2011-06-28T15:45:49-05:00 2010-12-31 DIXON HUGHES GOODMAN LLP 110 EXCHANGE STREET SUITE G DANVILLE VA 24541 990 2010-01-01 560405464 SOUTH RIVER ELECTRIC MEMBERSHIP CORPORATION SOUT 9108928071 17494 US 421 SOUTH DUNN NC 283350931 BUDDY G CREED 9108928071 2011-06-24 1 WILLIAM J SETLIFF 4347925334 2010 2016-02-24 21:20:13Z BUDDY G CREED 17494 US 421 SOUTH DUNN NC 283350931 90498126 0 X WWW.SREMC.COM X 1940 NC SALE AND DISTRIBUTION OF ELECTRICITY AND ELECTRIC SERVICES TO MEMBERS 9 9 116 0 0 0 0 0 86637335 87844045 178758 205676 3454248 2447303 90270341 90497024 0 0 0 0 1105719 1192845 0 0 0 81142273 83930721 82247992 85123566 8022349 5373458 170499722 178211476 109954641 114593075 60545081 63618401 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 1 1 0 0 1 0 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 1 116 1 1 1 0 0 0 0 0 0 90315889 341555 0 X 9 9 0 0 0 0 1 1 1 1 1 0 1 1 1 1 1 1 1 1 1 0 1 1 X BUDDY CREED 9108928071 17494 US 421 SOUTH DUNN NC 28334 KELLY HARRINGTON 8.00 X X 21441 0 0 FRANCIS CLIFTON 6.00 X X 19537 0 0 CARLTON MARTIN 5.00 X X 19936 0 0 MARY TALLEY 4.00 X 19241 0 0 WILLIAM E TEW JR 5.00 X X 20037 0 0 SHAE DARDEN 5.00 X 19441 0 0 GLENN RIDDLE 5.00 X 1711 0 0 BRENT JACKSON 3.00 X 18741 0 0 GEORGE WILLIAMS 5.00 X 2311 0 0 BUDDY G CREED 60.00 X X X 477661 0 125107 JIMMY ALLEN 40.00 X 109644 0 67250 J TIMOTHY PEEDE 40.00 X 104153 0 35063 STEVE K HOLMES 40.00 X 100947 0 30624 934801 0 258044 13 0 1 0 LEE ELECTRICAL CONSTRUCTION INC PO BOX 55 ABERDEEN NC 28315 LINE CONSTRUCTION 1965009 ROWE'S TREE COMPANY 6640 MALPASS CORNER ROAD CURRIE NC 28435 RIGHT OF WAY MAINTENANCE 621015 ASPLUNDH TREE EXPERT CO PO BOX 532729 ATLANTA GA 30353 RIGHT OF WAY MAINTENANCE 600134 ELECTRICAL CONSULTING ENGINEER 2407 NORTH TRYON STREET CHARLOTTE NC 28206 CONSULTATION 305530 ENERCO ENERGY SERVICES INC PO BOX 4527 SALISBURY NC 28145 MAINTENANCE 206666 6 SALE OF ELECTRICITY AN 221000 86326018 86326018 PATRONAGE ALLOCATIONS 221000 1269312 1269312 CONTRIBUTIONS IN AID 221000 188379 188379 POLE RENTAL INCOME 221000 60336 60336 87844045 180145 180145 25531 25531 25531 25531 6997 1102 5895 5895 GAIN IN EQUITY INVESTM 221000 2150671 2150671 DISCOUNTS ON CAPITAL C 221000 132794 132794 INCOME FROM INVESTMENT 221000 98426 98426 59517 2735 56782 2441408 90497024 90379906 0 117118 1192845 4377532 5939166 COST OF POWER 56275423 DISTRIBUTION - MAINTENA 4246790 CONSUMER ACCOUNTS 3449202 TAXES 2766461 DISTRIBUTION - OPERATIO 2554343 4321804 85123566 3281255 5535447 11630062 10870648 242489 698000 862960 1556704 1580185 1933285 189232380 43825446 141364055 145406934 11538716 12210458 170499722 178211476 8485497 10722544 83374967 84798353 18094177 19072178 109954641 114593075 X 0 0 0 0 60545081 63618401 60545081 63618401 170499722 178211476 X 5373458 -2300138 X X 0 1 1 X 0 1620515 1620515 10348738 2410888 7937850 177263127 41414558 135848569 145406934 INVESTMENT IN CFC MEDIUM TERM NOTES 1000000 C INVESTMENT IN RESTRICTED FUNDS 435491 C INVESTMENTS IN ASSOCIATED ORGANIZATIONS 10774967 C 12210458 CONSUMER DEPOSITS 2317884 ACCUMULATED POSTRETIREMENT BENEFITS 12421300 DEFERRED COMPENSATION 435491 DEFERRED CREDITS 3897503 19072178 90497024 85123566 5373458 -2300138 -2300138 3073320 SEE ATTACHED SUPPLEMENTAL SCHEDULE. X X X 0 1 0 BUDDY G CREED 297511 0 29191 0 150959 0 98713 0 26394 0 602768 0 0 0 JIMMY ALLEN 102357 0 1505 0 5782 0 46798 0 20452 0 176894 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 15A 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. 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: RETIREMENT OF CAPITAL CREDITS -1,052,857. CONTRIBUTIONS IN AID OF CONSTRUCTION -188,379. DECREASE IN MEMBERSHIPS -3,735. DISCOUNTED CAPITAL CREDITS -132,794. UNALLOCATED PATRONAGE CAPITAL -K-1 -2,269,425. CHANGE IN ACCUMULATED OTHER COMPREHENSIVE INCOME -819,538. CHANGE IN OTHER EQUITIES 2,166,590. TOTAL TO FORM 990, PART XI, LINE 5: -2,300,138. NO CHANGES IN CY. SOUTH RIVER DIVERSIFIED SERVICES INC PO BOX 931 DUNN NC 28335 562049873 HOLDING COMPANY NC N/A C 1.00000 SOUTHCOM COMMUNICATIONS INC PO BOX 931 DUNN NC 28335 562057304 INTERNET SERVICES NC SOUTH RIVER DIVERSIFIED SERVICES INC C 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