Peace River Electric Cooperative Inc
- Assets
- $346.1m
- Revenue
- $140.4m
- Investments
- $0.0
- Employees
- 148
- Location
- Wauchula, FL
- Founding
- 02/1943
- Data as of
- 12/2022
- EIN
- 59-0395398
Organization Overview
Peace River Electric Cooperative Inc is located in Wauchula, 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 12/2022, Peace River Electric Cooperative Inc employed 148 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Peace River 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, Peace River Electric Cooperative Inc generated $140.4m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 5.3% each year. All expenses for the organization totaled $140.4m during the year ending 12/2022. While expenses have increased by 5.3% 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 OUR MEMBERS RELIABLE ELECTRIC SERVICE AND EXCELLENT CUSTOMER SERVICE AT AFFORDABLE RATES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDING ELECTRIC ENERGY TO OUR MEMBERS. 58,897 ACTIVE SERVICES AT YEAR END WERE PROVIDED ELECTRICITY ON A COOPERATIVE BASIS THROUGH THE ALLOCATION OF PATRONAGE CAPITAL.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Randall W Shaw General Mana | Officer | 50 | $363,072 |
Louise F Blackman VP - Member | 45 | $217,286 | |
A Tucker Lemley VP Finance & | 45 | $210,744 | |
Paul A Roberts VP Of Engine | 55 | $203,953 | |
Van Crawford VP Of Operat | 42 | $174,147 | |
Charlotte Heston VP Of Corpor | 41 | $149,992 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Georgia Right-of-way Tree Maintenanc | 12/30/22 | $4,437,619 |
Pike Electric Inc Utility Constru | 12/30/22 | $4,298,681 |
Stuart C Irby Co Utility Constru | 12/30/22 | $2,057,882 |
Midwestern Electrical Contractors Utility Constru | 12/30/22 | $1,370,985 |
Arkansas Electric Cooperatives Inc Utility Constru | 12/30/22 | $1,362,165 |
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 | $140,463,745 |
| Investment income | $62,553 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $23,200 |
| Net Gain/Loss on Asset Sales | -$180,908 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $140,368,590 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $20,000 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $7,840,177 |
| Compensation of current officers, directors, key employees. | $619,130 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,334,108 |
| 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 | $5,988,184 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $10,787,536 |
| Insurance | $0 |
| All other expenses | $2,369,219 |
| Total functional expenses | $140,368,590 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $7,871,599 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $28,351,187 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $16,220,398 |
| Prepaid expenses and deferred charges | $3,243,768 |
| Net Land, buildings, and equipment | $260,083,873 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $30,047,379 |
| Intangible assets | $0 |
| Other assets | $297,209 |
| Total assets | $346,115,413 |
| Accounts payable and accrued expenses | $22,481,406 |
| 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 | $179,482,538 |
| Unsecured mortgages and notes payable | $17,096,437 |
| Other liabilities | $14,673,981 |
| Total liabilities | $233,734,362 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $239,515 |
| Paid-in or capital surplus, or land, building, or equipment fund | $3,810,170 |
| Retained earnings, endowment, accumulated income, or other funds | $108,331,366 |
| Total liabilities and net assets/fund balances | $346,115,413 |