2025-10-14T08:07:05-05:00 2024-12-31 590548468 PURVIS GRAY & COMPANY LLP 443 E COLLEGE AVE TALLAHASSEE FL 32301 990 2024-01-01 590543772 GULF COAST ELECTRIC COOPERATIVE GULF 8506392216 PO BOX 220 WEWAHITCHKA FL 32465 JOHN M BARTLEY JR CEO 8506392216 2025-10-06 1 1 RYAN M TUCKER CPA P00524189 8502247144 2025-10-06 2024 2025-03-06 01:10:19Z JOHN M BARTLEY JR PO BOX 220 WEWAHITCHKA FL 32465 76375102 0 X WWW.GCEC.COM X 1941 FL PROVIDING ELECTRIC SALES TO MEMBERS. 9 9 122 0 2234 1234 7694 0 64047498 71395853 588453 4663727 203468 68135 64847113 76127715 35174 28432 488578 487411 1751678 1953505 0 0 0 57964619 61649670 60240049 64119018 4607064 12008697 244338633 269147728 166698446 179414799 77640187 89732929 PROVIDING ELECTRIC SERVICES TO MEMBERS. 0 0 PROVIDE ELECTRIC SERVICES TO MEMBERS. 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 1 1 0 0 0 0 0 1 0 0 0 0 0 0 0 0 1 51 0 1 122 1 1 1 0 0 0 0 69357875 1717579 0 0 0 X 9 9 0 0 0 0 1 1 1 1 1 0 0 1 1 1 1 1 1 1 1 0 X JOHN M BARTLEY JR 8506392216 PO BOX 220 WEWAHITCHKA FL 32465 JIMMY F BLACK JR TREASURER 2.50 X X 17800 0 0 DONALD C GOODSON BOARD DIRECTOR 2.50 X 15700 0 0 BETTY J MOORE VICE PRESIDENT 2.50 X X 13950 0 0 DOUGLAS C BIRMINGHAM BOARD DIRECTOR 2.50 X 15700 0 0 EDWARD W JONES BOARD DIRECTOR 2.50 X 19850 0 0 RUPERT L BROWN BOARD DIRECTOR 2.50 X 18850 0 0 DWIGHT VAN LIEROP PRESIDENT 2.50 X X 19900 0 0 ROBERT L BYRD BOARD DIRECTOR 2.50 X 13950 0 0 KINNETH DANIELS BOARD DIRECTOR 2.50 X 0 0 0 JOHN M BARTLEY JR CEO 45.00 X 382417 0 66876 LEONARD HINSON COO 45.00 X 315861 0 10489 JUSTIN BARNES VP OF MEMBER SERVICE 45.00 X 174305 0 41358 CHAD CREAMER FOREMAN OF CONSTRUCTION 40.00 X 128570 0 31982 TIMOTHY WADE OPERATIONS SUPERVISR 40.00 X 128189 0 15890 KRISTIN DOUGLAS VP OF MARKETING 40.00 X 138135 0 56444 WILLIAM COATNEY INSPECTOR 40.00 X 134067 0 34628 MICHAEL BARFIELD TRAINING COORDINATOR 40.00 X 131337 0 27257 1668581 0 284924 25 0 1 0 LEE ELECTRICAL CONSTRUCTION INC 12828 HWY 15 501 SOUTH ABERDEEN NC 28315 LINE CONSTRUCTION 5675672 DEWBERRY ENGINEERS INC PO BOX 821824 PHILADELPHIA PA 191821824 CONSULTING 1652284 EXTREME LAND CLEARING & EXCAVATION LLC 11005 CLEMENTS ROAD YOUNGSTOWN FL 32466 WATER INFRASTRUCTURE CONSTRUCTION 1469633 CINCH UNDERGROUND INC PO BOX 690 CHIPLEY FL 32428 DIRECTIONAL DRILLING 1375964 GDS ASSOCIATES INC 1850 PARKWAY PLACE SUITE 800 MARIETTA GA 30067 CONSULTING 1062690 16 SALE OF ELECTRICITY 221000 58022152 58022152 TYNDALL AFB CONTRACT REVENUE 221000 11172186 11172186 CAPITAL CREDITS 221000 1609906 1609906 POLE RENTAL 221000 591609 591609 71395853 4708039 4708039 3372 1138 2234 2234 2234 104301 148613 -44312 -44312 -44312 163537 97636 65901 65901 76127715 75533872 2234 591609 X 9432 19000 487411 911342 1042163 6263525 7451206 COST OF POWER 33481577 DISTRIBUTION - MAINTENA 5272576 ADMINISTRATION & GENERA 3943488 DISTRIBUTION - OPERATIO 3189261 2048037 64119018 711953 4002691 7568011 697962 19657690 31351225 13161533 22341301 2192540 2262338 236549258 54916890 171867452 181632368 162012 164754 24000 24000 28993442 26671089 244338633 269147728 7046759 10827936 133243980 140540603 26407707 28046260 166698446 179414799 X 93315 95025 18752274 22538317 58794598 67099587 77640187 89732929 