Civic Intelligence

Rutherford Electric Membership Corporation

990 • Fiscal year 2017 • EIN 56-0386171

Jan 01, 2017 to Dec 31, 2017 • Filed on Oct 23, 2018

Organization Profile
PO Box 1569Forest City, NC 28043-1569

(828) 245-1621

Siviq Scores

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

Liabilities / Assets

61st percentile

0.64x

Higher debt load relative to assets than 61% of similar nonprofits.

2017 filings • 501(c)12 • $250M-$1B nonprofits • Source year 2017

Liabilities / Revenue

50th percentile

1.34x

Higher debt load relative to revenue than 50% of similar nonprofits.

2017 filings • 501(c)12 • $250M-$1B nonprofits • Source year 2017

Net Margin

12th percentile

-0.1%

Higher net margin than 12% of similar nonprofits.

2017 filings • 501(c)12 • $250M-$1B nonprofits • Source year 2017

Top Officer Pay

6th percentile

$323,217

Higher top officer pay than 6% of similar nonprofits.

Top officer pay equals 0.2% of source-year revenue.

2017 filings • 501(c)12 • $250M-$1B nonprofits • Source year 2017

Asset Growth

57th percentile

2.9%

Faster asset growth than 57% of similar nonprofits.

2017 filings • 501(c)12 • $250M-$1B nonprofits • Annualized from 2016 to 2017

Revenue Growth

16th percentile

-2.5%

Faster revenue growth than 16% of similar nonprofits.

2017 filings • 501(c)12 • $250M-$1B nonprofits • Annualized from 2016 to 2017

Balance Sheet
Liabilities / Assets61st percentile

Assets

Up

$283,365,427

Up $7,891,102 (+2.9%) from 2016

Net Assets

Down

$102,103,148

Down $3,495,355 (-3.3%) from 2016

Liabilities

Up

$181,262,279

Up $11,386,457 (+6.7%) from 2016

Revenue And Expenses
Liabilities / Revenue50th percentileNet Margin12th percentile

Revenue

Down

$134,961,995

Down $3,415,464 (-2.5%) from 2016

Expenses

Down

$135,148,346

Down $3,122,377 (-2.3%) from 2016

Net Income

Down

-$186,351

Down $293,087 (-275%) from 2016

Historical Trend

Balance Sheet Trend

Asset Growth57th percentile

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

$400M$300M$200M$100M$0Assets 2011: $250,075,768Liabilities 2011: $152,930,812Net Assets 2011: $97,144,9562011Assets 2012: $253,225,952Liabilities 2012: $152,792,574Net Assets 2012: $100,433,3782012Assets 2013: $259,551,284Liabilities 2013: $155,554,731Net Assets 2013: $103,996,5532013Assets 2014: $261,732,516Liabilities 2014: $157,855,322Net Assets 2014: $103,877,1942014Assets 2015: $264,624,442Liabilities 2015: $160,025,239Net Assets 2015: $104,599,2032015Assets 2016: $275,474,325Liabilities 2016: $169,875,822Net Assets 2016: $105,598,5032016Assets 2017: $283,365,427Liabilities 2017: $181,262,279Net Assets 2017: $102,103,1482017Assets 2018: $306,959,919Liabilities 2018: $192,974,594Net Assets 2018: $113,985,3252018Assets 2019: $320,841,491Liabilities 2019: $203,831,497Net Assets 2019: $117,009,9942019Assets 2020: $327,227,029Liabilities 2020: $205,826,752Net Assets 2020: $121,400,2772020Assets 2021: $332,630,081Liabilities 2021: $204,365,344Net Assets 2021: $128,264,7372021Assets 2022: $344,224,971Liabilities 2022: $203,258,255Net Assets 2022: $140,966,7162022Assets 2023: $368,355,438Liabilities 2023: $218,664,893Net Assets 2023: $149,690,5452023Assets 2024: $389,353,716Liabilities 2024: $233,883,324Net Assets 2024: $155,470,3922024

Highlighted filing

2017

Assets$283,365,427
Liabilities$181,262,279
Net Assets$102,103,148
Open 2017 Filing

