Civic Intelligence

Meriwether Lewis Electric Cooperative

990 • Fiscal year 2018 • EIN 62-0292655

Jul 01, 2017 to Jun 30, 2018 • Filed on Nov 09, 2018

P O Box 240Centerville, TN 37033

(931) 729-3558

Siviq Scores

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

Liabilities / Assets

42nd percentile

0.53x

Higher debt load relative to assets than 42% of similar nonprofits.

2018 filings • 501(c)12 • $100M-$250M nonprofits • Source year 2018

Liabilities / Revenue

8th percentile

0.60x

Higher debt load relative to revenue than 8% of similar nonprofits.

2018 filings • 501(c)12 • $100M-$250M nonprofits • Source year 2018

Net Margin

77th percentile

2.5%

Higher net margin than 77% of similar nonprofits.

2018 filings • 501(c)12 • $100M-$250M nonprofits • Source year 2018

Top Officer Pay

30th percentile

$269,350

Higher top officer pay than 30% of similar nonprofits.

Top officer pay equals 0.3% of source-year revenue.

2018 filings • 501(c)12 • $100M-$250M nonprofits • Source year 2018

Asset Growth

26th percentile

1.3%

Faster asset growth than 26% of similar nonprofits.

2018 filings • 501(c)12 • $100M-$250M nonprofits • Annualized from 2017 to 2018

Revenue Growth

19th percentile

2.2%

Faster revenue growth than 19% of similar nonprofits.

2018 filings • 501(c)12 • $100M-$250M nonprofits • Annualized from 2017 to 2018

Assets

Up

$117,886,175

Up $1,492,569 (+1.3%) from 2017

Net Assets

Up

$54,879,248

Up $2,597,462 (+5.0%) from 2017

Liabilities

Down

$63,006,927

Down $1,104,893 (-1.7%) from 2017

Revenue

Up

$104,736,465

Up $2,235,862 (+2.2%) from 2017

Expenses

Up

$102,133,758

Up $2,572,584 (+2.6%) from 2017

Net Income

Down

$2,602,707

Down $336,722 (-11%) from 2017

Historical Trend

Balance Sheet Trend

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

$300M$200M$100M$0Assets 2011: $101,967,119Liabilities 2011: $62,406,340Net Assets 2011: $39,560,7792011Assets 2012: $104,604,750Liabilities 2012: $67,360,503Net Assets 2012: $37,244,2472012Assets 2013: $109,753,794Liabilities 2013: $70,521,991Net Assets 2013: $39,231,8032013Assets 2014: $114,602,678Liabilities 2014: $75,781,118Net Assets 2014: $38,821,5602014Assets 2015: $114,499,557Liabilities 2015: $73,131,863Net Assets 2015: $41,367,6942015Assets 2016: $114,799,667Liabilities 2016: $71,354,901Net Assets 2016: $43,444,7662016Assets 2017: $116,393,606Liabilities 2017: $64,111,820Net Assets 2017: $52,281,7862017Assets 2018: $117,886,175Liabilities 2018: $63,006,927Net Assets 2018: $54,879,2482018Assets 2019: $123,902,561Liabilities 2019: $66,708,606Net Assets 2019: $57,193,9552019Assets 2020: $142,630,844Liabilities 2020: $83,792,277Net Assets 2020: $58,838,5672020Assets 2021: $157,637,371Liabilities 2021: $95,611,177Net Assets 2021: $62,026,1942021Assets 2022: $179,486,251Liabilities 2022: $108,056,333Net Assets 2022: $71,429,9182022Assets 2023: $191,483,163Liabilities 2023: $116,520,806Net Assets 2023: $74,962,3572023Assets 2024: $196,267,923Liabilities 2024: $113,234,806Net Assets 2024: $83,033,1172024Assets 2025: $206,439,138Liabilities 2025: $114,448,703Net Assets 2025: $91,990,4352025

