Hart Electric Membership Corp
- Assets
- $227.7m
- Revenue
- $84.0m
- Investments
- $0.0
- Employees
- 122
- Location
- Hartwell, GA
- Founding
- 11/1942
- Data as of
- 12/2021
- EIN
- 58-0280657
Organization Overview
Hart Electric Membership Corp is located in Hartwell, GA. The organization was established in 1942. 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 12/2021, Hart Electric Membership Corp employed 122 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Hart Electric Membership Corp 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 12/2021, Hart Electric Membership Corp generated $84.0m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 1.1% each year. All expenses for the organization totaled $84.0m during the year ending 12/2021. While expenses have increased by 1.1% per year over the past 7 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
2021
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
N/A
NA
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jeffrey W Murphy President & | Officer | 50 | $704,158 |
Joel K Brown Chief Oper. | 50 | $226,122 | |
Ralph P Herring Operations M | 50 | $218,281 | |
William Roger Campbell District Man | 50 | $192,312 | |
Russell E Shirley Senior Vp, T | 50 | $168,598 | |
Alison J Hilley Executive As | 50 | $137,046 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
The Davey Tree Expert Co Row Contractor | 12/30/21 | $1,165,428 |
Pike Electric Cont. | 12/30/21 | $1,876,865 |
Texas Meter And Device Meter Contract. | 12/30/21 | $473,896 |
Mcculloch Utility Svcs Inc Pole Inspection | 12/30/21 | $406,060 |
Townsend Tree Svc Inc Row Contractor | 12/30/21 | $555,801 |
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 | $82,093,226 |
| Investment income | $1,933,310 |
| 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 | $84,026,536 |
| 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 | $13,775,349 |
| Compensation of current officers, directors, key employees. | $864,384 |
| 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 | $1,935,557 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $5,707,348 |
| Insurance | $0 |
| All other expenses | $2,798,624 |
| Total functional expenses | $84,026,536 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $6,575,825 |
| Savings and temporary cash investments | $9,000,000 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $8,163,037 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $839,471 |
| Prepaid expenses and deferred charges | $39,731,326 |
| Net Land, buildings, and equipment | $132,854,769 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $30,543,154 |
| Intangible assets | $0 |
| Other assets | $21,185 |
| Total assets | $227,728,767 |
| Accounts payable and accrued expenses | $5,301,582 |
| 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 | $66,466,948 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $42,312,534 |
| Total liabilities | $114,081,064 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $134,665 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $113,513,038 |
| Total liabilities and net assets/fund balances | $227,728,767 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Middle Tennessee Electric Membership Corporation Murfreesboro, TN | $972,885,002 | $816,151,968 |
Powersouth Energy Cooperative Andalusia, AL | $2,439,100,863 | $643,376,000 |
Jackson Electric Membership Corp Jefferson, GA | $1,224,303,203 | $616,720,445 |
Lee County Electric Cooperative Inc North Fort Myers, FL | $850,449,864 | $497,387,726 |
Withlacoochee River Electric Cooperative Inc Dade City, FL | $1,217,179,383 | $476,736,829 |
Cobb Electric Membership Corporation Marietta, GA | $1,101,529,853 | $448,648,839 |
Sumter Electric Cooperative Inc Sumterville, FL | $962,585,573 | $440,111,118 |
Sawnee Electric Membership Corp Cumming, GA | $881,772,713 | $421,763,531 |
Berkeley Electric Cooperative Inc Moncks Corner, SC | $676,271,341 | $408,085,738 |
Georgia Transmission Corporation Tucker, GA | $2,954,026,800 | $380,617,270 |
Clay Electric Cooperative Inc Keystone Heights, FL | $801,967,548 | $374,561,378 |
Walton Emc Monroe, GA | $527,402,332 | $323,280,272 |