Civic Intelligence

Choctawhatchee Electric Cooperative Inc

EIN 59-0192831 • 501(c)12 • Defuniak Springs, FL

View Organization Page

Profile

To provide electric service to members in parts of holmes, okaloosa, santa rosa and walton counties.

PO Box 512Defuniak Springs, FL 32435-0512

www.chelco.com

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

69th percentile

0.67x

Higher debt load relative to assets than 69% of similar nonprofits.

501(c)12 • $250M-$1B nonprofits • Source year 2024

Liabilities / Revenue

62nd percentile

1.75x

Higher debt load relative to revenue than 62% of similar nonprofits.

501(c)12 • $250M-$1B nonprofits • Source year 2024

Net Margin

88th percentile

5.4%

Higher net margin than 88% of similar nonprofits.

501(c)12 • $250M-$1B nonprofits • Source year 2024

Top Officer Pay

74th percentile

$814,586

Higher top officer pay than 74% of similar nonprofits.

Top officer pay equals 0.6% of source-year revenue.

$250M-$1B nonprofits • Source year 2022

Asset Growth

46th percentile

5.4%

Faster asset growth than 46% of similar nonprofits.

501(c)12 • $250M-$1B nonprofits • Annualized from 2023 to 2024

Revenue Growth

74th percentile

9.0%

Faster revenue growth than 74% of similar nonprofits.

501(c)12 • $250M-$1B nonprofits • Annualized from 2023 to 2024

Balance Sheet
Liabilities / Assets69th percentile

Assets

Up

$422,576,549

Up $21,648,819 (+5.4%) from 2023

Liabilities

Up

$284,419,954

Up $12,525,529 (+4.6%) from 2023

Net Assets

Up

$138,156,595

Up $9,123,290 (+7.1%) from 2023

Operations
Liabilities / Revenue62nd percentileNet Margin88th percentile

Revenue

Up

$162,680,478

Up $13,432,895 (+9.0%) from 2023

Expenses

Up

$153,907,690

Up $12,046,803 (+8.5%) from 2023

Net Income

Up

$8,772,788

Up $1,386,092 (+19%) from 2023

Trend Graphs

Balance Sheet Trend

Asset Growth46th percentile

Grouped bars show assets, liabilities, and net assets across loaded filings.

$600M$400M$200M$0Assets 2010: $150,094,681Liabilities 2010: $90,393,417Net Assets 2010: $59,701,2642010Assets 2011: $153,374,292Liabilities 2011: $90,180,161Net Assets 2011: $63,194,1312011Assets 2012: $159,917,910Liabilities 2012: $93,058,822Net Assets 2012: $66,859,0882012Assets 2013: $170,335,754Liabilities 2013: $99,683,010Net Assets 2013: $70,652,7442013Assets 2014: $176,131,929Liabilities 2014: $100,553,673Net Assets 2014: $75,578,2562014Assets 2015: $181,842,429Liabilities 2015: $101,900,067Net Assets 2015: $79,942,3622015Assets 2016: $189,735,266Liabilities 2016: $104,899,114Net Assets 2016: $84,836,1522016Assets 2017: $283,620,683Liabilities 2017: $191,767,678Net Assets 2017: $91,853,0052017Assets 2018: $301,930,093Liabilities 2018: $204,344,717Net Assets 2018: $97,585,3762018Assets 2019: $313,285,798Liabilities 2019: $209,722,826Net Assets 2019: $103,562,9722019Assets 2020: $334,468,850Liabilities 2020: $227,317,544Net Assets 2020: $107,151,3062020Assets 2021: $360,891,875Liabilities 2021: $247,648,139Net Assets 2021: $113,243,7362021Assets 2022: $375,282,827Liabilities 2022: $253,907,670Net Assets 2022: $121,375,1572022Assets 2023: $400,927,730Liabilities 2023: $271,894,425Net Assets 2023: $129,033,3052023Assets 2024: $422,576,549Liabilities 2024: $284,419,954Net Assets 2024: $138,156,5952024

Highlighted filing

2024

Assets$422,576,549
Liabilities$284,419,954
Net Assets$138,156,595
Open 2024 Filing

Operations Trend

Revenue Growth74th percentile

Revenue, expenses, and net income by year, with the latest filing highlighted.

