Gulf Coast Electric Coop Inc
- Assets
- $234.1m
- Revenue
- $58.6m
- Investments
- $24.0k
- Employees
- 109
- Location
- Wewahitchka, FL
- Founding
- 12/1958
- Data as of
- 12/2022
- 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 12/2022, Gulf Coast Electric Coop Inc employed 109 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 12/2022, Gulf Coast Electric Coop Inc generated $58.6m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 2.5% each year. All expenses for the organization totaled $55.1m during the year ending 12/2022. While expenses have increased by 2.7% 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
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 |
|---|---|---|---|
Jimmy F Black Jr President | OfficerTrustee | 2.5 | $13,900 |
Donald W Goodson Vice Preside | OfficerTrustee | 2.5 | $16,350 |
Betty J Moore Secretary | OfficerTrustee | 2.5 | $14,250 |
Douglas C Birmingham Treasurer | OfficerTrustee | 2.5 | $15,300 |
Edward W Jones Board Direct | Trustee | 2.5 | $19,100 |
Rupert L Brown Board Direct | Trustee | 2.5 | $17,750 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Mastec North America Inc Line Constructn | 12/30/22 | $3,010,685 |
Lee Electrical Construction Inc Line Constructn | 12/30/22 | $1,125,548 |
Compass Building Services Llc Office Constrct | 12/30/22 | $998,231 |
Gds Associates Inc Consulting | 12/30/22 | $951,861 |
Dewberry Engineers Inc Consulting | 12/30/22 | $725,997 |
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 | $58,049,292 |
| Investment income | $272,966 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $2,342 |
| Net Gain/Loss on Asset Sales | $36,555 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $266,929 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $58,628,084 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $27,494 |
| Grants and other assistance to domestic individuals. | $1,000 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $485,161 |
| Compensation of current officers, directors, key employees. | $747,026 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $920,171 |
| 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 | $4,819,491 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $6,467,317 |
| Insurance | $0 |
| All other expenses | $1,584,430 |
| Total functional expenses | $55,115,909 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,174,025 |
| Savings and temporary cash investments | $9,813,096 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $19,613,705 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $8,804,027 |
| Prepaid expenses and deferred charges | $2,977,166 |
| Net Land, buildings, and equipment | $161,853,768 |
| Investments—publicly traded securities | $2,189,424 |
| Investments—other securities | $24,000 |
| Investments—program-related | $27,700,120 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $234,149,331 |
| Accounts payable and accrued expenses | $8,073,541 |
| 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 | $127,818,623 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $25,138,961 |
| Total liabilities | $161,031,125 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $91,530 |
| Paid-in or capital surplus, or land, building, or equipment fund | $20,170,458 |
| Retained earnings, endowment, accumulated income, or other funds | $52,856,218 |
| Total liabilities and net assets/fund balances | $234,149,331 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Florida Keys Electric Cooperative Assn Inc Tavernier, FL | $222,888,499 | $102,799,205 |
Smarr Emc Tucker, GA | $81,159,667 | $98,894,071 |
Gulf Coast Electric Coop Inc Wewahitchka, FL | $234,149,331 | $58,628,084 |
Pioneer Electric Cooperative Inc Greenville, AL | $88,712,386 | $32,980,000 |
Talquin Water And Wastewater Inc Quincy, FL | $80,698,020 | $15,566,228 |
North Georgia Network Cooperative Inc Cornelia, GA | $3,125,516 | $3,437,461 |
Fairpoint Regional Utility System Inc Navarre, FL | $23,087,653 | $3,879,888 |
Mossy Head Water Works Defuniak Springs, FL | $7,861,673 | $1,442,101 |
Wrp Inc Destin, FL | $24,061,011 | $294,303 |
Sterrett-Vandiver Water System Inc Sterrett, AL | $2,343,775 | $716,706 |
St Stephens Water System St Stephens, AL | $1,715,705 | $234,323 |
Mountain Lakes Water & Sewer Authority Inc Dawsonville, GA | $810,422 | $167,570 |
Indiantown Citrus Growers Association Inc Boca Raton, FL | $1,388,540 | $142,366 |
Mcvay Water System Inc Jackson, AL | $1,913 | $0 |
South Dunnellon Water Association Inc Dunnellon, FL | $236,299 | $0 |
Woneta Family Reunion Corp marietta, GA | $6,700 | $0 |