Eastern Maine Electric Cooperative Inc
- Assets
- $53.9m
- Revenue
- $17.3m
- Investments
- $0.0
- Employees
- 35
- Location
- Calais, ME
- Founding
- 06/1964
- Data as of
- 12/2023
- EIN
- 01-0056837
Organization Overview
Eastern Maine Electric Cooperative Inc is located in Calais, ME. The organization was established in 1964. 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, Eastern Maine Electric Cooperative Inc employed 35 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Eastern Maine Electric Cooperative Inc 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, Eastern Maine Electric Cooperative Inc generated $17.3m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 1.0% each year. All expenses for the organization totaled $17.3m during the year ending 12/2023. While expenses have increased by 1.0% 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
EMEC IS A NON-PROFIT CONSUMER OWNED ELECTRIC UTILITY SERVING PARTS OF AROOSTOOK, PENOBSCOT & WASHINGTON COUNTIES ON MAINE'S EASTERN BORDER WITH CANADA.
Describe the Organization's Program Activity:
Part 3 - Line 4a
UTILITY SYSTEM PROGRAMS, GENERAL/OTHERS" DELIVERY OF ELECTRIC POWER (13,007 CONSUMERS)
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Scott M Halowell Chief Executive Officer | Officer | 50 | $265,184 |
Andrew M Tickle Manager Of Engineering | Officer | 45 | $159,217 |
Michael Carrier Manager Of Operations | Officer | 45 | $134,162 |
Charles E Mcalpin Manager Of Member Services | Officer | 45 | $136,023 |
Elery Beale Manager Of Information Technology | Officer | 45 | $123,708 |
Warren Moholland Chief Financial Officer | Officer | 45 | $115,858 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Langille Construction Line Work | 12/30/23 | $177,060 |
Lucas Tree Experts Line Trimming | 12/30/23 | $164,846 |
Bull Trucking Tree Mulching | 12/30/23 | $111,800 |
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 | $16,876,146 |
| Investment income | $397,151 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $6,683 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $17,279,980 |
| 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 | $189,800 |
| Compensation of current officers, directors, key employees. | $595,441 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $2,069,578 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $26,389 |
| Fees for services: Accounting | $59,294 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $26,838 |
| Office expenses | $114,737 |
| Information technology | $64,086 |
| Royalties | $0 |
| Occupancy | $68,650 |
| Travel | $28,427 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $82,585 |
| Interest | $824,006 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,569,342 |
| Insurance | $119,595 |
| All other expenses | $0 |
| Total functional expenses | $17,279,980 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $454,919 |
| Savings and temporary cash investments | $6,184,588 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $2,734,169 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $1,362,870 |
| Prepaid expenses and deferred charges | $429,472 |
| Net Land, buildings, and equipment | $35,330,030 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $1,039,055 |
| Intangible assets | $0 |
| Other assets | $6,405,512 |
| Total assets | $53,940,615 |
| Accounts payable and accrued expenses | $2,002,620 |
| Grants payable | $0 |
| Deferred revenue | $6,181,500 |
| 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 | $25,903,899 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $4,973,277 |
| Total liabilities | $39,061,296 |
| 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 | $14,879,319 |
| Total liabilities and net assets/fund balances | $53,940,615 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Eastern Maine Electric Cooperative Inc Calais, ME | $53,940,615 | $17,279,980 |
Fox Islands Electric Cooperative Inc Vinalhaven, ME | $19,465,997 | $2,926,731 |
Light Of Life Ministries Inc Augusta, ME | $2,671,599 | $1,151,596 |
Northern Maine Independent System Administration Inc Bangor, ME | $2,378,425 | $1,121,875 |
Maine Water Utilities Association Augusta, ME | $605,822 | $846,884 |
Industrial Energy Consumer Group Augusta, ME | $56,607 | $454,852 |
Maine Renewable Energy Association Augusta, ME | $321,640 | $397,860 |
Mountain Top Telecom Inc Franconia, NH | $152,799 | $251,110 |
Monmouth Water Association Monmouth, ME | $1,800,228 | $222,087 |
Maine Water Environment Association Augusta, ME | $64,398 | $0 |
Newport Community Television Inc Newport, NH | $333,515 | $0 |
International Association Of Electrical Inspectors Wolfeboro, NH | $312,658 | $0 |
Chocorua Public Library Chocorua, NH | $406,928 | $66,747 |
Northeast Association Of Electric Cooperatives Inc Plymouth, NH | $64,783 | $0 |
Swans Island Electric Cooperative Inc Swans Island, ME | $0 | $0 |