
| Payroll taxes | $814,383 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $26,780 |
| Fees for services: Accounting | $35,359 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $33,414 |
| Advertising and promotion | $414,162 |
| Office expenses | $1,019,097 |
| Information technology | $718,614 |
| Royalties | $0 |
| Occupancy | $298,447 |
| Travel | $42,748 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $391,478 |
| Interest | $1,789,247 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $8,682,873 |
| Insurance | $860,384 |
| All other expenses | $0 |
| Total functional expenses | $112,872,113 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $21,421,733 |
| Savings and temporary cash investments | $30,316 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $6,180,130 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $755,328 |
| Inventories for sale or use | $2,101,019 |
| Prepaid expenses and deferred charges | $1,126,850 |
| Net Land, buildings, and equipment | $175,808,343 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $11,628,938 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $219,052,657 |
| Accounts payable and accrued expenses | $30,347,659 |
| 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 | $63,801,050 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $9,080,103 |
| Total liabilities | $103,228,812 |
| 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 | $115,823,845 |
| Total liabilities and net assets/fund balances | $219,052,657 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
East Kentucky Power Cooperative Inc Winchester, KY | $3,550,114,968 | $954,101,068 |
Middle Tennessee Electric Membership Corporation Murfreesboro, TN | $972,885,002 | $816,151,968 |
Cooperative Energy A Mississippi Electric Cooperative Hattiesburg, MS | $2,085,034,483 | $800,776,225 |
Old Dominion Electric Cooperative Glen Allen, VA | $2,169,039,010 | $801,442,287 |
Northern Virginia Electric Co-Op Manassas, VA | $1,071,859,351 | $676,666,779 |
Powersouth Energy Cooperative Andalusia, AL | $2,439,100,863 | $643,376,000 |
Jackson Electric Membership Corp Jefferson, GA | $1,224,303,203 | $616,720,445 |
Kenergy Corp Henderson, KY | $260,651,880 | $473,591,627 |
Cobb Electric Membership Corporation Marietta, GA | $1,101,529,853 | $448,648,839 |
Sawnee Electric Membership Corp Cumming, GA | $881,772,713 | $421,763,531 |
Rappahannock Electric Cooperative Fredericksburg, VA | $1,043,159,165 | $419,807,187 |
Georgia Transmission Corporation Tucker, GA | $2,954,026,800 | $380,617,270 |