Civic Intelligence

Piedmont Electric Membership Corp

990 • Fiscal year 2019 • EIN 56-0358446

Jan 01, 2019 to Dec 31, 2019 • Filed on Oct 01, 2020

Organization ProfileWWW.PEMC.COOP

View Organization Page

PO Box 1179Hillsborough, NC 27278

(919) 732-2123

Siviq Scores

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

Liabilities / Assets

92nd percentile

0.68x

Higher debt load relative to assets than 92% of similar nonprofits.

2019 filings • 501(c)12 • $100M-$250M nonprofits • Source year 2019

Liabilities / Revenue

88th percentile

2.10x

Higher debt load relative to revenue than 88% of similar nonprofits.

2019 filings • 501(c)12 • $100M-$250M nonprofits • Source year 2019

Net Margin

52nd percentile

0.0%

Higher net margin than 52% of similar nonprofits.

2019 filings • 501(c)12 • $100M-$250M nonprofits • Source year 2019

Top Officer Pay

62nd percentile

$347,348

Higher top officer pay than 62% of similar nonprofits.

Top officer pay equals 0.5% of source-year revenue.

2019 filings • 501(c)12 • $100M-$250M nonprofits • Source year 2019

Asset Growth

29th percentile

1.7%

Faster asset growth than 29% of similar nonprofits.

2019 filings • 501(c)12 • $100M-$250M nonprofits • Annualized from 2018 to 2019

Revenue Growth

34th percentile

-1.7%

Faster revenue growth than 34% of similar nonprofits.

2019 filings • 501(c)12 • $100M-$250M nonprofits • Annualized from 2018 to 2019

Balance Sheet
Liabilities / Assets92nd percentile

Assets

Up

$199,964,059

Up $3,397,591 (+1.7%) from 2018

Net Assets

Up

$63,432,401

Up $1,772,205 (+2.9%) from 2018

Liabilities

Up

$136,531,658

Up $1,625,386 (+1.2%) from 2018

Revenue And Expenses
Liabilities / Revenue88th percentileNet Margin52nd percentile

Revenue

Down

$65,169,845

Down $1,110,151 (-1.7%) from 2018

Expenses

Down

$65,169,845

Down $1,110,151 (-1.7%) from 2018

Net Income

Flat

$0

Flat from 2018

Historical Trend

Balance Sheet Trend

Asset Growth29th percentile

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

$300M$200M$100M$0Assets 2011: $152,802,891Liabilities 2011: $106,128,597Net Assets 2011: $46,674,2942011Assets 2012: $158,268,520Liabilities 2012: $109,758,806Net Assets 2012: $48,509,7142012Assets 2013: $165,288,628Liabilities 2013: $114,104,990Net Assets 2013: $51,183,6382013Assets 2014: $166,031,798Liabilities 2014: $112,893,530Net Assets 2014: $53,138,2682014Assets 2015: $169,287,230Liabilities 2015: $114,403,923Net Assets 2015: $54,883,3072015Assets 2016: $176,828,087Liabilities 2016: $119,511,060Net Assets 2016: $57,317,0272016Assets 2017: $187,092,430Liabilities 2017: $127,188,349Net Assets 2017: $59,904,0812017Assets 2018: $196,566,468Liabilities 2018: $134,906,272Net Assets 2018: $61,660,1962018Assets 2019: $199,964,059Liabilities 2019: $136,531,658Net Assets 2019: $63,432,4012019Assets 2020: $206,987,330Liabilities 2020: $141,622,865Net Assets 2020: $65,364,4652020Assets 2021: $213,665,239Liabilities 2021: $144,574,632Net Assets 2021: $69,090,6072021Assets 2022: $231,845,259Liabilities 2022: $160,902,247Net Assets 2022: $70,943,0122022Assets 2023: $237,741,149Liabilities 2023: $162,492,769Net Assets 2023: $75,248,3802023Assets 2024: $247,993,916Liabilities 2024: $170,544,088Net Assets 2024: $77,449,8282024

