Annual Report 2019: The Financials

Richal Vanhook Headshot

McNair, McLemore, Middlebrooks & Company, of Macon, Georgia, audited the Consolidated Financial Statements as of December 31, 2018 and 2017. The auditors have issued an unqualified opinion on those statements. The complete Independent Auditor’s Report is available for inspection at the cooperative’s headquarters office in Hillsborough, North Carolina.

The Consolidated Balance Sheets and Consolidated Statements of Operations contained in this report are derived from the audited financial statements and reflect a continued strong financial position.

 

Financial Report 2018

 

Until retired as capital credits, our 2018 total margins of $3,038,735 will be used to upgrade and expand Piedmont Electric Membership Corporation’s electric system to provide you, our members, with optimum service.

How Your Dollar is Spent 2018

CAPITAL CREDITS reflect each member’s ownership in Piedmont Electric. Any margins or revenues related to the sale of electric service remaining after all expenses have been paid are allocated to the co-op members in proportion to their electrical use. The allocation factor, which determines your share of the co-op’s margin for 2018, is 4.79%.

Example Allocation