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Nonprofiteer
← CHOCTAWHATCHEE ELECTRIC COOPERATIVE INC

Form 990 for tax year 2022

Filed by CHOCTAWHATCHEE ELECTRIC COOPERATIVE INC.

Totals

Total revenue
$140,151,380
Total expenses
$133,323,002
Contributions and grants received
$0
Grants paid
$107,029
Program service revenue
$139,797,585
Investment income
$353,795
Other revenue
$0
Total assets, end of year
$375,282,827
Total liabilities, end of year
$253,907,670
Net assets or fund balances, end of year
$121,375,157
Program services expenses (Part IX)
not reported
Management and general expenses
not reported
Fundraising expenses
not reported
Program service expenses (Part III)
not reported

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 2a · Program service revenue: SALE OF ELECTRICITY

    total $125,952,651 · related or exempt $125,952,651

  • 2b · Program service revenue: EGLIN CONTRACT REVENUES

    total $10,186,874 · related or exempt $10,186,874

  • 2c · Program service revenue: CAPITAL CREDITS

    total $2,179,995 · related or exempt $2,179,995

  • 2d · Program service revenue: OTHER REVENUES

    total $833,681 · excluded $833,681

  • 2e · Program service revenue: POLE RENTAL

    total $644,384 · excluded $644,384

  • 3 · Investment income

    total $278,766 · excluded $278,766

  • 7a · Gross sales of assets other than inventory

    other assets $77,350

  • 7b · Less cost or other basis and sales expenses

    other assets $2,321

  • 7c · Gain or loss

    other assets $75,029

  • 7d · Net gain or loss

    total $75,029 · related or exempt $75,029

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $100,029

  • 2 · Grants to domestic individuals

    total $7,000

  • 4 · Benefits paid to or for members

    total $3,393,744

  • 5 · Compensation of officers, directors and key employees

    total $1,073,989

  • 6 · Compensation of disqualified persons

    total $1,637,682

  • 8 · Pension plan contributions

    total $16,508

  • 9 · Other employee benefits

    total $104,117

  • 10 · Payroll taxes

    total $1,041,848

  • 20 · Interest

    total $6,593,374

  • 22 · Depreciation, depletion and amortization

    total $13,009,622

  • 24a · Other expenses: COST OF POWER

    total $84,976,851

  • 24b · Other expenses: MAINTENANCE

    total $9,616,024

  • 24c · Other expenses: ADMINISTRATION

    total $7,639,729

  • 24d · Other expenses: CONSUMER ACCOUNTS

    total $3,452,421

  • 24e · All other expenses

    total $660,064

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $3,141,175 · end of year $2,256,244

  • 2 · Savings and temporary cash investments

    beginning of year $14,740,054 · end of year $16,866,783

  • 4 · Accounts receivable

    beginning of year $10,747,324 · end of year $13,362,415

  • 8 · Inventories for sale or use

    beginning of year $11,313,554 · end of year $16,568,843

  • 9 · Prepaid expenses and deferred charges

    beginning of year $5,142,868 · end of year $4,566,730

  • 10a · Land, buildings and equipment: cost or other basis

    $389,383,288

  • 10b · Land, buildings and equipment: accumulated depreciation

    $116,801,165

  • 10c · Land, buildings and equipment, net

    beginning of year $268,532,601 · end of year $272,582,123

  • 13 · Investments: program-related

    beginning of year $47,115,666 · end of year $48,951,167

  • 14 · Intangible assets

    beginning of year $320 · end of year $0

  • 15 · Other assets

    beginning of year $158,313 · end of year $128,522

  • 17 · Accounts payable and accrued expenses

    beginning of year $39,605,451 · end of year $11,391,501

  • 19 · Deferred revenue

    beginning of year $12,000,383 · end of year $14,833,957

  • 23 · Secured mortgages and notes payable

    beginning of year $187,483,124 · end of year $200,896,196

  • 25 · Other liabilities

    beginning of year $8,559,181 · end of year $26,786,016

  • 29 · Capital stock, trust principal or current funds

    beginning of year $247,210 · end of year $256,225

  • 30 · Paid-in or capital surplus, or land, building or equipment fund

    beginning of year $0 · end of year $0

  • 31 · Retained earnings, endowment or other funds

    beginning of year $112,996,526 · end of year $121,118,932

Mission and programs · 2022

Mission

TO PROVIDE ELECTRIC SERVICE TO MEMBERS IN PARTS OF HOLMES, OKALOOSA, SANTA ROSA AND WALTON COUNTIES.

Activities or mission (Part I)

PROVIDE ELECTRIC SERVICE TO MEMBERS IN PARTS OF HOLMES, OKALOOSA, SANTA ROSA, & WALTON COUNTIES.

  • TO PROVIDE ELECTRIC SERVICE TO MEMBERS IN PARTS OF HOLMES, OKALOOSA, SANTA ROSA, AND WALTON COUNTIES.

  • N/A

  • N/A

As filed on the 2022 return.

