McNair, McLemore, Middlebrooks & Company, of Macon, Georgia, audited the Consolidated Financial Statements as of December 31, 2017 and 2016. 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.
Until retired as capital credits, our 2017 total margins of $3,808,850 will be used to upgrade and expand Piedmont Electric Membership Corporation’s electric 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 electrical use. Below is the allocation, which determines your share of the co-op’s margin for 2017.
Read the full 2017 Annual Report.