ML20210C147
| ML20210C147 | |
| Person / Time | |
|---|---|
| Site: | Mcguire, Catawba, McGuire, 05000000 |
| Issue date: | 12/31/1985 |
| From: | Hubbard J NORTH CAROLINA ELECTRIC MEMBERSHIP CORP. |
| To: | |
| Shared Package | |
| ML20210C127 | List: |
| References | |
| NUDOCS 8609180255 | |
| Download: ML20210C147 (25) | |
Text
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Members i e I I l l J e6 4r , i 4 .' l . l If there is but one constant in the lives of an i 3 organization or of people, it is the constancy of change.
' That fact also applies to the story of mral electrification.
! During this past year, the 28 EMCs in North Carclina, together with their statewide organizations, paused to iellect on the first half-century of change rural electrification has wrought in North ! Carclina It was a recounting of the story of how rural people, workingin partnership with a cancemed and responsive federal govemment, were able to make a better life for
- themselves a.'id their neighbors.
In recounting the 1935-1085 story of how the availability of reliable, affordable, convenient and plentiful supplies of electric energy has changed the' face of North Carolina, it becomes evident that human qualities were essential ingredients of that successful half-century of service. 1 hose unwllish cooper. qualities included integrity, dedication, initiative, perseverance a erative and in every victory the rural dcctric movement has ever known. These stune ingredients will be essential to reali:1uion of future potential in mral electrification i in North Carolin1
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. Rural <
' Electrification
- l Administration 1935 1985 a.....................'
The 50th Anniversary celebration of rural electrification was a lot oflun. It's a great story to review-a proud heritage. It's filled with victories and a generous measure of success. But it's had its share of setbacks, disappointments and an occasional defeat. New chapters are being written even now. If there is to be a happy ending, we must make sure that our writing of the future script meets the high standards of planning and execution set for us by those who have gone before. The story of rumi electrification is a proud story of people helping people. It's a story that c:m't be told too often; but we as a statewide organization must now build upon that 50-year legacy of good will. We must create anew a second half-century of service which meets the needs of member systems in such a way that the effectively meet the many challenges of service to a op new members generation of co y, in tum, who can only imagine what life was like before ruml electrification. During 1985, progress was made on several fronts as major effort was focused on a numberofissues. Continued growth in sales and delivery of services to a supportive membership was ex 3erienced by Tarheel Electric Membership Association. Analysis of the reports that foi ow will demonstrate continued strengthening of the balance sheet and income position of the material supply program. Support among the member systems reached new highs for a variety of coordinated statewide association training and education progmms and professional conferences. Legislative initiatives and related progmm activities ell ~cctively projected mml electric concems and needs before both state and federal legislative bodies, safe-guarding the kgitimate interests of the 465,000 member / consumers in North Carolina. The principaljob of an electric membership corporation is to supply its consumer / members with the power they need at alTordable rates. Power supply, broadly speaking, has two elements: generating electricity and then transmittingit at suitable voltages to points ol use. North Carolina's EMCs have, since their inception, faced resistance and roadblocks to their entry into the generation and transmission or bulk exchange-side of the co-op power supply business. Actions taken by member systems through North Carolina Electnc Member- , ship Corpomtion progressed during 1985 to the point of bringing the first co-op-owned f l generating facility on line with the declaring of Catawba Unit # 1 in commercial service j
- on June 29. This marks the third year in which savings have flowed to all member
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( systems as a result of the decision to enter the wholesale power supply market through joint ownership of generating facilities. 1 L
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M: , ~ . Progress continued throughout the year on implementation of the load management system. Member systems supported the statewide program and worked hard individually to achieve maximum member participation in the load control switch installation program. Through the control and altering of electrical load shapes, power costs are being reduced and electrical power system perfonnance improved. The value of these savings is expected to increase each year into the future. A number of significant legal, financial and power-supply planninginitiatives continued throughout the year to- 1. assure member systems in all areas an adequate and dependable supply of electric power to meet their needs; 2. achieve additional power supply cost savings to be passed along to member systems; and 3. ensure that mtes will be no higher than required to pay the cost of operation and investment capital. We express our appreciation to the members of the Boards, to our statewide employees, to the stalT and employees of each member system for their significant contribution to the progress we have made together in 1985. We imite and challenge each member of this group tojoin with us as we move as a team into the second hali-century of mralelectric senice. t M s James M iluNurd Euualnr %cclhwlent
l l TheDirectors oJfNCAEC . - NCAECOfficers EmmettPattason, President
- I Unis B. White,Scortary-Treaswer R.WBlanchard,VicePresident ..'
