Civic Intelligence

Choctawhatchee Electric Cooperative Inc

990 • Fiscal year 2017 • EIN 59-0192831

Jan 01, 2017 to Dec 31, 2017 • Filed on Jul 26, 2018

PO Box 512Defuniak Springs, FL 32435-0512

(850) 892-2111

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

73rd percentile

0.68x

Higher debt load relative to assets than 73% of similar nonprofits.

2017 filings • 501(c)12 • $250M-$1B nonprofits • Source year 2017

Liabilities / Revenue

78th percentile

1.82x

Higher debt load relative to revenue than 78% of similar nonprofits.

2017 filings • 501(c)12 • $250M-$1B nonprofits • Source year 2017

Net Margin

95th percentile

6.6%

Higher net margin than 95% of similar nonprofits.

2017 filings • 501(c)12 • $250M-$1B nonprofits • Source year 2017

Top Officer Pay

28th percentile

$407,748

Higher top officer pay than 28% of similar nonprofits.

Top officer pay equals 0.4% of source-year revenue.

2017 filings • 501(c)12 • $250M-$1B nonprofits • Source year 2017

Asset Growth

100th percentile

49%

Faster asset growth than 100% of similar nonprofits.

2017 filings • 501(c)12 • $250M-$1B nonprofits • Annualized from 2016 to 2017

Revenue Growth

90th percentile

9.0%

Faster revenue growth than 90% of similar nonprofits.

2017 filings • 501(c)12 • $250M-$1B nonprofits • Annualized from 2016 to 2017

Assets

Up

$283,620,683

Up $93,885,417 (+49%) from 2016

Net Assets

Up

$91,853,005

Up $7,016,853 (+8.3%) from 2016

Liabilities

Up

$191,767,678

Up $86,868,564 (+83%) from 2016

Revenue

Up

$105,315,159

Up $8,709,020 (+9.0%) from 2016

Expenses

Up

$98,321,222

Up $6,585,032 (+7.2%) from 2016

Net Income

Up

$6,993,937

Up $2,123,988 (+44%) from 2016

Historical Trend

Balance Sheet Trend

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$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

2017

Assets$283,620,683
Liabilities$191,767,678
Net Assets$91,853,005

Operations Trend

Revenue, expenses, and net income across loaded years, with this 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

2017

Revenue$105,315,159
Expenses$98,321,222
Net Income$6,993,937
Jump To
Filing Snapshot
Filing Period
Jan 1, 2017 to Dec 31, 2017
Signed
Jul 26, 2018
Return Version
2017v2.3
Gross Receipts
$105,972,071
Mission and Program Overview

Mission

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

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$133,042,047$220,313,610▲ $87,271,563
Rtn Earn Endowment Incm Other Fnds$84,630,397$91,640,605▲ $7,010,208
Investments Program Related$39,687,738$40,260,360▲ $572,622
Accounts Receivable$7,866,879$10,783,425▲ $2,916,546
Inventories for Sale or Use$3,238,890$4,451,680▲ $1,212,790
Savings and Temporary Cash Investments-$3,998,363-
Prepaid Expenses and Deferred Charges$2,962,469$2,318,733▼ $643,736
Cash and Non-Interest-Bearing Accounts$2,928,668$1,475,741▼ $1,452,927
Cap Stk Tr Prin Current Funds$205,755$212,400▲ $6,645
Intangible Assets$320$320→ $0
Total Assets$189,735,266$283,620,683▲ $93,885,417
Other Assets Total$8,255$18,451▲ $10,196
Liabilities
Mortgage Notes Payable Secured by Investment Property$86,696,820$170,582,053▲ $83,885,233
Other Liabilities$12,056,365$11,050,106▼ $1,006,259
Accounts Payable and Accrued Expenses$6,145,929$10,135,519▲ $3,989,590
Total Liabilities$104,899,114$191,767,678▲ $86,868,564
Net Assets / Fund Balance
Total Net Assets Fund Balance$84,836,152$91,853,005▲ $7,016,853
Total Liabilities and Net Assets / Fund Balance$189,735,266$283,620,683▲ $93,885,417

Asset Categories

AssetBook ValueDepreciationBasis
Other Land Buildings$108,278,718$75,480,142$183,758,860
Equipment$109,727,194$5,359,506$115,086,700
Buildings$1,470,443$3,560,466$5,030,909
Land$837,255-$837,255
Investment Program Related Org$264,485--
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Stephen RhodesCEOFT$250,000$167,650$407,748
Wayne ThompsonCFOFT$156,647$115,596$265,742
Donnie FugateVP of OperatFT$134,209$74,318$208,527
Donnie FugateVP of Operations-$133,772$83,260$208,527
Stephen J WolfromVP of MarketFT$137,382$53,090$190,472
Stephen J WolfromVP of Marketing-$134,118$65,192$190,472
Jonathan AveryVP of EngineFT$145,370$34,258$179,628
Jonathan AveryVP of Engineering-$142,341$45,085$179,628
F Scott SeayVP of AdminiFT$133,320$30,568$163,888
F Scott SeayVP of Administration-$124,196$42,405$163,888
George PaulSr. LinemanFT$83,176$79,695$157,063
Terry PilcherDirector-$18,000-$18,000
Bert PrutzmanSecretary/trPT$16,500$1,200$17,700
Ronald JonesFormer Presi-$15,900$900$16,800
Gerald EdmondsonPresidentPT$14,100$1,500$15,600
Brady BeardenDirectorPT$15,000-$15,000
James BishopVice Preside-$12,400$1,500$13,900
Gayle HughesDirector-$12,900-$12,900
Patricia CarlyleDirector-$11,500$600$12,100
Burt CossonDirector-$11,500-$11,500