Operations Trend

Revenue Growth16th percentile

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

$200M$150M$100M$50M$0-$50MRevenue 2011: $133,272,197Expenses 2011: $133,821,436Net Income 2011: -$549,2392011Revenue 2012: $129,552,978Expenses 2012: $130,235,780Net Income 2012: -$682,8022012Revenue 2013: $131,743,508Expenses 2013: $132,168,340Net Income 2013: -$424,8322013Revenue 2014: $134,300,132Expenses 2014: $136,446,046Net Income 2014: -$2,145,9142014Revenue 2015: $136,949,300Expenses 2015: $137,451,737Net Income 2015: -$502,4372015Revenue 2016: $138,377,459Expenses 2016: $138,270,723Net Income 2016: $106,7362016Revenue 2017: $134,961,995Expenses 2017: $135,148,346Net Income 2017: -$186,3512017Revenue 2018: $141,369,426Expenses 2018: $141,657,492Net Income 2018: -$288,0662018Revenue 2019: $137,903,799Expenses 2019: $137,903,799Net Income 2019: $02019Revenue 2020: $141,217,343Expenses 2020: $141,217,343Net Income 2020: $02020Revenue 2021: $140,339,107Expenses 2021: $140,339,107Net Income 2021: $02021Revenue 2022: $154,765,252Expenses 2022: $154,765,252Net Income 2022: $02022Revenue 2023: $172,283,874Expenses 2023: $172,283,874Net Income 2023: $02023Revenue 2024: $167,749,291Expenses 2024: $167,749,291Net Income 2024: $02024

Highlighted filing

2017

Revenue$134,961,995
Expenses$135,148,346
Net Income-$186,351
Open 2017 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2017 to Dec 31, 2017
Signed
Oct 23, 2018
Return Version
2017v2.3
Gross Receipts
$135,000,786
Mission and Program Overview

Mission

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.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$252,136,673$259,121,614▲ $6,984,941
Rtn Earn Endowment Incm Other Fnds$104,973,193$101,474,978▼ $3,498,215
Investments Program Related$9,526,502$9,762,663▲ $236,161
Accounts Receivable$4,219,534$5,084,457▲ $864,923
Cash and Non-Interest-Bearing Accounts$5,526,859$4,589,186▼ $937,673
Inventories for Sale or Use$1,473,463$1,597,432▲ $123,969
Prepaid Expenses and Deferred Charges$852,383$944,517▲ $92,134
Other Notes and Loans Receivable, Net$763,000$763,000→ $0
Pd in Cap Srpls Land Bldg Eqp Fund$625,310$628,170▲ $2,860
Savings and Temporary Cash Investments-$175,000-
Total Assets$275,474,325$283,365,427▲ $7,891,102
Other Assets Total$975,911$1,327,558▲ $351,647
Liabilities
Mortgage Notes Payable Secured by Investment Property$134,258,896$138,563,117▲ $4,304,221
Other Liabilities$20,097,545$22,681,615▲ $2,584,070
Accounts Payable and Accrued Expenses$15,519,381$20,017,547▲ $4,498,166
Total Liabilities$169,875,822$181,262,279▲ $11,386,457
Net Assets / Fund Balance
Total Net Assets Fund Balance$105,598,503$102,103,148▼ $3,495,355
Total Liabilities and Net Assets / Fund Balance$275,474,325$283,365,427▲ $7,891,102

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$247,127,860$171,475,648$418,603,508
Land$11,993,754-$11,993,754
Compensation and Service Providers
Top Officer Pay6th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Joseph H JoplinGeneral ManaFT$301,504$21,713$323,217
Joseph H JoplinGeneral Manager-$269,449$53,768$323,217
Randy C WardVP-districtFT$160,167$26,314$186,481
Randy C WardVP-district Ops-$154,102$32,379$186,481
Colon L SaundersVP-operationFT$159,454$26,326$185,780
Colon L SaundersVP-operations-$153,461$32,319$185,780
Stevenson D BurlesonVP-mbr & CORFT$156,808$25,110$181,918
Stevenson D BurlesonVP-mbr & Corp Svcs-$152,604$29,314$181,918
Jeffrey C BrittainVP-engineeriFT$154,634$25,083$179,717
Jeffrey C BrittainVP-engineering-$153,417$26,300$179,717
Andrea S HarmonAdmin AssistFT$124,614$15,784$140,398
Joseph N QuinnDirector-$32,842-$32,842
J Dean CarpenterPresident-$30,951-$30,951
V Sam BoydDirector-$30,598-$30,598
Robyn HouserTreasurer-$30,001-$30,001
Amy P TorvinenDirector-$29,951-$29,951
A Virgil ShullDirector-$29,513-$29,513
Jill P LovellAsst. Secret-$29,226-$29,226
H Frank QueenDirector-$26,770-$26,770
Robby R EureySecretary-$16,678-$16,678
Timothy E StoweVice Preside-$8,058-$8,058