i - Edgecombe-MartirtCom EMC g RudolphSexton W K Benson NRECA Director ' Ecur_Countv_EMC Pitt&_Greene EMC ?raceAkrc IlBevouge' AfarkASuggs litt &Greene EMC RWBlanchani, Jr: Horacchloore FrenchI3roadEMC Randolph EMC CharlesR Tolley BobLhicDufic JamesWRay THaroldTeny AlbemarleEMC HalifaxEMC RoanokcEMC l Danis B. White . MichaelE.Finney EugencWBrown,Jr ' LA Hanis,Jr. AC Cox,Jr. hiatthewGrant IllueRidgeEMC HarkersIslandEMC Rutherford EMC WayneD.Keller E.Travis Davis GaryAWhitener JohnAustin GeorgeL Nelson Joseph N.Quinn CFC Director Brunsivick EMC HaywoedEMC o South RiverEMC James H.Garncr David]. Batten John WBnnvning hianinO. Marshall Randolph EMC FredATedder Emmit Wood KeslerC Butler Cape HatterasEMC Jones-OnslowEMC Surry-Yadkin EMC CliftonE. Austin Alvin C Morton J.KellyHutchens jaikS. Gray Hugh L. Batts WE. Collins Carteret-Craven EMC LumbeeRiverEMC TidelandEMC EugeneClaybome RonnieHunt Glenn A Carawan
- H]. Wynne,Jr. Elias Rogas CarrollAustin CentralEMC PeeDeeEMC Tri-CountyEMC L ReidHanis EmmettS.Patta5on Roberts. Holmes HanyE. Jones Richanljohnson Leslie]. Bell CrescentEMC PiedmontEMC Union EMC DonaldD. Rice Earl] Ross lhilipL Wally HanyCGabtici RichaniRobats J.GrantDwwan l Davidson EMC WakeEMC nayncWilkins James E.Mangwn,Jr ,
HasselB.Gann JohnFarell \
v q;~rm,r.m'-mm :wpmme N- a u: aa:%4,.Muw..; .uiwa b TheDirectors ofNGMC na miEMC Joh>,WBnnvning n NCEMCOfficers Philip L. Wally, hesdent Jones-Onslow Eh!C ANin C.Morton Wayne D.Keller, Vice WesLlent Eugenc W Bnmn,Jr., Secretary-Treasurer l urnl?ce_ River _EAIC RonnICHunt Pee DeeEh!C EmmettPatterson g PiedmontEMC _ Earl].Ross
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Randolph EMC TheDirectors o)Y'%N l A BobL.McDujfic l ! AlbemarkEMC RoanokeEMC TEMA OfTicers Danis B. White Eugeniu Bnmn,]r; Rhhanljahnson.ncsucnt
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] ci l hiili BrunswickEMC South RiverEhlC David]. Batten Manin O. Marshall
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- FuniJ.Neuman J.KellyHutchats .
Carteret-Craven EMC Tideland EMC
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DavidM.Chadwick ' Glcrm A Cannvan Central EhtC Tri-CountyEhfC L ReidHanis Roberts. Holmes . .x Crescent EhtC Union EhtC Blue RidgeEMC DonaldD. Rice PhilipLWally Thomas Cockerham Davidson EhtC Wake _EMC Crescent EMC Wayne Wilkins James E.Mangwn,Jr JimmyR.Horton Edgecombe-Martin Co. EMC Davidson EMC NoelLee,Jr: HasselB.Gann FourCountyEMC FourCountyEh1C L.RBeverage,Jr R.WBlanchard Halifax EMC Pec_Dec EMC MichaelE.Finney Richanljohnson HarkersIsland EhtC Randolph EMC E.Travis Davis BobL.McDujfic Ro_anoke EhtC Eugene WBrown.]r; Tideland EMC l Glenn A Cannvan W;1ke EMC James E.Mangum,Jr;
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( . E PowerSupply The Catawba project has long been NCEh1C's reference point in power supply planning 1985 was another year of transition toward implementing the i Catawba agreement. May 1,1985 was the date NCEh!C" triggered" the Catawba 2 l Reliability Agreement, which pmvides for NCEhtC to receive the benefits of hicGuire 2 l genemtion. NCEh1C is entitled under the agreement to receive from the hicGuire unit, one-half of the capacity and output that NCEMC would be entitled to receive from Catawba 2, ifit were operating Later, onJune 29,1985, Catawba 1 became commercial and be m opemting. The unit operated at an approximate 70 rrcent capacity factor throu 1985. Catawba 2 constmetion, essentially, was comp eted in 1985. Operating and ety testingof the unit's systems began in midyear and will continue until the unit goes commercial, which is scheduled for December,1986. The annual savings that flowed from the Catawba agreement totaled over
$23,000,000.This represents an average of 8 percent savings for each cooperative.
