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Nonprofiteer
← WEST FLORIDA ELECTRIC COOPERATIVE ASSO INC

Form 990 for tax year 2023

Filed by WEST FLORIDA ELECTRIC COOPERATIVE ASSO INC.

Totals

Total revenue
$73,858,381
Total expenses
$71,025,749
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$72,802,202
Investment income
$61,902
Other revenue
$994,277
Total assets, end of year
$170,906,277
Total liabilities, end of year
$80,446,401
Net assets or fund balances, end of year
$90,459,876
Program services expenses (Part IX)
not reported
Management and general expenses
not reported
Fundraising expenses
not reported
Program service expenses (Part III)
$65,298,040

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 $72,802,202 · related or exempt $72,802,202

  • 3 · Investment income

    total $61,902 · related or exempt $61,902

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

    total $848,180 · related or exempt $848,180

  • 11b · Other revenue: NON UTILITY OPERATIONS

    total $146,097 · unrelated business $146,097

  • 11e · Other revenue, total

    $994,277

Functional expenses

Part IX, the statement of functional expenses.

  • 7 · Other salaries and wages

    total $2,176,864

  • 9 · Other employee benefits

    total $1,066,585

  • 11g · Fees: other

    total $313,695

  • 13 · Office expenses

    total $975,776

  • 16 · Occupancy

    total $108,022

  • 19 · Conferences, conventions and meetings

    total $83,025

  • 20 · Interest

    total $3,106,068

  • 22 · Depreciation, depletion and amortization

    total $5,485,051

  • 24a · Other expenses: COST OF POWER

    total $44,009,223

  • 24b · Other expenses: DISTRIBUTION OPERATIONS

    total $4,274,178

  • 24c · Other expenses: DISTRIBUTION MAINTENANC

    total $3,970,143

  • 24d · Other expenses: RETIREMENT OF CAPITAL C

    total $1,840,901

  • 24e · All other expenses

    total $3,616,218

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $2,214,473 · end of year $2,009,253

  • 4 · Accounts receivable

    beginning of year $22,457,636 · end of year $17,771,755

  • 8 · Inventories for sale or use

    beginning of year $5,362,419 · end of year $5,567,333

  • 9 · Prepaid expenses and deferred charges

    beginning of year $441,544 · end of year $461,270

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

    $165,154,199

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

    $50,604,404

  • 10c · Land, buildings and equipment, net

    beginning of year $106,558,966 · end of year $114,549,795

  • 13 · Investments: program-related

    beginning of year $27,502,361 · end of year $28,215,174

  • 15 · Other assets

    beginning of year $2,725,795 · end of year $2,331,697

  • 17 · Accounts payable and accrued expenses

    beginning of year $6,837,217 · end of year $6,490,500

  • 18 · Grants payable

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

  • 23 · Secured mortgages and notes payable

    beginning of year $69,560,959 · end of year $70,971,062

  • 25 · Other liabilities

    beginning of year $2,642,675 · end of year $2,484,839

  • 29 · Capital stock, trust principal or current funds

    beginning of year $147,735 · end of year $149,605

  • 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 $87,574,608 · end of year $90,310,271

Mission and programs · 2023

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 $65,298,040

As filed on the 2023 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • David Corbin

    VICE PRESIDENT

    Total calculated
    $16,375
    From this org
    $16,375
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • David Tatum

    DIRECTOR

    Total calculated
    $17,171
    From this org
    $17,171
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • George Owens

    DIRECTOR

    Total calculated
    $19,728
    From this org
    $19,728
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Jackie Pooser

    DIRECTOR

    Total calculated
    $17,775
    From this org
    $17,775
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Joe Rone

    PRESIDENT

    Total calculated
    $42,844
    From this org
    $21,341
    From related orgs
    $21,503
    Other
    $0
    Hours/week
    2

  • John W Adams

    DIRECTOR

    Total calculated
    $19,818
    From this org
    $19,818
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Myron Hudson

    DIRECTOR

    Total calculated
    $18,409
    From this org
    $18,409
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Randy Bush

    SECRETARY-TREASURER

    Total calculated
    $17,901
    From this org
    $17,901
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Tim Alford

    DIRECTOR

    Total calculated
    $20,925
    From this org
    $20,925
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • James T Peel

    FORMER CEO

    Total calculated
    $215,214
    From this org
    $185,582
    From related orgs
    $0
    Other
    $29,632
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $185,582
    Bonus
    $0
    Other
    $0
    Deferred
    $21,905
    Nontaxable benefits
    $7,727
    Filer's total
    $215,214

  • Marie Ashworth

    CFO

    Total calculated
    $176,341
    From this org
    $154,042
    From related orgs
    $0
    Other
    $22,299
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $154,042
    Bonus
    $0
    Other
    $0
    Deferred
    $4,524
    Nontaxable benefits
    $17,775
    Filer's total
    $176,341

  • Shawn Walling

    EXECUTIVE VP & CEO

    Total calculated
    $97,010
    From this org
    $83,195
    From related orgs
    $7,751
    Other
    $6,064
    Hours/week
    40

  • Derek Chadwell

    INTERIM CEO

    Total calculated
    $168,606
    From this org
    $124,417
    From related orgs
    $14,402
    Other
    $29,787
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $124,417 + $14,402 related
    Bonus
    $0
    Other
    $0
    Deferred
    $11,595
    Nontaxable benefits
    $18,192
    Filer's total
    $154,204 + $14,402 related

  • Donnie Worley

    SAFETY MANAGER

    Total calculated
    $138,930
    From this org
    $117,457
    From related orgs
    $0
    Other
    $21,473
    Hours/week
    40

  • Jamie Alday

    KEY EMPLOYEE

    Total calculated
    $138,187
    From this org
    $116,188
    From related orgs
    $0
    Other
    $21,999
    Hours/week
    40

  • Kaleb Frost

    KEY EMPLOYEE

    Total calculated
    $143,456
    From this org
    $122,339
    From related orgs
    $0
    Other
    $21,117
    Hours/week
    40

  • Keith Varnum

    MANAGER - ENGINEERING

    Total calculated
    $168,345
    From this org
    $146,537
    From related orgs
    $0
    Other
    $21,808
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $146,537
    Bonus
    $0
    Other
    $0
    Deferred
    $4,141
    Nontaxable benefits
    $17,667
    Filer's total
    $168,345

  • Luke Gates

    KEY EMPLOYEE

    Total calculated
    $142,075
    From this org
    $119,893
    From related orgs
    $0
    Other
    $22,182
    Hours/week
    40

  • Wayne Williams

    V.P. OF OPERATIONS

    Total calculated
    $148,832
    From this org
    $127,200
    From related orgs
    $0
    Other
    $21,632
    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
2023
Filed
23 October 2024
IRS schema version
2023v5.1
Source object
202413119349301016

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