244338633 269147728 X 12008697 -2742 86787 X 0 1 X 1 1 1 756034 756034 7768160 7768160 20716814 6870093 13846721 207308250 48046797 159261453 181632368 PATRONAGE CAPITAL FROM POWERSOUTH 19596500 C CFC MEDIUM TERM NOTES 1000 C PATRONAGE CAPITAL FROM NAT'L RURAL 3184851 C NRUCFC TERM CERTIFICATES 773812 C INVESTMENTS IN OTHER ASSOCIATED ORG. 638972 C PATRONAGE CAPITAL FROM ASSOC. COOP. 481118 C PATRONAGE CAPITAL FROM CO-BANK 2990 C PATRONAGE CAPITAL FROM GA RURAL 1991846 C 26671089 CUSTOMER DEPOSITS 2180392 DEFERRED CREDITS 25086028 POST-RETIREMENT BENEFIT LIABILITY 662706 OPERATING LEASE LIABILITY 117134 28046260 X 76126111 -2742 -2742 76128853 -1138 -1138 76127715 63632745 1138 1138 63631607 487411 487411 64119018 PART X, LINE 2: THE COOPERATIVE IS EXEMPT FROM INCOME TAXES UNDER INTERNAL REVENUE CODE SECTION 501(C) (12), WITH THE EXCEPTION OF TAXES LEVIED ON UNRELATED BUSINESS INCOME DERIVED FROM CERTAIN TRADE OR BUSINESS ACTIVITIES. GENERALLY ACCEPTED ACCOUNTING PRINCIPLES IN THE UNITED STATES OF AMERICA REQUIRE MANAGEMENT TO EVALUATE TAX POSITIONS TAKEN, AND TO RECOGNIZE A TAX LIABILITY (OR ASSET) IF AN UNCERTAIN POSITION MORE LIKELY THAN NOT WOULD NOT BE SUSTAINED UPON EXAMINATION BY THE IRS AND STATE TAXING AGENCIES. MANAGEMENT HAS ANALYZED THE TAX POSITIONS TAKEN AND HAS CONCLUDED THAT, AS OF DECEMBER 31, 2024, 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 COOPERATIVE IS SUBJECT TO ROUTINE AUDITS BY TAXING JURISDICTIONS; HOWEVER, THERE ARE CURRENTLY NO AUDITS FOR ANY TAX PERIODS IN PROGRESS. MANAGEMENT BELIEVES THE COOPERATIVE IS NO LONGER SUBJECT TO INCOME TAX EXAMINATIONS FOR YEARS PRIOR TO 2021. PART XI, LINE 4B - OTHER ADJUSTMENTS: RENTAL EXPENSE REPORTED ON PART VIII PART XII, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSE REPORTED ON PART VIII PART XII, LINE 4B - OTHER ADJUSTMENTS: RETIREMENT OF CAPITAL CREDITS 1 SCHOLARSHIPS 19 19000 PART I, LINE 2: SCHOLARSHIP PROGRAM: THE COOPERATIVE'S ANNUAL COLLEGE SCHOLARSHIP PROGRAM IS DESIGNED TO HELP GRADUATING HIGH SCHOOL SENIORS, WHOSE PARENTS OR GUARDIANS ARE MEMBERS OF GCEC, AND WHO ARE ATTENDING A COLLEGE, UNIVERSITY, OR TECHNICAL SCHOOL. THE SCHOLARSHIP WINNERS ARE SELECTED AT THE ANNUAL MEETING. X X 0 0 0 JOHN M BARTLEY JR CEO 316324 0 56661 0 9432 0 61635 0 5241 0 449293 0 0 0 LEONARD HINSON COO 242445 0 14654 0 58762 0 9698 0 791 0 326350 0 0 0 JUSTIN BARNES VP OF MEMBER SERVICE 149157 0 13803 0 11345 0 34876 0 6482 0 215663 0 0 0 KRISTIN DOUGLAS VP OF MARKETING 123153 0 14920 0 62 0 51187 0 5257 0 194579 0 0 0 WILLIAM COATNEY INSPECTOR 129903 0 541 0 3623 0 26646 0 7982 0 168695 0 0 0 CHAD CREAMER FOREMAN OF CONSTRUCTION 127389 0 541 0 640 0 26500 0 5482 0 160552 0 0 0 MICHAEL BARFIELD TRAINING COORDINATOR 129820 0 541 0 976 0 21775 0 5482 0 158594 0 0 0 SCHEDULE J, PART II (C) THE AMOUNTS REPORTED ON SCHEDULE J, PART II(C) INCLUDE THE CHANGE IN THE ACTUARIAL VALUE OF THE NRECA RETIREMENT SECURITY (RS) DEFINED BENEFIT PENSION PLAN AS COMPUTED BY THE PLAN'S ACTUARIES AND INCLUDES THE AMOUNT OF 401(K) EMPLOYER CONTRIBUTIONS. THIS IS NOT REPRESENTATIVE OF AMOUNTS PAID BY THE COOPERATIVE ON THE EMPLOYEE'S BEHALF. POWERSOUTH ENERGY COOPERATIVE SEE PART V 33438731 PURCHASE POWER 0 CREAMER'S