Highlighted filing

2019

Assets$199,964,059
Liabilities$136,531,658
Net Assets$63,432,401
Open 2019 Filing

Operations Trend

Revenue Growth34th percentile

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

$80M$60M$40M$20M$0Revenue 2011: $61,259,729Expenses 2011: $61,259,729Net Income 2011: $02011Revenue 2012: $63,637,989Expenses 2012: $63,637,989Net Income 2012: $02012Revenue 2013: $64,702,078Expenses 2013: $64,702,078Net Income 2013: $02013Revenue 2014: $66,053,934Expenses 2014: $66,053,934Net Income 2014: $02014Revenue 2015: $64,719,516Expenses 2015: $64,719,516Net Income 2015: $02015Revenue 2016: $63,507,117Expenses 2016: $63,507,117Net Income 2016: $02016Revenue 2017: $63,217,677Expenses 2017: $63,217,677Net Income 2017: $02017Revenue 2018: $66,279,996Expenses 2018: $66,279,996Net Income 2018: $02018Revenue 2019: $65,169,845Expenses 2019: $65,169,845Net Income 2019: $02019Revenue 2020: $66,867,481Expenses 2020: $66,867,481Net Income 2020: $02020Revenue 2021: $66,236,089Expenses 2021: $66,236,089Net Income 2021: $02021Revenue 2022: $67,548,545Expenses 2022: $67,548,545Net Income 2022: $02022Revenue 2023: $76,825,164Expenses 2023: $76,825,164Net Income 2023: $02023Revenue 2024: $79,582,645Expenses 2024: $79,582,645Net Income 2024: $02024

Highlighted filing

2019

Revenue$65,169,845
Expenses$65,169,845
Net Income$0
Open 2019 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2019 to Dec 31, 2019
Signed
Oct 1, 2020
Return Version
2019v5.0
Gross Receipts
$65,253,772
Mission and Program Overview

Mission

To empower and to partner with our member-consumers to provide energy value and to enhance the quality of life.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$166,130,133$171,662,444▲ $5,532,311
Rtn Earn Endowment Incm Other Fnds$59,684,491$61,226,297▲ $1,541,806
Investments Program Related$7,642,453$7,775,911▲ $133,458
Other Notes and Loans Receivable, Net$7,945,868$7,679,479▼ $266,389
Accounts Receivable$7,500,279$6,836,669▼ $663,610
Prepaid Expenses and Deferred Charges$3,823,436$2,268,545▼ $1,554,891
Cap Stk Tr Prin Current Funds$1,975,705$2,206,104▲ $230,399
Cash and Non-Interest-Bearing Accounts$1,964,033$1,894,500▼ $69,533
Inventories for Sale or Use$1,552,934$1,839,179▲ $286,245
Total Assets$196,566,468$199,964,059▲ $3,397,591
Other Assets Total$7,332$7,332→ $0
Liabilities
Mortgage Notes Payable Secured by Investment Property$103,812,396$113,262,173▲ $9,449,777
Accounts Payable and Accrued Expenses$23,655,835$17,064,818▼ $6,591,017
Other Liabilities$7,438,041$6,204,667▼ $1,233,374
Total Liabilities$134,906,272$136,531,658▲ $1,625,386
Net Assets / Fund Balance
Total Net Assets Fund Balance$61,660,196$63,432,401▲ $1,772,205
Total Liabilities and Net Assets / Fund Balance$196,566,468$199,964,059▲ $3,397,591