Highlighted filing

2018

Assets$117,886,175
Liabilities$63,006,927
Net Assets$54,879,248

Operations Trend

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

$150M$100M$50M$0-$50MRevenue 2011: $81,825,328Expenses 2011: $79,972,420Net Income 2011: $1,852,9082011Expenses 2012: $76,846,3962012Expenses 2013: $79,755,4482013Revenue 2014: $90,243,938Expenses 2014: $91,126,741Net Income 2014: -$882,8032014Revenue 2015: $99,967,021Expenses 2015: $97,894,112Net Income 2015: $2,072,9092015Revenue 2016: $97,340,113Expenses 2016: $95,737,381Net Income 2016: $1,602,7322016Revenue 2017: $102,500,603Expenses 2017: $99,561,174Net Income 2017: $2,939,4292017Revenue 2018: $104,736,465Expenses 2018: $102,133,758Net Income 2018: $2,602,7072018Revenue 2019: $104,667,994Expenses 2019: $102,349,052Net Income 2019: $2,318,9422019Revenue 2020: $103,895,171Expenses 2020: $102,246,739Net Income 2020: $1,648,4322020Revenue 2021: $108,834,399Expenses 2021: $105,644,107Net Income 2021: $3,190,2922021Revenue 2022: $119,621,039Expenses 2022: $116,651,290Net Income 2022: $2,969,7492022Revenue 2023: $132,689,305Expenses 2023: $128,647,989Net Income 2023: $4,041,3162023Revenue 2024: $133,216,158Expenses 2024: $124,635,068Net Income 2024: $8,581,0902024Revenue 2025: $145,999,618Expenses 2025: $136,532,296Net Income 2025: $9,467,3222025

Highlighted filing

2018

Revenue$104,736,465
Expenses$102,133,758
Net Income$2,602,707
Jump To
Filing Snapshot
Filing Period
Jul 1, 2017 to Jun 30, 2018
Signed
Nov 9, 2018
Return Version
2017v2.3
Gross Receipts
$104,736,465
Mission and Program Overview

Mission

NONE

Rural electricity distribution

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$95,260,328$97,330,607▲ $2,070,279
Rtn Earn Endowment Incm Other Fnds$52,144,081$54,741,288▲ $2,597,207
Accounts Receivable$6,125,216$6,651,422▲ $526,206
Savings and Temporary Cash Investments$7,230,672$5,789,071▼ $1,441,601
Other Notes and Loans Receivable, Net$2,488,313$2,577,363▲ $89,050
Investments Other Securities$1,203,876$1,230,314▲ $26,438
Inventories for Sale or Use$497,511$424,136▼ $73,375
Cash and Non-Interest-Bearing Accounts$372,981$370,162▼ $2,819
Pd in Cap Srpls Land Bldg Eqp Fund$137,705$137,960▲ $255
Prepaid Expenses and Deferred Charges$26,890$27,001▲ $111
Total Assets$116,393,606$117,886,175▲ $1,492,569
Other Assets Total$3,187,819$3,486,099▲ $298,280
Liabilities
Accounts Payable and Accrued Expenses$28,619,516$29,799,480▲ $1,179,964
Mortgage Notes Payable Secured by Investment Property$29,504,404$26,960,428▼ $2,543,976
Other Liabilities$5,987,900$6,247,019▲ $259,119
Total Liabilities$64,111,820$63,006,927▼ $1,104,893
Net Assets / Fund Balance
Total Net Assets Fund Balance$52,281,786$54,879,248▲ $2,597,462
Total Liabilities and Net Assets / Fund Balance$116,393,606$117,886,175▲ $1,492,569

