Skip to content
Nonprofiteer
← GLADES ELECTRIC COOPERATIVE INC

Form 990 for tax year 2023

Filed by GLADES ELECTRIC COOPERATIVE INC.

Totals

Total revenue
$58,797,465
Total expenses
$56,458,965
Contributions and grants received
$2,338,500
Grants paid
$0
Program service revenue
$56,322,748
Investment income
$91,765
Other revenue
$44,452
Total assets, end of year
$207,301,724
Total liabilities, end of year
$143,304,832
Net assets or fund balances, end of year
$63,996,892
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.

  • 1e · Government grants (contributions)

    $2,338,500

  • 2a · Program service revenue: Sale of Electricity

    total $53,183,922 · related or exempt $53,183,922

  • 2b · Program service revenue: Other Operating

    total $889,453 · related or exempt $889,453

  • 2c · Program service revenue: Capital Credits

    total $2,249,373 · related or exempt $2,249,373

  • 3 · Investment income

    total $91,765 · excluded $91,765

  • 6a · Gross rents

    real property $153,193

  • 6c · Rental income or loss

    real property $153,193

  • 6d · Net rental income or loss

    total $153,193 · excluded $153,193

  • 11a · Other revenue: Non - Operating

    total -$108,741 · related or exempt -$108,741

  • 11e · Other revenue, total

    -$108,741

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $5,730,569

  • 5 · Compensation of officers, directors and key employees

    total $1,675,945

  • 7 · Other salaries and wages

    total $774,303

  • 20 · Interest

    total $4,953,167

  • 22 · Depreciation, depletion and amortization

    total $4,652,994

  • 24a · Other expenses: Cost of Power

    total $24,567,189 · program services $24,567,189

  • 24b · Other expenses: Distribution Expense

    total $9,170,685 · program services $9,170,685

  • 24c · Other expenses: Customer Services

    total $792,615 · program services $792,615

  • 24d · Other expenses: Admin & General

    total $4,059,237 · program services $4,059,237

  • 24e · All other expenses

    total $82,261

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $408,366 · end of year $245,125

  • 4 · Accounts receivable

    beginning of year $7,001,894 · end of year $5,456,005

  • 8 · Inventories for sale or use

    beginning of year $500,760 · end of year $689,362

  • 9 · Prepaid expenses and deferred charges

    beginning of year $2,446,615 · end of year $3,793,772

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

    $190,423,735

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

    $15,544,707

  • 10c · Land, buildings and equipment, net

    beginning of year $147,887,962 · end of year $174,879,028

  • 11 · Investments: publicly traded securities

    beginning of year $3,422,402 · end of year $4,249,548

  • 12 · Investments: other securities

    beginning of year $381,418 · end of year $95,560

  • 13 · Investments: program-related

    beginning of year $15,803,583 · end of year $17,893,324

  • 17 · Accounts payable and accrued expenses

    beginning of year $7,979,550 · end of year $6,424,919

  • 23 · Secured mortgages and notes payable

    beginning of year $107,774,540 · end of year $116,636,216

  • 24 · Unsecured notes and loans payable

    end of year $15,478,368

  • 25 · Other liabilities

    beginning of year $3,720,957 · end of year $4,765,329

  • 31 · Retained earnings, endowment or other funds

    beginning of year $58,377,953 · end of year $63,996,892

Mission and programs · 2023

Mission

TO PROVIDE EXCEPTIONAL SERVICE

  • UTILIZING 2,665 MILES OF ELECTRIC DISTRIBUTION AND TRANSMISSION LINES, GLADES ELECTRIC COOPERATIVE, INC. PROVIDED ELECTRICITY TO APPROXIMATELY 17,842 RESIDENTIAL, COMMERCIAL AND INDUSTRIAL ACCOUNTS LOCATED IN SOUTH FLORIDA.

As filed on the 2023 return.

Listed in Part VII

  • Jeffery R Brewington

    CEO

    Total calculated
    $628,280
    From this org
    $434,397
    From related orgs
    $0
    Other
    $193,883
    Hours/week
    60

    Schedule J breakdown matched by us

    Base
    $434,397
    Bonus
    not reported
    Other
    not reported
    Deferred
    $179,908
    Nontaxable benefits
    $13,975
    Filer's total
    $628,280

  • Jennifer Manning

    Chief Financial Officer

    Total calculated
    $219,366
    From this org
    $149,402
    From related orgs
    $0
    Other
    $69,964
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $149,402
    Bonus
    not reported
    Other
    not reported
    Deferred
    $57,142
    Nontaxable benefits
    $12,822
    Filer's total
    $219,366

  • Jesse Wallace

    Chief Technology Officer

    Total calculated
    $194,472
    From this org
    $165,468
    From related orgs
    $0
    Other
    $29,004
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $165,468
    Bonus
    not reported
    Other
    not reported
    Deferred
    $21,710
    Nontaxable benefits
    $7,294
    Filer's total
    $194,472

