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Nonprofiteer
← GLADES ELECTRIC COOPERATIVE INC

Form 990 for tax year 2022

Filed by GLADES ELECTRIC COOPERATIVE INC.

Totals

Total revenue
$56,574,732
Total expenses
$56,375,982
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$56,841,905
Investment income
-$357,508
Other revenue
$90,335
Total assets, end of year
$177,853,000
Total liabilities, end of year
$119,475,047
Net assets or fund balances, end of year
$58,377,953
Program services expenses (Part IX)
$0
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
not reported

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: SALES OF ELECTRICITY

    total $55,502,002 · related or exempt $55,502,002

  • 2b · Program service revenue: PATRONAGE CAPITAL

    total $1,339,903 · related or exempt $1,339,903

  • 3 · Investment income

    total $101,654 · excluded $101,654

  • 6a · Gross rents

    personal property $137,584

  • 6c · Rental income or loss

    personal property $137,584

  • 6d · Net rental income or loss

    total $137,584 · excluded $137,584

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

    other assets $459,162

  • 7c · Gain or loss

    other assets -$459,162

  • 7d · Net gain or loss

    total -$459,162 · related or exempt -$459,162

  • 11a · Other revenue: OTHER NONOPERATING INC

    total -$47,249 · related or exempt -$47,249

  • 11e · Other revenue, total

    -$47,249

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $3,374,286

  • 5 · Compensation of officers, directors and key employees

    total $1,786,266

  • 7 · Other salaries and wages

    total $842,145

  • 20 · Interest

    total $3,917,250

  • 22 · Depreciation, depletion and amortization

    total $4,351,290

  • 24a · Other expenses: COST OF POWER

    total $29,282,672

  • 24b · Other expenses: DISTRIBUTION EXPENSE -

    total $3,830,216

  • 24c · Other expenses: DIST EXP - OPERATIONS

    total $3,495,362

  • 24d · Other expenses: ADMINISTRATIVE & GENERAL

    total $3,051,017

  • 24e · All other expenses

    total $2,445,478

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $592,575 · end of year $408,366

  • 4 · Accounts receivable

    beginning of year $3,985,301 · end of year $7,001,894

  • 7 · Other notes and loans receivable

    beginning of year $478,808

  • 8 · Inventories for sale or use

    beginning of year $248,500 · end of year $500,760

  • 9 · Prepaid expenses and deferred charges

    beginning of year $1,101,949 · end of year $2,446,615

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

    $166,015,575

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

    $18,127,613

  • 10c · Land, buildings and equipment, net

    beginning of year $135,976,336 · end of year $147,887,962

  • 11 · Investments: publicly traded securities

    beginning of year $4,321,904 · end of year $3,422,402

  • 12 · Investments: other securities

    beginning of year $313,368 · end of year $381,418

  • 13 · Investments: program-related

    beginning of year $14,763,571 · end of year $15,803,583

  • 17 · Accounts payable and accrued expenses

    beginning of year $3,889,247 · end of year $7,979,550

  • 23 · Secured mortgages and notes payable

    beginning of year $99,961,327 · end of year $107,774,540

  • 25 · Other liabilities

    beginning of year $3,061,856 · end of year $3,720,957

  • 31 · Retained earnings, endowment or other funds

    beginning of year $54,869,882 · end of year $58,377,953

Mission and programs · 2022

Mission

TO PROVIDE EXCEPTIONAL SERVICE

Activities or mission (Part I)

TO PROVIDE EXCEPTIONAL SERVICE.

  • UTILIZING 2,627 MILES OF ELECTRIC DISTRIBUTION AND TRANSMISSION LINES, GLADES ELECTRIC COOPERATIVE, INC. PROVIDED ELECTRICITY TO APPROXIMATELY 17,664 RESIDENTIAL, COMMERCIAL AND INDUSTRIAL ACCOUNTS LOCATED IN SOUTH FLORIDA.

As filed on the 2022 return.

Listed in Part VII

  • Jeffery R Brewington

    CEO

    Total calculated
    $622,974
    From this org
    $419,246
    From related orgs
    $0
    Other
    $203,728
    Hours/week
    60

    Schedule J breakdown matched by us

    Base
    $419,246
    Bonus
    not reported
    Other
    not reported
    Deferred
    $190,521
    Nontaxable benefits
    $13,207
    Filer's total
    $622,974

  • Travis Turner

    CHIEF OPERAT

    Total calculated
    $252,035
    From this org
    $192,801
    From related orgs
    $0
    Other
    $59,234
    Hours/week
    60

    Schedule J breakdown matched by us

    Base
    $192,801
    Bonus
    not reported
    Other
    not reported
    Deferred
    $42,825
    Nontaxable benefits
    $16,409
    Filer's total
    $252,035

  • Jennifer Manning

    CHIEF FINANC

    Total calculated
    $240,207
    From this org
    $153,625
    From related orgs
    $0
    Other
    $86,582
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $153,625
    Bonus
    not reported
    Other
    not reported
    Deferred
    $75,232
    Nontaxable benefits
    $11,350
    Filer's total
    $240,207

  • Jesse Wallace

    CHIEF TECHNO

    Total calculated
    $205,933
    From this org
    $166,710
    From related orgs
    $0
    Other
    $39,223
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $166,710
    Bonus
    not reported
    Other
    not reported
    Deferred
    $32,441
    Nontaxable benefits
    $6,782
    Filer's total
    $205,933