Asset Categories

AssetBook ValueDepreciationBasis
Other Land Buildings$75,254,167$55,551,502$130,805,669
Equipment$15,953,625$11,534,734$27,488,359
Buildings$5,052,743$2,400,971$7,453,714
Land$1,070,072-$1,070,072
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Dwight S BatesEmployeeFT$97,273$172,077$269,350
Keith CarnahanPresident anFT$185,462$52,570$238,032
Keith CarnahanPresident and CEO-$169,366$68,666$238,032
Grady R JamesTreasurer anFT$137,165$83,254$220,419
Grady R JamesTreasurer and CFO-$122,657$97,762$220,419
Ken LittleVP of EngineFT$132,626$73,491$206,117
Ken LittleVP of Engineering-$126,416$79,701$206,117
Miranda MccalebVP of EmployFT$124,775$80,496$205,271
Miranda MccalebVP of Employee/membe-$122,252$83,019$205,271
Carl a BrazzleEmployeeFT$99,336$98,982$198,318
Derle HillEmployeeFT$99,266$98,308$197,574
Shane MccroryVP of It & SFT$122,175$73,339$195,514
Shane MccroryVP of It & Support-$116,218$79,296$195,514
Edward W GreenwellVP of OperatFT$122,580$47,776$170,356
Edward W GreenwellVP of Operations-$121,188$49,168$170,356
John BlairEmployeeFT$118,316$48,419$166,735
Spencer TottyEmployeeFT$108,700$33,634$142,334
PAMELA G O'DONNELLCorporate SeFT$64,183$60,994$125,177
Larry D MayberryDirector-$29,089$1,091$30,180
David Wayne QuallsDirector-$29,697-$29,697
Raymond H FussellDirector-$23,672$5,511$29,183
Jeffrey D Peery DdsDirector-$29,162-$29,162
Johnnie Ruth ElrodDirectorPT$29,012-$29,012
Bill WebbDirector-$28,483$397$28,880
Jessie WallaceBoard Vice C-$28,712-$28,712
Andrew PorchBoard Chairm-$23,762$3,858$27,620
Tommy GrahamDirector-$23,661$3,897$27,558
Zachary HutchensDirector-$23,762$3,611$27,373
Cass RyeDirector-$25,813-$25,813
John L WilliamsGeneral CounPT$23,641-$23,641
L Reed DreadenDirector-$10,220$5,594$15,814
Ronald AverettDirector-$4,920-$4,920

Highest Paid Contractors

ContractorServicesLocationCompensation
Trees INCContract Row1700 SOLUTIONS CENTER, Chicago, IL 60677-1700$1,666,405
Davis H Elliot Co INCContract Line CPO BOX 37251, Baltimore, MD 21297-3251$1,130,988
Chempro Service INCChemical Row3311 GULF BREEZE PKWY 350, Gulf Breeze, FL 32563$211,451
Ct ConsultantsEngineering ConATTN LOCKBOX 8150 STERLING COURT, Mentor, OH 44060$185,115
Heath ConsultantsContract Meteri9090 MONROE RD, Houston, TX 77061$103,466
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$103,951,579
Investment Income
$551,810
Other Revenue
$233,076
Change in Net Assets
$2,602,707

Audited Revenue Reconciliation

Revenue per Audited Statements
$104,736,465
Total Revenue per Audited Statements
$104,736,465
Total Revenue per Form 990
$104,736,465
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$100,415,751
Salaries, Compensation, and Employee Benefits$1,718,007
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Depreciation Depletion---$5,491,616
Other Expenses---$2,207,518
All Other Expenses---$2,146,071
Interest---$1,849,016
Current Officers, Directors, Trustees, and Key Employees---$1,718,007
Occupancy---$360,813
Fees for Services Other---$157,030
Insurance---$69,102
Advertising---$68,562
Conferences and Meetings---$55,768
Office Expenses---$48,822
Fees for Services Legal---$24,067
Fees for Services Accounting---$21,132
Total Functional Expenses$0$0$0$102,133,758

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$102,133,758
Total Expenses per Audited Statements$102,133,758
Total Expenses per Form 990$102,133,758
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
Yes
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Customer Deposits$3,545,321
Conservation Advances - Tva$2,392,865
Trustees Deferred Compensation$308,833
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Audit committee
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
No
Conflict-of-interest policy
No
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

There is only one class of members. All members have the right to elect the members of the board of directors (the governing body of mlec).