$200M$150M$100M$50M$0Expenses 2010: $25,431,0192010Expenses 2011: $28,320,5662011Expenses 2012: $28,774,1862012Revenue 2013: $92,892,616Expenses 2013: $89,289,203Net Income 2013: $3,603,4132013Revenue 2014: $101,153,782Expenses 2014: $96,251,942Net Income 2014: $4,901,8402014Revenue 2015: $97,082,891Expenses 2015: $92,748,699Net Income 2015: $4,334,1922015Revenue 2016: $96,606,139Expenses 2016: $91,736,190Net Income 2016: $4,869,9492016Revenue 2017: $105,315,159Expenses 2017: $98,321,222Net Income 2017: $6,993,9372017Revenue 2018: $115,751,555Expenses 2018: $110,042,480Net Income 2018: $5,709,0752018Revenue 2019: $118,644,430Expenses 2019: $112,098,400Net Income 2019: $6,546,0302019Revenue 2020: $115,831,475Expenses 2020: $112,017,515Net Income 2020: $3,813,9602020Revenue 2021: $124,274,504Expenses 2021: $117,642,223Net Income 2021: $6,632,2812021Revenue 2022: $140,151,380Expenses 2022: $133,323,002Net Income 2022: $6,828,3782022Revenue 2023: $149,247,583Expenses 2023: $141,860,887Net Income 2023: $7,386,6962023Revenue 2024: $162,680,478Expenses 2024: $153,907,690Net Income 2024: $8,772,7882024

Highlighted filing

2024

Revenue$162,680,478
Expenses$153,907,690
Net Income$8,772,788
Open 2024 Filing

Filings

Most recent year

2024 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$422,576,549
Liabilities
$284,419,954
Net assets
$138,156,595
Revenue
$162,680,478
Expenses
$153,907,690
Net income
$8,772,788
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$423$284$138$163$154$8.77
2023Detailed filing. Detailed filing data is available for this year.$401$272$129$149$142$7.39
2022Detailed filing. Detailed filing data is available for this year.$375$254$121$140$133$6.83
2021Detailed filing. Detailed filing data is available for this year.$361$248$113$124$118$6.63
2020Detailed filing. Detailed filing data is available for this year.$334$227$107$116$112$3.81
2019Detailed filing. Detailed filing data is available for this year.$313$210$104$119$112$6.55
2018Detailed filing. Detailed filing data is available for this year.$302$204$97.6$116$110$5.71
2017Detailed filing. Detailed filing data is available for this year.$284$192$91.9$105$98.3$6.99
2016Detailed filing. Detailed filing data is available for this year.$190$105$84.8$96.6$91.7$4.87
2015Detailed filing. Detailed filing data is available for this year.$182$102$79.9$97.1$92.7$4.33
2014Detailed filing. Detailed filing data is available for this year.$176$101$75.6$101$96.3$4.90
2013Detailed filing. Detailed filing data is available for this year.$170$99.7$70.7$92.9$89.3$3.60
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$160$93.1$66.9$28.8
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$153$90.2$63.2$28.3
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$150$90.4$59.7$25.4
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jan 1, 2024 to Dec 31, 2024
Signed
Oct 14, 2025
Return Version
2024v5.2
Gross Receipts
$162,680,478
Mission and Program Overview

Mission

To provide electric service to members in parts of holmes, okaloosa, santa rosa and walton counties.

