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Nonprofiteer
← GULF COAST ELECTRIC COOP INC

Form 990 for tax year 2022

Filed by GULF COAST ELECTRIC COOP INC.

Totals

Total revenue
$58,628,084
Total expenses
$55,115,909
Contributions and grants received
$0
Grants paid
$28,494
Program service revenue
$58,049,292
Investment income
$309,521
Other revenue
$269,271
Total assets, end of year
$234,149,331
Total liabilities, end of year
$161,031,125
Net assets or fund balances, end of year
$73,118,206
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: SALE OF ELECTRICITY

    total $49,744,460 · related or exempt $49,744,460

  • 2b · Program service revenue: TYNDALL AFB CONTRACT REVENUE

    total $6,560,453 · related or exempt $6,560,453

  • 2c · Program service revenue: CAPITAL CREDITS

    total $1,179,625 · related or exempt $1,179,625

  • 2d · Program service revenue: POLE RENTAL

    total $564,754 · excluded $564,754

  • 3 · Investment income

    total $272,966 · related or exempt $272,966

  • 6a · Gross rents

    real property $3,255

  • 6b · Less rental expenses

    real property $913

  • 6c · Rental income or loss

    real property $2,342

  • 6d · Net rental income or loss

    total $2,342 · unrelated business $2,342

  • 7a · Gross sales of assets other than inventory

    securities $1,057,079 · other assets $203,164

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

    securities $1,137,329 · other assets $86,359

  • 7c · Gain or loss

    securities -$80,250 · other assets $116,805

  • 7d · Net gain or loss

    total $36,555 · related or exempt $36,555

  • 10a · Gross sales of inventory

    $377,205

  • 10b · Cost of goods sold

    $110,276

  • 10c · Net income from sales of inventory

    total $266,929 · related or exempt $266,929

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $27,494

  • 2 · Grants to domestic individuals

    total $1,000

  • 4 · Benefits paid to or for members

    total $485,161

  • 5 · Compensation of officers, directors and key employees

    total $747,026

  • 7 · Other salaries and wages

    total $920,171

  • 20 · Interest

    total $4,819,491

  • 22 · Depreciation, depletion and amortization

    total $6,467,317

  • 24a · Other expenses: COST OF POWER

    total $30,348,211

  • 24b · Other expenses: DISTRIBUTION - MAINTENANC

    total $4,316,898

  • 24c · Other expenses: ADMINISTRATION & GENERAL

    total $3,149,992

  • 24d · Other expenses: DISTRIBUTION - OPERATIONS

    total $2,248,718

  • 24e · All other expenses

    total $1,584,430

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $1,372,485 · end of year $1,174,025

  • 2 · Savings and temporary cash investments

    beginning of year $7,992,122 · end of year $9,813,096

  • 4 · Accounts receivable

    beginning of year $26,718,818 · end of year $19,613,705

  • 8 · Inventories for sale or use

    beginning of year $4,473,646 · end of year $8,804,027

  • 9 · Prepaid expenses and deferred charges

    beginning of year $3,736,695 · end of year $2,977,166

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

    $207,771,004

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

    $45,917,236

  • 10c · Land, buildings and equipment, net

    beginning of year $150,856,382 · end of year $161,853,768

  • 11 · Investments: publicly traded securities

    beginning of year $2,383,666 · end of year $2,189,424

  • 12 · Investments: other securities

    beginning of year $24,000 · end of year $24,000

  • 13 · Investments: program-related

    beginning of year $26,807,805 · end of year $27,700,120

  • 17 · Accounts payable and accrued expenses

    beginning of year $6,004,010 · end of year $8,073,541

  • 23 · Secured mortgages and notes payable

    beginning of year $123,909,519 · end of year $127,818,623

  • 25 · Other liabilities

    beginning of year $24,837,181 · end of year $25,138,961

  • 29 · Capital stock, trust principal or current funds

    beginning of year $89,355 · end of year $91,530

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

    beginning of year $19,094,066 · end of year $20,170,458

  • 31 · Retained earnings, endowment or other funds

    beginning of year $50,431,488 · end of year $52,856,218

Mission and programs · 2022

Mission

PROVIDING ELECTRIC SERVICES TO MEMBERS.

