Glades Electric Cooperative Inc
- Assets
- $177.9m
- Revenue
- $56.6m
- Investments
- $381.4k
- Employees
- 80
- Location
- Moore Haven, FL
- Founding
- 08/1949
- Data as of
- 12/2022
- EIN
- 59-0538145
Organization Overview
Glades Electric Cooperative Inc is located in Moore Haven, FL. The organization was established in 1949. 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 12/2022, Glades Electric Cooperative Inc employed 80 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Glades 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 12/2022, Glades Electric Cooperative Inc generated $56.6m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 1.9% each year. All expenses for the organization totaled $56.4m during the year ending 12/2022. While expenses have increased by 1.8% per year over the past 8 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE EXCEPTIONAL SERVICE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
UTILIZING 2,627 MILES OF ELECTRIC DISTRIBUTION AND TRANSMISSION LINES, GLADES ELECTRIC COOPERATIVE, INC. PROVIDED ELECTRICITY TO APPROXIMATELY 17,664 RESIDENTIAL, COMMERCIAL AND INDUSTRIAL ACCOUNTS LOCATED IN SOUTH FLORIDA.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jeffery R Brewington CEO | Officer | 60 | $419,246 |
Travis Turner Chief Operat | Officer | 60 | $192,801 |
Jennifer Manning Chief Financ | Officer | 50 | $153,625 |
Jesse Wallace Chief Techno | Officer | 50 | $166,710 |
Willie Ward Lead Lineman | 50 | $135,903 | |
Tony Cunningham Lead Lineman | 48 | $120,312 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
The Davey Tree Expert Company Row Trimming | 12/30/22 | $3,297,054 |
Pike Electric Llc Powerline Const | 12/30/22 | $4,991,168 |
Stanley Utility Contractor Llc Boring Company | 12/30/22 | $342,104 |
Scotts Commercial Contracting Llc Boring Company | 12/30/22 | $383,306 |
Scott Safety Llc Flagging | 12/30/22 | $127,777 |
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 | $56,841,905 |
| Investment income | $101,654 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $137,584 |
| Net Gain/Loss on Asset Sales | -$459,162 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $56,574,732 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $3,374,286 |
| Compensation of current officers, directors, key employees. | $1,786,266 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $842,145 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| 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 | $3,917,250 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $4,351,290 |
| Insurance | $0 |
| All other expenses | $2,445,478 |
| Total functional expenses | $56,375,982 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $408,366 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $7,001,894 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $500,760 |
| Prepaid expenses and deferred charges | $2,446,615 |
| Net Land, buildings, and equipment | $147,887,962 |
| Investments—publicly traded securities | $3,422,402 |
| Investments—other securities | $381,418 |
| Investments—program-related | $15,803,583 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $177,853,000 |
| Accounts payable and accrued expenses | $7,979,550 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| 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 | $107,774,540 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $3,720,957 |
| Total liabilities | $119,475,047 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $58,377,953 |
| Total liabilities and net assets/fund balances | $177,853,000 |