Civic Intelligence

Edgecombe-Martin County Electric Membership Corp

990 • Fiscal year 2014 • EIN 56-0211980

Jan 01, 2014 to Dec 31, 2014 • Filed on Nov 10, 2015

PO Box 188Tarboro, NC 27886

(252) 823-2171

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

82nd percentile

0.66x

Higher debt load relative to assets than 82% of similar nonprofits.

2014 filings • 501(c)12 • $50M-$100M nonprofits • Source year 2014

Liabilities / Revenue

67th percentile

1.48x

Higher debt load relative to revenue than 67% of similar nonprofits.

2014 filings • 501(c)12 • $50M-$100M nonprofits • Source year 2014

Net Margin

7th percentile

-0.8%

Higher net margin than 7% of similar nonprofits.

2014 filings • 501(c)12 • $50M-$100M nonprofits • Source year 2014

Top Officer Pay

96th percentile

$375,538

Higher top officer pay than 96% of similar nonprofits.

Top officer pay equals 1.3% of source-year revenue.

2014 filings • 501(c)12 • $50M-$100M nonprofits • Source year 2014

Asset Growth

61st percentile

4.3%

Faster asset growth than 61% of similar nonprofits.

2014 filings • 501(c)12 • $50M-$100M nonprofits • Annualized from 2013 to 2014

Revenue Growth

21st percentile

0.7%

Faster revenue growth than 21% of similar nonprofits.

2014 filings • 501(c)12 • $50M-$100M nonprofits • Annualized from 2013 to 2014

Assets

Up

$63,825,072

Up $2,615,546 (+4.3%) from 2013

Net Assets

Up

$21,681,509

Up $793,501 (+3.8%) from 2013

Liabilities

Up

$42,143,563

Up $1,822,045 (+4.5%) from 2013

Revenue

Up

$28,407,255

Up $188,563 (+0.7%) from 2013

Expenses

Up

$28,643,624

Up $152,304 (+0.5%) from 2013

Net Income

Up

-$236,369

Up $36,259 (+13%) from 2013

Historical Trend

Balance Sheet Trend

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$80M$60M$40M$20M$0Assets 2010: $57,164,038Liabilities 2010: $38,920,811Net Assets 2010: $18,243,2272010Assets 2011: $58,228,488Liabilities 2011: $38,994,206Net Assets 2011: $19,234,2822011Assets 2012: $58,195,838Liabilities 2012: $38,616,482Net Assets 2012: $19,579,3562012Assets 2013: $61,209,526Liabilities 2013: $40,321,518Net Assets 2013: $20,888,0082013Assets 2014: $63,825,072Liabilities 2014: $42,143,563Net Assets 2014: $21,681,5092014Assets 2015: $65,649,311Liabilities 2015: $43,113,725Net Assets 2015: $22,535,5862015Assets 2016: $68,158,696Liabilities 2016: $44,838,020Net Assets 2016: $23,320,6762016Assets 2017: $67,955,687Liabilities 2017: $42,903,733Net Assets 2017: $25,051,9542017Assets 2018: $67,220,543Liabilities 2018: $39,194,463Net Assets 2018: $28,026,0802018Assets 2019: $70,018,141Liabilities 2019: $38,769,915Net Assets 2019: $31,248,2262019Assets 2020: $70,771,642Liabilities 2020: $38,040,742Net Assets 2020: $32,730,9002020Assets 2021: $71,516,815Liabilities 2021: $36,574,226Net Assets 2021: $34,942,5892021Assets 2022: $72,560,795Liabilities 2022: $37,656,219Net Assets 2022: $34,904,5762022Assets 2023: $74,404,871Liabilities 2023: $38,710,944Net Assets 2023: $35,693,9272023Assets 2024: $73,856,397Liabilities 2024: $36,016,899Net Assets 2024: $37,839,4982024

