2022 Cooperative Report

NGEMC's report on the condition of the cooperative as of the Fiscal Year ending June 30, 2022.

The financial reports shown were prepared by the staff of NGEMC. These reports reflect the preliminary operating results of our 2021-2022 fiscal year as of June 30, 2022. The results of our fiscal year are currently under audit by the Certified Public Accountant firm of Jackson Thornton CPAs & Consultants. 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.

 

Previous Report Videos

2021 NGEMC Annual Meeting

2020 NGEMC Annual Meeting

2019 Annual Report

2018 Annual Report

Financial Reports

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)

2018 Financial Statements

Balance Sheet For Year Ended June 30, 2018

ASSETS

FIXED ASSETS:
 Property, Plant and Equipment424,432,974
 Less A.D.(115,108,986)
  Total Fixed Assets309,323,988
 
CURRENT ASSETS:
 Cash9,170,180
 Accounts Receivable - Net13,858,962
 Materials & Supplies2,810,368
 Other Current Assets9,790,856
  Total Current Assets35,630,366
 
OTHER ASSETS:
 Investments in Associated Organizations3,748,777
 Emergency Funds668,026
 Energy Right Program Loans5,587,838
 Prepaid Expense & Clearing Accts835,209
 Other Deferred Debits-  
  Total Other Assets10,839,850
 
  Total Assets355,794,204

LIABILITIES AND NET WORTH

CURRENT LIABILITIES:
 Accounts Payable18,137,740
 Other Current Liabilities11,035,404
  Total Current Liabilities29,173,144
 
OTHER LIABILITIES:
 Energy Right Program Payable5,758,964
 Long-Term Debt & Post Retire Benefits140,192,549
  Total Other Liabilities145,951,513
 
CAPITAL INVESTMENTS:
 Memberships821,160
 
ACCUMULATED EARNINGS:
 Beginning of Year172,914,156
 Current Net Income6,934,231
 Total Earnings Reinvested in System Assets179,848,387
  Total Liabilities and Net Worth355,794,204
RECONCILIATION OF NET INCOME TO CASH EXPENDITURES FOR YEAR ENDED JUNE 30, 2018
Operating Revenue
 Sales of Electric Energy239,310,241
 Other Revenue8,073,131
  Total Operating Revenue247,383,372
 
OPERATING EXPENSES:
 Purchased Power185,243,302
 Distribution21,441,809
 Customer Accounting & Collecting5,452,569
 Administration & General9,807,914
 Depreciation & Amortization14,944,212
  Total Operating Expenses236,889,806
 
Operating Income10,493,566
 Misc. Income Deduction14,418
 Other Income - Interest2,561,046
 Other Expense - Interest(6,134,799)
  Net Income from Operations6,934,231
 
Investment in Electric Plant
 Year Ending June 30, 2018(15,342,072)
 Depreciation & Amortization - Net5,073,228
 Net Change in L.T. Debt(3,027,559)
 Net Change in Liabilities(2,291,977)
 Net Change in Assets13,454,359
 Net Change in Cash4,800,210

2017 Financial Statements

Balance Sheet For Year Ended June 30, 2017

ASSETS

FIXED ASSETS:
 Property, Plant and Equipment409,092,329
 Less A.D.(110,035,758)
  Total Fixed Assets299,056,571
 
CURRENT ASSETS:
 Cash4,369,969
 Accounts Receivable - Net12,252,721
 Materials & Supplies2,437,506
 Other Current Assets9,297,287
  Total Current Assets28,357,483
 
OTHER ASSETS:
 Investments in Associated Organizations3,639,083
 Emergency Funds16,726,023
 Energy Right Program Loans6,006,066
 Prepaid Expense & Clearing Accts394,284
 Other Deferred Debits-  
  Total Other Assets26,765,456
 
  Total Assets354,179,510

LIABILITIES AND NET WORTH

CURRENT LIABILITIES:
 Accounts Payable19,831,622
 Other Current Liabilities10,456,659
  Total Current Liabilities30,288,281
 
OTHER LIABILITIES:
 Energy Right Program Payable6,118,766
 Long-Term Debt & Post Retire Benefits151,834,591
  Total Other Liabilities157,953,357
 
CAPITAL INVESTMENTS:
 Memberships816,180
 
ACCUMULATED EARNINGS:
 Beginning of Year161,111,565
 Current Net Income4,010,127
 Total Earnings Reinvested in System Assets165,121,692
  Total Liabilities and Net Worth354,179,510
RECONCILIATION OF NET INCOME TO CASH EXPENDITURES FOR YEAR ENDED JUNE 30, 2017
Operating Revenue
 Sales of Electric Energy233,850,406
 Other Revenue7,693,229
  Total Operating Revenue241,543,635
 
OPERATING EXPENSES:
 Purchased Power183,222,540
 Distribution21,559,892
 Customer Accounting & Collecting5,448,233
 Administration & General9,054,303
 Depreciation & Amortization14,417,868
  Total Operating Expenses233,702,836
 
Operating Income7,840,799
 Misc. Income Deduction(37,429)
 Other Income - Interest2,539,370
 Other Expense - Interest(6,332,613)
  Net Income from Operations4,010,127
 
Investment in Electric Plant
 Year Ending June 30, 2017(14,491,079)
 Depreciation & Amortization - Net2,581,593
 Net Change in L.T. Debt(8,050,121)
 Net Change in Liabilities6,453,868
 Net Change in Assets8,848,997
 Net Change in Cash(646,615)