2024 Cooperative Report

NGEMC's report on the condition of the cooperative as of the Fiscal Year ending June 30, 2024.

The financial reports shown were prepared by the staff of NGEMC. These reports reflect the preliminary operating results of our 2023-2024 fiscal year as of June 30, 2024. The results of our fiscal year after independent audit may be found below. Records are kept in accordance with applicable regulatory and industry accounting standards. The final report will be posted to www.ngemc.com/report when available.

The Cooperative Report video was produced by Noah Crump; the theme was composed by Connor Priest.

North Georgia EMC is an equal opportunity provider and employer.

 

Financial Reports

2024 Financial Statements

Balance Sheet For Year Ended June 30, 2024

ASSETS

FIXED ASSETS:
 Property, Plant and Equipment559,174,689 
 Less Accumulated Depreciation(157,353,846)
  Total Fixed Assets401,820,843 
 
CURRENT ASSETS:
 Cash2,024,906 
 Accounts Receivable - Net14,294,538 
 Materials & Supplies5,476,272 
 Other Current Assets12,125,336 
  Total Current Assets33,921,052 
 
OTHER ASSETS:
 Investments in Associated Organizations5,584,135 
 Emergency Funds744,578 
 Energy Right Program Loans3,876,807 
 Prepaid Expense & Clearing Accts1,552,315 
 Other Deferred Debits454,345 
  Total Other Assets12,212,180 
 
  Total Assets447,954,075 

LIABILITIES AND NET WORTH

CURRENT LIABILITIES:
 Accounts Payable25,494,859 
 Other Current Liabilities13,175,113 
  Total Current Liabilities38,669,972 
 
OTHER LIABILITIES:
 Energy Right Program Payable3,973,018 
 Long-Term Debt & Post Retire Benefits184,232,481 
  Total Other Liabilities188,205,499 
 
CAPITAL INVESTMENTS:
 Memberships869,830 
 
ACCUMULATED EARNINGS:
 Beginning of Year217,028,442 
 Current Net Income3,180,332 
 Total Earnings Reinvested in System Assets220,208,774 
  Total Liabilities and Net Worth447,954,075 
RECONCILIATION OF NET INCOME TO CASH EXPENDITURES FOR YEAR ENDED JUNE 30, 2024
Operating Revenue
 Sales of Electric Energy259,944,492 
 Other Revenue9,371,826 
  Total Operating Revenue269,316,318 
OPERATING EXPENSES:
 Purchased Power200,427,656 
 Distribution24,895,161 
 Customer Accounting & Collecting6,679,965 
 Administration & General10,389,328 
 Depreciation & Amortization19,301,399 
  Total Operating Expenses261,693,509 
 
Operating Income7,622,809 
 Misc. Income Deduction(127,696)
 Other Income - Interest1,700,655 
 Other Expense - Interest(6,015,436)
  Net Income from Operations3,180,332 
 
Investment in Electric Plant
 Year Ending June 30, 2024(37,353,485)
 Depreciation & Amortization - Net9,402,527 
 Net Change in Long Term Debt26,414,008 
 Net Change in Liabilities4,636,328 
 Net Change in Assets(6,800,893)
 Net Change in Cash(521,183)

2023 Financial Statements

Balance Sheet For Year Ended June 30, 2023

ASSETS

FIXED ASSETS:
 Property, Plant and Equipment521,822,631 
 Less A.D.(147,951,319)
  Total Fixed Assets373,871,312 
 
CURRENT ASSETS:
 Cash2,546,089 
 Accounts Receivable - Net10,279,444 
 Materials & Supplies6,543,729 
 Other Current Assets9,594,908 
  Total Current Assets28,964,170 
 
OTHER ASSETS:
 Investments in Associated Organizations4,571,322 
 Emergency Funds641,785 
 Energy Right Program Loans3,887,002 
 Prepaid Expense & Clearing Accts1,555,882 
 Other Deferred Debits231,934 
  Total Other Assets10,887,925 
 
