Southwest Tennessee Electric Membership Corp
- Assets
- $248.8m
- Revenue
- $132.8m
- Investments
- $13.3m
- Employees
- 164
- Location
- Brownsville, TN
- Founding
- 08/1941
- Data as of
- 06/2023
- EIN
- 62-0366645
Organization Overview
Southwest Tennessee Electric Membership Corp is located in Brownsville, TN. The organization was established in 1941. 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 06/2023, Southwest Tennessee Electric Membership Corp employed 164 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Southwest Tennessee 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 06/2023, Southwest Tennessee Electric Membership Corp generated $132.8m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 3.3% each year. All expenses for the organization totaled $124.2m during the year ending 06/2023. While expenses have increased by 2.7% 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
PROVIDE ELECTRICITY TO RURAL AREAS OF SOUTHWEST TENNESSEE AT A REASONABLE COST
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDES ELECTRICITY FOR APPROXIMATELY 51,700 CUSTOMERS IN PARTS OF ELEVEN COUNTIES IN SOUTHWEST TENNESSEE
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
J Kevin Murphy President | Officer | 50 | $279,113 |
William Gordon VP Technical | Officer | 50 | $152,066 |
B Scott Sims VP Finance, | Officer | 50 | $157,335 |
Clint Malone VP Engineeri | 50 | $138,178 | |
Michael Russell VP Operation | Officer | 50 | $157,335 |
Dalton Stephenson Journeyman L | 57 | $132,529 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Quanta Telecommunications Services Construction | 6/29/23 | $7,612,435 |
Cablesouth Construction Llc Construction | 6/29/23 | $2,751,621 |
Byrd Tree Service Row Maintenance | 6/29/23 | $2,613,092 |
Garnet Electric Co Inc Construction | 6/29/23 | $5,891,415 |
Mckenzie Tree Service Inc Row Maintenance | 6/29/23 | $2,319,417 |
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 | $129,990,434 |
| Investment income | $2,613,554 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $179,855 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $4,527 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $132,788,370 |
| 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 | $0 |
| Compensation of current officers, directors, key employees. | $768,356 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $10,961,784 |
| Pension plan accruals and contributions | $1,809,135 |
| Other employee benefits | $2,457,981 |
| Payroll taxes | $881,753 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $41,240 |
| Fees for services: Accounting | $30,130 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $39,376 |
| Advertising and promotion | $367,821 |
| Office expenses | $1,040,569 |
| Information technology | $821,271 |
| Royalties | $0 |
| Occupancy | $341,827 |
| Travel | $83,210 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $488,259 |
| Interest | $2,536,908 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $9,052,166 |
| Insurance | $1,001,798 |
| All other expenses | $0 |
| Total functional expenses | $124,196,770 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $14,735,120 |
| Savings and temporary cash investments | $27,132 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $5,678,464 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $1,491,834 |
| Inventories for sale or use | $3,127,562 |
| Prepaid expenses and deferred charges | $269,202 |
| Net Land, buildings, and equipment | $210,209,015 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $13,288,714 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $248,827,043 |
| Accounts payable and accrued expenses | $33,792,813 |
| 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 | $85,302,600 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $5,316,185 |
| Total liabilities | $124,411,598 |
| 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 | $124,415,445 |
| Total liabilities and net assets/fund balances | $248,827,043 |