North Carolina Electric Membership Corporation

Organization Overview

North Carolina Electric Membership Corporation is located in Raleigh, NC. The organization was established in 2000. According to its NTEE Classification (Y22) the organization is classified as: Local Benevolent Life Insurance Associations, under the broad grouping of Mutual & Membership Benefit and related organizations. As of 12/2020, North Carolina Electric Membership Corporation employed 180 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. North Carolina 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 12/2020, North Carolina Electric Membership Corporation generated $1.1b in total revenue. The organization has seen a slow decline revenue. Over the past 6 years, revenues have fallen by an average of 0.0% each year. All expenses for the organization totaled $1.1b during the year ending 12/2020. As we would expect to see with falling revenues, expenses have declined by (0.1%) per year over the past 6 years. You can explore the organizations financials more deeply in the financial statements section below.

Since 2017, North Carolina Electric Membership Corporation has awarded 211 individual grants totaling $2,878,549. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.

Mission & Program ActivityExcerpts From the 990 Filing

TAX YEAR

2020

Describe the Organization's Mission:

Part 3 - Line 1

SALE OF ELECTRIC POWER TO NC DISTRIBUTION MEMBER COOPERATIVES.

Describe the Organization's Program Activity:

Part 3 - Line 4a

NORTH CAROLINA ELECTRIC MEMBERSHIP CORPORATION PROVIDES WHOLESALE ELECTRIC GENERATION AND TRANSMISSION SERVICES TO 25 MEMBER ELECTRIC DISTRIBUTION COOPERATIVES THAT PROVIDE ELECTRIC SERVICE TO OVER ONE MILLION HOMES, FARMS, AND BUSINESSES IN NORTH CAROLINA.


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Outside Vendors & Contractors

Vendor Name (Service)Compensation
Aces Power Marketing
Power Management Services
$3,140,233
Mccarter & English Llp
Legal Services
$915,537
Poyner Spruill
Legal Services
$119,686
Grant Thorton Llp
Accounting Services
$134,216
Morningstar Law Group
Legal Services
$286,717
View All Vendors

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$1,092,154,822
Investment income $9,994,448
Tax Exempt Bond Proceeds $0
Royalties $0
Net Rental Income $174,480
Net Gain/Loss on Asset Sales $6,792,066
Net Income from Fundraising Events $0
Net Income from Gaming Activities $0
Net Income from Sales of Inventory $0
Miscellaneous Revenue$0
Total Revenue $1,109,305,874

Grants Awarded

Over the last fiscal year, North Carolina Electric Membership Corporation has awarded $681,187 in support to 58 organizations.

Grant RecipientAmount

Statesville, NC

PURPOSE: EDUCATIONAL ASSISTANCE

$35,334

ECONOMIC DEVELOPMENT PARTNERSHIP

Org PageRecipient Profile

Raleigh, NC

PURPOSE: ECONOMIC DEVELOPMENT ASSISTANCE

$25,000

NRECA INTERNATIONAL FOUNDATION

Org PageRecipient Profile

Arlington, VA

PURPOSE: CONTRIBUTION

$25,000

UNC PEMBROKE

PURPOSE: EDUCATIONAL ASSISTANCE

$25,000

UNC CHARLOTTE

PURPOSE: EDUCATIONAL ASSISTANCE

$25,000

NC BUSINESS LEADERS FOR EDUCATION

Org PageRecipient Profile

Cary, NC

PURPOSE: EDUCATIONAL CONTRIBUTION

$20,000
View Grant Profile

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