2017-11-10T09:02:27-05:00 2016-12-31 590548468 PURVIS GRAY & COMPANY LLP 2347 SE 17TH STREET OCALA FL 34471 990 2016-01-01 590395398 PEACE RIVER ELECTRIC COOPERATIVE INC PEAC 8637734116 PO BOX 1310 WAUCHULA FL 33873 RANDALL W SHAW GENERAL MANAGER/CEO 8637734116 2017-10-31 true MARK A WHITE CPA P00071001 3527323872 2017-10-31 7CC070967BBEA5C510DBB134A7E4933CB41018E3 7CC070967BBEA5C510DBB134A7E4933CB41018E3 2016 2018-03-14 21:41:22Z RANDALL W SHAW PO BOX 1310 WAUCHULA FL 33873 92204466 false X WWW.PRECO.ORG X 1940 FL PROVIDING A DEPENDABLE COOPERATIVE SERVICE TO OUR MEMBERS AND VALUE TO OUR COMMUNITY. 9 9 122 0 0 93890776 91994611 -975811 14967 0 92914965 92009578 0 3740357 3826776 1624751 1612610 0 0 87549857 86570192 92914965 92009578 0 249223708 248870091 181262259 176868402 67961449 72001689 PROVIDING A DEPENDABLE COOPERATIVE SERVICE TO OUR MEMBERS AND VALUE TO OUR COMMUNITY. false false PROVIDING ELECTRIC ENERGY TO OUR MEMBERS. 40,296 ACTIVE SERVICES AT YEAR END WERE PROVIDED ELECTRICITY ON A COOPERATIVE BASIS THROUGH THE ALLOCATION OF PATRONAGE CAPITAL. false false false false false false false false false true false true false true true true false false false false false false false false false false false false true false false false true false true false false false false false true false false true 79 0 122 true false false false false false 92204973 2542986 false X 9 9 false false true false true true true true true false false true true true true true true true true true true FL X TUCKER LEMLEY 8637734116 PO BOX 1310 WAUCHULA FL 33873 LEONARD CRAWLEY DIRECTOR 3.00 X 39898 0 0 MAURICE HENDERSON VICE PRESIDE 1.00 X X 13805 0 0 HOLLIS ALBRITTON JR PRESIDENT 5.00 X X 10850 0 0 CHRIS PORTALE SECRETARY/TR 3.00 X X 10225 0 0 ELLEN BACHMAN DIRECTOR 5.00 X 8725 0 0 WILLIE DAWES ASST. SEC/TR 4.00 X X 8400 0 0 JOHN MARTIN DIRECTOR 3.00 X 8100 0 0 BRUCE VICKERS DIRECTOR 5.00 X 4800 0 0 SAM RAWLS DIRECTOR 2.00 X 4500 0 0 RANDALL W SHAW GENERAL MANA 40.00 X 287043 0 94725 LOUISE F BLACKMAN VP - MEMBER 46.00 X 180327 0 87360 JERRY M TWIGGS COO 41.00 X 178682 0 67327 A TUCKER LEMLEY VP FINANCE & 45.00 X 167048 0 38209 PAUL A ROBERTS VP OF ENGINE 50.00 X 161868 0 38166 VAN CRAWFORD VP OF OPERAT 46.00 X 146476 0 56075 1230747 381862 17 false true false GEORGIA RIGHT-OF-WAY 1135 RUMBLE ROAD FORSYTH GA 31029 TREE MAINTENANC 2050468 SILVEY ENTERPRISES 371 HAMP JONES ROAD CARROLLTON GA 30117 UTILITY CONSTRU 572760 PIKE ELECTRIC INC PO BOX 1000 DEPT 517 MEMPHIS TN 38148 UTILITY CONSTRU 352984 EDKO LLC PO BOX 7241 SHREVEPORT LA 