Civic Intelligence

Tri-County Electric Membership Corporation

EIN 56-0432086 • 501(c)12 • Dudley, NC

Profile

Electric cooperative providing electric power to its membership.

PO Box 130Dudley, NC 28333-0130

www.tcemc.com

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

86th percentile

0.68x

Higher debt load relative to assets than 86% of similar nonprofits.

501(c)12 • $100M-$250M nonprofits • Source year 2025

Liabilities / Revenue

31st percentile

1.14x

Higher debt load relative to revenue than 31% of similar nonprofits.

501(c)12 • $100M-$250M nonprofits • Source year 2025

Net Margin

57th percentile

0.6%

Higher net margin than 57% of similar nonprofits.

501(c)12 • $100M-$250M nonprofits • Source year 2025

Top Officer Pay

34th percentile

$326,818

Higher top officer pay than 34% of similar nonprofits.

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

501(c)12 • $100M-$250M nonprofits • Source year 2025

Asset Growth

55th percentile

5.0%

Faster asset growth than 55% of similar nonprofits.

501(c)12 • $100M-$250M nonprofits • Annualized from 2024 to 2025

Revenue Growth

81st percentile

9.5%

Faster revenue growth than 81% of similar nonprofits.

501(c)12 • $100M-$250M nonprofits • Annualized from 2024 to 2025

Balance Sheet
Liabilities / Assets86th percentile

Assets

Up

$115,035,217

Up $10,530,362 (+10%) from 2023

Liabilities

Up

$77,285,384

Up $9,815,188 (+15%) from 2023

Net Assets

Up

$37,749,833

Up $715,174 (+1.9%) from 2023

Operations
Liabilities / Revenue31st percentileNet Margin57th percentile

Revenue

Up

$65,759,727

Up $4,261,262 (+6.9%) from 2023

Expenses

Up

$64,192,751

Up $1,885,655 (+3.0%) from 2023

Net Income

Up

$1,566,976

Up $2,375,607 (+294%) from 2023

Trend Graphs

Balance Sheet Trend

Asset Growth55th percentile

Grouped bars show assets, liabilities, and net assets across loaded filings.

$150M$100M$50M$0Assets 2011: $74,181,067Liabilities 2011: $51,224,017Net Assets 2011: $22,957,0502011Assets 2012: $76,573,740Liabilities 2012: $52,503,566Net Assets 2012: $24,070,1742012Assets 2013: $76,324,243Liabilities 2013: $50,893,395Net Assets 2013: $25,430,8482013Assets 2014: $75,706,950Liabilities 2014: $49,916,372Net Assets 2014: $25,790,5782014Assets 2015: $78,072,568Liabilities 2015: $53,112,439Net Assets 2015: $24,960,1292015Assets 2016: $80,667,094Liabilities 2016: $54,983,548Net Assets 2016: $25,683,5462016Assets 2017: $90,730,379Liabilities 2017: $60,671,797Net Assets 2017: $30,058,5822017Assets 2018: $95,709,686Liabilities 2018: $63,442,432Net Assets 2018: $32,267,2542018Assets 2019: $92,094,221Liabilities 2019: $63,079,051Net Assets 2019: $29,015,1702019Assets 2020: $93,729,368Liabilities 2020: $61,864,614Net Assets 2020: $31,864,7542020Assets 2021: $94,565,079Liabilities 2021: $61,229,700Net Assets 2021: $33,335,3792021Assets 2022: $97,581,997Liabilities 2022: $60,244,266Net Assets 2022: $37,337,7312022Assets 2023: $104,504,855Liabilities 2023: $67,470,196Net Assets 2023: $37,034,6592023Assets 2024: $115,035,217Liabilities 2024: $77,285,384Net Assets 2024: $37,749,8332024

Highlighted filing

2024

Assets$115,035,217
Liabilities$77,285,384
Net Assets$37,749,833
Open 2024 Filing

Operations Trend

Revenue Growth81st percentile

Revenue, expenses, and net income by year, with the latest filing highlighted.

