70 YEARS OF SERVICE - Mecklenburg Electric Cooperative

TREASURER’S
REPORT
It is my pleasure to present to you the
Treasurer's Report. As you can see, the
financial statements for the fiscal year
ending December 31, 2007, reflect the
sound status of Mecklenburg Electric
Cooperative.
The Cooperative retains the service of
Goodman & Company, L.L.P., certified
public accountants, to perform an audit of
the corporation’s accounting records. This
audit includes an examination of the
Cooperative’s balance sheets, statements
of revenue and expenses, and remarks
concerning each.
The figures presented in this report are
from the audit report and represent the
consolidated balance sheet. Copies
of the complete audit are on file at the
Cooperative’s office for your review.
This will be my last Treasurer's Report
to you as I am retiring from the board of
directors this year. The opportunity I have
had to serve on the board has been a
rewarding experience. I have gained an
abundance of knowledge pertaining to the
electric industry, MEC, and cooperatives
in general. I have served you with sincere
dedication, and I thank all of you who
made this experience possible.
May God continue to bless
Mecklenburg Electric Cooperative and
the United States of America.
70YEARS of Service
ASSETS
UTILITY PLANT
Electric Plant in Service (at cost) $125,218,902
Construction Work-in-Progress 4,868,215
Less Accumulated Provision for Depreciation (40,105,907)
UTILITY PLANT – NET 89,981,210
INVESTMENTS AND OTHER ASSETS (at cost)
Investments in Associated Organizations 17,738,205
Investments in Economic Development (less current portion) 423,125
Other Investments 1,052,640
TOTAL INVESTMENTS AND OTHER ASSETS 19,213,970
CURRENT ASSETS
Cash and Cash Equivalents 7,929,041
Accounts Receivable 2,961,497
Other Accounts Receivable 590,345
Investments in Economic Development (current portion) 39,504
Materials & Supplies 1,398,799
Other Current Assets 248,012
TOTAL CURRENT ASSETS 13,167,198
DEFERRED DEBITS 1,044,122
TOTAL ASSETS & OTHER DEBITS $123,406,500
LIABILITIES AND EQUITIES
EQUITIES
Patronage Capital $41,568,343
Other Equities 4,460,972
TOTAL EQUITIES 46,029,315
NONCURRENT LIABILITIES
Long-term Debt (less current portion) 64,706,165
Other Noncurrent Liabilities 2,560,604
TOTAL NONCURRENT LIABILITIES 67,266,769
Henrietta J. Coleman
CURRENT LIABILITIES
Long-term Debt (current portion) 2,350,816
Accounts Payable 4,742,078
Consumer Deposits 1,630,092
Accrued Taxes 176,361
Other Current and Accrued Liabilities 1,066,452
TOTAL CURRENT LIABILITIES 9,965,799
DEFERRED CREDITS 144,617
TOTAL LIABILITIES AND EQUITIES $123,406,500
For the year ending December 31, 2007
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