Annual Report: Financials

Richal Vanhook

McNair, McLemore, Middlebrooks & Company, of Macon, Georgia, audited the Consolidated Financial Statements as of December 31, 2016 and 2015. 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.

2016 and 2015 Balance Sheet

Until retired as capital credits, our 2016 total margins of $3,584,170 will be used to upgrade and expand Piedmont Electric’s electric system to provide you, our members, with optimum service.

How a dollar is spent

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 2016.

Year 2016 Capital Credits Allocation Percentage: 5.924%. Excluding sales tax, if your total bills Are $500, your capital credit allocation will be $29.62. Excluding sales tax, if your total bills are $1,000, your capital credit allocation will be $59.24.

 

Read the full 2016 Annual Report.