Civic Intelligence

Meriwether Lewis Electric Cooperative

990 • Fiscal year 2023 • EIN 62-0292655

Jul 01, 2022 to Jun 30, 2023 • Filed on Jan 03, 2024

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

69th percentile

0.61x

Higher debt load relative to assets than 69% of similar nonprofits.

2023 filings • 501(c)12 • $100M-$250M nonprofits • Source year 2023

Liabilities / Revenue

20th percentile

0.88x

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

2023 filings • 501(c)12 • $100M-$250M nonprofits • Source year 2023

Net Margin

69th percentile

3.0%

Higher net margin than 69% of similar nonprofits.

2023 filings • 501(c)12 • $100M-$250M nonprofits • Source year 2023

Top Officer Pay

52nd percentile

$375,089

Higher top officer pay than 52% of similar nonprofits.

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

2023 filings • 501(c)12 • $100M-$250M nonprofits • Source year 2023

Asset Growth

71st percentile

6.7%

Faster asset growth than 71% of similar nonprofits.

2023 filings • 501(c)12 • $100M-$250M nonprofits • Annualized from 2022 to 2023

Revenue Growth

83rd percentile

11%

Faster revenue growth than 83% of similar nonprofits.

2023 filings • 501(c)12 • $100M-$250M nonprofits • Annualized from 2022 to 2023

Assets

Up

$191,483,163

Up $11,996,912 (+6.7%) from 2022

Net Assets

Up

$74,962,357

Up $3,532,439 (+4.9%) from 2022

Liabilities

Up

$116,520,806

Up $8,464,473 (+7.8%) from 2022

Revenue

Up

$132,689,305

Up $13,068,266 (+11%) from 2022

Expenses

Up

$128,647,989

Up $11,996,699 (+10%) from 2022

Net Income

Up

$4,041,316

Up $1,071,567 (+36%) from 2022

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

2023

Assets$191,483,163
Liabilities$116,520,806
Net Assets$74,962,357

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

2023

Revenue$132,689,305
Expenses$128,647,989
Net Income$4,041,316
Jump To
Filing Snapshot
Filing Period
Jul 1, 2022 to Jun 30, 2023
Signed
Jan 3, 2024
Return Version
2022v5.0
Gross Receipts
$132,689,305
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$161,713,818$169,385,718▲ $7,671,900
Rtn Earn Endowment Incm Other Fnds$71,285,383$74,814,987▲ $3,529,604
Accounts Receivable$7,605,673$10,789,672▲ $3,183,999
Other Notes and Loans Receivable, Net$2,551,916$2,573,484▲ $21,568
Inventories for Sale or Use$1,119,251$1,778,735▲ $659,484
Investments Other Securities$1,300,414$1,312,790▲ $12,376
Cash and Non-Interest-Bearing Accounts$838,921$1,204,784▲ $365,863
Savings and Temporary Cash Investments$402,269$428,764▲ $26,495
Pd in Cap Srpls Land Bldg Eqp Fund$144,535$147,370▲ $2,835
Prepaid Expenses and Deferred Charges$54,458$122,765▲ $68,307
Total Assets$179,486,251$191,483,163▲ $11,996,912
Other Assets Total$3,899,531$3,886,451▼ $13,080
Liabilities
Mortgage Notes Payable Secured by Investment Property$72,999,190$81,447,746▲ $8,448,556
Accounts Payable and Accrued Expenses$27,979,047$27,587,563▼ $391,484
Other Liabilities$7,078,096$7,485,497▲ $407,401
Total Liabilities$108,056,333$116,520,806▲ $8,464,473
Net Assets / Fund Balance
Total Net Assets Fund Balance$71,429,918$74,962,357▲ $3,532,439
Total Liabilities and Net Assets / Fund Balance$179,486,251$191,483,163▲ $11,996,912

