2013-06-18T10:26:02-05:00 2012-12-31 560747981 DIXON HUGHES GOODMAN LLP 110 EXCHANGE STREET SUITE G DANVILLE VA 24541 990 2012-01-01 560405464 SOUTH RIVER ELECTRIC MEMBERSHIP CORPORATION SOUT 9108928071 17494 US 421 SOUTH DUNN NC 283350931 BUDDY G CREED 9108928071 2013-06-06 1 WILLIAM J SETLIFF P00169735 4347925334 2012 2016-03-07 17:11:31Z BUDDY G CREED 17494 US 421 SOUTH DUNN NC 283350931 95224919 0 X WWW.SREMC.COM X 1940 NC SALE AND DISTRIBUTION OF ELECTRICITY AND ELECTRIC SERVICES TO MEMBERS 9 9 110 0 15958 0 0 0 90843074 94526786 375793 447504 2059417 202052 93278284 95176342 0 0 2606575 2799877 1707339 1732030 0 0 0 86767389 87110714 91081303 91642621 2196981 3533721 184295956 194500273 119549390 124176680 64746566 70323593 SALE AND DISTRIBUTION OF ELECTRICITY AND ELECTRIC SERVICES TO MEMBERS 0 0 SALE AND DISTRIBUTION OF ELECTRICITY AND ELECTRIC SERVICES TO MEMBERS 0 0 0 0 0 0 0 0 0 1 1 1 0 1 1 0 1 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 1 55 0 1 110 1 0 0 0 0 0 0 0 0 0 97391405 647677 0 X 9 9 0 0 0 0 1 1 1 1 1 0 1 1 1 1 1 1 1 1 1 1 1 1 NC X BUDDY CREED 9108928071 17494 US 421 SOUTH DUNN NC 28334 KELLY HARRINGTON 6.00 X 27290 0 0 FRANCIS CLIFTON 4.00 X 25788 0 0 CARLTON MARTIN 3.00 X 25188 0 0 MARY TALLEY 2.00 X 9667 0 0 WILLIAM E TEW JR 3.00 X 25590 0 0 DORCAS FISCHER 2.00 X 1406 0 0 GLENN RIDDLE 2.00 X 1210 0 0 BRENT JACKSON 1.00 X 8130 0 0 GEORGE WILLIAMS 3.00 X 2410 0 0 LAURIE B CHANCY 2.00 X 1300 0 0 BUDDY G CREED 60.00 X 413023 0 116956 ANDREW A HARDY 50.00 X 98134 0 38838 JIMMY ALLEN 50.00 X 113017 0 95741 JANIE H MCPHAIL 50.00 X 102193 0 149686 DAVID L LARSON JR 48.00 X 102840 0 52876 J TIMOTHY PEEDE 50.00 X 107794 0 52345 KEITH A REID 50.00 X 113092 0 47516 1178072 0 553958 8 0 1 0 LEE ELECTRICAL CONSTRUCTION INC PO BOX 55 ABERDEEN NC 28315 LINE CONSTRUCTION 2187850 DAVIS H ELLIOTT COMPANY INC 673 BLUE SKY PARKWAY LEXINGTON KY 40509 LINE CONSTRUCTION 1025812 ROWE'S TREE COMPANY 6640 MALPASS CORNER ROAD CURRIE NC 28435 RIGHT OF WAY MAINTENANCE 792120 ASPLUNDH TREE EXPERT CO PO BOX 532729 ATLANTA GA 30353 RIGHT OF WAY MAINTENANCE 744284 ENERCO ENERGY SERVICES INC PO BOX 4527 SALISBURY NC 28145 MAINTENANCE 424896 9 SALE OF ELECTRICITY AN 221000 92095593 92095593 PATRONAGE ALLOCATIONS 221000 1451052 1451052 CONTRIBUTIONS IN AID 221000 815815 815815 POLE RENTAL INCOME 221000 164326 164326 94526786 415146 415146 40740 24782 15958 15958 15958 32358 0 32358 32358 32358 16617 23795 -7178 -7178 DISCOUNTS ON CAPITAL CREDITS 221000 