DEMEC Fiscal Year 2016 Annual Report and Financial Statements Now Available
DEMEC is proud to report on its financial performance for Fiscal Year 2016. DEMEC’s net position increased by $21.8 million in 2016, capping the third consecutive year of strong financial results.
Nearly $8 million was distributed to members during the year while wholesale rates continued on a downward trend to further benefit DEMEC members’ customers. President & CEO, Patrick E. McCullar, noted that, “the financial strength of the corporation is demonstrated by the stability of our credit ratings.”
DEMEC’s 2016 financial statements were audited by Baker Tilly Virchow Krause, LLP. In a report to the DEMEC Board of Directors on April 18, 2017, the independent audit team presented an unmodified opnion and affirmed that DEMEC’s internal controls are free of any material weaknesses or significant deficiencies.