2026-05-07T11:45:02-04:00 2025-12-31 581094351 MCNAIR MCLEMORE MIDDLEBROOKS & CO LLC POST OFFICE BOX ONE MACON GA 312020001 990 2025-01-01 560405464 SOUTH RIVER ELECTRIC MEMBERSHIP CORPORATION SOUT 9108928071 PO BOX 931 DUNN NC 283350931 CHRISTOPHER M SPEARS EXECUTIVE VP & CEO 9108928071 2026-05-06 true WILLIAM R ROUNTREE P01231836 4787466277 2026-05-07 2025 2025-03-06 01:10:19Z ATTN ANDY HARDY CFO CHRISTOPHER M SPEARS PO BOX 931 DUNN NC 28335 127603566 false X WWW.SREMC.COM X 1940 NC SOUTH RIVER ELECTRIC MEMBERSHIP CORPORATION (SOUTH RIVER) IS A PREMIER LOCALLY-OWNED AND OPERATED ELECTRIC COOPERATIVE WITH A MISSION TO PROVIDE SAFE, RELIABLE, COMPETITIVELY-PRICED ELECTRICITY. SOUTH RIVER IS COMMITTED TO ACHIEVING EXCELLENCE AND EMPOWERING ITS MEMBERS. SOUTH RIVER IS DEDICATED TO HIGH STANDARDS OF PERFORMANCE AND INTEGRITY. THE COOPERATIVE'S NUMBER ONE PRIORITY IS ITS MEMBERS. 9 9 125 0 0 113152322 127489087 49685 111808 3764 1795 113205771 127602690 0 3150803 6294268 713182 818939 0 0 107756130 119710757 111620115 126823964 1585656 778726 324319505 341843472 197883275 209008740 126436230 132834732 X SOUTH RIVER ELECTRIC MEMBERSHIP CORPORATION (SOUTH RIVER) IS A PREMIER LOCALLY-OWNED AND OPERATED ELECTRIC COOPERATIVE WITH A MISSION TO PROVIDE SAFE, RELIABLE, COMPETITIVELY-PRICED ELECTRICITY. SOUTH RIVER IS COMMITTED TO ACHIEVING EXCELLENCE AND EMPOWERING ITS MEMBERS. SOUTH RIVER IS DEDICATED TO HIGH STANDARDS OF PERFORMANCE AND INTEGRITY. THE COOPERATIVE'S NUMBER ONE PRIORITY IS ITS MEMBERS. false false 126823964 TO PROVIDE THE BEST POSSIBLE ELECTRIC SERVICE TO ALL WHO DESIRE IT WITHIN THE AREAS WHICH IT SERVES. 126823964 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 true false false true 112 0 true 125 true false false false false false 121606916 1826302 false false false X 9 9 false false false false true true true true true false false true true true true true true true true true true X ANDREW A HARDY CFO 9108928071 17494 US 421 SOUTH DUNN NC 28335 CLARENCE WAYNE COLLIER JR PRESIDENT 3.70 X X 21010 0 0 KELLY HARRINGTON VICE PRESIDE 3.80 X X 18904 0 0 SUE R FLOWERS SECRETARY 3.20 X X 18606 0 0 GEORGE B WILLIAMS TREASURER 3.60 X X 19360 0 0 DR E SUE GODWIN-BAKER DIRECTOR 2.90 X 17560 0 0 JAMES W SIMMONS DIRECTOR 3.00 X 18610 0 0 JEFFREY MARTIN DIRECTOR 2.50 X 17410 0 0 KAYLA R BARTLEY DIRECTOR 2.90 X 18010 0 0 RHONDA AUTRY DIRECTOR 3.00 X 19210 0 0 CHRISTOPHER M SPEARS EXECUTIVE VP 52.00 X 530437 0 119822 ANDREW A HARDY CFO 50.00 X 244032 0 84359 CATHERINE O'DELL VP OF MEMBER 44.00 X 232637 0 80449 DAVID KEITH VP OF ENG/OP 50.00 X 226845 0 84945 ANDREW RADFORD VP - IT 45.00 X 225353 0 76146 PAM CARTER VP OF CORPOR 50.00 X 185925 0 70995 1813909 516716 52 false true false LEE ELECTRICAL CONSTRUCTION INC CONSTRUCTION 1424525 RIVER CITY CONSTRUCTION INC CONSTRUCTION 1201326 ELECTRICAL CONSULTING ENGINEER CONSULTING 1184404 SUMTER UTILITIES GEN. CONTRACTOR 1151692 DIRECTIONAL SERVICES INC MAINT. 