HALIFAX ELECTRIC MEMBERSHIP CORPOR… - Form 990 Financial Data

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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

ADAM T LEMLEY

Phone

2524455113

Tax Period

2024-01-01 to 2024-12-31

HALIFAX ELECTRIC MEMBERSHIP CORPORATION, founded in 1938, is a mid-sized nonprofit that reported $31.5M in total revenue in fiscal year 2024. Revenue grew 9% year-over-year, indicating healthy expansion.

Mission

TO DELIVER EXCEPTIONAL VALUE AND SERVICE TO OUR COMMUNITIES WITH CARE THROUGH PROVIDING OUR MEMBERS WITH SAFE AND RELIABLE ELECTRIC SERVICES, ENRICHING OUR DIVERSE COMMUNITIES THROUGH EDUCATION, ECONOMIC GROWTH, AND COMMUNITY INVOLVEMENT.

Program Service Accomplishments

Program 1

TO PROVIDE THE BEST POSSIBLE ELECTRIC SERVICE TO ALL WHO DESIRE IT WITHIN THE SYSTEM SERVICE AREA AT A REASONABLE COST CONSISTENT WITH THE HIGHEST STANDARDS OF SERVICE. THE THREE LARGEST PROGRAM...

TO PROVIDE THE BEST POSSIBLE ELECTRIC SERVICE TO ALL WHO DESIRE IT WITHIN THE SYSTEM SERVICE AREA AT A REASONABLE COST CONSISTENT WITH THE HIGHEST STANDARDS OF SERVICE. THE THREE LARGEST PROGRAM SERVICES AS MEASURED BY EXPENSES WERE AS FOLLOWS: COST OF POWER 15,675,913 DEPRECIATION 3,353,865 OTHER SALARIES AND WAGES 3,091,450

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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 (2024)

Revenue Breakdown

Contributions & Grants $0

Program Service Revenue $31,062,251

Investment Income $63,269

Other Revenue $369,073

TOTAL REVENUE $31,494,593

Expense Breakdown

Grants Paid $0

Salaries & Benefits $4,858,379

Fundraising Expenses $0

Other Expenses $24,797,126

TOTAL EXPENSES $30,924,762

Year-over-Year Comparison

	2024	2023	Change
Revenue	$31,494,593	$28,778,915	+0.1%
Expenses	$30,924,762	$29,096,862	+0.1%
Net Income	$569,831	$-317,947	-2.8%

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

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

$380,801

Total Directors

$124,917

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
ADAM T LEMLEY	CEO	40.00	Officer	$254,700	$72,255	$326,955
ROGER L CHAPPELL	DISTRICT FOR	40.00	Highest	$119,629	$72,945	$192,574
JOHN LASSITER	DIRECTOR OPE	40.00	Highest	$108,988	$73,282	$182,270
JAMES T HARRIETT	DIRECTOR OF	40.00	Highest	$127,403	$48,656	$176,059
RAYMOND T CONNER	LEAD LINEMAN	40.00	Highest	$120,539	$49,279	$169,818
JULIA ALLSBROOK	DIRECTOR OF	40.00	Highest	$104,660	$61,796	$166,456
BASIL D WILLIAMS	DIRECTOR	2.00	Director	$18,037	$0	$18,037
NATHANIEL M ROBERTSON	SEC-TREAS	2.00	Officer Director	$14,537	$0	$14,537
HARRY M WILLIAMS III	DIRECTOR	4.00	Director	$14,037	$0	$14,037
BARBARA L BRAYBOY	VICE PRESIDE	2.00	Officer Director	$13,635	$0	$13,635
STANLEY J BROTHERS	DIRECTOR	2.00	Director	$13,323	$0	$13,323
ROBIN S WILLIAMS	PRESIDENT	4.00	Officer Director	$13,137	$0	$13,137
SANDERS P COX	DIRECTOR	2.00	Director	$12,837	$0	$12,837
ROBERT F HARRIS	DIRECTOR	3.00	Director	$12,837	$0	$12,837
FREDERICK M DUNN JR	ASST. SEC-TR	2.00	Officer Director	$12,537	$0	$12,537

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	$31,494,593	$30,924,762	$76,091,455	$569,831
2023	$28,778,915	$29,096,862	$75,541,202	$-317,947
2022	$27,293,993	$27,533,586	$73,341,542	$-239,593
2021	$27,609,154	$25,932,291	$71,310,084	$1,676,863
2020	$25,317,078	$26,026,944	$67,670,737	$-709,866
2019	$26,457,641	$26,717,884	$63,404,401	$-260,243

HALIFAX ELECTRIC MEMBERSHIP CORPORATION