Civic Intelligence

Walton Electric Membership Corporation

990 • Fiscal year 2016 • EIN 58-0477163

Jan 01, 2016 to Dec 31, 2016 • Filed on Nov 09, 2017

PO Box 260Monroe, GA 30655

(770) 267-2505

Siviq Scores

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

Liabilities / Assets

63rd percentile

0.65x

Higher debt load relative to assets than 63% of similar nonprofits.

2016 filings • 501(c)12 • $250M-$1B nonprofits • Source year 2016

Liabilities / Revenue

31st percentile

1.09x

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

2016 filings • 501(c)12 • $250M-$1B nonprofits • Source year 2016

Net Margin

44th percentile

0.0%

Higher net margin than 44% of similar nonprofits.

2016 filings • 501(c)12 • $250M-$1B nonprofits • Source year 2016

Top Officer Pay

86th percentile

$690,102

Higher top officer pay than 86% of similar nonprofits.

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

2016 filings • 501(c)12 • $250M-$1B nonprofits • Source year 2016

Asset Growth

93rd percentile

11%

Faster asset growth than 93% of similar nonprofits.

2016 filings • 501(c)12 • $250M-$1B nonprofits • Annualized from 2015 to 2016

Revenue Growth

97th percentile

22%

Faster revenue growth than 97% of similar nonprofits.

2016 filings • 501(c)12 • $250M-$1B nonprofits • Annualized from 2015 to 2016

Assets

Flat

$489,308,811

Flat from 2016

Net Assets

Flat

$172,597,491

Flat from 2016

Liabilities

Flat

$316,711,320

Flat from 2016

Revenue

Flat

$290,141,105

Flat from 2016

Expenses

Flat

$290,141,105

Flat from 2016

Net Income

Flat

$0

Flat from 2016

Historical Trend

Balance Sheet Trend

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

$800M$600M$400M$200M$0Assets 2010: $452,258,357Liabilities 2010: $282,681,254Net Assets 2010: $169,577,1032010Assets 2011: $445,844,120Liabilities 2011: $263,261,011Net Assets 2011: $182,583,1092011Assets 2012: $445,529,291Liabilities 2012: $265,206,189Net Assets 2012: $180,323,1022012Assets 2013: $446,130,320Liabilities 2013: $249,654,418Net Assets 2013: $196,475,9022013Assets 2014: $465,023,347Liabilities 2014: $260,190,572Net Assets 2014: $204,832,7752014Assets 2015: $442,354,335Liabilities 2015: $246,694,064Net Assets 2015: $195,660,2712015Assets 2016: $489,308,811Liabilities 2016: $316,711,320Net Assets 2016: $172,597,4912016Assets 2016: $489,308,811Liabilities 2016: $316,711,320Net Assets 2016: $172,597,4912016Assets 2017: $492,278,109Liabilities 2017: $330,033,152Net Assets 2017: $162,244,9572017Assets 2018: $518,526,532Liabilities 2018: $324,720,439Net Assets 2018: $193,806,0932018Assets 2019: $561,829,303Liabilities 2019: $352,008,912Net Assets 2019: $209,820,3912019Assets 2020: $567,238,739Liabilities 2020: $363,752,230Net Assets 2020: $203,486,5092020Assets 2021: $527,402,332Liabilities 2021: $306,014,846Net Assets 2021: $221,387,4862021Assets 2022: $576,846,629Liabilities 2022: $341,926,611Net Assets 2022: $234,920,0182022Assets 2023: $639,137,537Liabilities 2023: $375,683,336Net Assets 2023: $263,454,2012023Assets 2024: $646,919,210Liabilities 2024: $368,140,121Net Assets 2024: $278,779,0892024

