2014-11-11T16:38:33-08:00 2013-12-31 ADAMS JENKINS CHEATHAM PC 231 WYLDEROSE DR MIDLOTHIAN VA 231136845 990 2013-01-01 560305124 LUMBEE RIVER ELECTRIC MEMBERSHIP CORP LUMB 9108434131 605 EAST FOURTH AVENUE RED SPRINGS NC 28377 Hampton Oxendine Vice President Fin. 2014-11-11 true G STEVEN GILLIAM CPA P00348264 8043231313 2013 2015-11-30 17:44:51Z Hampton Oxendine 136198969 false false X WWW.LUMBEERIVER.COM X 1940 NC Safe and effective DISTRIBUTION OF ELECTRICITY TO the members of LREMC. 13 13 129 8554 7554 2083813 122131884 125560787 1008580 1145630 3551969 7380788 126692433 136171018 2083813 3203518 11439178 10555288 10861201 0 0 105555465 112890308 119314271 137274500 7378162 -1103482 246373185 254166401 153682447 151576259 92690738 102590142 Safe and effective DISTRIBUTION OF ELECTRICITY TO the members of LREMC. false false Safe and effective distribution of electricity to the members of LREMC. The three largest program services, as measured by expenses were as follows:Cost of Power: $86,556,978Benefits paid to members: $11,439,178Depreciation: $ 7,834,075 false false false false false false false false false false true false true false true false true false false false false false false false false false false false false true false false false false false false false false false false false false false false false false false false false false false false 132 0 true 129 true true false false false false false false false 131633539 4404550 false false false X 13 13 false false false false true true true true false false false true true true true true true true true true false X X Hampton Oxendine 9108437932 605 EAST FOURTH AVENUE RED SPRINGS NC 28377 Roger Oxendine Chairman 4.50 0.00 X X 23434 0 0 Wyatt Upchurch Vice Chairman 3.83 0.00 X X 18701 0 0 Herbert Clark Secretary 5.88 0.00 X X 20930 0 0 Ronald G Hammonds Treasurer 5.52 0.00 X X 19505 0 0 Maggie Hunt director 5.43 0.00 X 18542 0 0 Elaine Oxendine-Chavis director 4.06 0.00 X 15598 0 0 James Hardin director 5.08 0.00 X 23627 0 0 Rory C Eddings director 4.38 0.00 X 12783 0 0 Eric Locklear director 2.99 0.00 X 24334 0 0 William Hollingsworth Director 4.10 0.00 X 20696 0 0 Ilene Oxendine Director 3.59 0.00 X 14100 0 0 Madie Rae Locklear Director 4.29 0.00 X 16036 0 0 Jarette Sampson Director 3.63 0.00 X 22234 0 0 Steven C Hunt President & CEO 40.00 0.00 X 104030 0 5147 Daniel Lowry VP Financ. Serv 40.00 0.00 X 118214 0 42660 Perry Cummings VP Eng. & Oper. 40.00 0.00 X 101379 0 8823 Carmen Dietrich VP Member Services 40.00 0.00 X 136087 0 65819 Randall Jones Retired President and CEO 0.00 0.00 X 168990 0 5942 879220 128391 5 true true false East Coast Electrical 3688 Union Chapel Rd Pembroke NC 28372 Construction 2213476 Mastec North America PO Box 277124 Atlanta GA 30384 Construction 1482183 Lewis Tree Service PO Box 731897 Dallas TX 75373 ROW Maintenance 1078755 Billy Burns Construction 2311 Deep Branch Road Lumberton NC 28358 ROW Maintenance 159431 Lee Electrical Construction PO Box 55 Aberdeen NC 28315 Construction 612776 6 2083813 2083813 Contrib in aid of constr. 934940 934940 Patronage capital rec. 186465 186465 Sale of electricity 124439382 124439382 125560787 1145630 1145630 0 0 176180 625 175555 175555 15300 160255 0 0 0 20580 27326 -6746 -6746 Earnings from Eq. Inv. 221000 7205031 7205031 Other 6948 6948 7211979 136171018 132772766 8554 1305885 2083813 0 0 11439178 630773 0 7152833 1138282 1303814 635499 0 55487 0 0 0 0 0 0 0 0 0 0 1287635 0 59689 5476469 0 7834075 0 Cost of power 86556978 Admin and General 5592551 Taxes 5333372 Distribution Maintenance 2036942 -1342890 137274500 0 0 0 11610416 11166682 17672464 5200000 0 14533958 18579478 0 0 4018076 4569885 5213729 5996425 1168165 4592047 263228494 81234714 173898098 181993780 0 6019954 7544743 11998732 14187343 0 239593 336018 246373185 254166401 12231879 12536569 115781577 109864504 25668991 29175186 153682447 151576259 X 92690738 102590142 92690738 102590142 246373185 254166401 X -1103482 11002886 X false true X true true true 263228494 81234714 181993780 181993780 14187343 Consumer Deposits 3943935 Deferred credits 12383386 Other 336018 Other Post retirement benefits 12511847 29175186 133863976 1937434 1937434 131926542 4244476 4244476 136171018 123752134 625 625 123751509 13522991 13522991 137274500 Part XI, Line 2d: Other revenue amounts included in F/S but not included on form 990 Patronage cash received tax adjustment $1936809 990 T expense netted against revenues $625 Part XI, Line 4b: Other revenue amounts included on 990 but not included in F/S CIAC not revenue per gaap $934940 Book tax difference in Sandhills invest. $1225723 Grants received $2083813 Part XII, Line 2d: Other expenses and losses per audited F/S 990 T expense netted against revenues $625 Part XII, Line 4b: Other revenue amounts included on 990 but not included in F/S Benefits pd. to members not exp per gaap $11439178 Grants fund expenditures $2083813 X X X false false false Carmen Dietrich VP Member Services 128046 2757 5284 59877 5942 201906 Daniel Lowry VP Financ. Serv 113153 3650 1411 36718 5942 160874 Randall Jones Retired President and CEO 168990 5942 174932 Form 990, Part VI, Line 6: Explanation of Classes of Members or Shareholder