Highest Paid Contractors

ContractorServicesLocationCompensation
Southland Utility SvcsRow/ug InstallPO BOX 512, Defuniak Springs, FL 32435$3,760,027
Musgrove Construction INCConstruction8708 US 90, Live Oak, FL 32060$1,028,732
Associated Diversified Services INCConstruction2910 HIGHWAY 31 NW, Hartselle, AL 35640$313,949
Osmose Wood PreservingPole Inspection980 ELLICOTT ST, Buffalo, NY 14209$130,070
Baker Engineers LLCEngineering2583 HIGHWAY 81A, Ponce De Leon, FL 32455$119,360
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$104,093,454
Investment Income
$495,191
Other Revenue
$726,514
Change in Net Assets
$6,993,937

Audited Revenue Reconciliation

Revenue per Audited Statements
$105,315,159
Total Revenue per Audited Statements
$105,315,159
Total Revenue per Form 990
$105,315,159
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$94,082,111
Salaries, Compensation, and Employee Benefits$1,516,944
Grants and Similar Amounts Paid$19,271
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Depreciation Depletion---$7,568,861
Interest---$4,808,531
Other Expenses---$3,776,608
All Other Expenses---$3,107,215
Benefits to Members---$2,702,896
Current Officers, Directors, Trustees, and Key Employees---$801,290
Other Salaries and Wages---$668,790
Other Employee Benefits---$40,076
Grants to Domestic Orgs---$16,271
Pension Plan Contributions---$6,788
Grants to Domestic Individuals---$3,000
Total Functional Expenses$0$0$0$98,321,222

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$98,321,222
Expenses per Audited Statements$95,602,055
Total Expenses per Audited Statements$95,602,055
Expenses Not Reported on Financial Statements$2,719,167
Other Expense Adjustments$2,719,167
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Walton Okaloosa Council on AgingDefuniak Springs, FL501c3See Part Iv$16,271
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
Customer Deposits$3,374,092
Consumer/customer Advances$2,194,506
Due to Sus$2,109,349
Deferred Revenues$1,398,260
Misc. Credits Pending$599,790
Deferred Credits$587,747
Powersouth Def. Power Bill Credit$340,000
Unamortized Gain on Reacquired Debt$278,872
Deferred Compensation$167,490
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
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, Page 6, Part VI, 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 adoped by the board, and (4) paid the membership fee.

Form 990, Page 6, Part VI, Line 7A

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

Form 990, Page 6, Part VI, Line 7B

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

Form 990, Page 6, Part VI, Line 11B

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

Form 990, Page 6, Part VI, Line 12C

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

Form 990, Page 6, Part VI, Line 15A

An outside firm was utilized in determining the ceo's compensation. Comparable data for similar positions in the industry was used as a basis for compensation.

Form 990, Page 6, Part VI, Line 15B

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, Page 6, Part VI, 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
EIN
59-0192831
Phone
8508922111
Address
PO BOX 512, DEFUNIAK SPRINGS, FL 32435-0512

Signing Officer

Name
Stephen Rhodes
Title
CEO
Phone
8508922111
Signed
2018-07-26
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
156

Preparer

Firm
Purvis Gray & Company Llp
Address
443 EAST COLLEGE AVENUE, TALLAHASSEE, FL 32301
Preparer
Ryan M Tucker CPA
Phone
8502247144
Supplemental Narrative

Additional Explanations

Form 990

Part ix line 24e payroll taxes are included in line 24e.

Form 990, Part XI

Change in membership 6,645

Form 990, Part XI, Line 9

Change in memberships 6,645 members helping members 16,271 total 22,916

Financial Statement Notes

Schedule D, Page 3, Part X

Accounting principles generally accepted in the united states of america require management to evaluate tax positions taken by the companies and recognize a tax liability (or asset) if the companies have taken an uncertain position that more likely than not would not be sustained upon examination by the internal revenue service and state taxing agencies. Management has analyzed the tax positions taken by the companies and has concluded that as of december 31, 2017, there are no uncertain positions taken or expected to be taken that would require recognition of a liability (or asset) or disclosure in the financial statements. The companies are subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress. Management believes the companies are no longer subject to income tax examinations for the years prior to 2014.

Schedule D, Page 4, Part XII, Line 4B

Retirement of capital credits 2,702,896 members helping members 16,271

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IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc8DEFERRED COMPENSATION
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Document Assets

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Filings

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