  Total Assets413,723,407 

LIABILITIES AND NET WORTH

CURRENT LIABILITIES:
 Accounts Payable20,529,895 
 Other Current Liabilities13,657,582 
  Total Current Liabilities34,187,477 
 
OTHER LIABILITIES:
 Energy Right Program Payable4,021,621 
 Long-Term Debt & Post Retire Benefits157,421,669 
  Total Other Liabilities161,443,290 
 
CAPITAL INVESTMENTS:
 Memberships862,360 
 
ACCUMULATED EARNINGS:
 Beginning of Year216,818,765 
 Current Net Income411,515 
 Total Earnings Reinvested in System Assets217,230,280 
  Total Liabilities and Net Worth413,723,407
RECONCILIATION OF NET INCOME TO CASH EXPENDITURES FOR YEAR ENDED JUNE 30, 2023
Operating Revenue
 Sales of Electric Energy259,896,484 
 Other Revenue8,416,355 
  Total Operating Revenue268,312,839 
OPERATING EXPENSES:
 Purchased Power207,196,751 
 Distribution22,534,448 
 Customer Accounting & Collecting6,323,751 
 Administration & General9,535,185 
 Depreciation & Amortization18,718,759
  Total Operating Expenses264,308,894 
 
Operating Income4,003,945 
 Misc. Income Deduction(77,575)
 Other Income - Interest1,205,089 
 Other Expense - Interest(4,719,944)
  Net Income from Operations411,515 
 
Investment in Electric Plant
 Year Ending June 30, 2023(25,049,599)
 Depreciation & Amortization - Net5,506,853 
 Net Change in Long Term Debt12,423,861 
 Net Change in Liabilities(1,449,075)
 Net Change in Assets3,553,866 
 Net Change in Cash(4,602,579)

2022 Financial Statements

Balance Sheet For Year Ended June 30, 2022

ASSETS

FIXED ASSETS:
 Property, Plant and Equipment496,774,459
 Less A.D.(142,444,466)
  Total Fixed Assets354,329,993
 
CURRENT ASSETS:
 Cash7,148,668
 Accounts Receivable - Net14,644,576
 Materials & Supplies3,990,423
 Other Current Assets12,408,829
  Total Current Assets38,192,496
 
OTHER ASSETS:
 Investments in Associated Organizations4,467,036
 Other Special Funds574,497
 Energy Right Program Loans3,931,937
 Prepaid Expense & Clearing Accts841,147
  Total Other Assets9,814,617
 
  Total Assets402,337,106

LIABILITIES AND NET WORTH

CURRENT LIABILITIES:
 Accounts Payable23,163,550
 Other Current Liabilities12,603,959
  Total Current Liabilities35,767,509
 
OTHER LIABILITIES:
 Energy Right Program Payable4,069,757
 Long-Term Debt & Post Retire Benefits145,102,898
  Total Other Liabilities149,172,655
 
CAPITAL INVESTMENTS:
 Memberships855,420
 
ACCUMULATED EARNINGS:
 Beginning of Year208,075,188
 Current Net Income8,466,334
 Total Earnings Reinvested in System Assets216,541,522
  Total Liabilities and Net Worth402,337,106
RECONCILIATION OF NET INCOME TO CASH EXPENDITURES FOR YEAR ENDED JUNE 30, 2022
Operating Revenue
 Sales of Electric Energy251,057,259
 Other Revenue9,136,445
  Total Operating Revenue260,193,704
OPERATING EXPENSES:
 Purchased Power192,924,121
 Distribution21,804,920
 Customer Accounting & Collecting6,455,860
 Administration & General8,900,136
 Depreciation & Amortization17,864,986
  Total Operating Expenses247,950,023
 
Operating Income12,243,681
 Misc. Income Deduction(111,011)
 Other Income - Interest817,401
 Other Expense - Interest(4,483,737)
  Net Income from Operations8,466,334
 
