Central Florida Electric Cooperative Inc
- Assets
- $145.9m
- Revenue
- $67.3m
- Investments
- $0.0
- Employees
- 109
- Location
- Chiefland, FL
- Founding
- 02/1943
- Data as of
- 12/2021
- EIN
- 59-0188973
Organization Overview
Central Florida Electric Cooperative Inc is located in Chiefland, 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, Central Florida Electric Cooperative Inc employed 109 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Central Florida 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, Central Florida Electric Cooperative Inc generated $67.3m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 0.3% each year. All expenses for the organization totaled $67.2m during the year ending 12/2021. While expenses have increased by 1.0% 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
SEE SCHEDULE O
Describe the Organization's Program Activity:
Part 3 - Line 4a
SALE OF ELECTRICITY TO APPROXIMATELY 27,000+ COOPERATIVE MEMBERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Joel D George Executive Vp/general Manag | Officer | 40 | $253,223 |
Kimberly Baxley Vp, Human Resources | Officer | 40 | $155,032 |
Robert D Krefting VP Finance And Accounting | Officer | 40 | $152,897 |
Klint Wood Line Technician | 49 | $143,720 | |
Travis Smith Line Technician | 49 | $132,905 | |
George Buckner Chief Information Officer | Officer | 40 | $124,841 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Musgrove Construction Inc Pole Replacements | 12/30/21 | $1,539,343 |
Baird Tree Company Inc Right Of Way Maintenance | 12/30/21 | $1,023,407 |
The Davey Tree Experts Co Right Of Way Maintenance | 12/30/21 | $792,605 |
Sedcmeridian Software And Support | 12/30/21 | $542,304 |
Burford's Tree Surgeons Inc Right Of Way Maintenance | 12/30/21 | $609,101 |
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 | $67,056,152 |
| Investment income | $43,234 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $242,762 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $67,342,148 |
| 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 | $1,262,148 |
| Compensation of current officers, directors, key employees. | $1,264,031 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| 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 | $2,112,474 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $4,951,824 |
| Insurance | $0 |
| All other expenses | $3,479,559 |
| Total functional expenses | $67,197,098 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,942,788 |
| Savings and temporary cash investments | $1,033 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $5,444,461 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $1,683,150 |
| Prepaid expenses and deferred charges | $496,716 |
| Net Land, buildings, and equipment | $117,968,637 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $18,376,660 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $145,913,445 |
| Accounts payable and accrued expenses | $9,377,756 |
| Grants payable | $0 |
| Deferred revenue | $3,257,612 |
| 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 | $60,396,925 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $16,653,403 |
| Total liabilities | $89,685,696 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $137,350 |
| Paid-in or capital surplus, or land, building, or equipment fund | $9,425 |
| Retained earnings, endowment, accumulated income, or other funds | $56,080,974 |
| Total liabilities and net assets/fund balances | $145,913,445 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Satilla Rural Electric Membership Corp Alma, GA | $268,716,625 | $122,190,964 |
Diverse Power Incorporated Lagrange, GA | $239,882,222 | $117,829,336 |
Choctawhatchee Electric Cooperative Inc Defuniak Springs, FL | $360,891,875 | $124,274,504 |
Blue Ridge Mountain Electric Membership Corp 101-10 Irc Young Harris, GA | $245,553,260 | $112,097,199 |
Peace River Electric Cooperative Inc Wauchula, FL | $298,485,094 | $110,943,049 |
Amicalola Electric Membership Corp Jasper, GA | $201,848,786 | $100,500,156 |
Central Alabama Electric Cooperative Prattville, AL | $339,092,082 | $97,489,806 |
Institute Of Nuclear Power Operations Atlanta, GA | $114,402,885 | $104,860,180 |
Hart Electric Membership Corp Hartwell, GA | $227,728,767 | $84,026,536 |
Georgia System Operations Corporation Tucker, GA | $29,189,224 | $80,847,817 |
Okefenoke Rural Electric Membership Corporation Nahunta, GA | $179,241,963 | $74,995,263 |
Sand Mountain Electric Cooperative Rainsville, AL | $117,656,125 | $77,979,953 |