Highlighted filing

2014

Assets$63,825,072
Liabilities$42,143,563
Net Assets$21,681,509

Operations Trend

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$40M$30M$20M$10M$0-$10MExpenses 2010: $27,165,4032010Expenses 2011: $28,079,3632011Expenses 2012: $27,455,9022012Revenue 2013: $28,218,692Expenses 2013: $28,491,320Net Income 2013: -$272,6282013Revenue 2014: $28,407,255Expenses 2014: $28,643,624Net Income 2014: -$236,3692014Revenue 2015: $27,752,709Expenses 2015: $28,034,931Net Income 2015: -$282,2222015Revenue 2016: $27,110,909Expenses 2016: $27,504,844Net Income 2016: -$393,9352016Revenue 2017: $28,672,057Expenses 2017: $28,523,388Net Income 2017: $148,6692017Revenue 2018: $30,831,186Expenses 2018: $31,371,962Net Income 2018: -$540,7762018Revenue 2019: $30,391,391Expenses 2019: $30,321,744Net Income 2019: $69,6472019Revenue 2020: $28,123,759Expenses 2020: $28,543,294Net Income 2020: -$419,5352020Revenue 2021: $29,232,800Expenses 2021: $29,544,343Net Income 2021: -$311,5432021Revenue 2022: $29,118,803Expenses 2022: $29,318,794Net Income 2022: -$199,9912022Revenue 2023: $29,738,660Expenses 2023: $30,193,887Net Income 2023: -$455,2272023Revenue 2024: $32,243,740Expenses 2024: $32,449,581Net Income 2024: -$205,8412024

Highlighted filing

2014

Revenue$28,407,255
Expenses$28,643,624
Net Income-$236,369
Jump To
Filing Snapshot
Filing Period
Jan 1, 2014 to Dec 31, 2014
Signed
Nov 10, 2015
Return Version
2014v5.0
Gross Receipts
$28,409,641
Mission and Program Overview

Mission

Safe and effective DISTRIBUTION OF ELECTRICITY TO the customers of the Cooperative

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$48,828,325$49,197,438▲ $369,113
Rtn Earn Endowment Incm Other Fnds$20,888,008$21,681,509▲ $793,501
Investments Program Related$3,665,158$4,114,038▲ $448,880
Other Notes and Loans Receivable, Net$772,490$2,625,372▲ $1,852,882
Cash and Non-Interest-Bearing Accounts$1,770,152$2,378,767▲ $608,615
Accounts Receivable$2,573,164$2,167,660▼ $405,504
Prepaid Expenses and Deferred Charges$1,751,168$1,526,204▼ $224,964
Inventories for Sale or Use$1,329,781$1,298,986▼ $30,795
Savings and Temporary Cash Investments$519,288$516,607▼ $2,681
Pledges and Grants Receivable-$0-
Receivable From Disqualified Prsn-$0-
Receivables From Officers Etc-$0-
Investments Other Securities-$0-
Investments in Publicly Traded Securities-$0-
Intangible Assets-$0-
Total Assets$61,209,526$63,825,072▲ $2,615,546
Other Assets Total-$0-
Liabilities
Mortgage Notes Payable Secured by Investment Property$37,078,434$38,993,829▲ $1,915,395
Accounts Payable and Accrued Expenses$1,523,980$1,650,145▲ $126,165
Other Liabilities$1,719,104$1,499,589▼ $219,515
Total Liabilities$40,321,518$42,143,563▲ $1,822,045
Net Assets / Fund Balance
Total Net Assets Fund Balance$20,888,008$21,681,509▲ $793,501
Total Liabilities and Net Assets / Fund Balance$61,209,526$63,825,072▲ $2,615,546

Asset Categories

AssetBook ValueDepreciationBasis
Other Land Buildings$48,607,016$22,678,655$71,285,671
Land$590,422-$590,422
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Bob McduffieCEOFT$262,797$112,741$375,538
James E StocksV.P. of Member DevFT$128,999$76,792$205,791
Lisa TolsonVP of HrFT$118,701$76,407$195,108
Winston HowellCOOFT$153,639$31,629$185,268
Michael JohnsonVP EngineeringFT$113,912$71,150$185,062
Melinda NimmoVP of FinanceFT$123,056$38,673$161,729
Gary HicksIt/gis CorrdinatorFT$113,280$35,394$148,674
Rodney BradleyVP of OperationsFT$135,086$10,701$145,787
Millie LilleyPresident-$15,900-$15,900
Billy TrevathanTreasurer-$12,750-$12,750
Jimmie JerniganDirector-$12,000-$12,000
Joe SuggsSecretary-$10,400-$10,400
Elbert Ray Pitt JrVice President-$10,200-$10,200
Dennis BrileyDirector-$8,800-$8,800
Norman RobersonDirector-$8,800-$8,800
Floyd HarrellTreasurer-$4,450-$4,450

Highest Paid Contractors

ContractorServicesLocationCompensation
Pike ElectricUtility ConstructionPO BOX 1000, Memphis, TN 38148$599,497
Xylem Tree Company INCROW, Tree Trimming208 E PLUME ST, Norfolk, VA 23510$419,735
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$27,942,108
Investment Income
$68,257
Other Revenue
$396,890
Change in Net Assets
$-236,369

