2024-11-06T09:01:53-06:00 2023-12-31 721396621 CARR RIGGS & INGRAM LLC 1117 BOLL WEEVIL CIRCLE ENTERPRISE AL 36330 990 2023-01-01 590504115 WEST FLORIDA ELECTRIC COOPERATIVE ASSOCIATION INC WEST 8502633231 PO BOX 127 GRACEVILLE FL 32440 WAYNE WILLIAMS INTERIM EXECUTIVE VP & CEO 8502633231 2024-10-23 1 1 BRUCE AVERETT P01352375 3343470088 2024-10-23 X 2023 2024-10-15 13:58:12Z WAYNE WILLIAMS PO BOX 127 GRACEVILLE FL 32440 73858381 0 X WWW.WESTFLORIDA.COOP X 1937 FL 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. 9 9 103 0 146097 0 0 0 71618359 72802202 39054 61902 1033597 994277 72691010 73858381 0 0 0 0 2770250 3243449 0 0 0 63609808 67782300 66380058 71025749 6310952 2832632 167263194 170906277 79540851 80446401 87722343 90459876 X 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. 0 0 65298040 PROVIDING ELECTRICITY TO MEMBERS 65298040 0 0 0 0 0 0 0 0 0 1 0 1 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 57 0 1 103 1 1 1 0 0 0 0 0 0 72802202 870757 0 0 0 X 9 9 0 0 0 0 1 1 0 1 1 0 0 0 1 1 1 1 1 1 1 1 0 FL X SHAWN WALLING 8502633231 PO BOX 127 GRACEVILLE FL 32440 DAVID CORBIN VICE PRESIDENT 2.00 X 16375 0 0 DAVID TATUM DIRECTOR 2.00 X 17171 0 0 GEORGE OWENS DIRECTOR 2.00 X 19728 0 0 JACKIE POOSER DIRECTOR 2.00 X 17775 0 0 JOE RONE PRESIDENT 2.00 X 21341 21503 0 JOHN W ADAMS DIRECTOR 2.00 X 19818 0 0 MYRON HUDSON DIRECTOR 2.00 X 18409 0 0 RANDY BUSH SECRETARY-TREASURER 2.00 X 17901 0 0 TIM ALFORD DIRECTOR 2.00 X 20925 0 0 JAMES T PEEL FORMER CEO 40.00 X 185582 0 29632 MARIE ASHWORTH CFO 40.00 X 154042 0 22299 SHAWN WALLING EXECUTIVE VP & CEO 40.00 X 83195 7751 6064 DEREK CHADWELL INTERIM CEO 40.00 X 124417 14402 29787 DONNIE WORLEY SAFETY MANAGER 40.00 X 117457 0 21473 JAMIE ALDAY KEY EMPLOYEE 40.00 X 116188 0 21999 KALEB FROST KEY EMPLOYEE 40.00 X 122339 0 21117 KEITH VARNUM MANAGER - ENGINEERING 40.00 X 146537 0 21808 LUKE GATES KEY EMPLOYEE 40.00 X 119893 0 22182 WAYNE WILLIAMS V.P. OF OPERATIONS 40.00 X 127200 0 21632 1466293 43656 217993 9 0 1 0 ASPLUNDH TREE EXPERT CO 708 BLAIR MILL ROAD WILLOW GROVE PA 19090 RIGHT OF WAY SERVICES 2516203 MUSGROVE CONSTRUCTION LLC 708 BLAIR MILL ROAD WILLOW GROVE PA 19090 CONSTRUCTION 1566658 MERIDIAN COOPERATIVE 100 ASHFORD CENTER N ATLANTA GA 30338 UTILITY TECHNOLOGY COMPANY 849693 SOUTHEAST CONSTRUCTION 816 SIZEMORE HWY GENEVA AL 36340 CONSTRUCTION 468155 PROGRESSIVE SOLUTIONS LLC PO BOX 1130 MARSHALL AR 72650 CONSULTING SERVICES 133015 7 ELECTRIC SALES 221000 72802202 72802202 72802202 61902 61902 G&T AND OTHER CAPITAL CREDITS 221000 848180 848180 NON UTILITY OPERATIONS 900099 146097 146097 994277 73858381 73712284 146097 0 2176864 1066585 313695 975776 108022 83025 3106068 5485051 COST OF POWER 44009223 DISTRIBUTION OPERATIONS 4274178 DISTRIBUTION MAINTENANC 3970143 RETIREMENT OF CAPITAL C 1840901 3616218 71025749 2214473 2009253 22457636 17771755 5362419 5567333 441544 461270 165154199 50604404 106558966 114549795 27502361 28215174 2725795 2331697 167263194 170906277 6837217 6490500 500000 500000 69560959 70971062 2642675 2484839 79540851 80446401 X 147735 149605 0 0 87574608 90310271 87722343 90459876 167263194 170906277 X 2832632 -95099 X 0 1 X 1 0 107212 107212 5503833 5503833 158247755 50604404 107643351 1295399 1295399 114549795 INVESTMENTS IN ASSOCIATED ORGANIZATIONS 28215174 C 28215174 CONSUMER DEPOSITS 1957026 DEFERRED CREDITS 335680 DEFERRED COMPENSATION 192133 2484839 X 73858381 0 73858381 0 73858381 71211171 185422 185422 71025749 0 71025749 PART X, LINE 2: THE COOPERATIVE IS EXEMPT