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Nonprofiteer
← CHOCTAWHATCHEE ELECTRIC COOPERATIVE INC

Form 990 for tax year 2025

Filed by CHOCTAWHATCHEE ELECTRIC COOPERATIVE INC.

Totals

Total revenue
$182,276,805
Total expenses
$166,188,168
Contributions and grants received
$0
Grants paid
$173,460
Program service revenue
$180,224,731
Investment income
$1,296,531
Other revenue
$755,543
Total assets, end of year
$452,206,017
Total liabilities, end of year
$297,036,940
Net assets or fund balances, end of year
$155,169,077
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 $162,340,610 · related or exempt $162,340,610

  • 2b · Program service revenue: EGLIN CONTRACT REVENUES

    total $13,290,790 · related or exempt $13,290,790

  • 2c · Program service revenue: CAPITAL CREDITS

    total $2,678,543 · related or exempt $2,678,543

  • 2d · Program service revenue: OTHER REVENUES

    total $1,914,788 · excluded $1,914,788

  • 3 · Investment income

    total $665,514 · excluded $665,514

  • 6a · Gross rents

    personal property $755,543

  • 6b · Less rental expenses

    personal property $0

  • 6c · Rental income or loss

    personal property $755,543

  • 6d · Net rental income or loss

    total $755,543 · excluded $755,543

  • 7a · Gross sales of assets other than inventory

    other assets $631,017

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

    other assets $0

  • 7c · Gain or loss

    other assets $631,017

  • 7d · Net gain or loss

    total $631,017 · excluded $631,017

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $164,460

  • 2 · Grants to domestic individuals

    total $9,000

  • 4 · Benefits paid to or for members

    total $3,695,716

  • 5 · Compensation of officers, directors and key employees

    total $1,417,865

  • 20 · Interest

    total $9,320,818

  • 22 · Depreciation, depletion and amortization

    total $15,365,203

  • 24a · Other expenses: COST OF POWER

    total $105,323,944

  • 24b · Other expenses: MAINTENANCE

    total $12,512,469

  • 24c · Other expenses: ADMINISTRATION

    total $7,987,160

  • 24d · Other expenses: DISTRIBUTION EXPENSE

    total $4,274,256

  • 24e · All other expenses

    total $6,117,277

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $2,205,912 · end of year $2,824,022

  • 2 · Savings and temporary cash investments

    beginning of year $6,081,051

  • 4 · Accounts receivable

    beginning of year $18,082,886 · end of year $18,422,080

  • 8 · Inventories for sale or use

    beginning of year $25,301,110 · end of year $25,440,369

  • 9 · Prepaid expenses and deferred charges

    beginning of year $3,622,907 · end of year $3,573,417

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

    $474,514,367

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

    $147,166,556

  • 10c · Land, buildings and equipment, net

    beginning of year $305,799,191 · end of year $327,347,811

  • 12 · Investments: other securities

    beginning of year $7,883,603 · end of year $16,661,067

  • 13 · Investments: program-related

    beginning of year $53,540,176 · end of year $55,878,988

  • 15 · Other assets

    beginning of year $59,713 · end of year $2,058,263

  • 17 · Accounts payable and accrued expenses

    beginning of year $11,583,656 · end of year $14,226,486

  • 19 · Deferred revenue

    beginning of year $10,713,917 · end of year $9,515,153

  • 23 · Secured mortgages and notes payable

    beginning of year $228,101,740 · end of year $239,810,180

  • 25 · Other liabilities

    beginning of year $34,020,641 · end of year $33,485,121

  • 29 · Capital stock, trust principal or current funds

    beginning of year $276,865 · end of year $287,340

  • 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 $137,879,730 · end of year $154,881,737

Mission and programs · 2025

Mission

TO 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, & WALTON COUNTIES.

As filed on the 2025 return.

