Civic Intelligence

Meriwether Lewis Electric Cooperative

990 • Fiscal year 2021 • EIN 62-0292655

Jul 01, 2020 to Jun 30, 2021 • Filed on Nov 03, 2021

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

70th percentile

0.61x

Higher debt load relative to assets than 70% of similar nonprofits.

2021 filings • 501(c)12 • $100M-$250M nonprofits • Source year 2021

Liabilities / Revenue

20th percentile

0.88x

Higher debt load relative to revenue than 20% of similar nonprofits.

2021 filings • 501(c)12 • $100M-$250M nonprofits • Source year 2021

Net Margin

65th percentile

2.9%

Higher net margin than 65% of similar nonprofits.

2021 filings • 501(c)12 • $100M-$250M nonprofits • Source year 2021

Top Officer Pay

27th percentile

$294,643

Higher top officer pay than 27% of similar nonprofits.

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

2021 filings • 501(c)12 • $100M-$250M nonprofits • Source year 2021

Asset Growth

85th percentile

11%

Faster asset growth than 85% of similar nonprofits.

2021 filings • 501(c)12 • $100M-$250M nonprofits • Annualized from 2020 to 2021

Revenue Growth

53rd percentile

4.8%

Faster revenue growth than 53% of similar nonprofits.

2021 filings • 501(c)12 • $100M-$250M nonprofits • Annualized from 2020 to 2021

Assets

Up

$157,637,371

Up $15,006,527 (+11%) from 2020

Net Assets

Up

$62,026,194

Up $3,187,627 (+5.4%) from 2020

Liabilities

Up

$95,611,177

Up $11,818,900 (+14%) from 2020

Revenue

Up

$108,834,399

Up $4,939,228 (+4.8%) from 2020

Expenses

Up

$105,644,107

Up $3,397,368 (+3.3%) from 2020

Net Income

Up

$3,190,292

Up $1,541,860 (+94%) from 2020

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

2021

Assets$157,637,371
Liabilities$95,611,177
Net Assets$62,026,194

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

2021

Revenue$108,834,399
Expenses$105,644,107
Net Income$3,190,292
Jump To
Filing Snapshot
Filing Period
Jul 1, 2020 to Jun 30, 2021
Signed
Nov 3, 2021
Return Version
2020v4.0
Gross Receipts
$108,834,399
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$126,801,545$138,718,129▲ $11,916,584
Rtn Earn Endowment Incm Other Fnds$58,697,662$61,882,454▲ $3,184,792
Accounts Receivable$6,498,514$7,170,193▲ $671,679
Inventories for Sale or Use$1,276,809$3,754,963▲ $2,478,154
Other Notes and Loans Receivable, Net$2,599,603$2,579,349▼ $20,254
Investments Other Securities$1,265,755$1,262,489▼ $3,266
Cash and Non-Interest-Bearing Accounts$679,325$424,170▼ $255,155
Savings and Temporary Cash Investments$340,375$368,711▲ $28,336
Pd in Cap Srpls Land Bldg Eqp Fund$140,905$143,740▲ $2,835
Prepaid Expenses and Deferred Charges$44,990$43,574▼ $1,416
Total Assets$142,630,844$157,637,371▲ $15,006,527
Other Assets Total$3,123,928$3,315,793▲ $191,865
Liabilities
Mortgage Notes Payable Secured by Investment Property$47,153,193$57,192,297▲ $10,039,104
Accounts Payable and Accrued Expenses$30,043,066$31,597,897▲ $1,554,831
Other Liabilities$6,596,018$6,820,983▲ $224,965
Total Liabilities$83,792,277$95,611,177▲ $11,818,900
Net Assets / Fund Balance
Total Net Assets Fund Balance$58,838,567$62,026,194▲ $3,187,627
Total Liabilities and Net Assets / Fund Balance$142,630,844$157,637,371▲ $15,006,527

