2012-06-14T09:43:27-05:00 2011-12-31 560747981 DIXON HUGHES GOODMAN LLP 110 EXCHANGE STREET SUITE G DANVILLE VA 24541 990 2011-01-01 560405464 SOUTH RIVER ELECTRIC MEMBERSHIP CORPORATION SOUT 9108928071 17494 US 421 SOUTH DUNN NC 283350931 BUDDY G CREED 9108928071 2012-06-14 1 CATHY LILES P00440600 4347925334 2011 2016-02-24 21:20:13Z BUDDY G CREED 17494 US 421 SOUTH DUNN NC 283350931 93280613 0 X WWW.SREMC.COM X 1940 NC SALE AND DISTRIBUTION OF ELECTRICITY AND ELECTRIC SERVICES TO MEMBERS 9 9 111 0 0 0 0 0 87844045 90843074 205676 375793 2447303 2059417 90497024 93278284 0 0 0 2606575 1192845 1707339 0 0 0 83930721 86767389 85123566 91081303 5373458 2196981 178211476 184294781 114593075 119547689 63618401 64747092 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 71 0 1 111 1 0 0 0 0 0 0 0 0 0 93145561 497691 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 7.00 X 25012 0 0 FRANCIS CLIFTON 5.00 X 23606 0 0 CARLTON MARTIN 4.00 X 23306 0 0 MARY TALLEY 2.00 X 9117 0 0 WILLIAM E TEW JR 4.00 X 23308 0 0 SHAE DARDEN 0.60 X 7371 0 0 GLENN RIDDLE 2.00 X 1711 0 0 BRENT JACKSON 1.00 X 21412 0 0 GEORGE WILLIAMS 5.00 X 3311 0 0 LAURIE B CHANCY 1.50 X 1400 0 0 BUDDY G CREED 60.00 X 391566 0 112326 ANDREW A HARDY 50.00 X 88044 0 25250 JIMMY ALLEN 50.00 X 111554 0 88119 STEVE K HOLMES 58.00 X 107310 0 35955 DAVID L LARSON JR 52.00 X 109852 0 41819 DAVID E AKERS 47.00 X 106986 0 51027 KEITH A REID 50.00 X 106281 0 41128 1161147 0 395624 7 0 1 0 LEE ELECTRICAL CONSTRUCTION INC PO BOX 55 ABERDEEN NC 28315 LINE CONSTRUCTION 1890592 ASPLUNDH TREE EXPERT CO PO BOX 532729 ATLANTA GA 30353 RIGHT OF WAY MAINTENANCE 677748 ROWE'S TREE COMPANY 6640 MALPASS CORNER ROAD CURRIE NC 28435 RIGHT OF WAY MAINTENANCE 675738 ENERCO ENERGY SERVICES INC PO BOX 4527 SALISBURY NC 28145 MAINTENANCE 328547 SMITH AND CHRISTENSEN LLP 5970 FAIRVIEW ROAD SUITE 126 CHARLOTTE NC 28210 LEGAL SERVICES 205638 8 SALE OF ELECTRICITY AN 221000 89036383 89036383 PATRONAGE ALLOCATIONS 221000 1363048 1363048 CONTRIBUTIONS IN AID 221000 377787 377787 POLE RENTAL INCOME 221000 65856 65856 90843074 339872 339872 35921 35921 35921 35921 5134 2329 2805 2805 GAIN IN EQUITY INVESTM 221000 1866789 1866789 DISCOUNTS ON CAPITAL C 221000 123768 123768 INCOME FROM INVESTMENT 221000 39799 39799 26256 -1871 28127 2056612 93278284 92844429 0 433855 2606575 724401 541983 223074 217881 4673579 5974743 COST OF POWER 58811073 DISTRIBUTION - MAINTENA 4876022 TAXES 2954937 CONSUMER ACCOUNTS 2700393 6776642 91081303 5535447 5770779 10870648 9899576 698000 647290 1556704 1714931 1933285 1919992 199029367 48563778 145406934 150465589 0 12210458 13876624 178211476 184294781 10722544 7708770 84798353 92292656 19072178 19546263 114593075 119547689 X 0 0 0 0 63618401 64747092 63618401 64747092 178211476 184294781 X 2196981 -1068290 X X 0 1 1 X 0 1752773 1752773 10412091 2722119 7689972 186864503 45841659 141022844 150465589 INVESTMENT IN CFC MEDIUM TERM NOTES 1000000 C INVESTMENT IN RESTRICTED FUNDS 469292 C INVESTMENTS IN ASSOCIATED ORGANIZATIONS 12407332 C 13876624 CONSUMER DEPOSITS 2520079 ACCUMULATED POSTRETIREMENT BENEFITS 13639500 DEFERRED COMPENSATION 469292 DEFERRED CREDITS 2917392 19546263 93278284 91081303 2196981 -1068290 -1068290 1128691 DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: PART X: THE CORPORATION HAS DETERMINED THAT IT DOES NOT HAVE ANY MATERIAL UNRECOGNIZED TAX BENEFITS OR OBLIGATIONS AS OF DECEMBER 31, 2011 AND 2010. PART XI, LINE 8 - OTHER ADJUSTMENTS: CHANGE IN OTHER EQUITIES 1,390,437. CONTRIBUTIONS IN AID OF CONSTRUCTION -377,787. DECREASE IN MEMBERSHIPS -3,285. DISCOUNTED CAPITAL CREDITS -123,768. UNALLOCATED PATRONAGE CAPITAL -K-1 -1,333,701. CHANGE IN ACCUMULATED OTHER COMPREHENSIVE INCOME -620,186. TOTAL TO SCHEDULE D, PART XI, LINE 8: -1,068,290. SEE ATTACHED SUPPLEMENTAL SCHEDULE. X X X 0 0 0 BUDDY G CREED 391566 0 0 0 0 0 75822 0 36504 0 503892 0 0 0 JIMMY ALLEN 111554 0 0 0 0 0 61774 0 26345 0 199673 0 0 0 DAVID L LARSON JR 109852 0 0 0 0 0 15224 0 26595 0 151671 0 0 0 DAVID E AKERS 106986 0 0 0 0 0 24324 0 26703 0 158013 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 MANAGER OF FINANCE & ACCOUNTING 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, MANAGER OF FINANCE & ACCOUNTING 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 5: CHANGE IN OTHER EQUITIES 1,390,437. CONTRIBUTIONS IN AID OF CONSTRUCTION -377,787. DECREASE IN MEMBERSHIPS -3,285. DISCOUNTED CAPITAL CREDITS -123,768. UNALLOCATED PATRONAGE CAPITAL -K-1 -1,333,701. CHANGE IN ACCUMULATED OTHER COMPREHENSIVE INCOME -620,186. TOTAL TO FORM 990, PART XI, LINE 5: -1,068,290. NO CHANGES IN CY. SOUTH RIVER DIVERSIFIED SERVICES INC PO BOX 931 DUNN NC 28335 562049873 HOLDING COMPANY NC N/A C 1535 250566 1.00000 SOUTHCOM COMMUNICATIONS INC PO BOX 931 DUNN NC 28335 562057304 INTERNET SERVICES NC SOUTH RIVER DIVERSIFIED SERVICES INC C 2195 242631 1.00000 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 1 0 0 SOUTH RIVER DIVERSIFIED SERVICES INC K SOUTH RIVER DIVERSIFIED SERVICES INC P SOUTHCOM COMMUNICATIONS INC K SOUTHCOM COMMUNICATIONS INC P AMOUNTS FOR THE ORGANIZATIONS ABOVE ARE UNDER 50000 LIMIT FOR REPORTING