Listed in Part VII

  • Gerald Edmondson

    PRESIDENT

    Total calculated
    $19,800
    From this org
    $18,000
    From related orgs
    $1,800
    Other
    $0
    Hours/week
    30.5 + 1 related

  • Brady Bearden

    VICE PRESIDENT

    Total calculated
    $23,400
    From this org
    $21,600
    From related orgs
    $1,800
    Other
    $0
    Hours/week
    24.8 + 1 related

  • Gayle Hughes

    SECRETARY/TREASURER

    Total calculated
    $17,100
    From this org
    $17,100
    From related orgs
    $0
    Other
    $0
    Hours/week
    17.8

  • Bert Prutzman

    ASST SECRETARY/TREASURER

    Total calculated
    $21,600
    From this org
    $19,800
    From related orgs
    $1,800
    Other
    $0
    Hours/week
    18.3 + 1 related

  • Stephen T Rhodes

    CHIEF EXECUTIVE OFFICER

    Total calculated
    $814,586
    From this org
    $435,467
    From related orgs
    $0
    Other
    $379,119
    Hours/week
    55 + 5 related

    Schedule J breakdown matched by us

    Base
    $393,991
    Bonus
    $0
    Other
    $41,476
    Deferred
    $355,665
    Nontaxable benefits
    $23,454
    Filer's total
    $814,586

  • Robin C Shaw

    VP OF FINANCE

    Total calculated
    $213,250
    From this org
    $171,293
    From related orgs
    $0
    Other
    $41,957
    Hours/week
    50 + 4 related

    Schedule J breakdown matched by us

    Base
    $156,764
    Bonus
    $3,475
    Other
    $11,054
    Deferred
    $22,131
    Nontaxable benefits
    $19,826
    Filer's total
    $213,250

  • Mikel Lee Perry

    TRUSTEE

    Total calculated
    $12,150
    From this org
    $12,150
    From related orgs
    $0
    Other
    $0
    Hours/week
    9.7

  • Terry J Pilcher

    TRUSTEE

    Total calculated
    $27,000
    From this org
    $27,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    35.4

  • Reese Harrison

    TRUSTEE

    Total calculated
    $13,050
    From this org
    $13,050
    From related orgs
    $0
    Other
    $0
    Hours/week
    8.2

  • Dwayne Davis

    TRUSTEE

    Total calculated
    $19,800
    From this org
    $19,800
    From related orgs
    $0
    Other
    $0
    Hours/week
    19

  • Ronald C Jones

    TRUSTEE

    Total calculated
    $13,500
    From this org
    $11,700
    From related orgs
    $1,800
    Other
    $0
    Hours/week
    8 + 1 related

  • Jonathan M Avery

    SENIOR VP OF E&O

    Total calculated
    $315,624
    From this org
    $204,685
    From related orgs
    $0
    Other
    $110,939
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $183,742
    Bonus
    $3,475
    Other
    $17,468
    Deferred
    $89,554
    Nontaxable benefits
    $21,385
    Filer's total
    $315,624

  • Emily E Cowan

    VP OF MEMBER SVCS

    Total calculated
    $298,685
    From this org
    $167,926
    From related orgs
    $0
    Other
    $130,759
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $154,756
    Bonus
    $3,475
    Other
    $9,695
    Deferred
    $107,344
    Nontaxable benefits
    $23,415
    Filer's total
    $298,685

  • Franklin Scott Seay

    VP OF ADMINISTRATION

    Total calculated
    $268,823
    From this org
    $187,404
    From related orgs
    $0
    Other
    $81,419
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $166,963
    Bonus
    $3,499
    Other
    $16,942
    Deferred
    $74,361
    Nontaxable benefits
    $7,058
    Filer's total
    $268,823

  • Kevin Jones

    MANAGER OF ENGINEERING

    Total calculated
    $183,124
    From this org
    $134,816
    From related orgs
    $0
    Other
    $48,308
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $131,865
    Bonus
    $2,500
    Other
    $451
    Deferred
    $26,297
    Nontaxable benefits
    $22,011
    Filer's total
    $183,124

  • Jeffery Truett

    WORKING FOREMAN

    Total calculated
    $194,539
    From this org
    $131,401
    From related orgs
    $0
    Other
    $63,138
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $128,670
    Bonus
    $1,650
    Other
    $1,081
    Deferred
    $43,895
    Nontaxable benefits
    $19,243
    Filer's total
    $194,539

  • George Paul

    WORKING FOREMAN

    Total calculated
    $214,079
    From this org
    $131,202
    From related orgs
    $0
    Other
    $82,877
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $123,129
    Bonus
    $1,650
    Other
    $6,423
    Deferred
    $63,541
    Nontaxable benefits
    $19,336
    Filer's total
    $214,079

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

  • 3 · Form 990 of other organizations
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee
  • 4b · Supplemental nonqualified retirement plan

Answered no

  • 4a · Severance or change-of-control payment
  • 4c · Equity-based compensation arrangement

The filer's explanations (Part III)

SCHEDULE J, PART I, LINE 4B
STEPHEN RHODES PARTICIPATED IN THE EXECUTIVE BENEFIT RESTORATION PLAN, WHICH IS A NON-QUALIFIED RETIREMENT PLAN.
SCHEDULE J, PART II(C)
THE AMOUNTS REPORTED ON SCHEDULE J, PART II(C) REPRESENT THE CHANGE IN THE ACTUARIAL VALUE OF THE NRECA RETIREMENT SECURITY (RS) DEFINED BENEFIT PENSION PLAN AS COMPUTED BY THE PLAN'S ACTUARIES AND INCLUDES THE AMOUNT OF 401(K) EMPLOYER CONTRIBUTIONS. THIS IS NOT REPRESENTATIVE OF AMOUNTS PAID BY THE COOPERATIVE ON THE EMPLOYEE'S BEHALF.

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

  • SOUTHLAND UTILITY SERVICES INC

    C · PART VII · FL · 100% owned · share of income $6,984,851 · share of assets $5,811,682 · controlled entity

    Directly controlled by CHOCTAWHATCHEE ELECTRIC COOPERATIVE INC

Provenance

Return type
form_990
Tax year
2022
Filed
7 July 2023
IRS schema version
2022v5.0
Source object
202322369349301752

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