FROM INCOME TAXES UNDER SECTION 501(C)(12) OF THE INTERNAL REVENUE CODE ON ANY INCOME RELATED TO ITS EXEMPT PURPOSE. THE COOPERATIVE INCURS UNRELATED BUSINESS TAXABLE INCOME (UBTI) UNDER THE CODE ON CERTAIN REVENUE STREAMS. THERE ARE NO PROVISIONS FOR INCOME TAXES FOR 2023 OR 2022. THE COOPERATIVE HAS A NET OPERATING LOSS CARRYFORWARD OF $39,325 TO OFFSET FUTURE TAXABLE INCOME AS OF DECEMBER 31, 2023. THE COOPERATIVE UTILIZES THE ACCOUNTING GUIDANCE FOR UNCERTAINTY IN INCOME TAXES USING THE PROVISION OF FASB ASC 740, INCOME TAXES. USING THAT GUIDANCE, TAX POSITIONS INITIALLY NEED TO BE RECOGNIZED IN THE FINANCIAL STATEMENTS WHEN IT IS MORE LIKELY THAN NOT THE POSITION WILL BE SUSTAINED UPON EXAMINATION BY THE TAXING AUTHORITIES. SUCH TAX POSITIONS INITIALLY AND SUBSEQUENTLY NEED TO BE MEASURED AS THE LARGEST AMOUNT OF TAX BENEFIT THAT HAS A GREATER THAN 50% LIKELIHOOD OF BEING REALIZED UPON ULTIMATE SETTLEMENT WITH THE TAXING AUTHORITY ASSUMING FULL KNOWLEDGE OF THE POSITION AND RELEVANT FACTS. THE COOPERATIVE BELIEVES THAT IT HAS APPROPRIATE SUPPORT FOR THE INCOME TAX POSITIONS TAKEN AND TO BE TAKEN ON ITS TAX RETURNS AND THAT ITS ACCRUALS FOR TAX LIABILITIES, IF ANY, ARE ADEQUATE FOR ALL OPEN TAX YEARS (AFTER 2017 FOR FEDERAL AND STATE) BASED ON AN ASSESSMENT OF MANY FACTORS INCLUDING EXPERIENCE AND INTERPRETATIONS OF TAX LAWS APPLIED TO THE FACTS OF EACH MATTER. THE COOPERATIVE EVALUATED ITS INCOME TAX POSITIONS ON AN ANNUAL BASIS. MANAGEMENT HAS DETERMINED THERE ARE NO UNCERTAIN TAX POSITIONS AT DECEMBER 31, 2023 AND 2022 THAT MEET THE CRITERIA FOR RECOGNITION IN THE FINANCIAL STATEMENTS. THE COOPERATIVE WOULD RECOGNIZE FUTURE ACCRUED INTEREST AND PENALTIES RELATED TO UNRECOGNIZED TAX POSITIONS IN INCOME TAX EXPENSE IF INCURRED. GENERALLY, THE COOPERATIVE IS NO LONGER SUBJECT TO FEDERAL TAX EXAMINATIONS BY TAX AUTHORITIES FOR TAX PERIODS BEFORE 2020. PART XII, LINE 2D - OTHER ADJUSTMENTS: NON UTILITY OPERATIONS EXPENSES REPORTED ON FORM 990, PART XI, LINE 9 185,422. 0 0 0 JAMES T PEEL FORMER CEO 185582 0 0 0 0 0 21905 0 7727 0 215214 0 0 0 MARIE ASHWORTH CFO 154042 0 0 0 0 0 4524 0 17775 0 176341 0 0 0 DEREK CHADWELL INTERIM CEO 124417 14402 0 0 0 0 11595 0 18192 0 154204 14402 0 0 KEITH VARNUM MANAGER - ENGINEERING 146537 0 0 0 0 0 4141 0 17667 0 168345 0 0 0 FORM 990, PART VI, SECTION A, LINE 6 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. FORM 990, PART VI, SECTION A, LINE 7A THE BYLAWS OF THE COOPERATIVE PROVIDE FOR NINE MEMBERS TO MAKE UP ITS BOARD OF TRUSTEES REPRESENTING A CROSS-SECTION OF ITS MEMBERSHIP. EACH OF THE NINE DISTRICTS ARE REPRESENTED BY A MEMBER-ELECTED TRUSTEE. FORM 990, PART VI, SECTION B, LINE 10B ORGANIZATION HAVE DISTRICT OFFICES IN THE SAME GEOGRAPHICAL AREA MANAGED BY HOME OFFICE STAFF. FORM 990, PART VI, SECTION B, LINE 11B THE COMPLETED FORM 990 IS REVIEWED FOR ACCURACY BY THE CHIEF EXECUTIVE OFFICER, THEN PRESENTED TO THE BOARD OF TRUSTEES FOR APPROVAL BEFORE BEING EXECUTED AND FILED EACH YEAR. FORM 990, PART VI, SECTION B, LINE 12C EACH YEAR BOARD MEMBERS ARE REQUIRED TO CERTIFY THEY DO NO HAVE A CONFLICT. FORM 990, PART VI, SECTION B, LINE 15 CEO SALARY IS SET BY THE BOARD OF TRUSTEES BASED ON COMPENSATION SURVEYS FOR ELECTRIC CO-OPS OF SIMILAR SIZE. CEO SETS SALARY FOR KEY EMPLOYEES BASED ON COMPENSATION SURVEY. FORM 990, PART VI, SECTION C, LINE 19 FINANCIAL STATEMENTS ARE MADE AVAILABLE AT THE ANNUAL MEMBERSHIP MEETING FORM 990, PART XI, LINE 9: NON UTILITY OPERATIONS EXPENSES -185,422. OTHER INCREASES 90,323.