204098 204098 EQUITY IN SUBSIDIARY 221000 -3925 -3925 LOSS FROM INVESTMENTS 221000 -6901 -6901 193272 95176342 94580912 15958 579472 2799877 639136 538936 335827 218131 4729675 6145281 COST OF POWER 58009403 DISTRIBUTION - MAINTENA 5369584 TAXES 2997718 CUSTOMER SERVICE AND IN 2641178 7217875 91642621 594751 620178 4925978 4464871 9898845 10592442 647290 540247 1714931 1661171 1919992 1811299 210071934 52360216 150465588 157711718 14128581 17098347 184295956 194500273 7710471 7736096 92292656 94497471 19546263 21943113 119549390 124176680 X 0 0 0 0 64746566 70323593 64746566 70323593 184295956 194500273 X 3533721 3028945 -985639 X X 0 1 X 1 0 1667627 1667627 10415901 3033877 7382024 197988406 49326339 148662067 157711718 INVESTMENT IN CFC MEDIUM TERM NOTES 1000000 C INVESTMENT IN RESTRICTED FUNDS 540253 C INVESTMENTS IN ASSOCIATED ORGANIZATIONS 15558094 C 17098347 CONSUMER DEPOSITS 2582081 ACCUMULATED POSTRETIREMENT BENEFITS 14291600 DEFERRED COMPENSATION 540253 DEFERRED CREDITS 4529179 21943113 X 98205287 3028945 3028945 95176342 0 95176342 91642621 0 91642621 0 91642621 DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: PART X, LINE 2: THE CORPORATION HAS DETERMINED THAT IT DOES NOT HAVE ANY MATERIAL UNRECOGNIZED TAX BENEFITS OR OBLIGATIONS AS OF DECEMBER 31, 2012 AND 2011. X X X 0 0 0 BUDDY G CREED 413023 0 0 0 0 0 77217 0 39739 0 529979 0 0 0 JIMMY ALLEN 113017 0 0 0 0 0 66191 0 29550 0 208758 0 0 0 JANIE H MCPHAIL 102193 0 0 0 0 0 118547 0 31139 0 251879 0 0 0 DAVID L LARSON JR 102840 0 0 0 0 0 23118 0 29758 0 155716 0 0 0 J TIMOTHY PEEDE 107794 0 0 0 0 0 23397 0 28948 0 160139 0 0 0 KEITH A REID 113092 0 0 0 0 0 16626 0 30890 0 160608 0 0 0 FORM 990, PART VI, SECTION A, LINE 6 THE ORGANIZATION OPERATES AS A NON-PROFIT COOPERATIVE, WHERE MEMBERSHIP IS COMPRISED OF THOSE INDIVIDUALS AND BUSINESSES THAT USE THE ORGANIZATION'S SERVICES. EACH MEMBER HAS ONE VOTE. FORM 990, PART VI, SECTION A, LINE 7A THE BOARD OF DIRECTORS IS ELECTED BY THE MEMBERSHIP. FORM 990, PART VI, SECTION A, LINE 7B MEMBERS MUST APPROVE A BOARD APPROVED CONSOLIDATION OR MERGER AGREEMENT. FORM 990, PART VI, SECTION B, LINE 11 CHIEF FINANCIAL OFFICER ASSIST IN THE PREPARATION OF THE FORM 990 BY PROVIDING REQUIRED DATA AND DOCUMENTATION TO THE INDEPENDENT AUDITORS, WHO PREPARE THE FORM 990 AND RELATED SCHEDULES. ONCE FORM 990 AND RELATED SCHEDULES ARE PREPARED AND FINALIZED, CHIEF FINANCIAL OFFICER REVIEWS AND PROOFS THE FORM 990 AND RELATED SCHEDULES FOR ANY ERRORS. A