Choctawhatchee Electric Cooperative Inc
- Assets
- $360.9m
- Revenue
- $124.3m
- Investments
- $0.0
- Employees
- 182
- Location
- Defuniak Springs, FL
- Founding
- 10/1943
- Data as of
- 12/2021
- EIN
- 59-0192831
Organization Overview
Choctawhatchee Electric Cooperative Inc is located in Defuniak Springs, FL. The organization was established in 1943. According to its NTEE Classification (W80) the organization is classified as: Public Utilities, under the broad grouping of Public & Societal Benefit and related organizations. As of 12/2021, Choctawhatchee Electric Cooperative Inc employed 182 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Choctawhatchee Electric Cooperative Inc is a 501(c)(12) and as such, is described as a "Benevolent Life Insurance Association, Mutual Ditch or Irrigation Company, Mutual or Cooperative Telephone Company" by the IRS.
For the year ending 12/2021, Choctawhatchee Electric Cooperative Inc generated $124.3m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 3.6% each year. All expenses for the organization totaled $117.6m during the year ending 12/2021. While expenses have increased by 3.5% per year over the past 7 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
PROVIDE ELECTRIC SERVICE TO MEMBERS IN PARTS OF HOLMES, OKALOOSA, SANTA ROSA, & WALTON COUNTIES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO PROVIDE ELECTRIC SERVICE TO MEMBERS IN PARTS OF HOLMES, OKALOOSA, SANTA ROSA, AND WALTON COUNTIES.
N/A
N/A
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Stephen T Rhodes Chief Executive Officer | Officer | 55 | $397,747 |
Jonathan M Avery Senior VP Of E&o | 50 | $191,551 | |
Franklin Scott Seay VP Of Administration | 45 | $169,013 | |
Robin C Shaw VP Of Finance | Officer | 50 | $153,033 |
Emily E Cowan VP Of Member Svcs | 50 | $150,545 | |
Larry Tankersly Manager Of Operations | 50 | $141,104 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Baker Engineers Engineering | 12/30/21 | $539,965 |
Emerald Transformer Maintenance | 12/30/21 | $265,940 |
Lord And Son Construction Inc Construction | 12/30/21 | $6,920,739 |
Southland Utility Services Inc Right Of Way And Underground Install | 12/30/21 | $4,920,404 |
Volt Power Installation | 12/30/21 | $2,031,266 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $124,210,688 |
| Investment income | $63,816 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $124,274,504 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $60,591 |
| Grants and other assistance to domestic individuals. | $7,000 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $2,872,797 |
| Compensation of current officers, directors, key employees. | $1,056,979 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,053,564 |
| Pension plan accruals and contributions | $14,910 |
| Other employee benefits | $86,532 |
| Payroll taxes | $912,737 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $4,445,341 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $12,050,552 |
| Insurance | $0 |
| All other expenses | $1,413,184 |
| Total functional expenses | $117,642,223 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $3,141,175 |
| Savings and temporary cash investments | $14,740,054 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $10,747,324 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $11,313,554 |
| Prepaid expenses and deferred charges | $5,142,868 |
| Net Land, buildings, and equipment | $268,532,601 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $47,115,666 |
| Intangible assets | $320 |
| Other assets | $158,313 |
| Total assets | $360,891,875 |
| Accounts payable and accrued expenses | $39,605,451 |
| Grants payable | $0 |
| Deferred revenue | $12,000,383 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $187,483,124 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $8,559,181 |
| Total liabilities | $247,648,139 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $247,210 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $112,996,526 |
| Total liabilities and net assets/fund balances | $360,891,875 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Powersouth Energy Cooperative Andalusia, AL | $2,439,100,863 | $643,376,000 |
Jackson Electric Membership Corp Jefferson, GA | $1,224,303,203 | $616,720,445 |
Lee County Electric Cooperative Inc North Fort Myers, FL | $850,449,864 | $497,387,726 |
Withlacoochee River Electric Cooperative Inc Dade City, FL | $1,217,179,383 | $476,736,829 |
Cobb Electric Membership Corporation Marietta, GA | $1,101,529,853 | $448,648,839 |
Sumter Electric Cooperative Inc Sumterville, FL | $962,585,573 | $440,111,118 |
Sawnee Electric Membership Corp Cumming, GA | $881,772,713 | $421,763,531 |
Georgia Transmission Corporation Tucker, GA | $2,954,026,800 | $380,617,270 |
Clay Electric Cooperative Inc Keystone Heights, FL | $801,967,548 | $374,561,378 |
Walton Emc Monroe, GA | $527,402,332 | $323,280,272 |
Greystone Power Corporation An Electric Membership Corporation Douglasville, GA | $623,308,885 | $319,065,747 |
Flint Electric Membership Corporation Reynolds, GA | $439,600,941 | $250,834,907 |