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Nonprofiteer
← WEST FLORIDA ELECTRIC COOPERATIVE ASSO INC

Form 990 for tax year 2022

Filed by WEST FLORIDA ELECTRIC COOPERATIVE ASSO INC.

Totals

Total revenue
$72,691,010
Total expenses
$66,380,058
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$71,618,359
Investment income
$39,054
Other revenue
$1,033,597
Total assets, end of year
$167,263,194
Total liabilities, end of year
$79,540,851
Net assets or fund balances, end of year
$87,722,343
Program services expenses (Part IX)
not reported
Management and general expenses
not reported
Fundraising expenses
not reported
Program service expenses (Part III)
$61,097,906

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: ELECTRIC SALES

    total $71,618,359 · related or exempt $71,618,359

  • 3 · Investment income

    total $39,054 · related or exempt $39,054

  • 11a · Other revenue: G&T AND OTHER CAPITAL CREDITS

    total $875,891 · related or exempt $875,891

  • 11b · Other revenue: NON UTILITY OPERATIONS

    total $157,706 · unrelated business $157,706

  • 11e · Other revenue, total

    $1,033,597

Functional expenses

Part IX, the statement of functional expenses.

  • 7 · Other salaries and wages

    total $1,912,868

  • 9 · Other employee benefits

    total $857,382

  • 11g · Fees: other

    total $395,674

  • 13 · Office expenses

    total $921,066

  • 16 · Occupancy

    total $91,988

  • 19 · Conferences, conventions and meetings

    total $30,699

  • 20 · Interest

    total $2,376,719

  • 22 · Depreciation, depletion and amortization

    total $5,022,887

  • 24a · Other expenses: COST OF POWER

    total $42,656,971

  • 24b · Other expenses: DISTRIBUTION OPERATIONS

    total $4,006,167

  • 24c · Other expenses: DISTRIBUTION MAINTENANC

    total $3,085,875

  • 24d · Other expenses: RETIREMENT OF CAPITAL C

    total $1,568,373

  • 24e · All other expenses

    total $3,453,389

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $2,341,214 · end of year $2,214,473

  • 4 · Accounts receivable

    beginning of year $23,485,812 · end of year $22,457,636

  • 8 · Inventories for sale or use

    beginning of year $6,069,940 · end of year $5,362,419

  • 9 · Prepaid expenses and deferred charges

    beginning of year $364,113 · end of year $441,544

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

    $154,871,742

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

    $48,312,776

  • 10c · Land, buildings and equipment, net

    beginning of year $102,603,142 · end of year $106,558,966

  • 13 · Investments: program-related

    beginning of year $26,785,746 · end of year $27,502,361

  • 15 · Other assets

    beginning of year $2,863,783 · end of year $2,725,795

  • 17 · Accounts payable and accrued expenses

    beginning of year $5,565,108 · end of year $6,837,217

  • 18 · Grants payable

    beginning of year $500,000 · end of year $500,000

  • 23 · Secured mortgages and notes payable

    beginning of year $74,472,719 · end of year $69,560,959

  • 25 · Other liabilities

    beginning of year $2,471,861 · end of year $2,642,675

  • 29 · Capital stock, trust principal or current funds

    beginning of year $145,425 · end of year $147,735

  • 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 $81,358,637 · end of year $87,574,608

Mission and programs · 2022

Mission

WEST FLORIDA ELECTRIC COOPERATIVE ASSOCIATION, INC. IS IN BUSINESS TO PROVIDE ITS MEMBERS WITH A RELIABLE SOURCE OF ELECTRICITY AND OTHER RELATED, SELF-SUSTAINING SERVICES AT THE LOWEST POSSIBLE COST CONSISTENT WITH ITS EXTERNAL FINANCIAL OBLIGATIONS AND SOUND MANAGEMENT PRACTICES.

  • PROVIDING ELECTRICITY TO MEMBERS

    Expenses $61,097,906

As filed on the 2022 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Jackie Pooser

    DIRECTOR

    Total calculated
    $19,562
    From this org
    $19,562
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • John W Adams

    DIRECTOR

    Total calculated
    $20,534
    From this org
    $20,534
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • George Owens

    DIRECTOR

    Total calculated
    $26,876
    From this org
    $19,675
    From related orgs
    $7,201
    Other
    $0
    Hours/week
    2

  • David Corbin

    VICE PRESIDENT

    Total calculated
    $14,650
    From this org
    $14,650
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Joe Rone

    PRESIDENT

    Total calculated
    $32,802
    From this org
    $19,200
    From related orgs
    $13,602
    Other
    $0
    Hours/week
    2

  • Myron Hudson

    DIRECTOR

    Total calculated
    $24,874
    From this org
    $24,874
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Tim Alford

    DIRECTOR

    Total calculated
    $18,737
    From this org
    $18,737
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Randy Bush

    SECRETARY-TREASURER

    Total calculated
    $16,050
    From this org
    $16,050
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • David Tatum

    DIRECTOR

    Total calculated
    $18,608
    From this org
    $18,608
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • James T Peel

    FORMER EXECUTIVE VP & CEO

    Total calculated
    $243,284
    From this org
    $185,248
    From related orgs
    $16,702
    Other
    $41,334
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $185,248 + $16,702 related
    Bonus
    $0
    Other
    $0
    Deferred
    $25,215
    Nontaxable benefits
    $16,119
    Filer's total
    $226,582 + $16,702 related

  • Marie Ashworth

    CFO

    Total calculated
    $163,045
    From this org
    $142,608
    From related orgs
    $0
    Other
    $20,437
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $142,608
    Bonus
    $0
    Other
    $0
    Deferred
    $4,222
    Nontaxable benefits
    $16,215
    Filer's total
    $163,045

  • Shawn Walling

    EXECUTIVE VP & CEO

    Total calculated
    $0
    Hours/week
    40

  • Keith Varnum

    MANAGER - ENGINEERING

    Total calculated
    $156,187
    From this org
    $136,142
    From related orgs
    $0
    Other
    $20,045
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $136,142
    Bonus
    $0
    Other
    $0
    Deferred
    $3,926
    Nontaxable benefits
    $16,119
    Filer's total
    $156,187

  • Wayne Williams

    V.P. OF OPERATIONS

    Total calculated
    $137,242
    From this org
    $117,436
    From related orgs
    $0
    Other
    $19,806
    Hours/week
    40

  • Derek Chadwell

    VP OF MEMBER SERVICES

    Total calculated
    $82,517
    From this org
    $109,937
    From related orgs
    $6,001
    Other
    -$33,421
    Hours/week
    40

  • Donnie Worley

    SAFETY MANAGER

    Total calculated
    $132,491
    From this org
    $112,730
    From related orgs
    $0
    Other
    $19,761
    Hours/week
    40

  • Jason Blanton

    KEY EMPLOYEE

    Total calculated
    $86,784
    From this org
    $117,305
    From related orgs
    $0
    Other
    -$30,521
    Hours/week
    40

  • Jonathan T Love

    KEY EMPLOYEE

    Total calculated
    $133,128
    From this org
    $113,834
    From related orgs
    $0
    Other
    $19,294
    Hours/week
    40

  • Kevin Nelson

    KEY EMPLOYEE

    Total calculated
    $72,743
    From this org
    $108,668
    From related orgs
    $0
    Other
    -$35,925
    Hours/week
    40

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

None.

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement

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.

Provenance

Return type
form_990
Tax year
2022
Filed
25 August 2023
IRS schema version
2022v5.0
Source object
202302429349301300

Check it against the return as filed: the GivingTuesday Data Lake hosts a public copy of the original XML.

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