$80M$60M$40M$20M$0-$20MRevenue 2011: $15,599,355Expenses 2011: $14,584,694Net Income 2011: $1,014,6612011Revenue 2012: $17,509,561Expenses 2012: $16,071,747Net Income 2012: $1,437,8142012Revenue 2013: $17,526,983Expenses 2013: $16,701,054Net Income 2013: $825,9292013Revenue 2014: $17,572,336Expenses 2014: $16,846,221Net Income 2014: $726,1152014Revenue 2015: $15,485,067Expenses 2015: $15,870,822Net Income 2015: -$385,7552015Revenue 2016: $55,809,726Expenses 2016: $52,896,408Net Income 2016: $2,913,3182016Revenue 2017: $54,655,909Expenses 2017: $52,737,306Net Income 2017: $1,918,6032017Revenue 2018: $57,641,047Expenses 2018: $58,439,391Net Income 2018: -$798,3442018Revenue 2019: $57,962,647Expenses 2019: $60,528,824Net Income 2019: -$2,566,1772019Revenue 2020: $58,288,958Expenses 2020: $56,558,128Net Income 2020: $1,730,8302020Revenue 2021: $59,542,754Expenses 2021: $56,659,778Net Income 2021: $2,882,9762021Revenue 2022: $60,563,062Expenses 2022: $58,703,229Net Income 2022: $1,859,8332022Revenue 2023: $61,498,465Expenses 2023: $62,307,096Net Income 2023: -$808,6312023Revenue 2024: $65,759,727Expenses 2024: $64,192,751Net Income 2024: $1,566,9762024

Highlighted filing

2024

Revenue$65,759,727
Expenses$64,192,751
Net Income$1,566,976
Open 2024 Filing

Filings

Most recent year

2024 • Form 990Facts available. Structured filing facts are available, but richer extracted sections are limited.

Open filing
Assets
$115,035,217
Liabilities
$77,285,384
Net assets
$37,749,833
Revenue
$65,759,727
Expenses
$64,192,751
Net income
$1,566,976
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$115$77.3$37.7$65.8$64.2$1.57
2023Summary only. Only limited summary data is available for this year.$105$67.5$37.0$61.5$62.3$0.81
2022XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$97.6$60.2$37.3$60.6$58.7$1.86
2021XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$94.6$61.2$33.3$59.5$56.7$2.88
2020XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$93.7$61.9$31.9$58.3$56.6$1.73
2019Summary only. Only limited summary data is available for this year.$92.1$63.1$29.0$58.0$60.5$2.57
2018Summary only. Only limited summary data is available for this year.$95.7$63.4$32.3$57.6$58.4$0.80
2017Facts available. Structured filing facts are available, but richer extracted sections are limited.$90.7$60.7$30.1$54.7$52.7$1.92
2016Facts available. Structured filing facts are available, but richer extracted sections are limited.$80.7$55.0$25.7$55.8$52.9$2.91
2015Detailed filing. Detailed filing data is available for this year.$78.1$53.1$25.0$15.5$15.9$0.39
2014Detailed filing. Detailed filing data is available for this year.$75.7$49.9$25.8$17.6$16.8$0.73
2013Detailed filing. Detailed filing data is available for this year.$76.3$50.9$25.4$17.5$16.7$0.83
2012Summary only. Only limited summary data is available for this year.$76.6$52.5$24.1$17.5$16.1$1.44
2011Summary only. Only limited summary data is available for this year.$74.2$51.2$23.0$15.6$14.6$1.01
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jan 1, 2024 to Dec 31, 2024
Signed
May 2, 2025
Return Version
2024v5.1
Gross Receipts
$65,759,727
Mission and Program Overview

Mission

Tri-county electric membership corporation is a member-driven cooperative committed to safely provide reliable electric power, offer superior service, take an active role in supporting the communities it serves