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

Members are assigned to districts based on the location of their service. Each district's members elect representatives to serve on the board of directors. Directors serve four year terms.

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

Changes to the by-laws as well as any sale or termination of the cooperative would have to be approved by the members.

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

Irs form 990 is provided to all members of the board of directors prior to its submittal to the irs. The form is also reviewed by the ceo and cfo.

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

Determination of the ceo's compensation is conducted annually by the board and includes comparability data. The process is deliberative and the results ( and effective date) are documented.

Form 990, Page 6, Part VI, Line 19

All members are furnished a copy of the "by-laws and rules and regulations" upon application for membership, or upon request. Audited financial statements are furnished as a summary in the annual report (with narrative) in the tennessee magazine. Additional detail is furnished upon request.

Filing and Contact Details

Filer

Filer Name
Meriwether Lewis Electric
EIN
62-0292655
Phone
9317293558
Address
P O BOX 240, CENTERVILLE, TN 37033

Signing Officer

Name
Keith Carnahan
Title
President and CEO
Phone
9317293558
Signed
2018-11-09
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Keith Carnahan
Formed
1939
Legal Domicile
Tn
Voting Board Members
13
Independent Board Members
13
Employees
85

Preparer

Firm
Winnett Associates Pllc
Address
PO BOX 745, SHELBYVILLE, TN 37162-0745
Preparer
Patrick R Lile
Phone
9316847142
Supplemental Narrative

Additional Explanations

Form 990, Part XI, Line 9

Amort. Of actuarial gain-post retirement ben. -5,500 net change in memberships 255 total -5,245

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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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IRS990/Form990PartVIISectionAGrp/TitleTxt13PRESIDENT AN
IRS990/Form990PartVIISectionAGrp/TitleTxt14TREASURER AN
IRS990/Form990PartVIISectionAGrp/TitleTxt15VP OF ENGINE
IRS990/Form990PartVIISectionAGrp/TitleTxt16VP OF EMPLOY
IRS990/Form990PartVIISectionAGrp/TitleTxt17VP OF OPERAT
IRS990/Form990PartVIISectionAGrp/TitleTxt18VP OF IT & S
IRS990/Form990PartVIISectionAGrp/TitleTxt19CORPORATE SE
IRS990/Form990PartVIISectionAGrp/TitleTxt20GENERAL COUN
IRS990/Form990PartVIISectionAGrp/TitleTxt21EMPLOYEE
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Document Assets

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Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025Detailed filing. Detailed filing data is available for this year.$206$114$92.0$146$137$9.47
2024Detailed filing. Detailed filing data is available for this year.$196$113$83.0$133$125$8.58
2023Detailed filing. Detailed filing data is available for this year.$191$117$75.0$133$129$4.04
2022Detailed filing. Detailed filing data is available for this year.$179$108$71.4$120$117$2.97
2021Detailed filing. Detailed filing data is available for this year.$158$95.6$62.0$109$106$3.19
2020Detailed filing. Detailed filing data is available for this year.$143$83.8$58.8$104$102$1.65
2019Detailed filing. Detailed filing data is available for this year.$124$66.7$57.2$105$102$2.32
2018Detailed filing. Detailed filing data is available for this year.$118$63.0$54.9$105$102$2.60
2017Detailed filing. Detailed filing data is available for this year.$116$64.1$52.3$103$99.6$2.94
2016Detailed filing. Detailed filing data is available for this year.$115$71.4$43.4$97.3$95.7$1.60
2015Detailed filing. Detailed filing data is available for this year.$114$73.1$41.4$100.0$97.9$2.07
2014Detailed filing. Detailed filing data is available for this year.$115$75.8$38.8$90.2$91.1$0.88
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$110$70.5$39.2$79.8
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$105$67.4$37.2$76.8
2011Summary only. Only limited summary data is available for this year.$102$62.4$39.6$81.8$80.0$1.85