969258 15 ELECTRIC REVENUE 221000 124719554 124719554 PAT CAP CREDITS 221000 2602959 2602959 OTHER REVENUES 221000 105851 105851 POLE RENTAL 221000 60723 60723 127489087 111808 111808 960 960 960 960 1711 876 835 835 127602690 127429199 173491 6294268 818939 7282892 10333052 PURCHASED POWER 79662662 DISTRIBUTION MAINTENANCE 6316416 ADMIN. & GENERAL EXP. 5075866 CONSUMER ACCOUNTS 3354500 7685369 126823964 0 0 0 2647769 3725920 668807 718696 12219951 13582138 1458333 1277778 5877049 6302269 122453 274901 373116017 96489513 263011515 276626504 4824985 3968151 33247022 35356247 241621 10868 324319505 341843472 15631769 16738737 152953231 169777345 5000000 24298275 22492658 197883275 209008740 X 126436230 132834732 126436230 132834732 324319505 341843472 X 778726 5619776 X false true X true false 1491749 1491749 12685446 7432994 5252452 358938822 89056519 269882303 276626504 NCEMC 29291362 C CFC 3012078 C TEMA 2376202 C FEDERATED 528780 C SEDC 85793 C CRC 41145 C NRTC 19887 C COBANK 1000 C 35356247 ACCUM PROV FOR PENSION & BENEFITS 11970972 CONSUMER DEPOSITS 3211365 DEFERRED CREDITS 3005073 REGULATORY LIABILITES - ASC 980 2076923 LEASE LIABILITIES 1892436 DEFERRED COMP LIABILITIES 335889 22492658 130822014 3219324 3219324 127602690 127602690 120529696 120529696 6294268 6294268 126823964 SCHEDULE D, PAGE 4, PART XI, LINE 2D DEFERRED REVENUE - ASC 980 3,219,324 SCHEDULE D, PAGE 4, PART XII, LINE 4B BENEFITS PAID TO MEMBER CAPITAL ACCOUNTS 6,294,268 X X X X X false true false CHRISTOPHER M SPEARS EXECUTIVE VP & CEO 419204 6566 104667 72450 47372 650259 67254 ANDREW A HARDY CFO 214634 3617 25781 44692 39667 328391 CATHERINE O'DELL VP OF MEMBER SERV 201579 3176 27882 41911 38538 313086 DAVID KEITH VP OF ENG/OPS. 206945 3274 16626 42966 41979 311790 ANDREW RADFORD VP - IT 199475 3096 22782 40860 35286 301499 PAM CARTER VP OF CORPORATE SVCS 164180 2642 19103 34074 36921 256920 SCHEDULE J, PAGE 1, PART I, LINE 4 CHRISTOPHER M. SPEARS 0 67,254 0 SCHEDULE J, PART III THE IRS HAS PLACED LIMITS, BASED ON INCOME, FOR STANDARD PENSION PLANS, WHICH CAN PREVENT AN INDIVIDUAL FROM RECEIVING THE SAME PENSION BENEFIT NORMALLY PROVIDED BY THE CORPORATION. IN AN EFFORT TO ENSURE THAT CERTAIN MEMBERS OF SENIOR MANAGEMENT ARE PROVIDED THE SAME PENSION BENEFIT AS ALL OTHER EMPLOYEES, THE CORPORATION HAS ESTABLISHED AN IRS APPROVED EXECUTIVE BENEFIT RESTORATION (EBR) PLAN. THE EBR PLAN IS A NONCONTRIBUTORY DEFINED BENEFIT PENSION PLAN SPONSORED BY SOUTH RIVER EMC. BENEFITS UNDER THE EBR PLAN ARE BASED ON THE DIFFERENCE BETWEEN AMOUNTS WITHOUT IRS QUALIFIED PENSION PLAN LIMITS ON COMPENSATION AND BENEFITS AND THOSE WITH SUCH LIMITS AS DETERMINED UNDER THE PROVISIONS OF THE NRECA RS PLAN. THE EBR PLAN IS DESIGNED TO PROVIDE THE PARTICIPANT BENEFITS THAT WOULD HAVE BEEN PAID TO A PARTICIPANT IF THERE WERE NO LIMITATIONS ON BENEFITS FROM THE RS PLAN DUE TO IRC 401(A)(17) OR 415. THE PLAN IS UNFUNDED AS OF DECEMBER 31, 2025. IN 2025 THE CURRENT CEO RECEIVED A DISTRIBUTION FROM THE EBR PLAN OF 67,254. THIS AMOUNT IS INCLUDED AS A COMPONENT OF SCHEDULE J, COLUMN B (III). THIS AMOUNT IS CONSIDERED COMPENSATION BUT IS NOT REGARDED AS BASE COMPENSATION OR SALARY FOR THE CEO. FUTURE DISTRIBUTIONS WILL CONTINUE TO BE LIMITED TO ONE YEAR. ONCE THE CEO IS SEPARATED FROM THE COOPERATIVE, EBR DISTRIBUTIONS WILL CEASE. ADDITIONALLY IT SHOULD BE NOTED THAT NONE OF THE CURRENT CEO'S SALARY IS BEING DEFERRED. FORM 990 - ORGANIZATION'S MISSION SOUTH RIVER ELECTRIC MEMBERSHIP CORPORATION (SOUTH RIVER) IS A PREMIER LOCALLY-OWNED AND OPERATED ELECTRIC COOPERATIVE WITH A MISSION