MECKLENBURG ELECTRIC COOPERATIVE

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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

1938

Legal Domicile

Principal Officer

CARY J LOGAN

Phone

4343726100

Tax Period

2023-01-01 to 2023-12-31

MECKLENBURG ELECTRIC COOPERATIVE, founded in 1938, is a major nonprofit that reported $114.3M in total revenue in fiscal year 2023. Revenue grew 14% year-over-year, indicating healthy expansion. Expenses of $106.2M left a modest 7% surplus.

Mission

TO PROVIDE SERVICES AND CREATE OPPORTUNITIES TO ENHANCE THE QUALITY OF LIFE

Program Service Accomplishments

Program 1

SAFE AND EFFECTIVE DISTRIBUTION OF ELECTRICITY TO THE MEMBERS OF THE COOPERATIVE. THE THREE LARGEST PROGRAM SERVICES AS MEASURED BY EXPENSES WERE AS FOLLOWS: COST OF POWER 74,084,113 OTHER SALARIES...

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

Financial Overview (2023)

Revenue Breakdown

Contributions & Grants $0

Program Service Revenue $109,582,945

Investment Income $2,453,635

Other Revenue $2,253,422

TOTAL REVENUE $114,290,002

Expense Breakdown

Grants Paid $0

Salaries & Benefits $12,536,956

Fundraising Expenses $0

Other Expenses $91,546,075

TOTAL EXPENSES $106,224,449

Year-over-Year Comparison

	2023	2022	Change
Revenue	$114,290,002	$100,631,363	+0.1%
Expenses	$106,224,449	$92,927,030	+0.1%
Net Income	$8,065,553	$7,704,333	+0.0%

Key Indicators

✗ Grants to Organizations ✗ Grants to Individuals ✗ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✗ Schedule B Required

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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

Independent Members

Employees

119

Volunteers

N/A

Governance Policies

✗ Conflict of Interest Policy

✗ Whistleblower Policy

✗ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School

✗ Operated a Hospital

✗ Provided First Class Travel

⚠ Reported Conflict of Interest

✗ Reported Asset Diversion

✗ Excess Benefit Transaction

✗ Made Political Expenditures

✗ Engaged in Lobbying

✗ Operated Donor Advised Fund

✗ Maintained Art Collections

✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers

$1,488,083

Total Directors

$206,528

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
JOHN C LEE JR	PRESIDENT AN	25.00	Officer	$591,339	$188,348	$779,687
CARY J LOGAN	COO	55.00	Officer	$243,818	$32,471	$276,289
CAROL B JONES	VP FINANCE A	50.00	Officer	$204,921	$18,135	$223,056
CAROLYN T GLASS	ASSISTANT SE	40.00	Officer	$86,740	$48,285	$135,025
JAMES P GUY II	LEGAL COUNSE	55.00	Highest	$239,385	$73,237	$312,622
BENJAMIN J SEAMANS	VP ENGINEERI	50.00	Highest	$215,727	$87,384	$303,111
DWAYNE LONG	VP INFORMATI	50.00	Highest	$213,061	$52,066	$265,127
DAVID H LIPSCOMB	VP MEMBER AN	47.00	Highest	$213,497	$25,091	$238,588
ROBERT H LANKFORD	DIRECTOR OF	50.00	Highest	$182,596	$17,885	$200,481
DAVID J JONES	CHAIRMAN	16.04	Officer Director	$17,250	$0	$22,100
FRANKLIN B MYERS	VICE-CHAIRMA	7.40	Officer Director	$25,300	$0	$30,250
DONALD L MOORE	TREASURER-SE	3.62	Officer Director	$12,350	$4,038	$21,676
DAVID C HALL	DIRECTOR	4.19	Director	$16,150	$0	$22,050
BRANDON G HUDSON	DIRECTOR	2.80	Director	$16,500	$0	$21,350
FLETCHER B JONES	DIRECTOR	7.27	Director	$13,163	$4,388	$23,539
PEGGY LEE	DIRECTOR	4.33	Director	$12,223	$4,313	$22,174
MICHAEL H MCDOWELL	DIRECTOR	2.99	Director	$15,275	$0	$20,125
ANGELA WILSON	DIRECTOR	4.35	Director	$13,538	$4,488	$23,264

Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year	Revenue	Expenses	Assets	Net Income
2024	No data	No data	No data	No data
2023	$114,290,002	$106,224,449	$322,325,863	$8,065,553
2022	$100,631,363	$92,927,030	$248,790,534	$7,704,333
2021	$70,294,200	$66,533,483	$225,505,928	$3,760,717
2020	$67,819,521	$65,983,492	$207,702,763	$1,836,029