Civic Intelligence

Meriwether Lewis Electric Cooperative

990 • Fiscal year 2022 • EIN 62-0292655

Jul 01, 2021 to Jun 30, 2022 • Filed on Nov 22, 2022

Organization ProfileWWW.MLEC.COM

View Organization Page

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

66th percentile

0.60x

Higher debt load relative to assets than 66% of similar nonprofits.

2022 filings • 501(c)12 • $100M-$250M nonprofits • Source year 2022

Liabilities / Revenue

20th percentile

0.90x

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

2022 filings • 501(c)12 • $100M-$250M nonprofits • Source year 2022

Net Margin

71st percentile

2.5%

Higher net margin than 71% of similar nonprofits.

2022 filings • 501(c)12 • $100M-$250M nonprofits • Source year 2022

Top Officer Pay

36th percentile

$328,861

Higher top officer pay than 36% of similar nonprofits.

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

2022 filings • 501(c)12 • $100M-$250M nonprofits • Source year 2022

Asset Growth

85th percentile

14%

Faster asset growth than 85% of similar nonprofits.

2022 filings • 501(c)12 • $100M-$250M nonprofits • Annualized from 2021 to 2022

Revenue Growth

60th percentile

9.9%

Faster revenue growth than 60% of similar nonprofits.

2022 filings • 501(c)12 • $100M-$250M nonprofits • Annualized from 2021 to 2022

Balance Sheet
Liabilities / Assets66th percentile

Assets

Up

$179,486,251

Up $21,848,880 (+14%) from 2021

Net Assets

Up

$71,429,918

Up $9,403,724 (+15%) from 2021

Liabilities

Up

$108,056,333

Up $12,445,156 (+13%) from 2021

Revenue And Expenses
Liabilities / Revenue20th percentileNet Margin71st percentile

Revenue

Up

$119,621,039

Up $10,786,640 (+9.9%) from 2021

Expenses

Up

$116,651,290

Up $11,007,183 (+10%) from 2021

Net Income

Down

$2,969,749

Down $220,543 (-6.9%) from 2021

Historical Trend

Balance Sheet Trend

Asset Growth85th percentile

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

2022

Assets$179,486,251
Liabilities$108,056,333
Net Assets$71,429,918
Open 2022 Filing

Operations Trend

Revenue Growth60th percentile

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

2022

Revenue$119,621,039
Expenses$116,651,290
Net Income$2,969,749
Open 2022 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2021 to Jun 30, 2022
Signed
Nov 22, 2022
Return Version
2021v4.0
Gross Receipts
$119,621,039
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$138,718,129$161,713,818▲ $22,995,689
Rtn Earn Endowment Incm Other Fnds$61,882,454$71,285,383▲ $9,402,929
Accounts Receivable$7,170,193$7,605,673▲ $435,480
Other Notes and Loans Receivable, Net$2,579,349$2,551,916▼ $27,433
Investments Other Securities$1,262,489$1,300,414▲ $37,925
Inventories for Sale or Use$3,754,963$1,119,251▼ $2,635,712
Cash and Non-Interest-Bearing Accounts$424,170$838,921▲ $414,751
Savings and Temporary Cash Investments$368,711$402,269▲ $33,558
Pd in Cap Srpls Land Bldg Eqp Fund$143,740$144,535▲ $795
Prepaid Expenses and Deferred Charges$43,574$54,458▲ $10,884
Total Assets$157,637,371$179,486,251▲ $21,848,880
Other Assets Total$3,315,793$3,899,531▲ $583,738
Liabilities
Mortgage Notes Payable Secured by Investment Property$57,192,297$72,999,190▲ $15,806,893
Accounts Payable and Accrued Expenses$31,597,897$27,979,047▼ $3,618,850
Other Liabilities$6,820,983$7,078,096▲ $257,113
Total Liabilities$95,611,177$108,056,333▲ $12,445,156
Net Assets / Fund Balance
Total Net Assets Fund Balance$62,026,194$71,429,918▲ $9,403,724
Total Liabilities and Net Assets / Fund Balance$157,637,371$179,486,251▲ $21,848,880