  • James Morrissey

    Power Supply Man

    Total calculated
    $176,012
    From this org
    $130,030
    From related orgs
    $0
    Other
    $45,982
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $130,030
    Bonus
    not reported
    Other
    not reported
    Deferred
    $34,129
    Nontaxable benefits
    $11,853
    Filer's total
    $176,012

  • Michael Roberge

    Chief Operating Officer

    Total calculated
    $173,684
    From this org
    $123,366
    From related orgs
    $0
    Other
    $50,318
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $123,366
    Bonus
    not reported
    Other
    not reported
    Deferred
    $44,843
    Nontaxable benefits
    $5,475
    Filer's total
    $173,684

  • Jennifer Koukos

    Chief Communication Officer

    Total calculated
    $159,720
    From this org
    $126,097
    From related orgs
    $0
    Other
    $33,623
    Hours/week
    48

    Schedule J breakdown matched by us

    Base
    $126,097
    Bonus
    not reported
    Other
    not reported
    Deferred
    $17,641
    Nontaxable benefits
    $15,982
    Filer's total
    $159,720

  • Horacio Pardo

    Journeyman Lineman

    Total calculated
    $158,134
    From this org
    $140,064
    From related orgs
    $0
    Other
    $18,070
    Hours/week
    52

    Schedule J breakdown matched by us

    Base
    $140,064
    Bonus
    not reported
    Other
    not reported
    Deferred
    $11,522
    Nontaxable benefits
    $6,548
    Filer's total
    $158,134

  • Wyatt Larsen

    Journey Linemen

    Total calculated
    $157,968
    From this org
    $134,610
    From related orgs
    $0
    Other
    $23,358
    Hours/week
    52

    Schedule J breakdown matched by us

    Base
    $134,610
    Bonus
    not reported
    Other
    not reported
    Deferred
    $7,867
    Nontaxable benefits
    $15,491
    Filer's total
    $157,968

  • James Nipper

    Lead Lineman

    Total calculated
    $156,921
    From this org
    $126,485
    From related orgs
    $0
    Other
    $30,436
    Hours/week
    49

    Schedule J breakdown matched by us

    Base
    $126,485
    Bonus
    not reported
    Other
    not reported
    Deferred
    $23,835
    Nontaxable benefits
    $6,601
    Filer's total
    $156,921

  • Courtney Brown

    Chief Personnel Officer

    Total calculated
    $155,944
    From this org
    $132,577
    From related orgs
    $0
    Other
    $23,367
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $132,577
    Bonus
    not reported
    Other
    not reported
    Deferred
    $16,401
    Nontaxable benefits
    $6,966
    Filer's total
    $155,944

  • Jacob Jones

    Journey Linemen

    Total calculated
    $125,267
    From this org
    $120,530
    From related orgs
    $0
    Other
    $4,737
    Hours/week
    51

  • Lee Henderson

    TrusteeVice President

    Total calculated
    $20,150
    From this org
    $20,150
    From related orgs
    $0
    Other
    $0
    Hours/week
    15.01

  • John Coxe

    TrusteePresident

    Total calculated
    $19,400
    From this org
    $19,400
    From related orgs
    $0
    Other
    $0
    Hours/week
    10.4

  • Barney Goodman

    Trustee

    Total calculated
    $17,150
    From this org
    $17,150
    From related orgs
    $0
    Other
    $0
    Hours/week
    8.7

  • Fred Tagtmeier

    Trustee

    Total calculated
    $16,441
    From this org
    $16,441
    From related orgs
    $0
    Other
    $0
    Hours/week
    7.2

  • Shannon Hall

    TrusteeSecTreasurer

    Total calculated
    $16,300
    From this org
    $16,300
    From related orgs
    $0
    Other
    $0
    Hours/week
    5.7

  • Brad Oxer

    Trustee

    Total calculated
    $14,489
    From this org
    $14,489
    From related orgs
    $0
    Other
    $0
    Hours/week
    5.2

  • Angela Hodges

    Trustee

    Total calculated
    $14,300
    From this org
    $14,300
    From related orgs
    $0
    Other
    $0
    Hours/week
    5.3

  • Michael Pressley

    Trustee

    Total calculated
    $14,300
    From this org
    $14,300
    From related orgs
    $0
    Other
    $0
    Hours/week
    6.9

  • Donnie Lundy

    Trustee

    Total calculated
    $11,950
    From this org
    $11,950
    From related orgs
    $0
    Other
    $0
    Hours/week
    6.3

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)

Listed persons compensation information (Part I, line 4)
Jeffery R Brewington Nonqualified Payment $24,512

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 Company · FL · 100% owned · share of income $4,944 · share of assets $386,362

    Directly controlled by Glades Electric Cooperative Inc

  • Glades Utility Services Inc

    C Corp · Plant Cont · FL · 100% owned

    Directly controlled by Glades Services Inc

  • Glades Economic Investors Inc

    C Corp · Real Estate · FL · 100% owned

    Directly controlled by Glades Services Inc

Provenance

Return type
form_990
Tax year
2023
Filed
25 October 2024
IRS schema version
2023v5.1
Source object
202413059349301966

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

The source document this was parsed from is served over the API, which is where bulk and document access live.