Investment in Electric Plant
 Year Ending June 30, 2022(16,468,851)
 Depreciation & Amortization - Net8,074,525
 Net Change in L.T. Debt(7,272,369)
 Net Change in Liabilities3,216,568
 Net Change in Assets(6,071,343)
 Net Change in Cash(10,055,136)

2021 Financial Statements

Balance Sheet For Year Ended June 30, 2021

ASSETS

FIXED ASSETS:
 Property, Plant and Equipment480,307,036
 Less A.D.(134,369,941)
  Total Fixed Assets345,937,095
 
CURRENT ASSETS:
 Cash17,203,804
 Accounts Receivable - Net11,867,799
 Materials & Supplies3,522,371
 Other Current Assets9,421,598
  Total Current Assets42,015,572
 
OTHER ASSETS:
 Investments in Associated Organizations4,264,360
 Other Special Funds614,250
 Energy Right Program Loans4,245,820
 Prepaid Expense & Clearing Accts849,476
 Other Deferred Debits-
  Total Other Assets9,973,906
 
  Total Assets397,926,573

LIABILITIES AND NET WORTH

CURRENT LIABILITIES:
 Accounts Payable19,838,886
 Other Current Liabilities12,509,879
  Total Current Liabilities32,348,765
 
OTHER LIABILITIES:
 Energy Right Program Payable4,366,862
 Long-Term Debt & Post Retire Benefits152,665,097
  Total Other Liabilities157,031,959
 
CAPITAL INVESTMENTS:
 Memberships848,150
 
ACCUMULATED EARNINGS:
 Beginning of Year200,358,431
 Current Net Income7,339,268
 Total Earnings Reinvested in System Assets207,697,699
  Total Liabilities and Net Worth397,926,573
RECONCILIATION OF NET INCOME TO CASH EXPENDITURES FOR YEAR ENDED JUNE 30, 2021
Operating Revenue
 Sales of Electric Energy231,938,376
 Other Revenue8,080,523
  Total Operating Revenue240,018,899
OPERATING EXPENSES:
 Purchased Power176,139,589
 Distribution21,334,098
 Customer Accounting & Collecting4,345,108
 Administration & General9,733,106
 Depreciation & Amortization17,152,245
  Total Operating Expenses228,704,146
 
Operating Income11,314,753
 Misc. Income Deduction(18,070)
 Other Income - Interest638,867
 Other Expense - Interest(4,596,282)
  Net Income from Operations7,339,268
 
Investment in Electric Plant
 Year Ending June 30, 2021(18,018,638)
 Depreciation & Amortization - Net5,366,469
 Net Change in L.T. Debt18,093,318
 Net Change in Liabilities(1,344,715)
 Net Change in Assets(1,666,356)
 Net Change in Cash9,769,346

2020 Financial Statements

Balance Sheet For Year Ended June 30, 2020

ASSETS

FIXED ASSETS:
 Property, Plant and Equipment462,289,825
 Less A.D.(129,003,472)
  Total Fixed Assets333,286,353
 
CURRENT ASSETS:
 Cash7,434,459
 Accounts Receivable - Net11,291,590
 Materials & Supplies2,824,112
 Other Current Assets8,594,802
  Total Current Assets30,144,963
 
OTHER ASSETS:
 Investments in Associated Organizations4,103,558
 Other Special Funds488,178
 Energy Right Program Loans4,647,367
 Prepaid Expense & Clearing Accts814,430
 Other Deferred Debits353,854
  Total Other Assets10,407,387
 
  Total Assets373,838,703

LIABILITIES AND NET WORTH

CURRENT LIABILITIES:
 Accounts Payable22,263,067
 Other Current Liabilities11,225,268
  Total Current Liabilities33,488,335
 
