Civic Intelligence

Albemarle Electric Membership Corp

EIN 56-0475840 • 501(c)12 • Hertford, NC

Profile

Albemarle emc strives to safely deliver reliable power and related energy solutions to our members and local communities by providing the highest value through service excellence.

PO Box 69Hertford, NC 27944-0069

www.aemc.coop

Siviq Scores

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

Liabilities / Assets

60th percentile

0.53x

Higher debt load relative to assets than 60% of similar nonprofits.

501(c)12 • $50M-$100M nonprofits • Source year 2023

Liabilities / Revenue

62nd percentile

1.62x

Higher debt load relative to revenue than 62% of similar nonprofits.

501(c)12 • $50M-$100M nonprofits • Source year 2023

Net Margin

42nd percentile

0.0%

Higher net margin than 42% of similar nonprofits.

501(c)12 • $50M-$100M nonprofits • Source year 2023

Top Officer Pay

Score unavailable

No value available

No filing with officer rows is available for this organization yet.

Asset Growth

38th percentile

3.0%

Faster asset growth than 38% of similar nonprofits.

501(c)12 • $50M-$100M nonprofits • Annualized from 2022 to 2023

Revenue Growth

21st percentile

-0.9%

Faster revenue growth than 21% of similar nonprofits.

501(c)12 • $50M-$100M nonprofits • Annualized from 2022 to 2023

Assets

Up

$103,225,251

Up $2,814,727 (+2.8%) from 2024

Liabilities

Up

$54,843,464

Up $1,069,575 (+2.0%) from 2024

Net Assets

Up

$48,381,787

Up $1,745,152 (+3.7%) from 2024

Revenue

Up

$37,006,663

Up $3,504,768 (+10%) from 2024

Expenses

Up

$37,006,663

Up $3,504,768 (+10%) from 2024

Net Income

Flat

$0

Flat from 2024

Trend Graphs

Balance Sheet Trend

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

$150M$100M$50M$0Assets 2011: $65,670,748Liabilities 2011: $45,018,807Net Assets 2011: $20,651,9412011Assets 2012: $71,047,159Liabilities 2012: $49,888,547Net Assets 2012: $21,158,6122012Assets 2013: $75,826,883Liabilities 2013: $53,136,767Net Assets 2013: $22,690,1162013Assets 2014: $76,955,258Liabilities 2014: $52,789,137Net Assets 2014: $24,166,1212014Assets 2015: $78,493,118Liabilities 2015: $52,900,992Net Assets 2015: $25,592,1262015Assets 2016: $80,428,763Liabilities 2016: $53,717,160Net Assets 2016: $26,711,6032016Assets 2017: $80,755,987Liabilities 2017: $52,272,910Net Assets 2017: $28,483,0772017Assets 2018: $80,379,933Liabilities 2018: $49,526,644Net Assets 2018: $30,853,2892018Assets 2019: $84,074,392Liabilities 2019: $50,072,815Net Assets 2019: $34,001,5772019Assets 2020: $87,574,134Liabilities 2020: $50,932,695Net Assets 2020: $36,641,4392020Assets 2021: $90,333,147Liabilities 2021: $49,491,622Net Assets 2021: $40,841,5252021Assets 2022: $94,733,534Liabilities 2022: $51,129,796Net Assets 2022: $43,603,7382022Assets 2023: $97,594,322Liabilities 2023: $52,122,026Net Assets 2023: $45,472,2962023Assets 2024: $100,410,524Liabilities 2024: $53,773,889Net Assets 2024: $46,636,6352024Assets 2025: $103,225,251Liabilities 2025: $54,843,464Net Assets 2025: $48,381,7872025

