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Nonprofiteer
← WITHLACOOCHEE RIVER ELECTRIC COOPERATIVE INC

Form 990 for tax year 2023

Filed by WITHLACOOCHEE RIVER ELECTRIC COOPERATIVE INC.

Totals

Total revenue
$574,812,838
Total expenses
$536,323,840
Contributions and grants received
$0
Grants paid
$61,330
Program service revenue
$559,252,934
Investment income
$14,463,109
Other revenue
$1,096,795
Total assets, end of year
$1,340,349,704
Total liabilities, end of year
$662,327,562
Net assets or fund balances, end of year
$678,022,142
Program services expenses (Part IX)
$0
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
$536,274,392

Program services were 0.0% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

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: ELECTRICITY SALES

    total $544,481,868 · related or exempt $544,481,868

  • 2b · Program service revenue: G&T CAPITAL CREDITS

    total $6,241,475 · related or exempt $6,241,475

  • 2c · Program service revenue: QUALIFIED POLE RENTAL

    total $4,912,838 · excluded $4,912,838

  • 2d · Program service revenue: OTHER CAPITAL CREDITS

    total $2,158,459 · related or exempt $2,158,459

  • 2e · Program service revenue: HOME GENERATOR

    total $1,458,294 · related or exempt $1,458,294

  • 3 · Investment income

    total $14,107,642 · excluded $14,107,642

  • 6a · Gross rents

    personal property $1,201,207

  • 6b · Less rental expenses

    personal property $195,876

  • 6c · Rental income or loss

    personal property $1,005,331

  • 6d · Net rental income or loss

    total $1,005,331 · unrelated business $1,005,331

  • 7a · Gross sales of assets other than inventory

    other assets $434,424

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

    other assets $78,957

  • 7c · Gain or loss

    other assets $355,467

  • 7d · Net gain or loss

    total $355,467 · excluded $355,467

  • 11a · Other revenue: ORANGE SALES

    total $86,532 · unrelated business $86,532

  • 11b · Other revenue: REVENUE FROM MERCHANDISING

    total $4,932 · excluded $4,932

  • 11e · Other revenue, total

    $91,464

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $61,330

  • 4 · Benefits paid to or for members

    total $23,198,025

  • 5 · Compensation of officers, directors and key employees

    total $1,942,906

  • 7 · Other salaries and wages

    total $1,698,071

  • 20 · Interest

    total $15,807,684

  • 22 · Depreciation, depletion and amortization

    total $33,374,118

  • 24a · Other expenses: COST OF POWER

    total $355,123,312

  • 24b · Other expenses: DISTRIBUTION EXPENSES

    total $62,665,830

  • 24c · Other expenses: GENERAL & ADMINISTRATIVE

    total $17,808,587

  • 24d · Other expenses: CONSUMER ACCOUNTS EXPENSE

    total $14,896,186

  • 24e · All other expenses

    total $9,747,791

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $25,745 · end of year $58,591

  • 2 · Savings and temporary cash investments

    beginning of year $278,301,013 · end of year $245,369,259

  • 4 · Accounts receivable

    beginning of year $50,343,938 · end of year $44,210,953

  • 7 · Other notes and loans receivable

    beginning of year $1,798,712 · end of year $2,000,766

  • 8 · Inventories for sale or use

    beginning of year $50,699,321 · end of year $84,453,573

  • 9 · Prepaid expenses and deferred charges

    beginning of year $7,604,785 · end of year $6,685,250

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

    $1,164,914,345

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

    $384,103,606

  • 10c · Land, buildings and equipment, net

    beginning of year $724,979,157 · end of year $780,810,739

  • 11 · Investments: publicly traded securities

    beginning of year $75,671 · end of year $50,447

  • 12 · Investments: other securities

    beginning of year $24,430,291 · end of year $23,280,702

  • 13 · Investments: program-related

    beginning of year $138,105,838 · end of year $145,717,673

  • 15 · Other assets

    beginning of year $1,672,183 · end of year $7,711,751

  • 17 · Accounts payable and accrued expenses

    beginning of year $68,251,993 · end of year $55,265,892

  • 23 · Secured mortgages and notes payable

    beginning of year $534,941,047 · end of year $562,949,236

  • 25 · Other liabilities

    beginning of year $34,197,727 · end of year $44,112,434

  • 29 · Capital stock, trust principal or current funds

    beginning of year $1,051,515 · end of year $1,088,360

  • 31 · Retained earnings, endowment or other funds

    beginning of year $639,594,372 · end of year $676,933,782

Mission and programs · 2023

Mission

THE GOAL OF THE COOPERATIVE IS TO PROVIDE EACH OF ITS MEMBERS THE BEST POSSIBLE SERVICE AT THE LOWEST COST.

  • SALE OF ELECTRICITY TO MEMBERS-RURAL ELECTRIC COOPERATIVE

    Expenses $536,274,392 · Grants $61,330 · Revenue $559,252,934

As filed on the 2023 return.

