Gulf Coast Electric Coop Inc
- Assets
- $224.4m
- Revenue
- $58.9m
- Investments
- $24.0k
- Employees
- 102
- Location
- Wewahitchka, FL
- Founding
- 12/1958
- Data as of
- 12/2021
- EIN
- 59-0543772
Organization Overview
Gulf Coast Electric Coop Inc is located in Wewahitchka, FL. The organization was established in 1958. According to its NTEE Classification (Y22) the organization is classified as: Local Benevolent Life Insurance Associations, under the broad grouping of Mutual & Membership Benefit and related organizations. As of 12/2021, Gulf Coast Electric Coop Inc employed 102 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Gulf Coast Electric Coop 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, Gulf Coast Electric Coop Inc generated $58.9m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 2.9% each year. All expenses for the organization totaled $49.1m during the year ending 12/2021. While expenses have increased by 1.4% 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
PROVIDING ELECTRIC SALES TO MEMBERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDE ELECTRIC SERVICES TO MEMBERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
John M Bartley Jr CEO | Officer | 45 | $341,576 |
Leonard Hinson COO | Officer | 45 | $235,324 |
William Coatney Training COO | 40 | $116,150 | |
Donald W Goodson Board Direct | Trustee | 2.5 | $17,050 |
Edward W Jones Board Direct | Trustee | 2.5 | $17,000 |
Douglas C Birmingham President | OfficerTrustee | 2.5 | $14,950 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Mastec North America Inc Line Constructn | 12/30/21 | $3,693,956 |
Gds Associates Inc Consulting | 12/30/21 | $1,634,928 |
Dewberry Engineers Inc Consulting | 12/30/21 | $742,309 |
Mainline Construction Llc Line Constructn | 12/30/21 | $710,168 |
Lee Electrical Construction Inc Line Constructn | 12/30/21 | $1,598,866 |
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 | $58,431,973 |
| Investment income | $227,961 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $1,866 |
| Net Gain/Loss on Asset Sales | $43,660 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $170,505 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $58,878,465 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $22,674 |
| Grants and other assistance to domestic individuals. | $5,000 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $437,178 |
| Compensation of current officers, directors, key employees. | $790,983 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $517,817 |
| 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 | $4,963,927 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $6,117,343 |
| Insurance | $0 |
| All other expenses | $1,393,625 |
| Total functional expenses | $49,114,306 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,372,485 |
| Savings and temporary cash investments | $7,992,122 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $26,718,818 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $4,473,646 |
| Prepaid expenses and deferred charges | $3,736,695 |
| Net Land, buildings, and equipment | $150,856,382 |
| Investments—publicly traded securities | $2,383,666 |
| Investments—other securities | $24,000 |
| Investments—program-related | $26,807,805 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $224,365,619 |
| Accounts payable and accrued expenses | $6,004,010 |
| 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 | $123,909,519 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $24,837,181 |
| Total liabilities | $154,750,710 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $89,355 |
| Paid-in or capital surplus, or land, building, or equipment fund | $19,094,066 |
| Retained earnings, endowment, accumulated income, or other funds | $50,431,488 |
| Total liabilities and net assets/fund balances | $224,365,619 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Gulf Coast Electric Coop Inc has recieved totaling $122,154.
| Awarding Organization | Amount |
|---|---|
National Rural Utilities Cooperative Finance Corp Dulles, VA PURPOSE: INTEGRITY FUND - TERRITORY THREAT | $122,154 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Florida Keys Electric Cooperative Assn Inc Tavernier, FL | $200,443,071 | $95,142,745 |
Gulf Coast Electric Coop Inc Wewahitchka, FL | $224,365,619 | $58,878,465 |
Smarr Emc Tucker, GA | $71,741,134 | $49,681,647 |
Pioneer Electric Cooperative Inc Greenville, AL | $91,310,213 | $29,119,242 |
Talquin Water And Wastewater Inc Quincy, FL | $78,166,911 | $14,825,048 |
North Georgia Network Cooperative Inc Cornelia, GA | $3,041,928 | $3,287,743 |
Fairpoint Regional Utility System Inc Navarre, FL | $22,276,497 | $3,692,461 |
Mossy Head Water Works Defuniak Springs, FL | $7,679,548 | $1,340,525 |
Wrp Inc Destin, FL | $26,355,410 | $327,755 |
Sterrett-Vandiver Water System Inc Sterrett, AL | $2,343,775 | $716,706 |
Mcvay Water System Inc Jackson, AL | $239,190 | $332,298 |
St Stephens Water System St Stephens, AL | $1,644,729 | $203,264 |