Civic Intelligence

Meriwether Lewis Electric Cooperative

990 • Fiscal year 2020 • EIN 62-0292655

Jul 01, 2019 to Jun 30, 2020 • Filed on Nov 02, 2020

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

64th percentile

0.59x

Higher debt load relative to assets than 64% of similar nonprofits.

2020 filings • 501(c)12 • $100M-$250M nonprofits • Source year 2020

Liabilities / Revenue

16th percentile

0.81x

Higher debt load relative to revenue than 16% of similar nonprofits.

2020 filings • 501(c)12 • $100M-$250M nonprofits • Source year 2020

Net Margin

64th percentile

1.6%

Higher net margin than 64% of similar nonprofits.

2020 filings • 501(c)12 • $100M-$250M nonprofits • Source year 2020

Top Officer Pay

23rd percentile

$278,721

Higher top officer pay than 23% of similar nonprofits.

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

2020 filings • 501(c)12 • $100M-$250M nonprofits • Source year 2020

Asset Growth

95th percentile

15%

Faster asset growth than 95% of similar nonprofits.

2020 filings • 501(c)12 • $100M-$250M nonprofits • Annualized from 2019 to 2020

Revenue Growth

61st percentile

-0.7%

Faster revenue growth than 61% of similar nonprofits.

2020 filings • 501(c)12 • $100M-$250M nonprofits • Annualized from 2019 to 2020

Assets

Up

$142,630,844

Up $18,728,283 (+15%) from 2019

Net Assets

Up

$58,838,567

Up $1,644,612 (+2.9%) from 2019

Liabilities

Up

$83,792,277

Up $17,083,671 (+26%) from 2019

Revenue

Down

$103,895,171

Down $772,823 (-0.7%) from 2019

Expenses

Down

$102,246,739

Down $102,313 (-0.1%) from 2019

Net Income

Down

$1,648,432

Down $670,510 (-29%) from 2019

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

2020

Assets$142,630,844
Liabilities$83,792,277
Net Assets$58,838,567

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

2020

Revenue$103,895,171
Expenses$102,246,739
Net Income$1,648,432
Jump To
Filing Snapshot
Filing Period
Jul 1, 2019 to Jun 30, 2020
Signed
Nov 2, 2020
Return Version
2019v5.0
Gross Receipts
$103,895,171
Mission and Program Overview

Mission

NONE

Rural electricity distribution and broadband internet and communication services.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$109,013,538$126,801,545▲ $17,788,007
Rtn Earn Endowment Incm Other Fnds$57,054,730$58,697,662▲ $1,642,932
Accounts Receivable$5,011,819$6,498,514▲ $1,486,695
Other Notes and Loans Receivable, Net$2,687,806$2,599,603▼ $88,203
Inventories for Sale or Use$645,908$1,276,809▲ $630,901
Investments Other Securities$1,254,521$1,265,755▲ $11,234
Cash and Non-Interest-Bearing Accounts$692,212$679,325▼ $12,887
Savings and Temporary Cash Investments$1,140,537$340,375▼ $800,162
Pd in Cap Srpls Land Bldg Eqp Fund$139,225$140,905▲ $1,680
Prepaid Expenses and Deferred Charges$44,510$44,990▲ $480
Total Assets$123,902,561$142,630,844▲ $18,728,283
Other Assets Total$3,411,710$3,123,928▼ $287,782
Liabilities
Mortgage Notes Payable Secured by Investment Property$30,525,921$47,153,193▲ $16,627,272
Accounts Payable and Accrued Expenses$29,706,387$30,043,066▲ $336,679
Other Liabilities$6,476,298$6,596,018▲ $119,720
Total Liabilities$66,708,606$83,792,277▲ $17,083,671
Net Assets / Fund Balance
Total Net Assets Fund Balance$57,193,955$58,838,567▲ $1,644,612
Total Liabilities and Net Assets / Fund Balance$123,902,561$142,630,844▲ $18,728,283