To provide electric service to members in parts of holmes, okaloosa, santa rosa, & walton counties.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$295,608,777$305,799,191▲ $10,190,414
Rtn Earn Endowment Incm Other Fnds$128,768,045$137,879,730▲ $9,111,685
Investments Program Related$51,334,674$53,540,176▲ $2,205,502
Inventories for Sale or Use$23,299,014$25,301,110▲ $2,002,096
Accounts Receivable$13,494,476$18,082,886▲ $4,588,410
Investments Other Securities-$7,883,603-
Savings and Temporary Cash Investments$11,226,562$6,081,051▼ $5,145,511
Prepaid Expenses and Deferred Charges$4,059,825$3,622,907▼ $436,918
Cash and Non-Interest-Bearing Accounts$1,791,787$2,205,912▲ $414,125
Cap Stk Tr Prin Current Funds$265,260$276,865▲ $11,605
Pd in Cap Srpls Land Bldg Eqp Fund$0$0→ $0
Total Assets$400,927,730$422,576,549▲ $21,648,819
Other Assets Total$112,615$59,713▼ $52,902
Liabilities
Mortgage Notes Payable Secured by Investment Property$217,376,245$228,101,740▲ $10,725,495
Other Liabilities$32,383,401$34,020,641▲ $1,637,240
Accounts Payable and Accrued Expenses$9,837,450$11,583,656▲ $1,746,206
Deferred Revenue$12,297,329$10,713,917▼ $1,583,412
Total Liabilities$271,894,425$284,419,954▲ $12,525,529
Net Assets / Fund Balance
Total Net Assets Fund Balance$129,033,305$138,156,595▲ $9,123,290
Total Liabilities and Net Assets / Fund Balance$400,927,730$422,576,549▲ $21,648,819

Asset Categories

AssetBook ValueDepreciationBasis
Other Land Buildings$272,134,237$118,530,562$390,664,799
Buildings$24,393,509$6,350,781$30,744,290
Equipment$8,432,952$10,053,974$18,486,926
Land$838,493-$838,493
Investment Program Related Org$557,974--
Compensation and Service Providers
Top Officer Pay74th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Stephen T RhodesChief Operating OfficerFT$455,068$406,504$861,572
Jonathan M AverySenior VP of E&oFT$200,937$110,701$311,638
Emily E CowanVP of Member SvcsFT$171,470$121,810$293,280
Franklin S SeayVP of AdministrationFT$180,328$100,884$281,212
Robin C ShawVP of FinanceFT$182,633$68,322$250,955
Jason PriceSenior Line TechnicianFT$163,765$60,115$223,880
Kevin JonesManager of EngineeringFT$140,245$54,005$194,250
Terry J PilcherTrusteePT$28,435-$28,435
Brady BeardenVice President-$24,010$1,960$25,970
Bert PrutzmanAsst Secretary/treasurer-$20,580$1,960$22,540
Gerald EdmondsonPresidentPT$19,110$1,960$21,070
Gayle HughesSecretary/treasurer-$19,110-$19,110
Ronald C JonesTrustee-$13,720$1,960$15,680
Dwayne DavisTrustee-$14,700-$14,700
Mikel Lee PerryTrustee-$13,230-$13,230
Reese HarrisonTrustee-$9,310-$9,310

Highest Paid Contractors

ContractorServicesLocationCompensation
Southland Utility Services INCRow & Ug Installation555 US HWY 331 N, Defuniak Springs, FL 32433$7,362,677
Powergrid Distribution Services LLCInstallation2350 HWY 31 NW, Hartsellem, AL 35640$4,172,876
Sedcapplied Tech Solutions INCMeridian Support/service5610 BARBADOS BLVD, Castle Hayne, NC 28429$931,582
Southeast Construction Company LLCConstructionPO BOX 177, Geneva, AL 36340$892,532
Lord & Son Construction INCConstruction19 DAVID ST, Fort Walton Beach, FL 32547$859,082
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$160,805,620
Investment Income
$1,074,646
Other Revenue
$800,212
Change in Net Assets
$8,772,788

