McNair, McLemore, Middlebrooks & Company, of Macon, Ga., audited the Consolidated Financial Statements as of December 31, 2020 and 2019. 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, N.C.
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. Until retired as capital credits, our 2020 total margins of $3,522,483 will be used to upgrade and expand Piedmont Electric’s system to provide you, our members, with optimum service.
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 total bills. The allocation factor, which determines your share of the co-op’s margin for 2020, is 5.45%. For example, if your total bills excluding sales tax are $500, your capital credit allocation will be $27.25.