Mecklenburg Electric Cooperative
- Assets
- $248.8m
- Revenue
- $100.6m
- Investments
- $0.0
- Employees
- 110
- Location
- Chase City, VA
- Founding
- 02/1940
- Data as of
- 12/2022
- EIN
- 54-0299805
Organization Overview
Mecklenburg Electric Cooperative is located in Chase City, VA. The organization was established in 1940. 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, Mecklenburg Electric Cooperative employed 110 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Mecklenburg Electric Cooperative 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, Mecklenburg Electric Cooperative generated $100.6m in total revenue. This represents relatively stable growth, over the past 4 years the organization has increased revenue by an average of 8.2% each year. All expenses for the organization totaled $92.9m during the year ending 12/2022. While expenses have increased by 6.2% per year over the past 4 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 SAFE AND EFFECTIVE DISTRIBUTION OF ELECTRICITY TO THE MEMBERS OF MECKLENBURG ELECTRIC COOPERATIVE
Describe the Organization's Program Activity:
Part 3 - Line 4a
SAFE AND EFFECTIVE DISTRIBUTION OF ELECTRICITY TO THE MEMBERS OF THE COOPERATIVE. THE THREE LARGEST PROGRAM SERVICES AS MEASURED BY EXPENSES WERE AS FOLLOWS: COST OF POWER 58,600,867 OTHER SALARIES AND WAGES 8,480,637 DISTRIBUTION MAINTENANCE 7,742,355
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
John C Lee Jr President An | Officer | 25 | $889,919 |
Carol B Jones VP Finance A | Officer | 50 | $162,002 |
Carolyn T Glass Assistant Se | Officer | 40 | $79,362 |
James P Guy II Legal Counse | 55 | $231,688 | |
Benjamin J Seamans VP Engineeri | 50 | $172,508 | |
Dwayne Long VP Informati | 60 | $171,894 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Better Cable Systems Inc System Improv | 12/30/22 | $6,550,944 |
Magellan Advisors Llc Engineering | 12/30/22 | $3,235,015 |
Asplundh Tree Expert Co Inc Right Of Way Ma | 12/30/22 | $2,989,245 |
Aubrey Silvey Enterprises Inc Electrical Dist | 12/30/22 | $5,572,136 |
Raco Inc Fiber | 12/30/22 | $2,217,869 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $3,145,341 |
| 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 | $3,145,341 |
| Total Program Service Revenue | $95,362,807 |
| Investment income | $149,366 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $398,546 |
| Net Gain/Loss on Asset Sales | -$23,786 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $100,631,363 |
| 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 | $4,032,756 |
| Compensation of current officers, directors, key employees. | $1,731,610 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $8,480,637 |
| Pension plan accruals and contributions | $1,222,533 |
| Other employee benefits | $144,789 |
| Payroll taxes | $768,954 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $44,065 |
| 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 | $77,484 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $175,361 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $301,727 |
| Interest | $4,376,068 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $7,716,023 |
| Insurance | $0 |
| All other expenses | -$6,440,837 |
| Total functional expenses | $92,927,030 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $3,624,381 |
| Savings and temporary cash investments | $165,518 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $12,527,118 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $411,783 |
| Inventories for sale or use | $6,541,102 |
| Prepaid expenses and deferred charges | $9,160,395 |
| Net Land, buildings, and equipment | $176,698,305 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $38,542,291 |
| Intangible assets | $1,119,641 |
| Other assets | $0 |
| Total assets | $248,790,534 |
| Accounts payable and accrued expenses | $28,072,342 |
| 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 | $130,170,440 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $263,650 |
| Total liabilities | $158,506,432 |
| 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 | $90,284,102 |
| Total liabilities and net assets/fund balances | $248,790,534 |