Listed in Part VII

  • Billy Brown

    EXEC VP THRU

    Total calculated
    $743,181
    From this org
    $0
    From related orgs
    $729,172
    Other
    $14,009
    Hours/week
    30 + 10 related

    Schedule J breakdown matched by us

    Base
    not reported + $727,499 related
    Bonus
    not reported
    Other
    not reported + $1,673 related
    Deferred
    not reported
    Nontaxable benefits
    not reported + $14,009 related
    Filer's total
    not reported + $743,181 related

  • David B Lambert II

    EXEC VP/G MG

    Total calculated
    $628,769
    From this org
    $492,668
    From related orgs
    $0
    Other
    $136,101
    Hours/week
    70

    Schedule J breakdown matched by us

    Base
    $435,998
    Bonus
    $50,000
    Other
    $6,670
    Deferred
    $107,393
    Nontaxable benefits
    $28,708
    Filer's total
    $628,769

  • Ronnie Deese

    MANAGER

    Total calculated
    $414,966
    From this org
    $322,464
    From related orgs
    $0
    Other
    $92,502
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $285,413
    Bonus
    $30,000
    Other
    $7,051
    Deferred
    $64,010
    Nontaxable benefits
    $28,492
    Filer's total
    $414,966

  • David Gonzalez

    DISTRICT MAN

    Total calculated
    $375,850
    From this org
    $247,350
    From related orgs
    $0
    Other
    $128,500
    Hours/week
    55

    Schedule J breakdown matched by us

    Base
    $223,735
    Bonus
    $20,000
    Other
    $3,615
    Deferred
    $323
    Nontaxable benefits
    $128,177
    Filer's total
    $375,850

  • Joseph Marina

    DISTRICT MAN

    Total calculated
    $369,993
    From this org
    $287,063
    From related orgs
    $0
    Other
    $82,930
    Hours/week
    55

    Schedule J breakdown matched by us

    Base
    $265,672
    Bonus
    $20,000
    Other
    $1,391
    Deferred
    $323
    Nontaxable benefits
    $82,607
    Filer's total
    $369,993

  • Marlin Sexton Jr

    DISTRICT MAN

    Total calculated
    $329,627
    From this org
    $239,926
    From related orgs
    $0
    Other
    $89,701
    Hours/week
    55

    Schedule J breakdown matched by us

    Base
    $205,210
    Bonus
    $20,000
    Other
    $14,716
    Deferred
    $64,219
    Nontaxable benefits
    $25,482
    Filer's total
    $329,627

  • Richard Gude

    DISTRICT MAN

    Total calculated
    $326,374
    From this org
    $232,592
    From related orgs
    $0
    Other
    $93,782
    Hours/week
    55

    Schedule J breakdown matched by us

    Base
    $205,751
    Bonus
    $20,000
    Other
    $6,841
    Deferred
    $68,859
    Nontaxable benefits
    $24,923
    Filer's total
    $326,374

  • Gary F Steele Jr

    MANAGER-MEMB

    Total calculated
    $296,227
    From this org
    $220,709
    From related orgs
    $0
    Other
    $75,518
    Hours/week
    60

    Schedule J breakdown matched by us

    Base
    $199,454
    Bonus
    $20,000
    Other
    $1,255
    Deferred
    $42,270
    Nontaxable benefits
    $33,248
    Filer's total
    $296,227

  • Alan Hengesbach

    SEC'Y/TREASU

    Total calculated
    $52,059
    From this org
    $52,059
    From related orgs
    $0
    Other
    $0
    Hours/week
    15 + 1 related

  • Terrence Schrader

    PRESIDENT

    Total calculated
    $47,059
    From this org
    $47,059
    From related orgs
    $0
    Other
    $0
    Hours/week
    15 + 1 related

  • Robert Barthle

    TRUSTEE

    Total calculated
    $40,809
    From this org
    $40,809
    From related orgs
    $0
    Other
    $0
    Hours/week
    10 + 1 related

  • Desmond G Little

    TRUSTEE

    Total calculated
    $40,791
    From this org
    $40,791
    From related orgs
    $0
    Other
    $0
    Hours/week
    10 + 1 related

  • Paul Little

    TRUSTEE

    Total calculated
    $40,715
    From this org
    $40,715
    From related orgs
    $0
    Other
    $0
    Hours/week
    10 + 1 related

  • Patricia P Bechtelheimer

    TRUSTEE

    Total calculated
    $35,123
    From this org
    $35,123
    From related orgs
    $0
    Other
    $0
    Hours/week
    10 + 1 related

  • Kimberly Kinney

    TRUSTEE

    Total calculated
    $34,763
    From this org
    $34,763
    From related orgs
    $0
    Other
    $0
    Hours/week
    10 + 1 related

  • Robert W Strickland

    VICE PRESIDE

    Total calculated
    $28,317
    From this org
    $28,317
    From related orgs
    $0
    Other
    $0
    Hours/week
    15 + 1 related

  • David Hunnicutt

    TRUSTEE

    Total calculated
    $22,150
    From this org
    $22,150
    From related orgs
    $0
    Other
    $0
    Hours/week
    15 + 1 related

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 · 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 III
SCHEDULE J, PART I, LINE 4B: RONNIE DEESE IS A PARTICIPANT IN A NONQUALIFIED SUPPLEMENTAL DEFERRED COMPENSATION PLAN. THERE WERE NO CONTRIBUTIONS TO THE PLAN DURING 2023.

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.

  • LAKE JOVITA ASSOCIATES INC LAKE JOVITA ASSOCIATES INC

    SCH R, VII · FL

  • URADCO INC URADCO INC

    SCH R, VII · FL

  • ONE LACOOCHEE CENTER ONE LACOOCHEE CENTER

    SCH R VII · FL

Provenance

Return type
form_990
Tax year
2023
Filed
10 May 2024
IRS schema version
2023v5.0
Source object
202431369349309263

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