Lumbee River Electric Membership Corporation is an electric membership corporation that delivers electricity to the members of the cooperative. The members elect the board of directors, which is the governing body of the cooperative. Form 990, Part VI, Line 7a: How Members or Shareholders Elect Governing Body All members of Lumbee River EMC are entitled to one vote with respect to electing the governing board of directors. There are 13 directors that are elected every 3 years. Form 990, Part VI, Line 7b: Describe Decisions of Governing Body Approval by Members or Shareholders certain decisions of the governing body are subject to approval by the members as provided for in the cooperative bylaws. Form 990, Part VI, Line 11b: Form 990 Review Process No review was or will be conducted. Form 990, Part VI, Line 12c: Explanation of Monitoring and Enforcement of Conflicts Conflicts of interest are covered under the organization's code of conduct, which states "Employees are encouraged to talk to supervisors, managers or other appropriate personnel about observed illegal or unethical behavior, as well as actual or suspected violations of the policy of which they are aware, or concerns about the best course of action in a particular situation." A copy of the policy is posted on-line at each office location. Employees are notified once a year about the policy and are expected to review it. Employees are expected to cooperate in internal investigations of misconduct. Directors are similarly encouraged to discuss such issues with fellow directors or with the president of the board. Form 990, Part VI, Line 15a: Compensation Review & Approval Process - CEO, Top Management The executive committee will review the comparable data (NRECA National Compensation Survey for Rural Electric Systems) and determine the compensation for the CEO following a review done in January of each year.Compensation of other officers of the organization is reviewed each July. After careful consideration of labor market information, price index for the preceding 12-month period, and an assessment of general economic conditions directly affecting the cooperative and its ability to pay its employees, the board of directors, upon recommendation of the CEO, shall make a determination of the plan adjustment to be applied to the pay rate of each employee. Form 990, Part VI, Line 15b: Compensation Review and Approval Process for Officers and Key Employees The Organization has developed a performance matrix that takes into account employee performance and how close the employee is to the top of their pay range based on their job title, experience and performance. Compensation adjustments are based on where the individual falls within the performance matrix. Form 990, Part VI, Line 18: Explanation of Other Means Forms Available For Public Inspection The Annual report is posted on the organizations website. Financial information is also printed in the November issue of the Carolina Country magazine and employee newsletter that is mailed to all members. Other governing documents including the Form 990 are available upon request. Form 990, Part VI, Line 19: Other Organization Documents Publicly Available No documents available to the public. Other Changes In Net Assets Or Fund Balances - Other Increases Benefits paid to members not expense per GAAP = $11439178 Other Changes In Net Assets Or Fund Balances - Other Decreases Book tax difference on Sandhills investment = -$1225723 Other Changes In Net Assets Or Fund Balances - Other Increases Cash patronage received not revenue per gaap = $1936809 Other Changes In Net Assets Or Fund Balances - Other Decreases CIAC Not revenue per gaap = -$934940 Other Changes In Net Assets Or Fund Balances - Other Increases Net increase in memberships = $6355 Other Changes In Net Assets Or Fund Balances - Other Decreases Net retirement of capital credits = -$3013990 Other Changes In Net Assets Or Fund Balances - Other Increases Other Comprehensive income adjustment = $1224500 Other Changes In Net Assets Or Fund Balances - Other Increases Prior period adjustment = $1570697 Form 990, Part IX, Line 4 Benefits Paid To or For Members Patronage dividends paid to members' accounts in accordance with the pre-existing obligation in Lumbee River Electric Membership Corporation's by-laws. The Corporation is obligated to pay by credits to a capital account for each patron all such amounts in excess of operating costs and expenses. IRS instructions for line 4 changed in 2011 to include patronage dividends paid by section 501(c)(12) organizations to their members. Accordingly, these amounts are now reported on line 4. PART VII SECTION A COLUMN F THE CORPORATION PARTICIPATES IN THE NRECA GROUP DEFINED PENSION PLAN. AS PART OF THIS PLAN, PARTICIPANTS ARE REQUIRED TO RECOGNIZE THE ACTUARIAL INCREASE IN THE VALUE OF THEIR ACCOUNT ON THE FORM 990. THE CONTRIBUTION RATE FOR PARTICIPANTS IN THE PLAN ARE THE SAME FOR ALL INDIVIDUALS IN THE PLAN. THE CHANGE IN ACTUARIAL VALUE FOR EACH PARTICIPANT, HOWEVER, VARIES WITH AGE. IN OTHER WORDS, THE OLDER A PARTICIPANT IS, THE GREATER THE INCREASE IN THAT INDIVIDUAL'S CHANGE IN ACTUARIAL VALUE WITH ALL OTHER THINGS BEING EQUAL.