Although the power from the AlcGuire and Catawba unit 33tay3 in the Duke service area,the stmeture to allsaving' member systems.s from the Catawba agreement are passed thr Power costs, hicorically, have been an important area of cost with the member systems, because it represents 65-70 percent of their total cost.1985 was a stable year, primarily because of the significant savings generated by the Catawba agreement and lower fuel cost than anticipated.The 27 member EhtCs were supplied their full senice power requirements with a substantial average growth of demand of 19.4 percent in demand and 7.5 percent m energy. Revenue per KWH was reduced ovemil by 1.8 percent. Change Fnnn 1984 Ra:eArea KWD MWH KWD' MWH CP&L 783 3,022 16 % 8.1% Duke 758 2,786 25.5 % 6.4% Vepco 111 490 5.7% 8.4% NCEMC 1,652 6,309 19.4 % 7.5% AnxageCostMWH l985 19_84 Chave CP&L 4.56 4.75 (4.0%) l Duke 3.92 3.88 1.0% Vepco 3.94 4.39 (10.3%) NCEMC 4.23 4.33 (1.8%)
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- h 5b b%gW h C; R 3hh ' ,h5YN yy% Q.35N*MMw khm.n w Another major construction project is the installation of a statewide control system that will give the 27 member systems the ability to shed load during peak periods. Over 60,000 switches were installed in 1985, raising the accumulative total to 78,500. This represents almost one-half of the switches to be installed on the total 3ystem. All member systems were fully capable of operatingand controllingload in 1985.
'I he EMCs in the Duke Rate Area controlled load on a coincident peak (CP) basis since the Catawbajoint ownership agreement provides for CP billing All other 5ystems controlled on the iion-coincident peak. Although the installation ol the load control systems was essentially complete, the actual System Availability Test (SAT)
Was not Coluplete at year end. I'he remaining phase of'constitiction will be the Central Control System, to be completed in 1986.This will give NCEMC the capability to control peaks on each member system in concert with the generating source. NCEMC's goal is to be self-sufficient with power supply sources in meeting its members' long-range power needs. Efforts continued with CP&I. to develop ajoint ownership generation and transmission arrangement that would reduce the cost of power to its members in this area, but at year's end. agreement had not been reached.
'I he su ppiv oIreliable power at a reasonable Cost remains our mission. We are still dedicatec to achievitig that end, and with the progress we ma& in 1985, a good foundation has been laid for the f uture.
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L l 1 l l Finance & Am>unting 1985 was another landmark year for the three statewide organizations, during which the Disision of Finance & Accountingcontinued its support to strengthen the ' financial stability and intemal controls of NCAEC, NCEhtC and TEh!A. TEhtA's total revenues, which exceeded $21.8 million, reached an all-time high. The number of times the inventory was tumed over during 1985 was 5.5, down from 6.2 times in 1984. Both NCAECs income and expenses compared favorably with budget expectations. During 1985, the Finance & Accounting Division concentrated primarily on NCEhtC-related matters. As of year end, NCEhtC's total investment in Plant in Service was $1.3 billion, while total operating revenues for the year exceeded $352.8 million. l OnJune 29,1985, Catawba Unit #1 was placed into commercial operation. Under the tenus of the Catawba contracts, NCEhtL sold 100 percent ofits entitle-ment to Duke Power, genemting revenues in excess of $86 million. %e anticipated commercial operating date for the Catawba Unit #2 is December,1986. l NCEhtCs contractual obligation with Duke Power Company requires NCEhtC to provide several estimates to Duke conceming NCEh!Us fixed and variable l costs for its portion of the Catawba Nuclear Station. NCEhtC has endeavored to take every precaution to ensure that the interests ofits member cooperatives have i been safeguarded. NCEhtC continues to monitor the plant construction and operation activities at Catawba, and as in prior years. monitors and audits the associated costs. The mon-itoring and auditing activities have mised several charges with which NCENIC does not agree. NCENIC intends to pursue elk)ns required to resolve these items equitably.
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, Negotiations with CP&L for ownership interests in generating plants and transmission lines were held intennittently during 1985. However, CP&L made no ofter that your negotiating team felt should be recommended to the NCEhtC Board for approval.