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$86,750,026$95,956,768▲ $9,206,742
Rtn Earn Endowment Incm Other Fnds$37,034,659$37,749,833▲ $715,174
Accounts Receivable$6,984,368$7,253,115▲ $268,747
Other Notes and Loans Receivable, Net$3,939,955$3,770,387▼ $169,568
Cash and Non-Interest-Bearing Accounts$2,597,799$2,956,751▲ $358,952
Investments Program Related$2,579,133$2,773,879▲ $194,746
Inventories for Sale or Use$1,091,989$1,364,996▲ $273,007
Savings and Temporary Cash Investments$52,143$280,714▲ $228,571
Prepaid Expenses and Deferred Charges$202,401$210,659▲ $8,258
Total Assets$104,504,855$115,035,217▲ $10,530,362
Other Assets Total$307,041$467,948▲ $160,907
Liabilities
Mortgage Notes Payable Secured by Investment Property$57,816,250$66,833,368▲ $9,017,118
Accounts Payable and Accrued Expenses$5,217,361$5,654,559▲ $437,198
Other Liabilities$4,436,585$4,797,457▲ $360,872
Total Liabilities$67,470,196$77,285,384▲ $9,815,188
Net Assets / Fund Balance
Total Net Assets Fund Balance$37,034,659$37,749,833▲ $715,174
Total Liabilities and Net Assets / Fund Balance$104,504,855$115,035,217▲ $10,530,362

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$93,675,585$52,873,216$146,548,801
Buildings$2,281,183$1,914,778$4,195,961
Compensation and Service Providers
Top Officer Pay34th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
J Michael DavisGeneral ManagerFT$302,067$10,845$312,912
Tony GranthamManager of EngineeringFT$192,417$10,265$202,682
Kenneth E Davis JrManager of Finance and AdministrationFT$185,427$10,169$195,596
Ronnie G MillerLine SuperintendentFT$151,289$5,891$157,180
Roy a BeaversLineman ForemanFT$148,565$5,977$154,542
Jeffrey W KennedyWorking ForemanFT$144,156$6,280$150,436
Daniel C HoodForemanFT$144,511$5,739$150,250
Robert B KornegayManager Member SvcFT$148,663-$148,663
Carl W Kornegay JrPresidentPT$27,362-$27,362
William Farmer JrSecretaryPT$23,521-$23,521
Keith BeaversDirectorPT$21,068-$21,068
Randy MccullenDirectorPT$20,613-$20,613
Worth Overman JrDirector-$20,480-$20,480
David Ray VinsonVice-presidentPT$17,259-$17,259
Jeff HendersonDirector-$11,614-$11,614
Amanda a MurphyDirector-$11,548-$11,548
Brandy S RouseTreasurer-$10,874-$10,874
Scott G BallardDirector-$10,118-$10,118
Patrick LynchDirector-$9,974-$9,974

Highest Paid Contractors

ContractorServicesLocationCompensation
Lee Electrical ConstructionSub Station Construction12828 HWY 15-501 S, Aberdeen, NC 28315$899,689
-Sub Station ConstructionPO BOX 846391, Dallas, TX 75284-6391$738,502
Electrical Consulting EngineersElectrical Consulting2407 NORTH TRYON ST, Charlotte, NC 28206$643,154
Draw Enterprises INCSub Station Construction8100 WILKINSON BLVD SUITE 105, Charlotte, NC 28214$570,761
Mastec North America INCLine Construction209 ART BRYAN DR, Asheboro, NC 27203$443,960
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$65,263,886
Investment Income
$95,631
Other Revenue
$400,210
Change in Net Assets
$1,566,976
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$61,599,766
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Depreciation Depletion---$4,030,624
Other Expenses---$3,669,723
All Other Expenses---$3,008,422
Benefits to Members---$2,592,985
Interest---$2,088,863
Total Functional Expenses$0$0$0$64,192,751
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
Consumer Deposits$3,047,730
Federal income taxes$1,748,726
Current Maturities of LTD$1,001
Customer Advance for Construction-
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
No
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
No
Key decisions subject to board approval
Yes
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section B, Line 12C

“The policy is reviewed each year during the board of directors meeting to make all board members aware of the policy and to acknowledge their compliance.”