Highlighted filing

2025

Assets$103,225,251
Liabilities$54,843,464
Net Assets$48,381,787

Operations Trend

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

$40M$30M$20M$10M$0Revenue 2011: $26,648,789Expenses 2011: $26,648,789Net Income 2011: $02011Revenue 2012: $26,557,133Expenses 2012: $26,557,133Net Income 2012: $02012Revenue 2013: $28,212,735Expenses 2013: $28,212,735Net Income 2013: $02013Revenue 2014: $28,946,629Expenses 2014: $28,946,629Net Income 2014: $02014Revenue 2015: $29,298,294Expenses 2015: $29,298,294Net Income 2015: $02015Revenue 2016: $27,834,533Expenses 2016: $27,834,533Net Income 2016: $02016Revenue 2017: $27,894,645Expenses 2017: $27,894,645Net Income 2017: $02017Revenue 2018: $31,748,607Expenses 2018: $31,748,607Net Income 2018: $02018Revenue 2019: $31,182,060Expenses 2019: $31,182,060Net Income 2019: $02019Revenue 2020: $29,831,303Expenses 2020: $29,831,303Net Income 2020: $02020Revenue 2021: $31,566,599Expenses 2021: $30,834,562Net Income 2021: $732,0372021Revenue 2022: $32,358,063Expenses 2022: $32,358,063Net Income 2022: $02022Revenue 2023: $32,082,307Expenses 2023: $32,082,307Net Income 2023: $02023Revenue 2024: $33,501,895Expenses 2024: $33,501,895Net Income 2024: $02024Revenue 2025: $37,006,663Expenses 2025: $37,006,663Net Income 2025: $02025

Highlighted filing

2025

Revenue$37,006,663
Expenses$37,006,663
Net Income$0

Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025Detailed filing. Detailed filing data is available for this year.$103$54.8$48.4$37.0$37.0$0.00
2024Detailed filing. Detailed filing data is available for this year.$100$53.8$46.6$33.5$33.5$0.00
2023Detailed filing. Detailed filing data is available for this year.$97.6$52.1$45.5$32.1$32.1$0.00
2022Detailed filing. Detailed filing data is available for this year.$94.7$51.1$43.6$32.4$32.4$0.00
2021Detailed filing. Detailed filing data is available for this year.$90.3$49.5$40.8$31.6$30.8$0.73
2020Detailed filing. Detailed filing data is available for this year.$87.6$50.9$36.6$29.8$29.8$0.00
2019Detailed filing. Detailed filing data is available for this year.$84.1$50.1$34.0$31.2$31.2$0.00
2018Detailed filing. Detailed filing data is available for this year.$80.4$49.5$30.9$31.7$31.7$0.00
2017Detailed filing. Detailed filing data is available for this year.$80.8$52.3$28.5$27.9$27.9$0.00
2016Detailed filing. Detailed filing data is available for this year.$80.4$53.7$26.7$27.8$27.8$0.00
2015Summary only. Only limited summary data is available for this year.$78.5$52.9$25.6$29.3$29.3$0.00
2014Summary only. Only limited summary data is available for this year.$77.0$52.8$24.2$28.9$28.9$0.00
2013Summary only. Only limited summary data is available for this year.$75.8$53.1$22.7$28.2$28.2$0.00
2012Summary only. Only limited summary data is available for this year.$71.0$49.9$21.2$26.6$26.6$0.00
2011Summary only. Only limited summary data is available for this year.$65.7$45.0$20.7$26.6$26.6$0.00
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jan 1, 2025 to Dec 31, 2025
Signed
Feb 21, 2026
Return Version
2025v4.0
Gross Receipts
$37,006,663
Mission and Program Overview

Mission

Albemarle emc strives to safely deliver reliable power and related energy solutions to our members and local communities by providing the highest value through service excellence.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$81,934,060$82,571,224▲ $637,164
Rtn Earn Endowment Incm Other Fnds$46,612,090$48,358,122▲ $1,746,032
Investments Program Related$9,229,921$9,785,710▲ $555,789
Accounts Receivable$4,094,611$4,524,897▲ $430,286
Cash and Non-Interest-Bearing Accounts$3,281,151$4,512,256▲ $1,231,105
Inventories for Sale or Use$1,350,093$1,402,338▲ $52,245
Prepaid Expenses and Deferred Charges$695,321$646,966▼ $48,355
Cap Stk Tr Prin Current Funds$24,545$23,665▼ $880
Total Assets$100,410,524$103,225,251▲ $2,814,727
Other Assets Total$-174,633$-218,140▼ $43,507
Liabilities
Mortgage Notes Payable Secured by Investment Property$45,601,390$45,225,143▼ $376,247
Accounts Payable and Accrued Expenses$4,156,306$5,404,851▲ $1,248,545
Other Liabilities$4,016,193$4,213,470▲ $197,277
Total Liabilities$53,773,889$54,843,464▲ $1,069,575
Net Assets / Fund Balance
Total Net Assets Fund Balance$46,636,635$48,381,787▲ $1,745,152
Total Liabilities and Net Assets / Fund Balance$100,410,524$103,225,251▲ $2,814,727