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$161,127,557$81,048,064$242,175,621
Buildings$6,903,587$4,022,447$10,926,034
Land$3,631,300-$3,631,300
Compensation and Service Providers
Top Officer Pay62nd percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Steve HamlinPresident &FT$251,674$95,674$347,348
Steve HamlinPresident & CEO-$233,485$113,863$347,348
Lawrence HopkinsMgr - EngineFT$182,722$76,927$259,649
Lawrence HopkinsMgr - Engineering-$176,554$83,095$259,649
Susan CashionVP Chief COMFT$192,812$63,023$255,835
Susan CashionVP Chief Compliance-$185,248$70,587$255,835
Lisa KennedyVP FinancialFT$150,598$63,832$214,430
Lisa KennedyVP Financial Service-$141,164$73,266$214,430
Robert RileyVP of OperatFT$149,284$55,918$205,202
Robert RileyVP of Operations-$140,179$65,023$205,202
Brandon ReedMgr of Mbr SFT$133,843$54,555$188,398
Brandon ReedMgr of Mbr Serv & Pr-$131,279$57,119$188,398
Bill BarberChairmanPT$31,487-$31,487
James Randy KinleyDirectorPT$31,463-$31,463
Richal VanhookTreasurerPT$29,962-$29,962
Stephen LongDirectorPT$27,051-$27,051
Cyrus VernonDirectorPT$25,549-$25,549
David PoythressDirectorPT$22,655-$22,655
Andrew Michael OakleyDirectorPT$21,023-$21,023
Paul L BaileyVice Chairma-$20,846-$20,846
Sam T WoodsSecretary-$20,703-$20,703
Elizabeth TownsendDirector-$16,315-$16,315
Yancey W TalmadgeDirector-$6,575-$6,575

Highest Paid Contractors

ContractorServicesLocationCompensation
Wellsmont LandscaingLandscaping1005 DIMMOCKS MILL RD, Hillsborough, NC 27278$123,190
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$63,538,734
Investment Income
$1,650,522
Other Revenue
$-19,411
Change in Net Assets
$0

Audited Revenue Reconciliation

Revenue per Audited Statements
$65,169,845
Total Revenue per Audited Statements
$65,169,845
Total Revenue per Form 990
$65,169,845
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$49,934,905
Salaries, Compensation, and Employee Benefits$12,040,304
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$8,184,714--$8,184,714
Depreciation Depletion$7,200,827--$7,200,827
Interest$4,283,625--$4,283,625
Benefits to Members$3,194,636--$3,194,636
Other Expenses$2,021,838--$2,021,838
Pension Plan Contributions$1,616,654--$1,616,654
Other Employee Benefits$1,043,936--$1,043,936
Current Officers, Directors, Trustees, and Key Employees$600,977--$600,977
Payroll Taxes$594,023--$594,023
All Other Expenses$-3,702,351--$-3,702,351
Total Functional Expenses$65,169,845$0$0$65,169,845

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$65,169,845
Expenses per Audited Statements$61,975,209
Total Expenses per Audited Statements$61,975,209
Expenses Not Reported on Financial Statements$3,194,636
Other Expense Adjustments$3,194,636
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
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Accum Prov for Post Retire Benefits$2,730,846
Consumer Deposits$898,189
Overrecovery-wholesale Power Costs$881,621
Unclaimed Capital Credits$755,328
Accum Prov for Vested Leave$500,000
Recovery of Renewable Energy Cre...$357,327
Other$81,356
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 35% controlled entity
No
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
Yes
Key decisions subject to board approval
Yes
Management duties delegated
No

Governance Explanations

Form 990, Page 6, Part VI, Line 6

“The cooperative has members who elect members of the governing body as provided for in its bylaws which are included as a part of this return.”

Form 990, Page 6, Part VI, Line 7A

“The cooperative has members who elect members of the governing body as provided for in its bylaws which are included as a part of this return.”

Form 990, Page 6, Part VI, Line 7B

“Certain decisions of the governing body are subject to approval by members as provided for in its bylaws which are included as a part of this.”

Form 990, Page 6, Part VI, Line 11B

“Form 990 is reviewed by the board with all supporting documentation made available to them.”

Form 990, Page 6, Part VI, Line 12C

“The cooperative regularly and consistently monitors and enforces compliance with their conflict of interest policy as provided for in its policy which is included as a part of this return.”