[ At all of our CP& year's end, CP&L had been asked to fumish cost estimates f L power requirements from Duke Power Company and cost estimates ggg for tennination of CP&L contracts prior to the three-year notice peiiod. The antitmst case against CP&L moved into its final stage, with motions to the court from CP&L asking that the case be dismissed. Assuming that the motions are denied, jury trial of the case is expected to begin in Greensboro late this spring. NCEh!C was able to settle CP&L's $22.4 million wholesale rate increase for 1985 for $16 million, a savings of $6.4 million per year. The settlement also included an experimental off-peak, valley-lilling discount for energy. This discount reduced the energy rate by 2 mills per KW1 I for all eneigy in excess of105 percent of the energy sold during the billing month of the previous year during the hours of 10 pm through 6 am on htonday through Friday, and 24 hours a day on Saturday and Sunday. Vepco's 1985 rate case was settled by agreement to reduce our mtes by
$284,000 per year and to refund $240,000 in spent nuclear fuel overcharges from previous years. NCEhtC managed to reduce Vepco's rates in 1984 by $270,000 per year. Thus,1985 marked the second consecutive year NCEh!C's members were ab!c to wrest rate reductions from Vepco. NCEhlC was also able to obtain coincident peak (CP) billing fmm Vepco, a goal that had been sought for the past three years and an accomp-lishment that may pave the way for CP billing m the CP&L area in future years.
Coincident peak billing will maximize the benefits to our members and,in tum, their consumer members, many of whom are part of EN!C's load management system , throughout the state. NCEhtC also won victories in the three lawsuits brought by ElectriCities challenging the cooperative's right to SEPA power from the Georgia-Alabama Projects and the Kerr-Philpott Projects, as well as a preliminary victory in the suit brought by Edgecombe41artin County ENtC agiinst Rocky Ntount involving service to a new facility being constructed by the 1 Icilig41cycrs Company. During 1985, the legal department also concemed itself with taxes, including the battle that resulted in the retreathy the IRS from its position that mileage logs must be kept on all vehicles fumished to employees. As is the case in any year, the Legal Division responded to hundreds of:c inquiries from our three statewide orginizations and the cooperativ
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MatenalSty ply Q* During 1985, the Tarheel Electric Membership Association experienced a N"
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very productive year. Total revenues of $21,854,000 were the highest ever achieved ; by the statewide material supply organization. Our revenues produced $802,770 in margins, which will be retumed to members in the fonn of cash and patronage certifi-cates. Compared to the previous year, our total expenses reflect a decrease of approxi- . , , ,
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mately facilities and 1.5concentrated percent, due primarily clTorts to the earlyinpay-oIIof to hold operatingcosts chec the mort {ge on our warehouse
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l Our members continue to utilize the central warehouse in order to reduce l kical stocks, thereby reducingoverhead costs and obsolescence. Approximately 60 percent of the total sales were shipped from our warehouse location, which allowed us an inventory tumover of 5.5 times during the year. North Carolina's construction industry continued building at a record rate i in many areas of the state in 1985. Member systems kept pace by constmeting new l substinions, transmission and distribution lines, and upgrading existing facilities in order to provide reliable service to the member / consumer. d
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Association andCorparate Scniccs 1 During 1985, the Administrative side of divisional activities continued to increase. Personnel responsibilities include recmiting and interviewing applicants to l fill positions, a wage and salary survey for members, as well as wage, salary and benefit : administration for the organization. Completing the Headquarters Buildingand relocating was well-planned and elTicient. A&hlConstmetion Company,thegeneralcontractor,and Doggett Architects took pride in their work and it is appan nt in the workmanship and the good relation-ship that existed among the parties involved. All have been quick to makc necessary i adjustments as needed. Personnel Development had 764 participants in six conferences, six special-emphasis programs and three NRECA Package Plan courses. This represents a continu-ing increase in participation in t raining programs during the past several years. We are excited that, for the first time, we have 100 percent participation in the Package Plan j for 1986. The best way to keep arogmms current and up-to-date is through member involvement. Special-emphasis ' unctions and conferences reflect current issues and timely topics that were selected by member employees and directors Following are subjetts that surfaced during1985: Energy Ntarketing, Labor Relations, Bylaws Workshop, Grounding, Right-of- l Way Ntaintenance Transfonner Loss Evaluation, Reducingi ine 1.oss, Underground i Design, Rural Economy, Economic Development, Records hlanagement, Engineering Software,Ilandheld N!cter Readingand Parliamentary Procedure-to namejust a few. Package Plan courses were"Being A Board hjember-1 he Totaljob"" Organizational Evaluation"and " Group Dynamics? l
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, . =. a Technical training far exceeded previous attendance Ogures.The Apprentice Lineman School doubled in size. Forty-two linemen attended the Apprentice i School.