TREE SERVICE & DEBRIS HAULING LLC SON IN-LAW OF DIRECTOR JONES 1040793 TREE SERVICE - INDEPENDENT CONTRACTOR 0 SCHEDULE L, PART IV, ITEM (B) JOHN BARTLEY, CEO OF GULF COAST ELECTRIC COOPERATIVE, SERVES ON THE BOARD OF DIRECTORS OF POWERSOUTH, AN ELECTRIC GENERATING AND TRANSMISSION COOPERATIVE. POWERSOUTH IS THE SOLE SUPPLIER OF ELECTRICITY TO THE COOPERATIVE AND HAS ENTERED INTO AN AGREEMENT TO SUPPLY POWER TO THE COOPERATIVE THROUGH DECEMBER 31, 2050. ADDITIONAL INFORMATION REGARDING TRANSACTIONS BETWEEN THE COOPERATIVE AND POWERSOUTH:AMOUNT OWED TO POWERSOUTH AT DECEMBER 31 = $2,762,006CAPITAL CREDIT ALLOCATED FROM POWERSOUTH = $542,880TOTAL ACCUMULATED G&T CAPITAL CREDITS FROM POWER SOUTH AT DECEMBER 31 = $19,596,500 FORM 990, PART VI, SECTION A, LINE 6 CLASSES OF MEMBERS OR STOCKHOLDERS: 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 ELECTION OF MEMBERS AND THEIR RIGHTS: MEMBERS OF THE COOPERATIVE ELECT THE GOVERNING BOARD TO THREE YEAR TERMS. FORM 990, PART VI, SECTION A, LINE 7B DECISIONS SUBJECT TO APPROVAL OF MEMBERS: 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, PART VI, SECTION B, LINE 11B ORGANIZATION'S PROCESS TO REVIEW FORM 990: THE FORM 990 IS REVIEWED BY THE CHIEF EXECUTIVE OFFICER, THEN PRESENTED TO THE BOARD OF TRUSTEES FOR APPROVAL BEFORE BEING EXECUTED AND FILED. FORM 990, PART VI, SECTION B, LINE 12C EACH MEMBER OF THE BOARD OF TRUSTEES COMPLETES A STATEMENT ANNUALLY AFFIRMING THAT THERE HAVE BEEN NO INSTANCES OVER THE PREVIOUS YEAR MAKING THEM OUT OF COMPLIANCE WITH THE GUIDELINES DETAILED IN THE COOPERATIVE CONFLICT OF INTEREST POLICY. FORM 990, PART VI, SECTION B, LINE 15 COMPENSATION PROCESS FOR TOP OFFICIAL: EACH YEAR, THE CHIEF EXECUTIVE OFFICER'S PERFORMANCE IS EVALUATED BY THE BOARD OF TRUSTEES, AN INDEPENDENT BODY, USING COMPARABILITY PAY DATA FROM OTHER COOPERATIVES. THE CHIEF EXECUTIVE OFFICER EVALUATES THE PERFORMANCE OF THE DEPARTMENT MANGERS AND USES COMPARABILITY PAY DATA FROM OTHER COOPERATIVES. THE BOARD OF TRUSTEES APPROVES THE PAYROLL INCREASES TO THE DEPARTMENT MANAGERS AND EMPLOYEES. THE CHIEF EXECUTIVE OFFICER EVALUATES THE PERFORMANCE OF THE DEPARTMENT MANGERS AND USES COMPARABILITY PAY DATA FROM OTHER COOPERATIVES. THE BOARD OF TRUSTEES APPROVES THE PAYROLL INCREASES TO THE DEPARTMENT MANAGERS AND EMPLOYEES. COMPENSATION PROCESS FOR OFFICERS: THE CHIEF EXECUTIVE OFFICER EVALUATES THE PERFORMANCE OF THE DEPARTMENT MANGERS AND USES COMPARABILITY PAY DATA FROM OTHER COOPERATIVES. THE BOARD OF TRUSTEES APPROVES THE PAYROLL INCREASES TO THE DEPARTMENT MANAGERS AND EMPLOYEES. FORM 990, PART VI, SECTION C, LINE 19 GOVERNING DOCUMENTS DISCLOSURE EXPLANATION: EACH YEAR, THE FINANCIAL STATEMENTS FOR THE PREVIOUS YEAR ARE PRINTED IN THE MEMBERS' MAGAZINE PRIOR TO THE MEMBERS' ANNUAL MEETING. COPIES OF THE FORM 990, OTHER GOVERNING DOCUMENTS, AND POLICIES ARE MAINTAINED IN EACH COOPERATIVE OFFICE AND ARE AVAILABLE FOR PUBLIC REVIEW UPON REQUEST. FORM 990, PART IX, LINE 24 - UNRELATED BUSINESS INCOME TAXES: THE UNRELATED BUSINESS INCOME TAXES PAID OR ACCRUED DURING THE TAX YEAR WAS $232. FORM 990, PART XI, LINE 9: CHANGE IN MEMBERSHIPS 1,710. AMORT. OF UNRECOGNIZED PRIOR SERVICE COSTS & ACTUARIAL GAIN 85,077.