71137 VEGETATION MGMT 234676 KRAUSE GROVE SERVICES INC 2807 RALPH JONES ROAD WACHULA FL 33873 GROUNDS MTC 183315 7 SALE OF ELECTRICITY 221000 91200444 91200444 POLE RENTAL 221000 269549 269549 CAPITAL CREDITS - OTHER 221000 263583 263583 METER LEASES 221000 261035 261035 91994611 209855 209855 194888 -194888 -194888 -194888 92009578 91266591 742987 3826776 491071 1121539 6136078 8429501 COST OF POWER 53624176 DISTRIBUTION EXPENSE - MA 6743277 DISTRIBUTION EXPENSE - OP 4782682 ADMINISTRATIVE & GENERAL 3580199 3274279 92009578 0 0 0 598842 1310981 9356876 8395664 2869396 2636312 1083098 91219 277234139 60174425 217295164 217059714 17843119 19223064 177213 153137 249223708 248870091 8754825 8282728 165455133 161009508 7052301 7576166 181262259 176868402 X 154800 161425 1763115 1918716 66043534 69921548 67961449 72001689 249223708 248870091 0 4040240 X false true X true false 5112046 5112046 266275509 60174425 206101084 5846584 5846584 217059714 PATRONAGE CAPITAL - SECI 13541753 PATRONAGE CAPITAL - GRESCO 2573874 CFC CAPITAL TERM CERTIFICATES 654534 PATRONAGE CAPITAL - CFC 591326 PATRONAGE CAPITAL - FEDERATED 472635 PATRONAGE CAPITAL - COBANK 442661 ALL OTHERS 429536 CTC - CFC 294470 PATRONAGE CAPITAL - SEDC 222275 19223064 CONSUMER DEPOSITS 3362869 DEFERRED CREDITS 2493934 POSTRETIREMENT BENEFITS 1719363 7576166 X 93325351 1315773 1315773 92009578 92009578 88103406 -3906172 -3906172 92009578 92009578 SCHEDULE D, PAGE 3, PART X THE COOPERATIVE IS CURRENTLY EXEMPT FROM FEDERAL AND STATE INCOME TAXES UNDER SECTION 501(C)12 OF THE INTERNAL REVENUE CODE. THE COOPERATIVE IS GENERALLY NO LONGER SUBJECT TO U.S. FEDERAL OR STATE INCOME TAX EXAMINATIONS BY TAX AUTHORITIES FOR THE YEARS BEFORE 2013. UNDER ACCOUNTING STANDARDS CODIFICATION (ASC) 740, ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES, MANAGEMENT IS REQUIRED TO EVALUATE ITS TAX POSITIONS ON AN ONGOING BASIS AND REQUIRED TO DISCLOSE ANY SUCH POSITIONS THEY BELIEVE COULD HAVE A MATERIAL IMPACT ON THE FINANCIAL STATEMENTS AND RELATED NOTES. MANAGEMENT BELIEVES NO SUCH DISCLOSURES ARE CURRENTLY REQUIRED. SCHEDULE D, PAGE 4, PART XI, LINE 2D EXPENSES NETTED AGAINST REVENUES FOR FS REPORTING -79,396 DIVIDEND ALLOCATED TO COOPERATIVE FROM ASSOC COOPERATIVES: 0 ON ACCRUAL BASIS 1,658,752 ON CASH BASIS -263,583 SCHEDULE D, PAGE 4, PART XII, LINE 2D MARGINS ASSIGNED -3,826,776 EXPENSES NETTED AGAINST REVENUES FOR FS REPORTING -79,396 X X X false false false RANDALL W SHAW GENERAL MANAGER/CEO 282041 5002 74134 20591 381768 LOUISE F BLACKMAN VP - MEMBER SERVICES 179511 816 