You also receive a monthly magazine, the Carolina Country . This statewide publication is the voice of the North Carolina electric cooperatives. Wake Electric employs 89 people. James E. Mangum Jr. is the cooperative's general manager . The cooperative, owned and controlled by its users, is operated on a nonprofit basis.
Money left after all expenses are paid is called margins.
Other corporations call this money profit. Margins in cooperatives are assigned to a special capital credit account. Each Wake Electric consumer-member has a capital credit account. As capital credits accumulate, the cooperative retains the amount needed for financial strength. Capital credits are periodically refunded to members when the financial condition of the cooperative permits, as determined by the board of directors.