Form 990, Part VI, Section B, Line 15 AND 15B

“Each year the general manager receives a survey of salaries paid for all positions throught the state. The board of directors reviews this information and determines the appropriate salary for the general manager during the executive session. Salaries for other key personnel are also reviewed and approved by the board.”

Form 990, Part VI, Section C, Line 19

“The audited financial statements are included in the annual reports when the newsletter is published announcing the annual meeting of the members. Statements about conflicts of interest are included.”

Form 990, Part VI, Section B, Line 11B

“The form 990 is prepared and sent to the governing body electronicaly prior to submission to the irs. During the monthly board meeting prior to filing all questions or concerns are brought forward and addressed.”

Filing and Contact Details

Filer

Filer Name
Tri-County Electric Membership Corporation
EIN
56-0432086
Phone
9197352611
Address
PO Box 130, Dudley, NC 28333-0130

Signing Officer

Name
Carl W Kornegay Jr
Title
President
Phone
9197352611
Signed
2025-05-02
Discuss with paid preparer
No

Organization Details

Principal Officer
Carl W Kornegay Jr
Formed
1940
Legal Domicile
Nc
Voting Board Members
11
Independent Board Members
11
Employees
50

Preparer

Firm
Kenneth E Davis Jr CPA
Address
1471 Mills Road, Mt Olive, NC 28365
Preparer
Kenneth E Davis Jr CPA
Phone
9197382403
Supplemental Narrative

Additional Explanations

Form 990, Part XI, Line 9

“There was a decrease in an equity adjustment for accumulated pension and benefits required by professional standards of 1,253,772. There was an increase in membership fees of 1,965. There was an equity distribution from the investment in diversified energy llc in the amount of 400,005.”

Form 990, Part XII, Line 2C

“Tri-county does not have a special audit committee. The board as a whole assumes responsibility and oversight of the audit and the selection of the independent auditor.”

Raw XML AppendixShowing 400 of 518 raw XML fields

This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

Path#Value
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IRS990/AccountsPayableAccrExpnssGrp/BOYAmt05217361
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IRS990/AccountsReceivableGrp/EOYAmt07253115
IRS990/ActivitiesConductedPrtshpInd0false
IRS990/ActivityOrMissionDesc0TRI-COUNTY ELECTRIC MEMBERSHIP CORPORATION IS A MEMBER-DRIVEN COOPERATIVE COMMITTED TO SAFELY PROVIDE RELIABLE ELECTRIC POWER, OFFER SUPERIOR SERVICE, TAKE AN ACTIVE ROLE IN SUPPORTING THE COMMUNITIES IT SERVES
IRS990/AdvertisingGrp/TotalAmt00
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IRS990/CompensationProcessOtherInd0true
IRS990/ConferencesMeetingsGrp/TotalAmt00
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IRS990/ConservationEasementsInd0false
IRS990/ConsolidatedAuditFinclStmtInd0false
IRS990/ContractorCompensationGrp/CompensationAmt0570761
IRS990/ContractorCompensationGrp/CompensationAmt1443960
IRS990/ContractorCompensationGrp/CompensationAmt2899689
IRS990/ContractorCompensationGrp/CompensationAmt3643154
IRS990/ContractorCompensationGrp/CompensationAmt4738502
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IRS990/ContractorCompensationGrp/ContractorAddress/USAddress/AddressLine1Txt4PO BOX 846391
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IRS990/ContractorCompensationGrp/ContractorName/BusinessName/BusinessNameLine1Txt0DRAW ENTERPRISES INC
IRS990/ContractorCompensationGrp/ContractorName/BusinessName/BusinessNameLine1Txt1MASTEC NORTH AMERICA INC
IRS990/ContractorCompensationGrp/ContractorName/BusinessName/BusinessNameLine1Txt2LEE ELECTRICAL CONSTRUCTION
IRS990/ContractorCompensationGrp/ContractorName/BusinessName/BusinessNameLine1Txt3ELECTRICAL CONSULTING ENGINEERS
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