Highest Paid Contractors

ContractorServicesLocationCompensation
Williams Electric CompanyConstruction2119 E DIXON BLVD, Shelby, NC 28150$2,404,306
Wolf Tree INCReclearingPO BOX 74071, Cleveland, OH 44194$1,023,515
Asplundh Tree Expert CoReclearingPO BOX 532729, Atlanta, GA 30353$1,010,431
Cc Strickland And Sons INCGradingPO BOX 1389, Ellenboro, NC 28040$579,340
Top Gun Application Services LLCWeed Spraying160 EUBANKS FARM RD, Inman, SC 29349$386,745
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$134,275,830
Investment Income
$654,521
Other Revenue
$31,644
Change in Net Assets
$-186,351
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$120,145,368
Salaries, Compensation, and Employee Benefits$13,053,081
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Depreciation Depletion---$13,015,830
Other Salaries and Wages---$7,960,969
Interest---$6,205,830
Other Employee Benefits---$3,817,047
Benefits to Members---$1,949,897
All Other Expenses---$1,528,396
Other Expenses---$1,072,976
Information Technology---$939,426
Payroll Taxes---$687,259
Current Officers, Directors, Trustees, and Key Employees---$587,806
Fees for Services Other---$171,625
Insurance---$149,954
Office Expenses---$136,144
Total Functional Expenses$0$0$0$135,148,346
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
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Deferred Credits$11,769,198
Accum Prov for Pension and Be$5,961,292
Consumer Deposits$3,438,493
Wpta$1,512,632
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
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 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 return.”

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

“General manager compensation is reviewed and approved as provided for in the cooperative's policy which is included as a part of this return.”

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

“Key employee compensation is reviewed and approved as provided for in the cooperative's policy which is included as a part of this return.”

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
Rutherford Electric Membership
EIN
56-0386171
Phone
8282451621
Address
PO BOX 1569, FOREST CITY, NC 28043-1569

Signing Officer

Name
J Dean Carpenter
Title
President
Phone
8282451621
Signed
2018-10-23
Discuss with paid preparer
Yes

Organization Details

Principal Officer
J Dean Carpenter
Formed
1940
Legal Domicile
Nc
Voting Board Members
10
Independent Board Members
10
Employees
198

Preparer

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

Additional Explanations

Form 990, Part XI, Line 9

“Membership fees 2,860 other 347,116 other comprehensive income 0 patronage capital credits 1,949,897 less: patronage capital credits retired -5,608,877 total -3,309,004”

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Document Assets

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Filings

Displayed year

2017 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$283,365,427
Liabilities
$181,262,279
Net assets
$102,103,148
Revenue
$134,961,995
Expenses
$135,148,346
Net income
-$186,351
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$389$234$155$168$168$0.00
2023Detailed filing. Detailed filing data is available for this year.$368$219$150$172$172$0.00
2022Detailed filing. Detailed filing data is available for this year.$344$203$141$155$155$0.00
2021Detailed filing. Detailed filing data is available for this year.$333$204$128$140$140$0.00
2020Detailed filing. Detailed filing data is available for this year.$327$206$121$141$141$0.00
2019Detailed filing. Detailed filing data is available for this year.$321$204$117$138$138$0.00
2018Detailed filing. Detailed filing data is available for this year.$307$193$114$141$142$0.29
2017Detailed filing. Detailed filing data is available for this year.$283$181$102$135$135$0.19
2016Detailed filing. Detailed filing data is available for this year.$275$170$106$138$138$0.11
2015Detailed filing. Detailed filing data is available for this year.$265$160$105$137$137$0.50
2014Detailed filing. Detailed filing data is available for this year.$262$158$104$134$136$2.15
2013Summary only. Only limited summary data is available for this year.$260$156$104$132$132$0.42
2012Summary only. Only limited summary data is available for this year.$253$153$100$130$130$0.68
2011Summary only. Only limited summary data is available for this year.$250$153$97.1$133$134$0.55