COPY OF THE 990 IS PRESENTED TO THE BOARD OF DIRECTORS FOR REVIEW BY THE INDEPENDENT AUDITOR BEFORE THE 990 IS FILED WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C ON AN ANNUAL BASIS, DIRECTORS ARE REQUIRED TO ANSWER, SIGN, AND DATE A QUESTIONNAIRE ENTITLED "QUESTIONS CONCERNING QUALIFICATIONS FOR DIRECTORS". AS PART OF THIS QUESTIONNAIRE, THE DIRECTORS MUST DISCLOSE ANY CONFLICTS OF INTEREST THAT MAY IMPAIR THEIR ABILITY TO REPRESENT AND GOVERN THE COOPERATIVE. FORM 990, PART VI, SECTION B, LINE 15 EACH BOARD DIRECTOR COMPLETES AN ANNUAL PERFORMANCE APPRAISAL FORM EVALUATING THE CEO ON HIS JOB PERFORMANCE. THESE APPRAISALS ARE COMBINED AND THE RESULTS, ALONG WITH A LETTER OF RECOMMENDATION FROM OUR WAGE AND SALARY CONSULTANT, ARE PRESENTED TO THE ENTIRE BOARD DURING THE EXECUTIVE SESSION. THE LETTER OF RECOMMENDATION FROM OUR WAGE AND SALARY CONSULTANT SUGGESTS WHAT, IF ANY, SALARY INCREASE SHOULD BE CONSIDERED FOR THE CEO'S POSITION. THE CONSULTANT'S RECOMMENDATIONS ARE BASED ON NATIONAL, STATE, AND REGIONAL WAGE AND SALARY STUDIES FOR CEOS IN COMPARABLE ORGANIZATIONS. AFTER ALL INFORMATION HAS BEEN PRESENTED TO THE ENTIRE BOARD, THE BOARD PRESIDENT ASKS FOR ANY DISCUSSION, COMMENTS, OR RECOMMENDATIONS, WHICH IS FOLLOWED WITH A MOTION, A SECOND TO THE MOTION, AND A VOTE BY ENTIRE BOARD. THE SAME METHODOLOGY IS USED TO CALCULATE THE SALARY INCREASE RECOMMENDATION FOR ALL OTHER EMPLOYEES INCLUDING OTHER OFFICERS, DIRECTORS AND KEY EMPLOYEES. FORM 990, PART VI, SECTION C, LINE 19 A COPY OF OUR BYLAWS ARE MADE AVAILABLE TO OUR MEMBERS UPON REQUEST. WE ALSO HAVE COPIES OF OUR BYLAWS AVAILABLE TO OUR MEMBERS AT OUR ANNUAL MEETING. AN ABBREVIATED VERSION OF OUR FINANCIAL STATEMENTS ARE PROVIDED TO OUR MEMBERS ALONG WITH THEIR ANNUAL MEETING REGISTRATION CARD AS PART OF A SPECIAL INSERT IN THE PUBLICATION "CAROLINA COUNTRY". ALL OTHER REQUESTS FOR COPIES OF OR TO REVIEW GOVERNING DOCUMENTS, COMPANY POLICIES, AND FINANCIAL STATEMENTS ARE EVALUATED ON A CASE BY CASE BASIS. CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 9: CHANGE IN OTHER EQUITIES 557,643. CONTRIBUTIONS IN AID OF CONSTRUCTION -815,815. DECREASE IN MEMBERSHIPS -2,780. CHANGE IN ACCUMULATED OTHER COMPREHENSIVE INCOME 29,942. CHANGE IN UNALLOCATED PATRONAGE CAPITAL - ESS -754,629. NO CHANGES IN CY. SOUTH RIVER DIVERSIFIED SERVICES INC PO BOX 931 DUNN NC 28335 562049873 HOLDING COMPANY NC N/A C 1254 247068 1.00000 1 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 1 0 0