Highlighted filing

2016

Assets$489,308,811
Liabilities$316,711,320
Net Assets$172,597,491

Operations Trend

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

$600M$400M$200M$0-$200MExpenses 2010: $224,835,0742010Expenses 2011: $241,558,3022011Expenses 2012: $241,807,6112012Revenue 2013: $243,829,229Expenses 2013: $243,829,229Net Income 2013: $02013Revenue 2014: $248,347,305Expenses 2014: $248,347,305Net Income 2014: $02014Revenue 2015: $238,406,912Expenses 2015: $244,540,773Net Income 2015: -$6,133,8612015Revenue 2016: $290,141,105Expenses 2016: $290,141,105Net Income 2016: $02016Revenue 2016: $290,141,105Expenses 2016: $290,141,105Net Income 2016: $02016Revenue 2017: $285,520,563Expenses 2017: $285,520,563Net Income 2017: $02017Revenue 2018: $314,129,061Expenses 2018: $314,129,061Net Income 2018: $02018Revenue 2019: $310,294,101Expenses 2019: $310,294,101Net Income 2019: $02019Revenue 2020: $305,784,637Expenses 2020: $305,784,637Net Income 2020: $02020Revenue 2021: $323,280,272Expenses 2021: $335,022,585Net Income 2021: -$11,742,3132021Revenue 2022: $369,406,838Expenses 2022: $375,426,410Net Income 2022: -$6,019,5722022Revenue 2023: $395,538,453Expenses 2023: $395,538,453Net Income 2023: $02023Revenue 2024: $420,877,567Expenses 2024: $420,877,567Net Income 2024: $02024

Highlighted filing

2016

Revenue$290,141,105
Expenses$290,141,105
Net Income$0
Jump To
Filing Snapshot
Filing Period
Jan 1, 2016 to Dec 31, 2016
Signed
Nov 9, 2017
Return Version
2016v3.0
Gross Receipts
$290,141,105
Mission and Program Overview

Mission

To provide the best possible electric service to all who desire it within the system's area at a reasonable cost consistent with the highest standards of service.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$264,005,571$268,268,099▲ $4,262,528
Rtn Earn Endowment Incm Other Fnds$194,617,056$171,561,456▼ $23,055,600
Investments Program Related$98,624,297$103,588,803▲ $4,964,506
Prepaid Expenses and Deferred Charges$34,407,472$37,218,916▲ $2,811,444
Savings and Temporary Cash Investments$12,000,000$24,000,000▲ $12,000,000
Accounts Receivable$12,865,449$16,071,570▲ $3,206,121
Cash and Non-Interest-Bearing Accounts$1,229,832$4,337,259▲ $3,107,427
Inventories for Sale or Use$1,751,873$1,811,644▲ $59,771
Cap Stk Tr Prin Current Funds$1,043,215$1,036,035▼ $7,180
Other Notes and Loans Receivable, Net$18,915$10,921▼ $7,994
Total Assets$442,354,335$489,308,811▲ $46,954,476
Other Assets Total$17,450,926$34,001,599▲ $16,550,673
Liabilities
Other Liabilities$106,488,668$150,727,361▲ $44,238,693
Mortgage Notes Payable Secured by Investment Property$117,717,048$138,037,473▲ $20,320,425
Accounts Payable and Accrued Expenses$22,488,348$27,946,486▲ $5,458,138
Total Liabilities$246,694,064$316,711,320▲ $70,017,256
Net Assets / Fund Balance
Total Net Assets Fund Balance$195,660,271$172,597,491▼ $23,062,780
Total Liabilities and Net Assets / Fund Balance$442,354,335$489,308,811▲ $46,954,476

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$257,637,098$147,210,982$404,848,080
Buildings$9,364,553$5,452,098$14,816,651
Land$1,266,448-$1,266,448
Investment Program Related Org$3,000--
Other Assets Org$75,509--
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
D Ronnie LeePresident &FT$574,386$115,716$690,102
D Ronnie LeePresident & CEO-$345,637$344,465$690,102
Ronald T MarshallSr. VP-enginFT$303,190$91,238$394,428
Ronald T MarshallSr. VP-engineer/oper-$264,317$130,111$394,428
Russell a DelongSr. VP-corpoFT$298,720$90,135$388,855
Russell a DelongSr. VP-corporate Svs-$259,959$128,896$388,855
Robert E RentfrowVP Power SupFT$286,718$81,656$368,374
Robert E RentfrowVP Power Supply-$249,154$119,220$368,374
Marsha L ShumateVP FinanceFT$244,286$116,382$360,668
Allen PowersNatural GasFT$185,636$68,803$254,439
Allen PowersNatural Gas Director-$183,970$70,469$254,439
Daniel J ChelkoChairmanPT$24,865-$24,865
Sammy SimontonDirector-$22,823-$22,823
Billy Ray AllenDirector-$22,748-$22,748
Michael Q LowderVice Chairma-$22,675-$22,675
Warren FewDirector-$22,675-$22,675
Jim WhitleyDirector-$22,548-$22,548
Thomas H Adcock JrDirector-$22,173-$22,173
Dawn TaylorDirector-$22,028-$22,028
Johnny R AllgoodSec / Treas-$21,673-$21,673

