Registration for the meeting is now closed.
Welcome to the homepage for our 2024 Annual Business Meeting.
Cooperative Report video edited by Noah Crump. NGEMC Theme by Connor Priest.
2024 Annual Report
2024 Financial Statements (Audited)
Accordion
Balance Sheet
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ASSETS |
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| FIXED ASSETS: | |||
| Property, Plant and Equipment | 559,174,689 | ||
| Less Accumulated Depreciation | (157,353,846) | ||
| Total Fixed Assets | 401,820,843 | ||
| CURRENT ASSETS: | |||
| Cash | 2,024,906 | ||
| Accounts Receivable – Net | 14,294,538 | ||
| Materials & Supplies | 5,476,272 | ||
| Other Current Assets | 12,125,336 | ||
| Total Current Assets | 33,921,052 | ||
| OTHER ASSETS: | |||
| Investments in Associated Organizations | 5,584,135 | ||
| Emergency Funds | 744,578 | ||
| Energy Right Program Loans | 3,876,807 | ||
| Prepaid Expense & Clearing Accts | 1,552,315 | ||
| Other Deferred Debits | 454,345 | ||
| Total Other Assets | 12,212,180 | ||
| Total Assets | 447,954,075 | ||
LIABILITIES AND NET WORTH |
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| CURRENT LIABILITIES: | |||
| Accounts Payable | 25,494,859 | ||
| Other Current Liabilities | 13,175,113 | ||
| Total Current Liabilities | 38,669,972 | ||
| OTHER LIABILITIES: | |||
| Energy Right Program Payable | 3,973,018 | ||
| Long-Term Debt & Post Retire Benefits | 184,232,481 | ||
| Total Other Liabilities | 188,205,499 | ||
| CAPITAL INVESTMENTS: | |||
| Memberships | 869,830 | ||
| ACCUMULATED EARNINGS: | |||
| Beginning of Year | 217,028,442 | ||
| Current Net Income | 3,180,332 | ||
| Total Earnings Reinvested in System Assets | 220,208,774 | ||
| Total Liabilities and Net Worth | 447,954,075 |
Reconciliation Statement
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| Operating Revenue | |||
| Sales of Electric Energy | 259,944,492 | ||
| Other Revenue | 9,371,826 | ||
| Total Operating Revenue | 269,316,318 | ||
| OPERATING EXPENSES: | |||
| Purchased Power | 200,427,656 | ||
| Distribution | 24,895,161 | ||
| Customer Accounting & Collecting | 6,679,965 | ||
| Administration & General | 10,389,328 | ||
| Depreciation & Amortization | 19,301,399 | ||
| Total Operating Expenses | 261,693,509 | ||
| Operating Income | 7,622,809 | ||
| Misc. Income Deduction | (127,696) | ||
| Other Income – Interest | 1,700,655 | ||
| Other Expense – Interest | (6,015,436) | ||
| Net Income from Operations | 3,180,332 | ||
| Investment in Electric Plant | |||
| Year Ending June 30, 2024 | (37,353,485) | ||
| Depreciation & Amortization – Net | 9,402,527 | ||
| Net Change in Long Term Debt | 26,414,008 | ||
| Net Change in Liabilities | 4,636,328 | ||
| Net Change in Assets | (6,800,893) | ||
| Net Change in Cash | (521,183) |
2023 NGEMC Annual Meeting Minutes
Mr. Ted Clark, Chairman of the Cooperative, called the 2023 Annual Meeting of North Georgia Electric Membership Corporation to order and welcomed everyone to the meeting. Mr. Clark then introduced Mr. Lane Tow, NGEMC employee, who led the invocation. The presentation of colors was conducted by Lakeview-Fort Oglethorpe JROTC, the Pledge of Allegiance was led by local sheriff deputies and the national anthem was performed by Connor Priest.