Asset Categories

AssetBook ValueDepreciationBasis
Other Land Buildings$89,295,200$61,987,108$151,282,308
Equipment$29,105,128$14,116,134$43,221,262
Buildings$7,077,359$2,673,077$9,750,436
Land$1,323,858-$1,323,858
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Keith CarnahanPresident anFT$220,067$58,654$278,721
Keith CarnahanPresident and CEO-$193,455$88,766$278,721
Grady R JamesTreasurer anFT$141,409$98,371$239,780
Grady R JamesTreasurer and CFO-$132,023$112,757$239,780
Miranda MccalebVP-employee/FT$142,484$88,417$230,901
Miranda MccalebVP-employee/members-$131,063$101,338$230,901
Derle HillEmployeeFT$107,453$113,932$226,385
Ken LittleVP-emerg. TeFT$144,696$78,606$223,302
Ken LittleVP-emerg. Tech. & Ml-$134,289$87,513$223,302
Shane MccroryVP-info TechFT$135,912$85,238$221,150
Shane MccroryVP-info Tech & Suppo-$127,662$93,488$221,150
Michael HickersonEmployeeFT$122,610$61,360$188,535
Edward W GreenwellVP-oper. & EFT$135,706$50,886$186,592
Edward W GreenwellVP-oper. & Engineeri-$129,985$53,107$186,592
Joseph BradleyEmployeeFT$133,636$40,145$173,781
Gregory HutchinsEmployeeFT$129,286$47,990$172,883
Karl ReynenEmployeeFT$131,336$33,019$164,183
Melissa SandersonCorporate SeFT$65,451$55,328$120,779
Blake HarperTreasurer an-$84,194$17,173$101,367
L Reed DreadenDirectorFT$30,532$21,112$51,644
Johnnie Ruth ElrodDirectorPT$30,467-$30,467
Bill WebbDirector-$29,782$417$30,199
Larry D MayberryDirector-$27,537$1,145$28,682
Tommy GrahamDirector-$23,607$4,742$28,349
Jeffrey D Peery DdsDirector-$28,067-$28,067
Andrew PorchDirector-$23,717$4,112$27,829
Raymond H FussellDirector-$23,620$3,929$27,549
David Wayne QuallsDirector-$27,536-$27,536
Zachary HutchensDirector-$23,717$3,381$27,098
David DanielBoard Vice C-$26,417-$26,417
Jessie WallaceBoard Chair-$25,967-$25,967
Cass RyeDirector-$25,458-$25,458
John L WilliamsGeneral CounPT$23,583-$23,583
Ronald AverettDirector-$5,323-$5,323

Highest Paid Contractors

ContractorServicesLocationCompensation
Heritage Communications LLCFiber Network148 STONE THROW LANE, Chickamauga, GA 30707$4,264,892
Fiber-rise Communication LLCFiber Network12060 COUNTY LINE RD SUITE J-239, Madison, AL 35756$2,498,188
Trees INCContract R-o-w1700 SOLUTIONS CENTER, Chicago, IL 60677-1700$2,279,556
Garnet Electric Co INCEngineering Con1615 STATE STREET, Sheffield, AL 35660$1,806,830
Davis H Elliot Co INCContract Line CPO BOX 37251, Baltimore, MD 21297-3251$1,107,412
Revenue and Support

Revenue Composition

Contributions and Grants
$118,363
Program Service Revenue
$103,157,806
Investment Income
$619,002
Other Revenue
$0
Change in Net Assets
$1,648,432
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$100,375,895
Salaries, Compensation, and Employee Benefits$1,870,844
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Depreciation Depletion---$5,858,073
All Other Expenses---$3,039,964
Other Expenses---$2,148,651
Interest---$2,128,701
Current Officers, Directors, Trustees, and Key Employees---$1,870,844
Occupancy---$395,489
Insurance---$89,023
Office Expenses---$77,246
Conferences and Meetings---$66,752
Advertising---$51,674
Fees for Services Other---$51,033
Fees for Services Legal---$19,740
Fees for Services Accounting---$18,625
Total Functional Expenses$0$0$0$102,246,739
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$3,872,146
Conservation Advances - Tva$2,428,429
Trustees Deferred Compensation$295,443
Governance and Compliance

Governance Checklist

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

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
2020-11-02
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
107

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 1,680 total -3,820

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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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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