Planters Electric Membership Corp
- Assets
- $111.5m
- Revenue
- $41.0m
- Investments
- $0.0
- Employees
- 57
- Location
- Millen, GA
- Founding
- 12/1937
- Data as of
- 12/2022
- EIN
- 58-0388085
Organization Overview
Planters Electric Membership Corp is located in Millen, GA. The organization was established in 1937. 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 12/2022, Planters Electric Membership Corp employed 57 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Planters 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 12/2022, Planters Electric Membership Corp generated $41.0m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 1.0% each year. All expenses for the organization totaled $41.0m during the year ending 12/2022. While expenses have increased by 1.0% per year over the past 8 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
PROVIDE THE BEST POSSIBLE ELECTRIC SERVICE TO ALL WHO DESIRE IT WITHIN THE SERVICE 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.
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 |
|---|---|---|---|
Edward M Brinson General Mana | Officer | 50 | $326,065 |
William J Mcbride Info. System | 45 | $183,748 | |
Norman Williams Asst General | 45 | $170,990 | |
Randall Hill Mgr. Member | 45 | $149,485 | |
Pauline Adams Mgr. Of Admi | 45 | $146,673 | |
William Wilson Line Superin | 45 | $146,200 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Akins And Sons Right Of Way | 12/30/22 | $1,313,700 |
Helena Agri Enterprises Llc Right Of Way | 12/30/22 | $361,810 |
Altec Construction | 12/30/22 | $357,230 |
Pumpley Oil Acuisition Llc Fuel | 12/30/22 | $336,288 |
Tms Maintenance | 12/30/22 | $235,971 |
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 | $40,321,002 |
| Investment income | $716,653 |
| 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 | $41,037,655 |
| 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 | $2,288,561 |
| Compensation of current officers, directors, key employees. | $606,229 |
| 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 | $74,042 |
| 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 | $1,108,029 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,804,454 |
| Insurance | $0 |
| All other expenses | $1,878,287 |
| Total functional expenses | $41,037,655 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $589,713 |
| Savings and temporary cash investments | $2,675,794 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $3,319,126 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $1,107,231 |
| Prepaid expenses and deferred charges | $19,881,958 |
| Net Land, buildings, and equipment | $66,834,609 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $17,007,019 |
| Intangible assets | $0 |
| Other assets | $46,116 |
| Total assets | $111,461,566 |
| Accounts payable and accrued expenses | $3,386,642 |
| Grants payable | $0 |
| Deferred revenue | $169,601 |
| 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 | $43,344,789 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $12,733,894 |
| Total liabilities | $59,634,926 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $127,117 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $51,699,523 |
| Total liabilities and net assets/fund balances | $111,461,566 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Satilla Rural Electric Membership Corp Alma, GA | $268,716,625 | $122,190,964 |
Upper Cumberland Electric Membership Corporation Carthage, TN | $208,911,918 | $121,895,944 |
Diverse Power Incorporated Lagrange, GA | $239,882,222 | $117,829,336 |
Choctawhatchee Electric Cooperative Inc Defuniak Springs, FL | $360,891,875 | $124,274,504 |
Aiken Electric Cooperative Inc Aiken, SC | $337,192,184 | $117,100,131 |
Meriwether Lewis Electric Cooperative Centerville, TN | $179,486,251 | $119,621,039 |
Southwest Tennessee Electric Membership Corp Brownsville, TN | $219,052,657 | $121,626,016 |
Blue Ridge Mountain Electric Membership Corp 101-10 Irc Young Harris, GA | $245,553,260 | $112,097,199 |
Appalachian Electric Cooperative New Market, TN | $242,163,198 | $119,028,278 |
Peace River Electric Cooperative Inc Wauchula, FL | $298,485,094 | $110,943,049 |
South River Electric Membership Corporation Dunn, NC | $271,179,808 | $105,392,697 |
Wake Electric Membership Corp Wake Forest, NC | $280,486,920 | $101,861,632 |