French Broad Electric Membership Corporation
- Assets
- $167.5m
- Revenue
- $85.2m
- Investments
- $0.0
- Employees
- 137
- Location
- Marshall, NC
- Founding
- 12/1966
- Data as of
- 12/2023
- EIN
- 56-0229234
Organization Overview
French Broad Electric Membership Corporation is located in Marshall, NC. The organization was established in 1966. 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, French Broad Electric Membership Corporation employed 137 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. French Broad 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, French Broad Electric Membership Corporation generated $85.2m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 3.3% each year. All expenses for the organization totaled $83.9m during the year ending 12/2023. While expenses have increased by 3.2% 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
SAFE AND EFFECTIVE DISTRIBUTION OF ELECTRICITY TO MEMBERS OF FRENCH BROAD EMC.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE SALE AND DISTRIBUTION OF ELECTRICITY TO MEMBERS OF FRENCH BROAD EMC. THE THREE LARGEST PROGRAM SERVICES, AS MEASURED BY EXPENSES, ARE AS FOLLOWS: COST OF POWER: 35,427,327 DISTRIBUTION MAINTENANCE: 12,603,546 DEPRECIATION AND AMORTIZATION: 10,905,823
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jeffery Loven General Mana | Officer | 45 | $415,034 |
Tracy Evans District Man | Officer | 55 | $223,793 |
Gregory Fowler District Man | Officer | 45 | $230,846 |
Phyllis Holt Office Manag | Officer | 45 | $223,782 |
Donald R Webb Eng. & Opr. | Officer | 45 | $185,292 |
Hugh R Fleming Operations M | 55 | $189,154 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Cvo Enterprises Inc Fiber Work | 12/30/23 | $4,606,525 |
Heritage Exterior Maintenance Right Of Way | 12/30/23 | $2,750,237 |
Heritage Tree Service Right Of Way | 12/30/23 | $1,326,381 |
Southern Woods Tree Company Right Of Way | 12/30/23 | $1,875,237 |
R & K Tree Service Right Of Way | 12/30/23 | $1,866,415 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $2,720,979 |
| 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 | $2,720,979 |
| Total Program Service Revenue | $80,530,051 |
| Investment income | $329,481 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $1,556,860 |
| Net Gain/Loss on Asset Sales | $13,625 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $85,151,420 |
| 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 | $3,816,189 |
| Compensation of current officers, directors, key employees. | $2,493,165 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $10,756,704 |
| Pension plan accruals and contributions | $2,359,152 |
| Other employee benefits | $437,400 |
| Payroll taxes | $962,836 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $36,226 |
| 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 | $1,631,778 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $104,560 |
| Interest | $2,844,426 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $10,905,823 |
| Insurance | $0 |
| All other expenses | -$4,899,601 |
| Total functional expenses | $83,947,044 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $6,047,871 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $7,874,173 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $483,900 |
| Inventories for sale or use | $6,286,740 |
| Prepaid expenses and deferred charges | $352,915 |
| Net Land, buildings, and equipment | $143,203,270 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $2,637,572 |
| Intangible assets | $0 |
| Other assets | $614,893 |
| Total assets | $167,501,334 |
| Accounts payable and accrued expenses | $9,721,471 |
| 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 | $87,260,478 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $15,687,597 |
| Total liabilities | $112,669,546 |
| 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 | $54,831,788 |
| Total liabilities and net assets/fund balances | $167,501,334 |