Form 990, Page 6, Part VI, Line 15A

“The entire board of directors reviews the salary range for the ceo position annually using information from the nreca's national compensation survey for rural electric distribution systems primarily. The entire board rates ceo performance annually using established performance criteria.”

Form 990, Page 6, Part VI, Line 15B

“The board reviews and approves ranges for other key management positions by using pay study information provided by outside consultants.”

Form 990, Page 6, Part VI, Line 19

“The cooperative makes its bylaws, conflict of interest policy, and financial statements available to the public as part of its form 990. The form 990 is available upon request as reflected in part vi section c line 18.”

Filing and Contact Details

Filer

Filer Name
Piedmont Electric Membership
EIN
56-0358446
Phone
9197322123
Address
PO BOX 1179, HILLSBOROUGH, NC 27278

Signing Officer

Name
Steve Hamlin
Title
President & CEO
Phone
9197322123
Signed
2020-10-01
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Steve Hamlin
Formed
1938
Legal Domicile
Nc
Voting Board Members
10
Independent Board Members
10
Employees
119

Preparer

Firm
Mcnair Mclemore Middlebrooks & Co LLC
Address
POST OFFICE BOX ONE, MACON, GA 31202-0001
Preparer
Bryan a Isgett
Phone
4787466277
Supplemental Narrative

Additional Explanations

Form 990, Part XI, Line 9

“Donated capital 228,424 membership fees 1,975 patronage capital credits 3,194,636 capital credit retirements -1,448,622 other comprehensive income -204,208 total 1,772,205”

Financial Statement Notes

Schedule D, Page 4, Part XII, Line 4B

“Patronage capital credits 3,194,636”

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IRS990/Form990PartVIISectionAGrp/TitleTxt9DIRECTOR
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IRS990/Form990PartVIISectionAGrp/TitleTxt14VP OF OPERAT
IRS990/Form990PartVIISectionAGrp/TitleTxt15VP FINANCIAL
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IRS990/ReportInvestmentsOtherSecInd0false
IRS990/ReportLandBuildingEquipmentInd0true
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IRS990/ReportOtherLiabilitiesInd0true
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IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt1898189
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IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc4ACCUM PROV FOR VESTED LEAVE
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc5RECOVERY OF RENEWABLE ENERGY CRE...
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IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE D, PAGE 4, PART XII, LINE 4B
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Document Assets

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Filings

Displayed year

2019 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$199,964,059
Liabilities
$136,531,658
Net assets
$63,432,401
Revenue
$65,169,845
Expenses
$65,169,845
Net income
$0
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$248$171$77.4$79.6$79.6$0.00
2023Detailed filing. Detailed filing data is available for this year.$238$162$75.2$76.8$76.8$0.00
2022Detailed filing. Detailed filing data is available for this year.$232$161$70.9$67.5$67.5$0.00
2021Detailed filing. Detailed filing data is available for this year.$214$145$69.1$66.2$66.2$0.00
2020Detailed filing. Detailed filing data is available for this year.$207$142$65.4$66.9$66.9$0.00
2019Detailed filing. Detailed filing data is available for this year.$200$137$63.4$65.2$65.2$0.00
2018Detailed filing. Detailed filing data is available for this year.$197$135$61.7$66.3$66.3$0.00
2017Detailed filing. Detailed filing data is available for this year.$187$127$59.9$63.2$63.2$0.00
2016Detailed filing. Detailed filing data is available for this year.$177$120$57.3$63.5$63.5$0.00
2015Summary only. Only limited summary data is available for this year.$169$114$54.9$64.7$64.7$0.00
2014Summary only. Only limited summary data is available for this year.$166$113$53.1$66.1$66.1$0.00
2013Summary only. Only limited summary data is available for this year.$165$114$51.2$64.7$64.7$0.00
2012Summary only. Only limited summary data is available for this year.$158$110$48.5$63.6$63.6$0.00
2011Summary only. Only limited summary data is available for this year.$153$106$46.7$61.3$61.3$0.00