Asset Categories

AssetBook ValueDepreciationBasis
Other Land Buildings$82,372,245$68,903,734$151,275,979
Equipment$71,002,482$20,142,801$91,145,283
Buildings$7,021,502$3,061,925$10,083,427
Land$1,317,589-$1,317,589
Compensation and Service Providers
Top Officer Pay36th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Keith CarnahanPresident anFT$252,773$76,088$328,861
Keith CarnahanPresident and CEO-$222,866$105,995$328,861
Miranda MccalebVP-employee/FT$154,298$120,840$275,138
Miranda MccalebVP-employee/members-$139,360$135,778$275,138
Derle HillEmployeeFT$115,254$152,708$267,962
Ken LittleVP-emerg. TeFT$156,115$108,925$265,040
Ken LittleVP-emerg. Tech. & Ml-$144,573$120,467$265,040
Shane MccroryVP-info TechFT$153,821$99,999$253,820
Shane MccroryVP-info Tech & Suppo-$136,761$117,059$253,820
William BlackwellEmployeeFT$120,341$103,451$223,792
Edward W GreenwellVP-oper. & EFT$141,892$62,111$204,003
Edward W GreenwellVP-oper. & Engineeri-$137,950$66,053$204,003
Karl ReynenEmployeeFT$130,210$38,708$168,918
Nicholas EdwardsEmployeeFT$125,484$38,283$163,767
Spencer TottyEmployeeFT$125,141$36,889$162,030
Blake HarperTreasurer anFT$134,081$26,965$161,046
Blake HarperTreasurer and CFO-$122,443$38,603$161,046
Melissa SandersonCorporate SeFT$69,224$80,672$149,896
L Reed DreadenDirector-$27,445$5,003$32,448
Tommy GrahamDirector-$24,727$4,491$29,218
David Wayne QuallsDirector-$28,866-$28,866
Andrew PorchDirector-$24,835$3,829$28,664
Larry D MayberryBoard Vice C-$27,311$1,201$28,512
Raymond H FussellDirector-$24,760$3,512$28,272
Zachary HutchensDirector-$24,834$3,108$27,942
Bill WebbDirector-$27,172$438$27,610
Johnnie Ruth ElrodDirectorPT$27,533-$27,533
David DanielBoard Chair-$27,394-$27,394
Jessie WallaceDirector-$27,385-$27,385
Jeffrey D Peery DdsDirector-$27,235-$27,235
Cass RyeDirector-$26,766-$26,766
John L WilliamsGeneral CounPT$24,703-$24,703
Ronald AverettDirector-$3,370-$3,370

Highest Paid Contractors

ContractorServicesLocationCompensation
Heritage Communications LLCFiber Network148 STONE THROW LANE, Chickamauga, GA 30707$10,088,488
Trees INCContract R-o-w1700 SOLUTIONS CENTER, Chicago, IL 60677-1700$2,669,754
Fiber-rise Communication LLCFiber Network12060 COUNTY LINE RD SUITE J-239, Madison, AL 35756$2,486,408
Service Electric CompanyContract LinePO BOX 277790, Atlanta, GA 30384-7790$2,401,957
Gunnison Tree Services LLCContract Line C4960 PLANT ATKINSON ROAD, Atlanta, GA 30339$526,404
Revenue and Support

Revenue Composition

Contributions and Grants
$301,805
Program Service Revenue
$119,124,499
Investment Income
$194,735
Other Revenue
$0
Change in Net Assets
$2,969,749
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$114,729,944
Salaries, Compensation, and Employee Benefits$1,921,346
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Depreciation Depletion---$8,556,058
All Other Expenses---$5,080,844
Other Expenses---$4,616,308
Current Officers, Directors, Trustees, and Key Employees---$1,921,346
Interest---$1,692,660
Occupancy---$452,992
Insurance---$86,352
Office Expenses---$79,280
Advertising---$75,006
Conferences and Meetings---$60,561
Fees for Services Other---$31,492
Fees for Services Accounting---$30,660
Fees for Services Legal---$11,330
Total Functional Expenses$0$0$0$116,651,290
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$4,341,679
Conservation Advances - Tva$2,434,753
Trustees Deferred Compensation$301,664
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
2022-11-22
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
110

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. -544,501 actuarial gain arising during period 6,977,681 net change in memberships 795 total 6,433,975”

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Document Assets

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Filings

Displayed year

2022 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$179,486,251
Liabilities
$108,056,333
Net assets
$71,429,918
Revenue
$119,621,039
Expenses
$116,651,290
Net income
$2,969,749
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