making it by far the largest ever.110 linemen attended the four Apprentice Schools. Tw a major changes had a substantial impact on the Apprentice Schools- 1. relocation to Wake Tech near Raleigh and 2JT&S staf f was on-site during the entire school session. Several innovations will be put into c[Icct in 1980 to make the schoob even stronger. Technical tmining also included two llasic Electricity courses. a Servicemen's School, Engineers and I.ine Supervisors' Conferences. Over 400 employees attended various technical courses and conferences. Stany of the courses were taught by Eh!C personnel. We are fonunate to have experienced, capable people who are willing to share then experience and knowledge with other ENICs. We also ap 3reciate assistance [n,m suppliers for providing materials and equipment used during t ic schools. Nearly 4003alery meetings were held at member locations covering a variety of timely topics.The three Salcry Specialists served, as requested.on inspection teams for the NRECA Salcty Accreditation. They also assisted Eh!Cs with hotline ' demonstrations at schools and various events, and hosted. coordinated and instructed at Applentice Schook Association and Corporate Services Division completed the year's workplan within the a 3 proved budget. Participation in training programs increased and courses were rated a love avCrilge-
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il ' IMNicA][ airs , In the govemmental alTairs area, financing and regulatory issues on the state and national levels were to, priorities. On the state level, efforts focused on legislation addressing the role of North Carolina Rural Electrification Authority. On the national level, key issues that demanded a great deal of attention were the retention of the REA-insured and guaranteed-loan programs, continued access to the Federal Financing Bank and maintenance of a viable REA Revohing Fund. Our efforts in Congress, in concert with our counterparts throughout the nation, were successful for the fiscal year of 1985. T he celebration of the 50th Anniversary of REA was a major focus of both , infonnation and member sersices during 1985. The oral history of mral electricfication in North Carolina, a project begun in 1984, provided recollections of the program's early years. Special educational and promotional materials engendered by the oral history project were developed as a art of the celebration. LIVING IIISTORY,a volume of excerpts from the tapes and hotographs of pre-electric scenes, was well received throughout North Carolina, as well as by many other states throughout the coun ry. A second phase of the project was a muln-image slide presentation usinghistoric photo- _ _ graphs and voices from the oral history tapes. The presentation debuted at the 1985 NCAEC/NCEhtC/TEh1A Annual htecting for an audience of more than 500. Both of these instmments were used to give broad audiences a glimpse of rural America's lifestyle before rural electrification and the impact this program had on that lifestyle.
"I tere Come Electricity"-the multi-image presentation-has been presented at annual member meetings of cooperatives, at Co-op Ntonth breakfasts in six locations across North Carolina, to civic groups and at public schools. As a part of the 50th Anniversary, the Smithsonian Institution also featured the show.
Alany of the oral history quotes were included in a two-part special section of Carolina Country in the Ntay andJune issues. Other features exannned the beginnings of REA and the ellorts to launch such a program in North Carolina, even before the federalagency was established T he Ntay issue of Carolina Counny became part of the anniversary celebration. 1 he cover carried the image of a painting that NCAEC had commissioned as a salute to REA's birth.The painting, titled " Fimes Past:was done by noted realist artist Allen Ntontague of Raleigh, who issued limited edition prints of the picture for sale through the magazine and in his gallery.
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YY - I n othercommunicat ions activities, t he information services staffalso served as a liaison with the news media in its coverage of the anniversary and other ENIC programs. l The annual statewide Ntember Sen ices Conference was held in Greensboro, with 40 ENIC member services representatives partici lating.Three mini-conferences wercheld.covenngcommunications,photographyant newsletterswithatotalattendance of 100. The " Volunteer to Shave" load management promotion ciforts continued, with new and updated materials. Women's activities included the annual Womcn's Fall Fomm in Greensboro, with 50 participants representing 17 ENICs in attendance.The Women's Advisory Committee sponsored a 50th Anniversary quilt with squares representingeach of North Carolina's ENICs. The quilt was donated for pennanent display at the statewide headquarters.
