North Carolina Electric Membership Corporation
- Assets
- $2.2b
- Revenue
- $1.1b
- Investments
- $57.8m
- Employees
- 180
- Location
- Raleigh, NC
- Founding
- 08/2000
- Data as of
- 12/2020
- EIN
- 56-0995910
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.
Form
990
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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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Joseph P Brannan Executive VP & CEO | Officer | 34 | $1,109,006 |
Lark S James Senior Vp, Finance & CFO | Officer | 34 | $482,404 |
Michael W Burnette Senior VP & COO | Officer | 40 | $433,727 |
Richard M Feathers Senior Vp, General Counsel | Officer | 34 | $372,702 |
Nelle P Hotchkiss Senior VP & Coo, Ncaec | 10 | $345,455 | |
Christopher W Vanlokeren Chief Information Officer | 34 | $307,405 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Aces Power Marketing Power Management Services | 12/30/20 | $3,140,233 |
Mccarter & English Llp Legal Services | 12/30/20 | $915,537 |
Poyner Spruill Legal Services | 12/30/20 | $119,686 |
Grant Thorton Llp Accounting Services | 12/30/20 | $134,216 |
Morningstar Law Group Legal Services | 12/30/20 | $286,717 |
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 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $681,187 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $5,600,937 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $38,070,079 |
| Pension plan accruals and contributions | $1,001,713 |
| Other employee benefits | $76,350 |
| Payroll taxes | -$10,493 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $1,475,732 |
| Fees for services: Accounting | $317,316 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $117,813 |
| Office expenses | $924,723 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $126,878 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $46,272,635 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $70,956,278 |
| Insurance | $105,459 |
| All other expenses | $52,579,988 |
| Total functional expenses | $1,079,305,874 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $207,842,867 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $96,372,927 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $5,233,618 |
| Inventories for sale or use | $26,861,705 |
| Prepaid expenses and deferred charges | $4,049,140 |
| Net Land, buildings, and equipment | $1,178,793,661 |
| Investments—publicly traded securities | $419,709,273 |
| Investments—other securities | $57,839,003 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $178,025,813 |
| Total assets | $2,174,728,007 |
| Accounts payable and accrued expenses | $166,230,101 |
| 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 | $1,206,683,877 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $513,040,310 |
| Total liabilities | $1,885,954,288 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $625 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $288,773,094 |
| Total liabilities and net assets/fund balances | $2,174,728,007 |
Grants Awarded
Over the last fiscal year, North Carolina Electric Membership Corporation has awarded $681,187 in support to 58 organizations.
| Grant Recipient | Amount |
|---|---|
Statesville, NC PURPOSE: EDUCATIONAL ASSISTANCE | $35,334 |
Raleigh, NC PURPOSE: ECONOMIC DEVELOPMENT ASSISTANCE | $25,000 |
Arlington, VA PURPOSE: CONTRIBUTION | $25,000 |
UNC PEMBROKE PURPOSE: EDUCATIONAL ASSISTANCE | $25,000 |
UNC CHARLOTTE PURPOSE: EDUCATIONAL ASSISTANCE | $25,000 |
Cary, NC PURPOSE: EDUCATIONAL CONTRIBUTION | $20,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
North Georgia Electric Membership Dalton, GA | $360,834,398 | $251,615,435 |
Citizens Telephone Cooperative Floyd, VA | $43,947,455 | $15,130,626 |
North Georgia Network Cooperative Inc Cornelia, GA | $2,571,974 | $4,298,712 |
Meansville Riley Road Water Company Inc Union, SC | $9,064,518 | $1,309,308 |
Dewees Utility Corporation Dewees Island, SC | $1,975,877 | $636,956 |
Rocky Creek Water Co Jonesville, SC | $1,590,252 | $450,069 |
Ridge Utilities Inc Louisa, VA | $1,037,255 | $290,084 |
Groundhog Mtn Water & Sewer Company Inc High Point, NC | $879,128 | $141,664 |
Mountain Lakes Water & Sewer Authority Inc Dawsonville, GA | $872,740 | $107,095 |
Jason Water Corporation Snow Hill, NC | $590,207 | $98,042 |
Groundhog Mountain Property Owners Inc High Point, NC | $298,046 | $0 |