Audited Revenue Reconciliation

Revenue per Audited Statements
$28,642,700
Revenue Not Reported on Financial Statements
$-235,445
Other Revenue Adjustments
$-235,445
Total Revenue per Audited Statements
$28,642,700
Total Revenue per Form 990
$28,407,255
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$22,412,105
Salaries, Compensation, and Employee Benefits$4,711,097
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages---$3,142,715
Depreciation Depletion---$2,134,469
Interest---$1,701,600
Benefits to Members---$1,520,422
Current Officers, Directors, Trustees, and Key Employees---$805,835
Travel---$615,895
Pension Plan Contributions---$467,691
Other Expenses---$461,682
Payroll Taxes---$294,856
Conferences and Meetings---$60,311
Fees for Services Legal---$24,598
All Other Expenses---$-545,595
Total Functional Expenses$0$0$0$28,643,624

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$28,643,624
Expenses per Audited Statements$27,122,278
Total Expenses per Audited Statements$27,122,278
Expenses Not Reported on Financial Statements$1,521,346
Other Expense Adjustments$1,521,346
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Receivables from Disqualified Persons-$0-
Receivables from Officers, Directors, Trustees, and Key Employees-$0-
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Consumer Deposits$633,662
Accrued Liabilities$503,665
Deferred Credits$362,262
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
Yes
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
Yes
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Line 6: Explanation of Classes of Members or Shareholder

Edgecombe-Martin is an electric membership corporation that delivers electricity to the members of the cooperative. The members elect the board of directors, which is the governing body of the cooperative.

Form 990, Part VI, Line 7A: How Members or Shareholders Elect Governing Body

Members of the governing board are elected by the membership of the cooperative. The board has monthly meetings and an annual meeting that is open to the entire memebership.

Form 990, Part VI, Line 7B: Describe Decisions of Governing Body Approval by Members or Shareholders

certain decisions of the governing board are subject to approval by the members as provided for in the by-laws.

Form 990, Part VI, Line 11B: Form 990 Review Process

Ceo and vp of finance review a draft of the 990 with board prior to filing the return.

Form 990, Part VI, Line 12C: Explanation of Monitoring and Enforcement of Conflicts

Officers, directors and key employees are required to disclose interests that could give rise to conflicts at each monthly board meeting.

Form 990, Part VI, Line 15B: Compensation Review and Approval Process for Officers and Key Employees

Ceo compensation is determined by the board of directors after a review and comparison with surveys of similar organizations. Compensation of other officers, key employees and staff are determined by the ceo after consultation with managerial staff and comparison with information from other similar organizations.

Form 990, Part VI, Line 19: Other Organization Documents Publicly Available

Governing documents and policies are available upon request. Financial data is provided to the members at the annual meeting and is also included on the 990 which is available upon request or on the internet.

Part VII Section A Column F

The cooperative participates in the nreca group defined pension plan. As part of this plan, participants are required to recognize the actuarial increase in the value of their account on the form 990. The contribution rate for participants in the plan are the same for all individuals in the plan. The change in actuarial value for each participant, however, varies with age. In other words, the older a participant is, the greater the increase in that individual's change in actuarial value with all other things being equal.

Filing and Contact Details

Filer

Filer Name
Edgecombe-martin County Emc
EIN
56-0211980
Phone
2528232171
Address
PO BOX 188, TARBORO, NC 27886

Signing Officer

Name
Winston Howell
Title
CEO
Signed
2015-11-10
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Winston Howell
Formed
1936
Legal Domicile
Nc
Voting Board Members
8
Independent Board Members
8
Employees
38

Preparer

Firm
Adams Jenkins Cheatham Pc
Address
231 WYLDEROSE DR, MIDLOTHIAN, VA 23113-6845
Preparer
G Steven Gilliam CPA
Phone
8043231313
Supplemental Narrative

Additional Explanations

Other Changes In Net Assets Or Fund Balances - Other Decreases

contributions in aid of construction not revenue per gaap = -$115811

Other Changes In Net Assets Or Fund Balances - Other Decreases

Net Decrease in memberships = -$470

Other Changes In Net Assets Or Fund Balances - Other Increases

noncash patronage allocations not revenue per gaap = $352180

Other Changes In Net Assets Or Fund Balances - Other Increases

patronage div. paid to members' accts not expense per gaap = $1520422

Other Changes In Net Assets Or Fund Balances - Other Decreases

Retirement of Capital Credits = -$726451

Part IX, Line 4 - Benefits Paid to or for Members

Patronage dividends paid to members' accounts in accordance with the pre-existing obligation in EDGECOME-MARTIN COUNTY EMC's by-laws. The Cooperative is obligated to pay by credits to a capital account for each patron all such amounts in excess of operating costs and expenses. IRS instructions for line 4 changed in 2011 to include patronage dividends paid by section 501(c)(12) organizations to their members.

