Civic Intelligence

Choctawhatchee Electric Cooperative Inc

990 • Fiscal year 2019 • EIN 59-0192831

Jan 01, 2019 to Dec 31, 2019 • Filed on Aug 12, 2020

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

75th percentile

0.67x

Higher debt load relative to assets than 75% of similar nonprofits.

2019 filings • 501(c)12 • $250M-$1B nonprofits • Source year 2019

Liabilities / Revenue

75th percentile

1.77x

Higher debt load relative to revenue than 75% of similar nonprofits.

2019 filings • 501(c)12 • $250M-$1B nonprofits • Source year 2019

Net Margin

96th percentile

5.5%

Higher net margin than 96% of similar nonprofits.

2019 filings • 501(c)12 • $250M-$1B nonprofits • Source year 2019

Top Officer Pay

52nd percentile

$517,372

Higher top officer pay than 52% of similar nonprofits.

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

2019 filings • 501(c)12 • $250M-$1B nonprofits • Source year 2019

Asset Growth

53rd percentile

3.8%

Faster asset growth than 53% of similar nonprofits.

2019 filings • 501(c)12 • $250M-$1B nonprofits • Annualized from 2018 to 2019

Revenue Growth

76th percentile

2.5%

Faster revenue growth than 76% of similar nonprofits.

2019 filings • 501(c)12 • $250M-$1B nonprofits • Annualized from 2018 to 2019

Assets

Up

$313,285,798

Up $11,355,705 (+3.8%) from 2018

Net Assets

Up

$103,562,972

Up $5,977,596 (+6.1%) from 2018

Liabilities

Up

$209,722,826

Up $5,378,109 (+2.6%) from 2018

Revenue

Up

$118,644,430

Up $2,892,875 (+2.5%) from 2018

Expenses

Up

$112,098,400

Up $2,055,920 (+1.9%) from 2018

Net Income

Up

$6,546,030

Up $836,955 (+15%) from 2018

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

2019

Assets$313,285,798
Liabilities$209,722,826
Net Assets$103,562,972

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

2019

Revenue$118,644,430
Expenses$112,098,400
Net Income$6,546,030
Jump To
Filing Snapshot
Filing Period
Jan 1, 2019 to Dec 31, 2019
Signed
Aug 12, 2020
Return Version
2019v5.0
Gross Receipts
$118,644,430
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$231,406,881$240,824,044▲ $9,417,163
Rtn Earn Endowment Incm Other Fnds$97,365,356$103,336,557▲ $5,971,201
Investments Program Related$41,814,082$43,606,863▲ $1,792,781
Accounts Receivable$11,768,955$11,858,904▲ $89,949
Inventories for Sale or Use$5,187,454$7,513,662▲ $2,326,208
Savings and Temporary Cash Investments$5,680,870$6,172,302▲ $491,432
Cash and Non-Interest-Bearing Accounts$4,417,155$2,464,223▼ $1,952,932
Prepaid Expenses and Deferred Charges$1,632,663$852,771▼ $779,892
Cap Stk Tr Prin Current Funds$220,020$226,415▲ $6,395
Intangible Assets$320$320→ $0
Total Assets$301,930,093$313,285,798▲ $11,355,705
Other Assets Total$21,713$-7,291▼ $29,004
Liabilities
Mortgage Notes Payable Secured by Investment Property$177,992,457$179,289,843▲ $1,297,386
Accounts Payable and Accrued Expenses$15,314,759$17,046,108▲ $1,731,349
Other Liabilities$11,037,501$13,386,875▲ $2,349,374
Total Liabilities$204,344,717$209,722,826▲ $5,378,109
Net Assets / Fund Balance
Total Net Assets Fund Balance$97,585,376$103,562,972▲ $5,977,596
Total Liabilities and Net Assets / Fund Balance$301,930,093$313,285,798▲ $11,355,705