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, To commemorate the anniversary, two youth tour scholarships, each in the i amount of $1,000, were awarded. The Gwyn !! Price Youth Tour Scholarship, a con-tinuing project, and the Pauline Shoaf Price Youth Tour Scholarship, a one-time award, were presented. l The annual Youth ~Iour to Washington included 37 young people from 17 ENICs. One highlight of the tour was a " soda-pop" cooperative, whid i was chartered and operated to give the participants a better understanding of cooperative principles. From an economic development perspective,1985 was a good year for the ENICs it is especially significant, since 1985 was not a productive year for the entire state or nation, as industnal production and the economy growth rate slowed. Substantial gains were made by the ENICs and it is hoped that this will carry us forward during 1986. There are several areas that will need to be improved, but in relation to past years, our chart shows steady improvement. , l ' ~ Certainly, Tri-County ENIC's service to Carolina Turkey Company was a ma or accomplishment for them.Thejoint venture between Goldsboro N1ilhng ani Carroll Foods gave the cooperatives a positive image, which made a positive impression on all development forces in North Carolina. Other major developnents include l laywood ENIC's service to Champion Paper's new branch; Put & Greene ENIC's service to a new phannaceutical plant of 10,000 square feet; and Edgecombe41artin County EN!C's service to I icilig41cyers' fumiture distribution center. North Carolina's ENICs continue to make progress in econonic development, and with continued teamwork.1986 will surpass accomplishments made during 1981
I Credit Union cZ 4 T Continued and remarkable growth of your Credit Union remains evident 1 during 1981 By year end, assets had grown to $7.2 nullion, an increase of 14 percent, i and our 3,199 members had on deposit $6.9 million, also a 14 percent increase for the year. u# 0r; Ntost impressive was a 25 percent increase in loans to $4.9 million.This growth in loans greatly improved our loan-to-saving3 rativ to 71 percent, up from 65 percent in 1984. Capital remained stable as retained camings grew by 9 percent. Growth in capital continues to clearly demonstrate our financial strength, as the book value of each savings dollar de 30 sited at ENtC Emplos ce:, Credit Union remains well over $1.04. ENic Employees Creoit Union continues to thrive since deregulation of the financial indust ry nearly live years ago, as we consistently of fer to our members the best available in convenient service and competitive services. A major accomplishment for 1985 was the introduction of our new VISA Credit Card and VISA Share Draft Card program.These two new very competitive services have been well accepted by our membership, as we were in excess of 126 percent of our initial VISA goals at year end. These new programs also greatly enhance the capability of our credit Union to compete in the ever-expandingworld of Electronic s Funds Transfer (ElT). With our new VISA cards, our members have now gained entrance to the VISA Automated Teller Ntachine Network in 100 locations in Nonh Carolina and 123 locations in Virgina. This service, coupled with our ever expanding Automated Clearing i louse capability, now allows our members access to a complete Electronic Funds Transler credit and debit cycle. EIT continues ro hold much promise for the future of our Credit Union. Our most important accomplishment during this past year was our applica-tion, approval and conversion to Federal Deposit insurance. Dunng Ntay,1985, our Credit Union was notified of the impendingliquidation of our deposit insurer, Financial Institutions Assurance Corporation (FIAC). The attemative was to immediately make application for deposit insumnce to the National Credit Union Administration (NCUA).
'l brough the dedication, hard work and sacrifice of our board, stalland mem-bership, our Credit Union was a 3 proved in short order for Federal Deposit Insurance.
~1 he Credit Union was convertet to the National Credit Union Share insurante 1 und (NCUSIF) on September 17,1985.1 he NCUSIF is the stronge.st deposit insurance fund in the nation, and is backed by the f ull fai'h and credit of the U S GovemmentJI his cooperative clIo!Ilias el15ttled the Iuture of ENIC Employees Credit Union.