Asset Categories

AssetBook ValueDepreciationBasis
Other Land Buildings$77,435,279$65,311,489$142,746,768
Equipment$53,017,564$16,756,007$69,773,571
Buildings$6,941,428$2,868,934$9,810,362
Land$1,323,858-$1,323,858
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Keith CarnahanPresident anFT$228,885$65,758$294,643
Keith CarnahanPresident and CEO-$199,575$95,068$294,643
Miranda MccalebVP-employee/FT$140,366$104,226$244,592
Miranda MccalebVP-employee/members-$134,950$109,642$244,592
Derle HillEmployeeFT$111,562$131,779$243,341
Ken LittleVP-emerg. TeFT$146,312$94,089$240,401
Ken LittleVP-emerg. Tech. & Ml-$138,273$102,128$240,401
Shane MccroryVP-info TechFT$141,584$84,473$226,057
Shane MccroryVP-info Tech & Suppo-$131,447$94,610$226,057
Edward W GreenwellVP-oper. & EFT$136,217$56,848$193,065
Edward W GreenwellVP-oper. & Engineeri-$133,841$59,224$193,065
Aaron HinsonEmployeeFT$120,971$65,885$187,361
Barry WilsonEmployeeFT$122,615$60,707$183,222
Karl ReynenEmployeeFT$136,835$35,300$172,035
Nicholas EdwardsEmployeeFT$122,618$34,664$156,977
Melissa SandersonCorporate SeFT$65,299$70,644$135,943
Blake HarperTreasurer anFT$111,678$21,810$133,488
L Reed DreadenDirector-$31,633$660$32,293
Zachary HutchensDirector-$24,833$3,937$28,770
Tommy GrahamDirector-$24,727$3,652$28,379
Raymond H FussellDirector-$24,744$3,433$28,177
Bill WebbDirector-$27,606$429$28,035
Larry D MayberryDirector-$26,856$1,176$28,032
Andrew PorchDirector-$24,833$3,160$27,993
Johnnie Ruth ElrodDirector-$27,983-$27,983
David Wayne QuallsDirector-$27,865-$27,865
Jeffrey D Peery DdsDirector-$27,533-$27,533
Jessie WallaceBoard Chair-$27,083-$27,083
David DanielBoard Vice C-$27,083-$27,083
Cass RyeDirector-$26,581-$26,581
John L WilliamsGeneral CounPT$24,702-$24,702
Ronald AverettDirector-$2,924-$2,924

Highest Paid Contractors

ContractorServicesLocationCompensation
Fiber-rise Communication LLCFiber Network12060 COUNTY LINE RD SUITE J-239, Madison, AL 35756$3,068,238
Trees INCContract R-o-w1700 SOLUTIONS CENTER, Chicago, IL 60677-1700$3,029,384
Heritage Communications LLCFiber Network148 STONE THROW LANE, Chickamauga, GA 30707$2,264,538
Service Electric CompanyContract LinePO BOX 277790, Atlanta, GA 30384-7790$795,707
Davis H Elliot Co INCContract Line CPO BOX 37251, Baltimore, MD 21297-3251$642,419
Revenue and Support

Revenue Composition

Contributions and Grants
$1,574,963
Program Service Revenue
$106,935,686
Investment Income
$323,750
Other Revenue
$0
Change in Net Assets
$3,190,292
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$103,893,377
Salaries, Compensation, and Employee Benefits$1,750,730
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Depreciation Depletion---$7,072,687
All Other Expenses---$4,902,059
Other Expenses---$2,344,552
Interest---$2,073,611
Current Officers, Directors, Trustees, and Key Employees---$1,750,730
Occupancy---$398,202
Insurance---$86,493
Office Expenses---$72,473
Advertising---$55,647
Fees for Services Other---$40,404
Fees for Services Accounting---$19,700
Fees for Services Legal---$16,087
Conferences and Meetings---$6,867
Total Functional Expenses$0$0$0$105,644,107
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$4,095,754
Conservation Advances - Tva$2,442,151
Trustees Deferred Compensation$283,078
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
2021-11-03
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
105

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 2,835 total -2,665

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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