Asset Categories

AssetBook ValueDepreciationBasis
Other Land Buildings$137,671,175$89,276,215$226,947,390
Equipment$93,816,252$5,819,600$99,635,852
Buildings$8,498,124$3,353,533$11,851,657
Land$838,493-$838,493
Investment Program Related Org$303,510--
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Stephen RhodesCEOFT$312,510$204,862$517,372
Wayne ThompsonCFOFT$167,411$88,380$255,791
Jonathan AveryVP of EngineFT$174,623$52,485$227,108
Jonathan AveryVP of Engineering-$167,407$59,701$227,108
F Scott SeayVP of AdminiFT$152,147$43,420$195,567
F Scott SeayVP of Administration-$140,367$55,200$195,567
George PaulSr. LinemanFT$87,611$99,644$187,255
Michael KapotskyDirector of EngiFT$128,038$35,340$163,378
Michael KapotskyDirector of Engineering-$127,575$35,803$163,378
Emily CowanVP of MarketFT$111,887$42,942$154,829
Emily CowanVP of Marketing-$104,792$50,037$154,829
Terry PilcherDirectorPT$24,000-$24,000
Brady BeardenAsst. Sec./tPT$18,400$1,600$20,000
Bert PrutzmanDirectorPT$18,000$1,600$19,600
James BishopVice PresidePT$17,600$1,200$18,800
Ronald JonesDirector-$16,800$1,600$18,400
Gerald EdmondsonPresidentPT$15,600$1,600$17,200
Gayle HughesSecretayr/tr-$14,400-$14,400
Burt CossonDirector-$13,200-$13,200
Patricia CarlyleDirector-$5,600-$5,600
Lee PerryDirector-$5,600-$5,600

Highest Paid Contractors

ContractorServicesLocationCompensation
Southland Utility SvcsRow/ug InstallPO BOX 512, Defuniak Springs, FL 32435-0512$4,627,639
Culpepper Construction Co INCConstruction1538 METROPOLITIAN BLVD, Tallahassee, FL 32308$3,321,350
Musgrove Construction INCConstruction8708 US 90, Live Oak, FL 32060$1,097,035
Baker Engineers LLCEngineering2583 HIGHWAY 81A, Ponce De Leon, FL 32455$515,533
Osmose Wood PreservingPole Inspection980 ELLICOTT ST, Buffalo, NY 14209$169,773
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$118,370,105
Investment Income
$274,325
Other Revenue
$0
Change in Net Assets
$6,546,030

Audited Revenue Reconciliation

Revenue per Audited Statements
$118,644,430
Total Revenue per Audited Statements
$118,644,430
Total Revenue per Form 990
$118,644,430
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$106,809,326
Salaries, Compensation, and Employee Benefits$1,704,976
Grants and Similar Amounts Paid$17,837
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Depreciation Depletion---$11,022,552
Interest---$6,343,284
Other Expenses---$3,586,717
Benefits to Members---$3,566,261
All Other Expenses---$2,637,357
Current Officers, Directors, Trustees, and Key Employees---$922,363
Other Salaries and Wages---$706,212
Other Employee Benefits---$69,507
Grants to Domestic Orgs---$14,837
Pension Plan Contributions---$6,894
Grants to Domestic Individuals---$3,000
Total Functional Expenses$0$0$0$112,098,400

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$112,098,400
Expenses per Audited Statements$108,517,302
Total Expenses per Audited Statements$108,517,302
Expenses Not Reported on Financial Statements$3,581,098
Other Expense Adjustments$3,581,098
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Walton Okaloosa Council on AgingDefuniak Springs, FL501c3See Part Iv$14,837
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$3,652,840
Deferred Credits$3,200,964
Deferred Revenues$2,436,114
Consumer/customer Advances$2,131,500
Deferred Compensation/pensions$871,535
Due to Sus$552,778
Powersouth Def. Power Bill Credit$340,000
Unamortized Gain on Reacquired Debt$201,144
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
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, 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
2020-08-12
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
163

Preparer

Firm
Purvis Gray & Company Llp
Address
443 EAST COLLEGE AVENUE, TALLAHASSEE, FL 32301
Preparer
Ryan M Tucker CPA
Phone
3523782461
Supplemental Narrative

Additional Explanations

Form 990

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

Form 990, Part XI

Change in membership 6,395

Form 990, Part XI, Line 9

Change in memberships 6,395 members helping members 14,837 acc. Other comp. Income -589,666 total -568,434

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, 2019, 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 years prior to 2016.

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

Retirement of capital credits 3,566,261 members helping members 14,837

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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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IRS990/ProgramServiceRevenueGrp/Desc2CAPITAL CREDITS
IRS990/ProgramServiceRevenueGrp/Desc3OTHER REVENUES
IRS990/ProgramServiceRevenueGrp/Desc4POLE RENTAL
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IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0CUSTOMER DEPOSITS
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IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc2DEFERRED REVENUES
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc3CONSUMER/CUSTOMER ADVANCES
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc4DEFERRED COMPENSATION/PENSIONS
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc5DUE TO SUS

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