Listed in Part VII

  • Terry J Pilcher

    TRUSTEE

    Total calculated
    $38,475
    From this org
    $38,475
    From related orgs
    $0
    Other
    $0
    Hours/week
    11

  • Brady Bearden

    VICE PRESIDENT

    Total calculated
    $29,400
    From this org
    $27,300
    From related orgs
    $2,100
    Other
    $0
    Hours/week
    5 + 0.2 related

  • Bert Prutzman

    TRUSTEE

    Total calculated
    $24,250
    From this org
    $22,150
    From related orgs
    $2,100
    Other
    $0
    Hours/week
    4

  • Dwayne Davis

    TRUSTEE

    Total calculated
    $20,475
    From this org
    $20,475
    From related orgs
    $0
    Other
    $0
    Hours/week
    3.9

  • Gerald Edmondson

    PRESIDENT

    Total calculated
    $24,975
    From this org
    $22,875
    From related orgs
    $2,100
    Other
    $0
    Hours/week
    8 + 0.2 related

  • Gayle Hughes

    SECRETARY/TREASURER

    Total calculated
    $17,850
    From this org
    $17,850
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • Reese Harrison

    TRUSTEE

    Total calculated
    $8,925
    From this org
    $8,925
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Mikel Lee Perry

    TRUSTEE

    Total calculated
    $13,650
    From this org
    $13,650
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Ronald C Jones

    TRUSTEE

    Total calculated
    $17,850
    From this org
    $15,750
    From related orgs
    $2,100
    Other
    $0
    Hours/week
    2 + 0.1 related

  • Stephen T Rhodes

    CHIEF EXECUTIVE OFFICER

    Total calculated
    $948,220
    From this org
    $526,203
    From related orgs
    $0
    Other
    $422,017
    Hours/week
    55 + 5 related

    Schedule J breakdown matched by us

    Base
    $508,840
    Bonus
    $0
    Other
    $17,363
    Deferred
    $394,923
    Nontaxable benefits
    $27,094
    Filer's total
    $948,220

  • Robin C Shaw

    VP OF FINANCE

    Total calculated
    $273,796
    From this org
    $205,161
    From related orgs
    $0
    Other
    $68,635
    Hours/week
    50 + 4 related

    Schedule J breakdown matched by us

    Base
    $194,247
    Bonus
    $1,600
    Other
    $9,314
    Deferred
    $43,281
    Nontaxable benefits
    $25,354
    Filer's total
    $273,796

  • Jonathan M Avery

    SENIOR VP OF E&O

    Total calculated
    $325,082
    From this org
    $233,695
    From related orgs
    $0
    Other
    $91,387
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $223,335
    Bonus
    $1,600
    Other
    $8,760
    Deferred
    $66,227
    Nontaxable benefits
    $25,160
    Filer's total
    $325,082

  • Franklin S Seay

    VP OF ADMINISTRATION

    Total calculated
    $300,330
    From this org
    $209,355
    From related orgs
    $0
    Other
    $90,975
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $194,230
    Bonus
    $1,600
    Other
    $13,525
    Deferred
    $81,031
    Nontaxable benefits
    $9,944
    Filer's total
    $300,330

  • Emily E Cowan

    VP OF MEMBER SVCS

    Total calculated
    $306,485
    From this org
    $192,114
    From related orgs
    $0
    Other
    $114,371
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $180,342
    Bonus
    $1,600
    Other
    $10,172
    Deferred
    $88,759
    Nontaxable benefits
    $25,612
    Filer's total
    $306,485

  • Jeffrey Truett

    WORKING FOREMAN

    Total calculated
    $210,282
    From this org
    $164,445
    From related orgs
    $0
    Other
    $45,837
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $163,697
    Bonus
    $0
    Other
    $748
    Deferred
    $37,492
    Nontaxable benefits
    $8,345
    Filer's total
    $210,282

  • Rocky Hudson

    DIRECTOR OF E & O - EGLIN AFB

    Total calculated
    $197,690
    From this org
    $150,554
    From related orgs
    $0
    Other
    $47,136
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $148,588
    Bonus
    $800
    Other
    $1,166
    Deferred
    $18,111
    Nontaxable benefits
    $29,025
    Filer's total
    $197,690

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 $8,484,118 · share of assets $6,001,166 · controlled entity

    Directly controlled by CHOCTAWHATCHEE ELECTRIC COOPERATIVE INC

Provenance

Return type
form_990
Tax year
2025
Filed
10 September 2026
IRS schema version
2025v4.2
Source object
202602649349302100

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