Willi the challenges and accomplishments of 1085 now history,1980 pronli5es to he an even mole rewarding year for our Credit Union. ClllTellfly ill Ihe plantlitig 5tages are Inore licW setvices,illcluding a l lollte EquitV l .oan Frogram due to be introduced in the springor summer, and an cl} ort to nlore Illlly develop otti ability to coni!)1tillicale With ollt Inch 1bers. Yolli slipport contintles to d55ttre a very bright ftittire for yotir Credit Unioil.
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f 40RTi l CARout4A ASSOC!ATIOt4 Or ELECT RIC COOPERATlVE0 STATEMENT OF OPERATIONS AND MEMBER EQUITY for the years ended Decemter 31,1985 and 1984 (Unaudited) 1985 1984 Operatingincome Does. $ 1,014,475 $ 820.401 Put*caton income. . 877,746 827,677 TotalOperatingincome. _ _ 1,892,221 1.648 078 Operating Enpenses Adtninistrative and General . 1,257,412 950.575 Dut*ca'ionEnrnse . 718,556 709,501 Totet Operating Espenses . 1,075,966 1.660,076 Operating income (Loss) . _ (83,7_47) ._ _ 111,998) Othetincome (Espenses) Interest irnme 15,876 25.837 Interest Egn:nse (3,130) (3.180) TotalOther income (Enx>nses). _. 12,746 22.657 Not Marein (t oss). (71,001) 10.659 MemtpfshipIquity- Brgnning of YNr . _, 482,306 4 7 f .64 7 Membership Equity- End of Year . $._ 411,305 $ 482,306
NORTH CAROLINA ASSOCIATION OF ELECTRIC COOPERAUVES BALANCE SHEET for the years ended Decernber 31.1985 and 1984 (Unaudited) ASSETS 1_965 1984 Currer.t Assets Cash , , $ 218,748 $ 275.921 Accounts Recesvable (Net) . 216,587 181,221 Inventones . 34,165 21,180 Prepaid Expenses . 11,461_ 24,482 TotalCurrent Assets . 480,96_1 502.804 Fined Assets Office Furndure and Fmtures . 113,811 115,662 Vehicles 61,427 56.679 175,238 172.341 Less; Accumulated Depreciaton . 75,003 56,880 TotalFlued Asseta . 100,235 115.461 Other Assets DefernN1 Char 0es - Past Semco Cost.Penson Plan . 35,139 40.996 Deferred Compensat on Fund. 70,991 45.584 Memtership Cemficates . 200 2_00 TotalOther Assets . 106,330 86.78_0 Total Assets. $ _687,526 $ 705,045 LIABILITIES AND EQUITY current Liabilities Note Payable-Current Porton . $ 935 $ 882 AccountsPayable . 79,913 58.514 Accruedliabilites . 38,691 37,998 Unearnedlocorm . 30,600 23.735 TotalCurrent Llatsties. _ _ _150,139 _121,129 Long Term Debt Note Payable , 55,326 56 208 Less Current Porton . 935 _882 TotalLong Term Debt _ . _ 54,391 55.326 Deferred Compensation Reserve. 70,991 45.584 TotalLlatst6es . __,_ 275,521 222 039 Equity Memtership Fees . 700 700 MemtorsTuuity _ _ .411,305 482.300 TotalEquity . 412,005 483006 TotalLlatMties and Equity . $ _.687,526 $ 705.045
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.J. Il].d llb of G R C NORTH CAROUNA EL ECTRIC MEMBERSHIP CORPORATION STATEMENT OF OPERATIONS AND PATRONAGE CAPITAL for the years ended Decomter 31,1985 and 1484 (Unaudited) 1985 1984 Operating Revenues Llertric energy revenues . $352,799,062 $ 254,44 7,734 Other operating revenue , 7,141 12,478 TotalOperating Revenues . _352,806,203 254.460212 Operating Expenses Production . 17,846,264 Cost of purchased power. 263,699,073 239,138,521 Transmisson expenses 11,559,021 10.439.695 Adminetrativn and general empenses . 2,498,453 2,258.572 Maintenance . ,,-
3,280,695 Depreaation . 13,576,419 35.186 Tares,other than income taxes . 368,248 320p83 TotalOperating Espenses . _312,828,173 _252201557 Operating Margin . _ 39,978,030 2,258.655 Otherincome Inte#est . 1,006,287 367,731 Other. 315,905 _._ 2.4 50 TotalOtherlocome _,_1,322,192 370.181 Interest Charges Totalinterest empense. . 127,134,56T 107292.420 less interest charged to construtta;n . (90,757,993) (107272.113) Amorti/aton of detit expena,e . _560,682 5.736 Totalinterest Charges _36,937,256 __ 26,043 Nat Margin . 4,362,966 2.602.793 PatronageCapital ikunningotYear . _ 4,380,543 1.777,730 Patronage Capital 4 nd of Year . $ 8,743,500 $ 4 380,543
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NORTH CAROLINA ELECTRIC MEMBERSHIP CORPORATION BALANCE SHEET For the years ended December 31,1985 and 1984 (Unaudited) ASSETS 1985 1984 UtiNty Plant Property plant and equipment. $ 722,661,178 $ 969,861 Less: Accumulateddepreciation. _ (22,857,397) (226,917) 699,803,781 742.944 Construction work in progress. _589,712,210 1,126,163.094 TotalUtiuty Plant. _1,289_,515,991 1,126,906,038 Other Assets Investments in associated organizations . 7,479,595 7,109,061 Current Assets Cash. 1,482,186 230,926 Special deposits. 25,754,411 24,997,328 Temporary cash investments. 6,981,000 8,516,000 Accountsreceivable . 30,560,948 22,672.601 Other current assets. 47,5 _20 794.953 TotalCurrent Assets . 64,826,065 57,211,808 Deferred Char 9es 8,005,2_94 6,772.047