Asset Categories

AssetBook ValueDepreciationBasis
Other Land Buildings$88,743,587$71,795,625$160,539,212
Equipment$72,755,107$25,028,090$97,783,197
Buildings$6,297,780$2,659,006$8,956,786
Land$1,589,244-$1,589,244
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Keith CarnahanPresident anFT$290,402$84,687$375,089
Keith CarnahanPresident and CEO-$241,514$133,575$375,089
Miranda MccalebVP-employee/FT$162,715$130,628$293,343
Miranda MccalebVP-employee/members-$145,134$148,209$293,343
Ken LittleVP-emerg. TeFT$162,127$113,270$275,397
Ken LittleVP-emerg. Tech. & Ml-$151,312$124,085$275,397
Shane MccroryVP-info TechFT$164,580$107,456$272,036
Shane MccroryVP-info Tech & Suppo-$142,459$129,577$272,036
William BlackwellEmployeeFT$126,004$106,472$232,476
Edward W GreenwellVP-oper. & EFT$146,153$63,550$209,703
Edward W GreenwellVP-oper. & Engineeri-$142,230$67,473$209,703
Jason GravesEmployeeFT$117,863$89,039$206,902
Barry WilsonEmployeeFT$119,364$75,609$194,973
Joseph M BradleyEmployeeFT$123,745$59,294$183,039
Blake HarperVP - Admin SFT$145,262$29,389$174,651
Blake HarperVP - Admin Serv/CFO-$126,434$48,217$174,651
Derle HillEmployeeFT$118,809$54,288$173,097
Melissa SandersonCorporate SeFT$71,382$83,302$154,684
Melissa SandersonCorporate Secretary-$68,797$85,887$154,684
Bill WebbDirector-$29,359$449$29,808
Tommy GrahamVice Chair-$24,213$5,516$29,729
Jeffrey D Peery DdsDirector-$29,722-$29,722
David Wayne QuallsDirector-$29,444-$29,444
Andrew PorchDirector-$24,322$4,837$29,159
Johnnie Ruth ElrodDirectorPT$28,672-$28,672
David DanielBoard Chair-$28,531-$28,531
Zachary HutchensDirector-$24,322$3,937$28,259
Larry D MayberryDirector-$26,948$1,231$28,179
Raymond H FussellDirector-$24,247$3,595$27,842
Jessie WallaceDirector-$27,472-$27,472
Cass RyeDirector-$26,403-$26,403
John L WilliamsGeneral CounPT$24,186-$24,186
Ronald AverettDirector-$5,154-$5,154

Highest Paid Contractors

ContractorServicesLocationCompensation
Heritage Communications LLCFiber Network148 STONE THROW LANE, Chickamauga, GA 30707$2,476,070
Service Electric CompanyContract LinePO BOX 277790, Atlanta, GA 30384-7790$2,443,789
Trees INCContract R-o-w1700 SOLUTIONS CENTER, Chicago, IL 60677-1700$1,907,279
Gunnison Tree Services LLCContract Line C4960 PLANT ATKINSON ROAD, Atlanta, GA 30339$1,408,788
Heritage Fg LLCFiber Network3755 PILOT POINT, Chattanooga, TN 37416$887,644
Revenue and Support

Revenue Composition

Contributions and Grants
$543,163
Program Service Revenue
$131,913,117
Investment Income
$233,025
Other Revenue
$0
Change in Net Assets
$4,041,316
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$126,675,948
Salaries, Compensation, and Employee Benefits$1,972,041
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Depreciation Depletion---$9,912,843
All Other Expenses---$6,204,702
Other Expenses---$2,286,572
Interest---$2,257,614
Current Officers, Directors, Trustees, and Key Employees---$1,972,041
Occupancy---$452,458
Insurance---$107,418
Advertising---$90,468
Conferences and Meetings---$75,356
Office Expenses---$71,946
Fees for Services Other---$49,381
Fees for Services Legal---$31,821
Fees for Services Accounting---$29,050
Total Functional Expenses$0$0$0$128,647,989
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$4,663,744
Conservation Advances - Tva$2,501,043
Trustees Deferred Compensation$320,710
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
2024-01-03
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
125

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. -511,709 net change in memberships 2,835 rounding adjustment -3 total -508,877

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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/TitleTxt3DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt4DIRECTOR
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IRS990/Form990PartVIISectionAGrp/TitleTxt6DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt7DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt8DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt9DIRECTOR
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IRS990/Form990PartVIISectionAGrp/TitleTxt12DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt13PRESIDENT AN
IRS990/Form990PartVIISectionAGrp/TitleTxt14VP-EMERG. TE
IRS990/Form990PartVIISectionAGrp/TitleTxt15VP-INFO TECH
IRS990/Form990PartVIISectionAGrp/TitleTxt16VP-EMPLOYEE/
IRS990/Form990PartVIISectionAGrp/TitleTxt17VP-OPER. & E
IRS990/Form990PartVIISectionAGrp/TitleTxt18VP - ADMIN S
IRS990/Form990PartVIISectionAGrp/TitleTxt19CORPORATE SE
IRS990/Form990PartVIISectionAGrp/TitleTxt20GENERAL COUN
IRS990/Form990PartVIISectionAGrp/TitleTxt21EMPLOYEE
IRS990/Form990PartVIISectionAGrp/TitleTxt22EMPLOYEE
IRS990/Form990PartVIISectionAGrp/TitleTxt23EMPLOYEE
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IRS990/OtherExpensesGrp/Desc3DISTRIBUTION EXPENSE - OP
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IRS990/ProgramServiceRevenueGrp/BusinessCd2531190
IRS990/ProgramServiceRevenueGrp/BusinessCd3531190
IRS990/ProgramServiceRevenueGrp/Desc0ELECTRIC REVENUE

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