Central Florida Electric Cooperative Inc
- Assets
- $223.8m
- Revenue
- $75.1m
- Investments
- $0.0
- Employees
- 126
- Location
- Chiefland, FL
- Founding
- 02/1943
- Data as of
- 12/2023
- 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 12/2023, Central Florida Electric Cooperative Inc employed 126 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 12/2023, Central Florida Electric Cooperative Inc generated $75.1m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 1.4% each year. All expenses for the organization totaled $73.8m during the year ending 12/2023. While expenses have increased by 1.8% per year over the past 9 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
2023
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 28,000 COOPERATIVE MEMBERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Houston Markam Trustee | Trustee | 8 | $15,200 |
Kyle Quincey Trustee | Trustee | 5 | $12,050 |
Tony Weeks Trustee | Trustee | 6 | $14,050 |
Donald Lane Trustee | Trustee | 10 | $11,600 |
Alan Mikell Trustee/secretary | OfficerTrustee | 7 | $23,750 |
Kenneth O'steen Trustee | Trustee | 4 | $14,100 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Musgrove Construction Inc Construction & Pole Replacements | 12/30/23 | $11,104,083 |
Bigham Cable Construction Inc Fiber Construction | 12/30/23 | $3,981,532 |
Conexon Llc Fiber System Design/ Project Mgmt | 12/30/23 | $2,903,806 |
Storm Services Llc Storm Restoration Services | 12/30/23 | $1,716,493 |
Baird Tree Company Inc Right Of Way Maintenance | 12/30/23 | $1,545,393 |
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 | $74,322,045 |
| Investment income | $656,132 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $90,429 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $75,068,606 |
| 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 | $1,046,905 |
| Compensation of current officers, directors, key employees. | $1,641,277 |
| 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 | $2,169,032 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $5,713,546 |
| Insurance | $0 |
| All other expenses | $3,205,005 |
| Total functional expenses | $73,789,133 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $710,334 |
| Savings and temporary cash investments | $1,037 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $8,320,976 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $6,909,226 |
| Prepaid expenses and deferred charges | $2,856,186 |
| Net Land, buildings, and equipment | $180,835,249 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $21,207,899 |
| Intangible assets | $0 |
| Other assets | $3,003,798 |
| Total assets | $223,844,705 |
| Accounts payable and accrued expenses | $14,746,264 |
| 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 | $127,617,041 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $18,077,735 |
| Total liabilities | $160,441,040 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $142,620 |
| Paid-in or capital surplus, or land, building, or equipment fund | $9,425 |
| Retained earnings, endowment, accumulated income, or other funds | $63,251,620 |
| Total liabilities and net assets/fund balances | $223,844,705 |