TO PROVIDE SAFE, RELIABLE, COMPETITIVELY-PRICED ELECTRICITY. SOUTH RIVER IS COMMITTED TO ACHIEVING EXCELLENCE AND EMPOWERING ITS MEMBERS. SOUTH RIVER IS DEDICATED TO HIGH STANDARDS OF PERFORMANCE AND INTEGRITY. THE COOPERATIVE'S NUMBER ONE PRIORITY IS ITS MEMBERS. FORM 990 PART I, LINE 19 IN ACCORDANCE WITH THE BYLAWS, AS ATTACHED TO THIS FORM, SOUTH RIVER EMC DOES NOT ASSIGN NONOPERATING MARGINS TO ITS MEMBERS. ACCORDINGLY, NONOPERATING MARGINS ARE NOT INCLUDED IN LINE 14, BENEFITS PAID TO OR FOR MEMBERS. IN ADDITION, SOUTH RIVER EMC HAS A SEPARATE ALLOCATION UNIT FOR ONE OF ITS MEMBERS THAT IS CALCULATED ANNUALLY ON A TAX BASIS. THE TAX BASIS CALCULATION IS NOT READILY AVAILABLE AS OF THE FILING DATE OF THE FORM 990. THEREFORE, THAT MARGIN IS ALSO INCLUDED IN PART I, LINE 19, BUT WILL BE ASSIGNED TO THE MEMBER IN THE FOLLOWING YEAR. FORM 990, PAGE 6, PART VI, LINE 6 THE COOPERATIVE HAS MEMBERS AS PROVIDED FOR IN ITS BYLAWS. A COPY OF THE BYLAWS IS INCLUDED AS PART OF THIS RETURN. FORM 990, PAGE 6, PART VI, LINE 7A THE COOPERATIVE HAS MEMBERS WHO ELECT MEMBERS OF THE GOVERNING BODY AS PROVIDED FOR IN ITS BYLAWS. A COPY OF THE BYLAWS IS INCLUDED AS PART OF THIS RETURN. FORM 990, PAGE 6, PART VI, LINE 7B CERTAIN DECISIONS OF THE GOVERNING BODY ARE SUBJECT TO APPROVAL BY THE MEMBERS AS PROVIDED FOR IN THE COOPERATIVE'S BYLAWS WHICH ARE INCLUDED AS PART OF THIS RETURN. FORM 990, PAGE 6, PART VI, LINE 11B FORM 990 IS REVIEWED BY THE FULL BOARD EACH YEAR PRIOR TO FILING. FORM 990, PAGE 6, PART VI, LINE 12C THE COOPERATIVE REGULARLY AND CONSISTENTLY MONITORS AND ENFORCES COMPLIANCE WITH ITS CONFLICT OF INTEREST POLICY (POLICY 615-ATTACHED). IN ADDITION, THE FOLLOWING POLICIES WHICH ARE INCLUDED AS PART OF THIS RETURN ARE ENFORCED TO COMPLEMENT POLICY 615: 309, 310, 321, 616 AND 620. FORM 990, PAGE 6, PART VI, LINE 15A A COMPENSATION PLAN IS DEVELOPED AND PRESENTED TO THE BOARD OF DIRECTORS FOR APPROVAL BY A THIRD PARTY INDEPENDENT CONSULTING GROUP. THE BOARD OF DIRECTORS REVIEWS AND APPROVES THE COMPENSATION PLAN FOR THE CEO AS PROVIDED FOR IN THE COOPERATIVE'S POLICY 602, WHICH IS INCLUDED AS PART OF THIS RETURN. FORM 990, PAGE 6, PART VI, LINE 15B A COMPENSATION PLAN IS DEVELOPED AND PRESENTED TO THE BOARD OF DIRECTORS FOR APPROVAL BY A THIRD PARTY INDEPENDENT CONSULTING GROUP. ONCE THE PLAN IS APPROVED BY THE BOARD OF DIRECTORS, THE COMPENSATION PROCESS FOR OFFICER AND KEY EMPLOYEE COMPENSATION IS REVIEWED AND APPROVED BY THE CEO, AS DELEGATED UNDER THE AUTHORITY OF BOARD POLICY 610, WHICH IS INCLUDED AS PART OF THIS RETURN. FORM 990, PAGE 6, PART VI, LINE 19 THE COOPERATIVE MAKES ITS BYLAWS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST IN ACCORDANCE WITH BOARD POLICY 606 WHICH IS INCLUDED AS PART OF THIS RETURN. FORM 990, PART XI, LINE 9 BENEFITS PAID TO MEMBERS 6,294,268 PERMANENT EQUITY 1,332,481 DEFERRED REVENUE - ASC 980 3,219,324 CAPITAL CREDIT RETIREMENTS -5,197,362 DECREASE IN MEMBERSHIP FEES -1,635 OTHER COMPREHENSIVE INCOME -27,300 TOTAL 5,619,776 SOUTH RIVER COMM ASSISTANCE CORP PO BOX 931 DUNN NC 283350931 261146807 CHARITY NC 3 7 N/A false false false false false false false false false false false false false false false true false false false false SOUTH RIVER COMM ASSISTANCE CORP O 12584 FMV