Haywood Electric Membership Corporation
- Assets
- $169.9m
- Revenue
- $54.1m
- Investments
- $0.0
- Employees
- 90
- Location
- Waynesville, NC
- Founding
- 03/1961
- Data as of
- 12/2023
- EIN
- 56-0193499
Organization Overview
Haywood Electric Membership Corporation is located in Waynesville, NC. The organization was established in 1961. 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, Haywood Electric Membership Corporation employed 90 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Haywood 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 12/2023, Haywood Electric Membership Corporation generated $54.1m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 2.8% each year. All expenses for the organization totaled $53.4m during the year ending 12/2023. While expenses have increased by 2.7% 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
TO PROVIDE THE BEST POSSIBLE ELECTRIC SERVICE TO ALL WHO DESIRE IT WITHIN THE SYSTEM 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 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 |
|---|---|---|---|
Thomas H Batchelor Jr CEO | Officer | 50 | $340,473 |
John Carver Team Leader | 40 | $142,467 | |
John Raines Team Leader | 40 | $121,898 | |
Jeffrey Noland Team Leader | 40 | $121,337 | |
John Boate CFO | 40 | $120,351 | |
Dylon Winchester Sr Journeyma | 40 | $121,046 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Washy Gap Enterprises Inc Tree Service | 12/30/20 | $1,442,684 |
Caney Fork Enterprises Tree Service | 12/30/20 | $954,524 |
Pike Electric Llc Electric | 12/30/20 | $501,205 |
Asplundh Tree Expert Company Tree Service | 12/30/20 | $492,755 |
Southeast Woodland Services Inc Tree Service | 12/30/20 | $261,729 |
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 | $53,581,217 |
| Investment income | $481,296 |
| 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 | $54,062,513 |
| 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 | $3,590,840 |
| Compensation of current officers, directors, key employees. | $581,602 |
| 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 | $3,843,834 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $6,009,670 |
| Insurance | $0 |
| All other expenses | $2,042,525 |
| Total functional expenses | $53,429,100 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $3,078,922 |
| Savings and temporary cash investments | $4,946,628 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $5,358,734 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $124,192 |
| Inventories for sale or use | $1,519,603 |
| Prepaid expenses and deferred charges | $1,545,294 |
| Net Land, buildings, and equipment | $147,653,726 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $5,558,435 |
| Intangible assets | $0 |
| Other assets | $151,292 |
| Total assets | $169,936,826 |
| Accounts payable and accrued expenses | $5,920,848 |
| 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 | $100,430,529 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $3,274,141 |
| Total liabilities | $109,625,518 |
| 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 | $60,311,308 |
| Total liabilities and net assets/fund balances | $169,936,826 |