Asset Categories

AssetBook ValueDepreciationBasis
Other Land Buildings$76,229,612$37,759,406$113,989,018
Buildings$4,361,169$1,603,044$5,964,213
Land$1,980,443-$1,980,443
Investment Program Related Org$625--
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Kevin HeathExec VP/gmFT$232,573$107,921$340,494
Bobby UptonMgr of OperaFT$146,594$54,603$201,197
Bobby UptonMgr of Operations-$134,009$67,188$201,197
ROY O'NEALMgr of OperaFT$137,881$57,317$195,198
ROY O'NEALMgr of Operations-$134,962$60,236$195,198
Michael T RiddickMgr of Tech.FT$122,157$66,634$188,791
Michael T RiddickMgr of Tech. Svcs-$120,645$68,146$188,791
Paul ByrumCrew LeaderFT$127,486$56,378$183,864
Christopher WhiteLineman 1stFT$135,904$47,227$183,131
Christopher WhiteLineman 1st Class-$126,500$56,631$183,131
Thelma Finch-copelandSecretary-$15,600-$15,600
John W SpencePresident-$15,150-$15,150
Linda Felton BurrusDirector-$14,000-$14,000
Allen LaytonDirector-$13,800-$13,800
Robert WhiteheadVice Preside-$13,200-$13,200
Micahel J WhitehurstDirector-$12,800-$12,800
Melvin Ray AlbertsonDirector-$12,800-$12,800
T Chad MathewsTreasurer-$11,800-$11,800
Josiah a Webb IiiDirector-$11,000-$11,000

Highest Paid Contractors

ContractorServicesLocationCompensation
River City ConstructionConstruction3534 CHERRY RUN RD, Washington, NC 27889$3,001,109
Cole UndergroundUnderground151 LEE CT, Kill Devil Hills, NC 27948-9170$717,940
John Lucas Tree ExpertsRow12 NORTHBOOK DR, Falmouth, ME 04105$538,939
Xylem Tree ExpertsRow208 E PLUME ST SUITE 250, Norfolk, VA 23510$306,957
Ar Chesson ConstructionConstructionPO BOX 1147, Williamston, NC 27892$149,674
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$36,893,120
Investment Income
$113,543
Other Revenue
$0
Change in Net Assets
$0

Audited Revenue Reconciliation

Revenue per Audited Statements
$37,006,663
Total Revenue per Audited Statements
$37,006,663
Total Revenue per Form 990
$37,006,663
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$33,934,629
Salaries, Compensation, and Employee Benefits$460,644
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Depreciation Depletion---$3,423,185
Benefits to Members---$2,611,390
All Other Expenses---$1,988,969
Interest---$1,763,876
Other Expenses---$1,404,940
Current Officers, Directors, Trustees, and Key Employees---$460,644
Total Functional Expenses$0$0$0$37,006,663

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$37,006,663
Expenses per Audited Statements$34,395,273
Total Expenses per Audited Statements$34,395,273
Expenses Not Reported on Financial Statements$2,611,390
Other Expense Adjustments$2,611,390
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 Prbo$2,202,672
Consumer Deposits$1,194,578
Deferred Credits$500,438
Overrecovery of Wpca$315,782
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
No
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 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

Compensation for the general manager is reviewed and approved through the use of a compensation survey, review of 990's of similar organizations and a performance review conducted by the member-elected board.

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

Compensation for key employees is reviewed and approved through the use of an annual performance evaluation performed by the general manager.

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.

Form 990, Part VII

In november 2023, kevin heath accepted the position as executive vp/general manager and continues to serve in that role.

Filing and Contact Details

Filer

Filer Name
Albemarle Electric Membership Corp
EIN
56-0475840
Phone
2524265735
Address
PO BOX 69, HERTFORD, NC 27944-0069

Signing Officer

Name
Kevin Heath
Title
Exec VP/gm
Phone
8002159915
Signed
2026-02-21
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Kevin Heath
Formed
1945
Legal Domicile
Nc
Voting Board Members
9
Independent Board Members
9
Employees
41

Preparer

Firm
Mcnair Mclemore Middlebrooks & Co LLC
Address
POST OFFICE BOX ONE, MACON, GA 31202-0001
Preparer
William R Rountree
Phone
4787466277
Supplemental Narrative

Additional Explanations

Form 990, Part XI, Line 9

Capital credits - gains 312,607 patronage capital credits assigned 2,611,390 change in membership fees -880 patronage capital retired -1,093,292 other comprehensive income -84,673 total 1,745,152

Financial Statement Notes

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

Patronage capital credits assigned 2,611,390

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

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