Activities or mission (Part I)

PROVIDING ELECTRIC SALES TO MEMBERS.

  • PROVIDE ELECTRIC SERVICES TO MEMBERS.

As filed on the 2022 return.

Listed in Part VII

  • Jimmy F Black Jr

    PRESIDENT

    Total calculated
    $13,900
    From this org
    $13,900
    From related orgs
    $0
    Other
    $0
    Hours/week
    2.5

  • Donald W Goodson

    VICE PRESIDE

    Total calculated
    $16,350
    From this org
    $16,350
    From related orgs
    $0
    Other
    $0
    Hours/week
    2.5

  • Betty J Moore

    SECRETARY

    Total calculated
    $14,250
    From this org
    $14,250
    From related orgs
    $0
    Other
    $0
    Hours/week
    2.5

  • Douglas C Birmingham

    TREASURER

    Total calculated
    $15,300
    From this org
    $15,300
    From related orgs
    $0
    Other
    $0
    Hours/week
    2.5

  • Edward W Jones

    BOARD DIRECT

    Total calculated
    $19,100
    From this org
    $19,100
    From related orgs
    $0
    Other
    $0
    Hours/week
    2.5

  • Rupert L Brown

    BOARD DIRECT

    Total calculated
    $17,750
    From this org
    $17,750
    From related orgs
    $0
    Other
    $0
    Hours/week
    2.5

  • Dwight Van Lierop

    BOARD DIRECT

    Total calculated
    $18,050
    From this org
    $18,050
    From related orgs
    $0
    Other
    $0
    Hours/week
    2.5

  • Roberty L Byrd

    BOARD DIRECT

    Total calculated
    $13,200
    From this org
    $13,200
    From related orgs
    $0
    Other
    $0
    Hours/week
    2.5

  • Kinneth M Daniels

    BOARD DIRECT

    Total calculated
    $8,600
    From this org
    $8,600
    From related orgs
    $0
    Other
    $0
    Hours/week
    2.5

  • John M Bartley Jr

    CEO

    Total calculated
    $340,581
    From this org
    $326,359
    From related orgs
    $0
    Other
    $14,222
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $289,809
    Bonus
    $2,512
    Other
    $34,038
    Deferred
    $9,746
    Nontaxable benefits
    $4,476
    Filer's total
    $340,581

  • Leonard Hinson

    COO

    Total calculated
    $269,945
    From this org
    $261,727
    From related orgs
    $0
    Other
    $8,218
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $224,434
    Bonus
    $2,512
    Other
    $34,781
    Deferred
    $7,547
    Nontaxable benefits
    $671
    Filer's total
    $269,945

  • Justin Barnes

    VP OF MEMBER

    Total calculated
    $155,995
    From this org
    $146,948
    From related orgs
    $0
    Other
    $9,047
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $128,974
    Bonus
    $2,541
    Other
    $15,433
    Deferred
    $4,330
    Nontaxable benefits
    $4,717
    Filer's total
    $155,995

  • Michael Barfield

    FOREMAN OF C

    Total calculated
    $138,579
    From this org
    $130,931
    From related orgs
    $0
    Other
    $7,648
    Hours/week
    40

  • Chad Creamer

    FOREMAN OF C

    Total calculated
    $127,502
    From this org
    $119,854
    From related orgs
    $0
    Other
    $7,648
    Hours/week
    40

  • Howard Brackin

    SUPER. OF OP

    Total calculated
    $125,995
    From this org
    $118,980
    From related orgs
    $0
    Other
    $7,015
    Hours/week
    40

  • Timothy Wade

    OPERATIONS S

    Total calculated
    $126,120
    From this org
    $118,300
    From related orgs
    $0
    Other
    $7,820
    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

  • 3 · Form 990 of other organizations
  • 3 · Approval by the board or compensation committee

Answered no

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

The filer's explanations (Part III)

SCHEDULE J, PART III
THE AMOUNTS REPORTED ON SCHEDULE J, PART II(C) INCLUDE 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

No itemized grants to organizations on this return.

Provenance

Return type
form_990
Tax year
2022
Filed
18 August 2023
IRS schema version
2022v5.0
Source object
202302759349300730

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