  • Willie Ward

    LEAD LINEMAN

    Total calculated
    $179,370
    From this org
    $135,903
    From related orgs
    $0
    Other
    $43,467
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $135,903
    Bonus
    not reported
    Other
    not reported
    Deferred
    $32,794
    Nontaxable benefits
    $10,673
    Filer's total
    $179,370

  • Tony Cunningham

    LEAD LINEMAN

    Total calculated
    $175,671
    From this org
    $120,312
    From related orgs
    $0
    Other
    $55,359
    Hours/week
    48

    Schedule J breakdown matched by us

    Base
    $120,312
    Bonus
    not reported
    Other
    not reported
    Deferred
    $39,774
    Nontaxable benefits
    $15,585
    Filer's total
    $175,671

  • Greg Culbertson

    LEAD LINEMAN

    Total calculated
    $165,496
    From this org
    $122,779
    From related orgs
    $0
    Other
    $42,717
    Hours/week
    48

    Schedule J breakdown matched by us

    Base
    $122,779
    Bonus
    not reported
    Other
    not reported
    Deferred
    $27,194
    Nontaxable benefits
    $15,523
    Filer's total
    $165,496

  • Jennifer Koukos

    CHIEF COMM O

    Total calculated
    $163,811
    From this org
    $122,516
    From related orgs
    $0
    Other
    $41,295
    Hours/week
    48

    Schedule J breakdown matched by us

    Base
    $122,516
    Bonus
    not reported
    Other
    not reported
    Deferred
    $25,349
    Nontaxable benefits
    $15,946
    Filer's total
    $163,811

  • James Nipper

    LEAD LINEMAN

    Total calculated
    $162,521
    From this org
    $125,413
    From related orgs
    $0
    Other
    $37,108
    Hours/week
    49

    Schedule J breakdown matched by us

    Base
    $125,413
    Bonus
    not reported
    Other
    not reported
    Deferred
    $31,003
    Nontaxable benefits
    $6,105
    Filer's total
    $162,521

  • Horacio Pardo

    JOURNEYMAN L

    Total calculated
    $159,087
    From this org
    $133,630
    From related orgs
    $0
    Other
    $25,457
    Hours/week
    53

    Schedule J breakdown matched by us

    Base
    $133,630
    Bonus
    not reported
    Other
    not reported
    Deferred
    $19,403
    Nontaxable benefits
    $6,054
    Filer's total
    $159,087

  • Courtney Brown

    CHIEF PERSON

    Total calculated
    $154,058
    From this org
    $126,721
    From related orgs
    $0
    Other
    $27,337
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $126,721
    Bonus
    not reported
    Other
    not reported
    Deferred
    $25,805
    Nontaxable benefits
    $1,532
    Filer's total
    $154,058

  • John Coxe

    TRUSTEE/PRES

    Total calculated
    $20,225
    From this org
    $20,225
    From related orgs
    $0
    Other
    $0
    Hours/week
    9.17

  • Shannon Hall

    TRUSTEE SEC/

    Total calculated
    $20,000
    From this org
    $20,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    8.23

  • Barney Goodman

    TRUSTEE

    Total calculated
    $19,700
    From this org
    $19,700
    From related orgs
    $0
    Other
    $0
    Hours/week
    12.67

  • Lee Henderson

    TRUSTEE

    Total calculated
    $19,500
    From this org
    $19,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    12.29

  • Michael Pressley

    TRUSTEE

    Total calculated
    $15,000
    From this org
    $15,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    6.17

  • Donnie Lundy

    TRUSTEE

    Total calculated
    $13,700
    From this org
    $13,700
    From related orgs
    $0
    Other
    $0
    Hours/week
    6.56

  • Angela Hodges

    TRUSTEE

    Total calculated
    $13,300
    From this org
    $13,300
    From related orgs
    $0
    Other
    $0
    Hours/week
    5.12

  • James Aul

    TRUSTEE/VICE

    Total calculated
    $9,350
    From this org
    $9,350
    From related orgs
    $0
    Other
    $0
    Hours/week
    4.25

  • Brad Oxer

    TRUSTEE

    Total calculated
    $7,537
    From this org
    $7,537
    From related orgs
    $0
    Other
    $0
    Hours/week
    3.19

  • Tyler Pugh

    TRUSTEE

    Total calculated
    $5,000
    From this org
    $5,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    1.08

  • Fred Tagtmeier

    TRUSTEE

    Total calculated
    $3,936
    From this org
    $3,936
    From related orgs
    $0
    Other
    $0
    Hours/week
    1.36

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 · Independent compensation consultant
  • 3 · Written employment contract
  • 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, PAGE 1, PART I, LINE 4
JEFFERY R. BREWINGTON 0 22,618 0

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

No itemized grants to organizations 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.

  • GLADES SERVICES INC

    C CORP · HOLDING CO · FL · 100% owned · share of income -$25 · share of assets $313,343 · controlled entity

    Directly controlled by PART VII

  • GLADES UTILITY SERVICES INC

    C CORP · PLANT CONT · FL · 100% owned · controlled entity

    Directly controlled by PART VII

  • GLADES ECONOMIC INVESTORS INC

    C CORP · REAL ESTAT · FL · 100% owned · share of income $68,075 · share of assets $380,691 · controlled entity

    Directly controlled by PART VII

Provenance

Return type
form_990
Tax year
2022
Filed
26 October 2023
IRS schema version
2022v5.0
Source object
202322999349301967

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