Mr. Henry Tharpe, Attorney for North Georgia EMC, read the proof of notice of the 2023 Annual Meeting of the Members. Mr. Tharpe stated that Georgia Magazine, which included the official notification of the 2023 Annual Meeting of the Members, had been sent to all members of record as of June 2, 2023, and magazines had been presented this day to comply with the Bylaws stating that notification must be deposited with the United States Postal Service. Mr. Tharpe then declared the Annual Meeting of the Members lawfully convened.
Mr. Tharpe then informed the members that the 2022 Annual Meeting minutes were printed in the July 2023 Georgia Magazine. Mr. Tharpe asked if any corrections or additions should be made to the minutes. Hearing none, the 2022 minutes stood approved as presented.
Mr. Tharpe stated the next order of business would be the election of Directors from District 1 and District 3. Mr. Tharpe reviewed the procedures to be followed in the election of Directors, stating there are two ways to nominate a candidate: (1) nominations by petition signed by fifty or more members of the county to be elected; and (2) nominations by Nominating Committee.
The Nominating Committee candidates included Ms. Denia Reese from District 1 and Mr. Mark Thomas from District 3.
Mr. Tharpe informed the members that no candidate by petition was received. Therefore, Ms. Denia Reese and Mr. Mark Thomas were recommended as Directors. Mr. Tharpe asked for a motion from the floor that these nominees be approved as Directors to serve for a term of three years. A motion was made, seconded and passed with no dissenting votes. Mr. Tharpe then declared Ms. Denia Reese and Mr. Mark Thomas to be duly elected directors. Mr. Tharpe then turned the meeting over to Ms. Kathryn West.
Ms. West introduced Mr. David Craig and Mr. Lane Tow, both employees of North Georgia EMC. Mr. Craig and Mr. Tow presented information regarding outage restoration, safety equipment and restoration times. Afterward, the meeting was once again turned over to Ms. West.
Ms. West gave her President’s Report, which recognized North Georgia EMC employees for their service and the Cooperative’s commitment to moving forward. Ms. West then highlighted the challenges faced by the Cooperative due to rising costs, resulting in NGEMC’s first rate increase in six years.
The CEO thanked the members for attending the 87th Annual Membership Meeting and expressed appreciation to the Board of Directors and employees of North Georgia EMC for their dedication to each member of the Cooperative. Ms. West turned the meeting over to Mr. Brent Newton.
Mr. Newton reviewed the drawing process for the retired fleet vehicle and Mr. Clark announced the winner. There being no further business, Ms. West then declared the meeting adjourned.
Bill Credit Drawing Winners
The members listed below have been selected in our 2024 drawing for bill credits. All members who registered for the 2024 Annual Meeting were entered in the prize drawing.
Winners will also be contacted directly, and the one-time $100 credit will automatically be applied to their account.
| T. Patton | W. Crosswhite |
| S. Little | E. Anaya |
| J. Harvey | L. Sommers |
| S. Boone | A. Ramsey |
| R. Bruyette | P. Rice |
| J. Evans | L. Whaley |
| L. Ledford | J. Mixer |
| C. Brown | J. Craig |
| M. Perkins | M. Smith |
| C. Beals | T. Dunn |
| S. Bennett | S. Sanchez |
| M. Pangle | B. Maton |
| N. Smith | C. Claridy |
| A. Phillips | A. Mann |
| J. Damasch | B. Sutton |
| P. Taylor | N. Adams |
| A. Newcomb | M. Ryan |
| C. Jeffery | B. Holcomb |
| M. Dean | H. Sanford |
| A. Diehl | S. Roberts |
| S. Carter | J. Shipley |
| R. Ford | C. Alvarado |
| C. Crawford | P. Webb |
| M. Duke | J. Hernandez |
| C. Palacios | T. West |
| S. Brackner | A. Rojo |
| L. Watson | J. Janson |
| M. Burns | C. Barlow |
| S. Winter | T. Massingill |
| D. Trowell | A. Erwin |
| M. Boswell | A. Jones |
| C. Brooks | V. Day |
| M. Daugherty | A. Ward |
| J. Goodman | J. Wilbanks |
| E. Grigsby | R. Howard |
| P. Roark | T. Coleman |
| L. Kelley | B. Correll |
| L. Hughes |