$1,369,826,945 $ 1,197,998,954 EQUITIES AND LIABILITIES Equities Membership fees . $ 700 $ 700 Patronage Capital. 8,743,509 4.380,543 Total Equities. 8,744,2_00 4,381.243 Long Term Debt. 1 337,890,380 1,167,923.366 Current Llab4Hties Notes payable . 949,232 Accounts Payable-Trade . 17,561,267 23,379.723 Affikated Companies . 49,627 43.923 Interest accrued . 1,995,294 907,158 Cher accrued egenses, 334,389 91.593 Total Current LlabiNties. 20,889,809 24.422.397 Deferred Credits. 2,302,54_7 1,271,948
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inet n. manaa,c Hi Mights oj LE M A TARHEEL ELECTRIC MEMBERSHIP ASSOCIATION.INC. STATEMENT OF OPERATIONS AND PATRONAGE CAPITAL For the years erded December 31,1985 and 1984 (Unaudited) 1985 1984 Sales (Net). $ 21,827,341 $ 21.080.006 v Cost of Goods Sold Beginning inventory. , 1,707,853 1,706.460 Purchase (Net) . _ 20,6092_915 19.637,259 22,317,768 21.373,719 Less: Ending inventory. 1,8_38,4_08 1,707,853 T;talCost of Goods Sold . _ 20,479,360 19,665.866 Gross Margin . 1,347,981 1,414,140 Opersting Empenses . 634,368 640,677 Operating Margin . 713,613 773.463 Otherincome Interest income. 95,285 72.916 Miscellaneousincome. 64.991 58.668 TotalOther income. _ 160,276 131,584 Interest Expense . 71,119 74,606 Not Margin . 802,770 830,441 Patrorugo Capital - Beginning of Year. . 2,971,042 2,535.864 Change vi ACRS Deprecation Reserve . (1,040) 7,424 Less. Retirement of 1977 Patronage Certifcates . - 235.114 Patronage Capital Reclassbed to Current Lntakties. 160,346 167,573 Patronage Capital-Endof Year . $_ 3,612,426 $ 2.971.042
TARHEEL ELECTRIC MEMBERSHIP ASSOCIATION,1NC. BALANCE SHEET For the years ended December 31,1985 and 1984 (Unaudited) ASSETS 1985 1984 i Current Assets
. Cash . $ 1,167,789 $ 540,038 Accounts Receivable-Trade. . 1,473,575 2,064,437 Accounts Receivable-Other . 3,759 4.585 inventones . . 1,838,408 1,707,853 Prepaid Expenses , 20,261 32.377 Total Current Assets . 4,503,792 4.349,290 Fixed Assets Office Furniture and Fixtures . .
45,068 37,895 Whx:les. . 36,913 25,378 Warehouse Equipment . 88,197 69,683 Buildings. 521,833 514.714 692,011 647,670 Less: Accumulated Depreciation . 270,502 232.675 421,'509 414,995 Land. 15_7,250 157,250 TotalFixed Assets . 578 759 572.245 Other Assets . 56,907 60,935 Total Assets. $_5,139,458 _$ 4,982.470
; LIABILITIES Current Liabilities Notes Payab'e -Current Portion . $ 338,000 $ 3.758 Accounts Payable . 956,823 948,930 Accrued Liabilities . 48,755 74,302 Patronage Capital Payable . 160,3_46 167,573 TotalCurrent uabilities. 1,503,924 1,194,563 Long Term Debt Note Payable to Members. 22,000 438.900 Mortgage Payable . - 381,654 Less: Current Por' ion . -
3.758 377.896 TotalLong Term Debt. 22,000 816,796 Reserve for ACRS Depreciation 408 (631) TotalLiabilities . 1,526,332 2.010,728 Equity Membership fees . 700 700 Patronage Capital 3,6)2,426 2,971.042 TotalEquity . 3,613,126 2.971,742 Total Llabilities and Equity . $ 5,139,458 $ 4.982.470
NNkbk North Carolina ElectricMembelship Colyomtiol15 I. Albemarle EhIC,Hatford 15. Jones-Onslow EhIC,Jacksornille 2.BlueRidgeEhlC, Exnoir 16.Lumbec RiverEhlC,RedSprings 3.Brwtsuich EhlC,Shallotte 17.1ce Dec EhlC,Wadesboro
- 4. Cape Hattous EhlC,Buxton 18. Piedmont Eh!C,Hillsborough
- 5. Carteret-Cruven Eh tC, h forchecul City 19.lbtt &GreeneEkiC,Fanmille 6.CentralEhlC,Sanfatl 20.Rarulolph EhlC, Asheboro
- 7. Crescent EhlC,Statesville 21.Roanoke EhlC, Rich Squarc
- 8. Davidsms EhIC,Inington 22.RuthafntiEhlC, Forest City
- 9. Edgecombe-blartin Co. EhlC,Tarboro 23. South RiverEhlC,Dunn
- 10. FourCountyEhlC,Burgaw 24.Suny-kdkin EhlC, Dobson i1.&cnch BraulEhlC,blarshall 25. Tuleland EhlC,Pantego
' 12.HalifaxEhlC,Enfield 26. Tri-County EhlC, Dudley
- 13. Harkas Islarul EhlC, Harhas Island 27. Union EhlC,hionroe 14.HayumiEhlC,Waynesville 28. uiike EhtC, Wake Forest
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Notth Carolirut Assaiatforn of Electsic Cooperatives, Inc. Mnth Carolina Electric klanbership Corporation Tar heel Electric hiembaship Assaiation, Inc. 3400 Sumner Blvd.,1?O. Box 27306, Raleigh, NC 276 II 1 _ _ _ _ - _ _ _ _ - _ _ _ _ _ _ _ _ _ _ _ _ _ . _ _ _ _ _ .-}}