Financial Statement Notes

Part XII, Line 4B: Other revenue amounts included on 990 but not included in F/S

patronage div. paid to members' accts. $1520422 990 T Expenses netted against revenue $924

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IRS990/Form990PartVIISectionAGrp/PersonNm14GARY HICKS
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IRS990/Form990PartVIISectionAGrp/TitleTxt3Treasurer
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IRS990/Form990PartVIISectionAGrp/TitleTxt5Director
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IRS990/Form990PartVIISectionAGrp/TitleTxt10COO
IRS990/Form990PartVIISectionAGrp/TitleTxt11V.P. of Member Dev
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IRS990/Form990PartVIISectionAGrp/TitleTxt13VP OF HR
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IRS990/InsuranceGrp/TotalAmt00
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IRS990/InventoriesForSaleOrUseGrp/BOYAmt01329781
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IRS990/InvestmentsProgramRelatedGrp/EOYAmt04114038
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IRS990/MissionDesc0Safe and effective DISTRIBUTION OF ELECTRICITY TO the customers of the Cooperative
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IRS990/OnBehalfOfIssuerInd0false
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IRS990/OtherExpensesGrp/TotalAmt11045631
IRS990/OtherExpensesGrp/TotalAmt2714378
IRS990/OtherExpensesGrp/TotalAmt3461682
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IRS990/OtherRevenueMiscGrp/Desc1CONT IN AID OF CONST
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IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt01526204
IRS990/PrincipalOfficerNm0WINSTON HOWELL
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IRS990/PYOtherRevenueAmt0288252
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IRS990/PYSalariesCompEmpBnftPaidAmt04605069
IRS990/PYTotalExpensesAmt028491320
IRS990/PYTotalRevenueAmt028218692
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IRS990/RelatedOrganizationCtrlEntInd0false
IRS990/RentalIncomeOrLossGrp/PersonalAmt079399
IRS990/ReportInvestmentsOtherSecInd0false
IRS990/ReportLandBuildingEquipmentInd0true
IRS990/ReportOtherAssetsInd0false
IRS990/ReportOtherLiabilitiesInd0true
IRS990/ReportProgramRelatedInvstInd0true
IRS990/RoyaltiesGrp/TotalAmt00
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IRS990/RtnEarnEndowmentIncmOthFndsGrp/EOYAmt021681509
IRS990/SavingsAndTempCashInvstGrp/BOYAmt0519288
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IRS990/ScheduleBRequiredInd0false
IRS990ScheduleD/ExpensesNotRptFinclStmtAmt01521346
IRS990ScheduleD/ExpensesSubtotalAmt027122278
IRS990ScheduleD/LandGrp/BookValueAmt0590422
IRS990ScheduleD/LandGrp/OtherCostOrOtherBasisAmt0590422
IRS990ScheduleD/OtherExpensesNotIncludedAmt01521346
IRS990ScheduleD/OtherLandBuildingsGrp/BookValueAmt048607016
IRS990ScheduleD/OtherLandBuildingsGrp/DepreciationAmt022678655
IRS990ScheduleD/OtherLandBuildingsGrp/OtherCostOrOtherBasisAmt071285671
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt0503665
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt1633662
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt2362262

Document Assets

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Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$73.9$36.0$37.8$32.2$32.4$0.21
2023Detailed filing. Detailed filing data is available for this year.$74.4$38.7$35.7$29.7$30.2$0.46
2022Detailed filing. Detailed filing data is available for this year.$72.6$37.7$34.9$29.1$29.3$0.20
2021Detailed filing. Detailed filing data is available for this year.$71.5$36.6$34.9$29.2$29.5$0.31
2020Detailed filing. Detailed filing data is available for this year.$70.8$38.0$32.7$28.1$28.5$0.42
2019Detailed filing. Detailed filing data is available for this year.$70.0$38.8$31.2$30.4$30.3$0.07
2018Detailed filing. Detailed filing data is available for this year.$67.2$39.2$28.0$30.8$31.4$0.54
2017Detailed filing. Detailed filing data is available for this year.$68.0$42.9$25.1$28.7$28.5$0.15
2016Detailed filing. Detailed filing data is available for this year.$68.2$44.8$23.3$27.1$27.5$0.39
2015Detailed filing. Detailed filing data is available for this year.$65.6$43.1$22.5$27.8$28.0$0.28
2014Detailed filing. Detailed filing data is available for this year.$63.8$42.1$21.7$28.4$28.6$0.24
2013Detailed filing. Detailed filing data is available for this year.$61.2$40.3$20.9$28.2$28.5$0.27
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$58.2$38.6$19.6$27.5
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$58.2$39.0$19.2$28.1
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$57.2$38.9$18.2$27.2