OTHER LIABILITIES:
 Energy Right Program Payable4,799,816
 Long-Term Debt & Post Retire Benefits134,032,839
  Total Other Liabilities138,832,655
 
CAPITAL INVESTMENTS:
 Memberships839,130
 
ACCUMULATED EARNINGS:
 Beginning of Year194,799,731
 Current Net Income5,878,852
 Total Earnings Reinvested in System Assets200,678,583
  Total Liabilities and Net Worth373,838,703
RECONCILIATION OF NET INCOME TO CASH EXPENDITURES FOR YEAR ENDED JUNE 30, 2020
Operating Revenue
 Sales of Electric Energy230,644,556
 Other Revenue7,652,713
  Total Operating Revenue238,297,269
OPERATING EXPENSES:
 Purchased Power177,956,255
 Distribution20,187,267
 Customer Accounting & Collecting5,573,271
 Administration & General8,303,357
 Depreciation & Amortization16,451,046
  Total Operating Expenses228,471,196
 
Operating Income9,826,073
 Misc. Income Deduction(55,058)
 Other Income - Interest1,634,405
 Other Expense - Interest(5,526,568)
  Net Income from Operations5,878,852
 
Investment in Electric Plant
 Year Ending June 30, 2020(20,891,164)
 Depreciation & Amortization - Net6,701,386
 Net Change in L.T. Debt12,443,033
 Net Change in Liabilities(5,317,579)
 Net Change in Assets3,152,382
 Net Change in Cash1,966,910

2019 Financial Statements

Balance Sheet For Year Ended June 30, 2019

ASSETS

FIXED ASSETS:
 Property, Plant and Equipment441,400,088
 Less A.D.(122,302,086)
  Total Fixed Assets319,098,002
 
CURRENT ASSETS:
 Cash5,467,549
 Accounts Receivable - Net13,634,331
 Materials & Supplies2,861,484
 Other Current Assets9,232,006
  Total Current Assets31,195,430
 
OTHER ASSETS:
 Investments in Associated Organizations3,919,655
 Emergency Funds594,239
 Energy Right Program Loans5,162,763
 Prepaid Expense & Clearing Accts864,308
 Other Deferred Debits-  
  Total Other Assets10,540,965
 
  Total Assets360,834,397

LIABILITIES AND NET WORTH

CURRENT LIABILITIES:
 Accounts Payable21,460,135
 Other Current Liabilities16,967,396
  Total Current Liabilities38,427,531
 
OTHER LIABILITIES:
 Energy Right Program Payable5,311,230
 Long-Term Debt & Post Retire Benefits122,206,278
  Total Other Liabilities127,517,508
 
CAPITAL INVESTMENTS:
 Memberships828,430
 
ACCUMULATED EARNINGS:
 Beginning of Year188,734,200
 Current Net Income5,326,728
 Total Earnings Reinvested in System Assets194,060,928
  Total Liabilities and Net Worth360,834,397
RECONCILIATION OF NET INCOME TO CASH EXPENDITURES FOR YEAR ENDED JUNE 30, 2019
Operating Revenue
 Sales of Electric Energy241,063,716
 Other Revenue8,243,419
  Total Operating Revenue249,307,135
OPERATING EXPENSES:
 Purchased Power186,125,116
 Distribution19,935,935
 Customer Accounting & Collecting6,643,662
 Administration & General12,209,184
 Depreciation & Amortization15,559,854
  Total Operating Expenses240,473,751
 
Operating Income8,833,384
 Misc. Income Deduction(120,775)
 Other Income - Interest2,429,074
 Other Expense - Interest(5,814,955)
  Net Income from Operations5,326,728
 
Investment in Electric Plant
 Year Ending June 30, 2019(16,968,542)
 Depreciation & Amortization - Net7,193,100
 Net Change in L.T. Debt(8,192,282)
 Net Change in Liabilities7,905,747
 Net Change in Assets1,032,618
 Net Change in Cash(3,702,631)