Choctawhatchee Electric Cooperative Inc
- Assets
- $400.9m
- Revenue
- $149.2m
- Investments
- $0.0
- Employees
- 181
- Location
- Defuniak Springs, FL
- Founding
- 10/1943
- Data as of
- 12/2023
- 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 12/2023, Choctawhatchee Electric Cooperative Inc employed 181 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 12/2023, Choctawhatchee Electric Cooperative Inc generated $149.2m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 4.9% each year. All expenses for the organization totaled $141.9m during the year ending 12/2023. While expenses have increased by 4.8% 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
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 |
|---|---|---|---|
Gerald Edmondson President | OfficerTrustee | 6.5 | $15,200 |
Brady Bearden Vice President | OfficerTrustee | 5.53 | $23,750 |
Gayle Hughes Secretary/treasurer | OfficerTrustee | 3.96 | $16,625 |
Bert Prutzman Asst Secretary/treasurer | OfficerTrustee | 5.01 | $21,375 |
Mikel Lee Perry Trustee | Trustee | 2.08 | $12,350 |
Terry J Pilcher Trustee | Trustee | 8.4 | $31,350 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Southland Utility Services Inc Right Of Way And Underground Install | 12/30/23 | $7,059,019 |
Powergrid Distribution Services Llc Installation | 12/30/23 | $2,796,680 |
Lord And Son Construction Inc Construction | 12/30/23 | $1,994,114 |
Allegiant Utility Services Installation | 12/30/23 | $481,614 |
Baker Engineers Engineering | 12/30/23 | $405,165 |
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 | $148,425,231 |
| Investment income | $810,652 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $11,700 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $149,247,583 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $136,707 |
| Grants and other assistance to domestic individuals. | $6,000 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $2,177,246 |
| Compensation of current officers, directors, key employees. | $1,173,017 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $1,169,808 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $13,982 |
| Other employee benefits | $78,613 |
| Payroll taxes | $1,127,455 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $2,995 |
| 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 | $8,064,801 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $14,089,646 |
| Insurance | $0 |
| All other expenses | $1,487,116 |
| Total functional expenses | $141,860,887 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,791,787 |
| Savings and temporary cash investments | $11,226,562 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $13,494,476 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $23,299,014 |
| Prepaid expenses and deferred charges | $4,059,825 |
| Net Land, buildings, and equipment | $295,608,777 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $51,334,674 |
| Intangible assets | $0 |
| Other assets | $112,615 |
| Total assets | $400,927,730 |
| Accounts payable and accrued expenses | $9,837,450 |
| Grants payable | $0 |
| Deferred revenue | $12,297,329 |
| 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 | $217,376,245 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $32,383,401 |
| Total liabilities | $271,894,425 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $265,260 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $128,768,045 |
| Total liabilities and net assets/fund balances | $400,927,730 |
Grants Awarded
Over the last fiscal year, Choctawhatchee Electric Cooperative Inc has awarded $17,367 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
TRI COUNTY COMMUNITY COUNCIL PURPOSE: SEE PART IV | $11,367 |
WALTON EDUCATION FOUNDATION PURPOSE: CLASSROOM GRANTS AND TAKE STOCK IN CHILDREN SCHOLARSHIP FUNDS | $6,000 |