Audited Revenue Reconciliation

Revenue per Audited Statements
$162,680,478
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$-220,115
Total Revenue per Audited Statements
$162,460,363
Total Revenue per Form 990
$162,680,478
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$150,905,669
Salaries, Compensation, and Employee Benefits$1,282,572
Grants and Similar Amounts Paid$144,528
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Depreciation Depletion---$14,754,540
Interest---$8,984,805
All Other Expenses---$5,738,478
Other Expenses---$4,030,846
Benefits to Members---$1,574,921
Current Officers, Directors, Trustees, and Key Employees---$1,282,572
Grants to Domestic Orgs---$132,628
Grants to Domestic Individuals---$11,900
Total Functional Expenses$0$0$0$153,907,690

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$153,907,690
Expenses per Audited Statements$152,332,769
Total Expenses per Audited Statements$152,332,769
Expenses Not Reported on Financial Statements$1,574,921
Other Expense Adjustments$1,574,921
Expenses Not Reported on Form 990$0
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Tri County Community Council - WaltonDefuniak Springs, FL501(c)(3)See Part Iv$6,599
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Deferred Credits$20,277,959
Consumer/customer Advances$7,555,928
Customer Deposits$4,738,608
Deferred Compensation/pensions$1,261,767
Due to Sus$138,738
Unamortized Gain on Reaquired Debt$47,641
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
Yes
Business relationship with 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
Yes
Key decisions subject to board approval
Yes
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section A, Line 6

“Membership is comprised of any person, firm, association, corporation, or body politic or subdivision thereof who (1) has made a written application for membership, (2) agreed to purchase cooperative electric energy, (3) agreed to comply with and be bound by the articles of incorporation and bylaws of the cooperative and any rules and regulations adopted by the board, and (4) paid the membership fee.”

Form 990, Part VI, Section A, Line 7A

“Members of the cooperative elect the governing board to three year terms.”

Form 990, Part VI, Section A, Line 7B

“The bylaws of the cooperative require approval by the members for such decisios as changes in the bylaws, the sale, mortgage, or lease of all or any substantial portion of the cooperative's property.”

Form 990, Part VI, Section B, Line 11B

“The board reviews the tax return at a regular meeting prior to filing.”

Form 990, Part VI, Section B, Line 12C

“Board members are required to disclose any conflicts of interest annually.”

Form 990, Part VI, Section B, Line 15

“Surveys and other forms 990 were utilized in determining the ceo's compensation. Comparable data for similar positions in the industry was used as a basis for compensation. An outside firm was utilized in determining the compensation of other officers and key employees. Comparable data for similar positions in the industry was used as a basis for compensation.”

Form 990, Part VI, Section C, Line 19

“The organization's governing documents, conflict of interest policy, and financial statements are made available upon member request.”

Filing and Contact Details

Filer

Filer Name
Choctawhatchee Electric Cooperative Inc
EIN
59-0192831
Phone
8508922111
Address
PO BOX 512, DEFUNIAK SPRINGS, FL 32435-0512

Signing Officer

Name
Stephen Rhodes
Title
CEO
Phone
8508922111
Signed
2025-10-14
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Stephen Rhodes
Formed
1941
Legal Domicile
Fl
Voting Board Members
9
Independent Board Members
9
Employees
185
Volunteers
0

Preparer

Firm
Jackson Thornton & Co Pc
Address
PO BOX 96, MONTGOMERY, AL 36101-0096
Preparer
Richard B Compton
Phone
3348347660
Supplemental Narrative

Additional Explanations

FORM 990, PART XI, LINE 9:

“Change in memberships 11,605. Gains on unclaimed capital credits 286,925. Accumulated other comprehensive income 272,087.”

Financial Statement Notes

PART XII, LINE 4B - OTHER ADJUSTMENTS:

“Retirement of capital credits 1,574,921.”

Raw XML AppendixShowing 400 of 721 raw XML fields

This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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