Highest Paid Contractors

ContractorServicesLocationCompensation
Whitestone Utility ServiceUtility ServicePO BOX 129, 1024A COMMERCE DRIVE, Lincolnton, GA 30817$2,136,061
J&m Fasteners LLCUtility SupplyPO BOX 1153, SUITE 210, Covington, GA 30015$150,945
Autry Hanrahan Hall & Cook LLPLegal2100 EAST EXCHANGE PLACE, Tucker, GA 30084$136,633
Lashley Tractor SalesTractor Supply6953 COVINGTON HIGHWAY, Lithonia, GA 30058$131,257
Mudd INCAdvertising915 TECHNOLOGY PARKWAY, Cedar Falls, IA 50613$106,383
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$284,684,418
Investment Income
$4,355,336
Other Revenue
$1,101,351
Change in Net Assets
$0
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$264,498,921
Salaries, Compensation, and Employee Benefits$894,310
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Benefits to Members---$24,747,874
Depreciation Depletion---$13,668,945
All Other Expenses---$8,084,010
Other Expenses---$7,518,617
Interest---$4,683,535
Current Officers, Directors, Trustees, and Key Employees---$894,310
Office Expenses---$357,744
Total Functional Expenses$0$0$0$290,141,105
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 Pension & Benefits$86,896,126
Other Regulatory Liabilities$54,574,806
Consumer Deposits$9,067,858
Deferred Credit-unclaimed Membership$184,082
Deferred Credit-unclaimed A/p$4,489
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, 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

Compensation for the ceo is reviewed and approved through the use of a compensation survey 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 a wage and salary plan administered by the ceo and approved by the member-elected board.

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
Walton Electric Membership
EIN
58-0477163
Phone
7702672505
Address
PO BOX 260, MONROE, GA 30655

Signing Officer

Name
D Ronnie Lee
Title
President & CEO
Phone
7702672505
Signed
2017-11-09
Discuss with paid preparer
Yes

Organization Details

Principal Officer
D Ronnie Lee
Formed
1936
Legal Domicile
Ga
Voting Board Members
9
Independent Board Members
9
Employees
278

Preparer

Firm
Mcnair Mclemore Middlebrooks & Co LLC
Address
POST OFFICE BOX ONE, MACON, GA 31202-0001
Preparer
J Randolph Nichols
Phone
4787466277
Supplemental Narrative

Additional Explanations

Form 990, Part XI, Line 9

Medical plan equity adjustment (fas 158) -14,280,163 memberships -7,180 patronage capital credits estimated 74,064 patronage capital credits retired -7,392,413 pension plan equity adjustment (fas 158) -6,188,492 permanent capital - opc margins 323,523 retired capital credits gain - subsidiary 660,007 patronage capital credits 24,747,874 revenue deferral -21,000,000 total -23,062,780

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IRS990/Form990PartVIISectionAGrp/TitleTxt12VP POWER SUP
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Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$647$368$279$421$421$0.00
2023Summary only. Only limited summary data is available for this year.$639$376$263$396$396$0.00
2022Facts available. Structured filing facts are available, but richer extracted sections are limited.$577$342$235$369$375$6.02
2021XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$527$306$221$323$335$11.7
2020XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$567$364$203$306$306$0.00
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$562$352$210$310$310$0.00
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$519$325$194$314$314$0.00
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$492$330$162$286$286$0.00
2016Detailed filing. Detailed filing data is available for this year.$489$317$173$290$290$0.00
2016Summary only. Only limited summary data is available for this year.$489$317$173$290$290$0.00
2015Summary only. Only limited summary data is available for this year.$442$247$196$238$245$6.13
2014Detailed filing. Detailed filing data is available for this year.$465$260$205$248$248$0.00
2013Detailed filing. Detailed filing data is available for this year.$446$250$196$244$244$0.00
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$446$265$180$242
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$446$263$183$242
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$452$283$170$225
Peer Organizations

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