77821 9539 267687 JERRY M TWIGGS COO 168875 9807 56460 10867 246009 A TUCKER LEMLEY VP FINANCE & ADMIN 163711 3337 19026 19183 205257 PAUL A ROBERTS VP OF ENGINEERING 154735 7133 17321 20845 200034 VAN CRAWFORD VP OF OPERATIONS 142012 4464 45461 10614 202551 SEMINOLE ELECTRIC COOPERATIVE SEE SCH L, PT V 53417284 PURCHASED POWER false SCHEDULE L, PART V MAURICE HENDERSON, DIRECTOR, JOHN MARTIN, DIRECTOR, AND RANDALL SHAW, GENERAL MANAGER/CEO, ALL SERVE ON THE BOARD OF TRUSTEES FOR SEMINOLE ELECTRIC COOPERATIVE, INC. FORM 990 FORM 990, PART IX, LINE 4 - BENEFITS PAID TO OR FOR MEMBERS THE IRS' INSTRUCTIONS FOR THE 2016 VERSION OF FORM 990, PART IX, LINE 4 STATE: "ENTER THE PAYMENTS MADE BY THE ORGANIZATION TO PROVIDE BENEFITS TO MEMBERS (...PATRONAGE DIVIDENDS PAID BY SECTION 501(C)(12) ORGANIZATIONS TO THEIR MEMBERS)". STATEMENT OF FUNCTIONAL EXPENSES, LINE 4 IS ENTITLED "BENEFITS PAID TO OR FOR MEMBER." SIGNIFICANT INDUSTRY- WIDE DISCUSSIONS BEGAN REGARDING THE NEED FOR THE IRS' CLARIFICATION AND WHETHER "PATRONAGE DIVIDENDS PAID" MEANS CAPITAL CREDITS ALLOCATED, CAPITAL CREDITS RETIRED OR SOME OTHER AMOUNT. FOR THE PURPOSES OF THIS FORM 990, THE AMOUNT REPORTED ON LINE 4 REPRESENTS THE AMOUNT OF 2016 CAPITAL CREDITS ALLOCATED. THIS AMOUNT WAS APPROVED BY THE BOARD OF DIRECTORS DURING THE SPRING OF 2017. FORM 990, PAGE 6, PART VI, LINE 4 ARTICLE I, SECTION 2 UPDATED BYLAWS ADDED LANGUAGE TO ENSURE COMPLIANCE WITH LEGAL REQUIREMENTS FOR AUTOMATED PHONE CALLS AND COOPERATIVE ACCESS TO A MEMBER'S PROPERTY. ARTICLE I, SECTION 6 UPDATED BYLAWS CHANGED TO REFLECT CURRENT OPERATING PROCEDURES, SYSTEMS, AND TECHNOLOGIES. ARTICLE III, SECTION 2 UPDATED BYLAWS CHANGED DATES FOR GATHERING MEMBER PETITION SIGNATURES FOR A SPECIAL MEETING. ARTICLE III, SECTION 3 NEW SECTION ADDED. MEMBERS MAY NOT ACT WITHOUT A MEMBER MEETING. ARTICLE III, SECTION 6 UPDATED BYLAWS (PREVIOUSLY SECTION 5) CLARIFIES VOTING ELIGIBILITY REQIREMENTS FOR BUSINESS MEMBERS AND PROVIDES A METHOD FOR HANDLING ELECTION OR VOTING DISPUTES. ARTICLE IV, SECTION 2 UPDATED BYLAWS HAVE ADDITIONAL QUALIFICATIONS ADDED TO ENSURE DIRECTORS HAVE SUITABLE CREDENTIALS AND ELIMINATE CONFLICT(S) OF INTEREST. ARTICLE IV, SECTION 4 UPDATED BYLAWS IMPROVE DEFINITION FOR CONFIGURATION OF DISTRICT BOUNDARIES. ARTICLE IV, SECTION 5 UPDATED BYLAWS CLARIFY THE NOMINATION AND ELECTION PROCESS AND INCLUDES LANGUAGE TO PROVIDE FOR DISPUTE RESOLUTION. ARTICLE IV, SECTION 8 UPDATED BYLAWS DETAIL REMOVAL OF DIRECTORS BY MEMBER. ARTICLE VI, SECTION 11 UPDATED BYLAWS REMOVED THIS COMPENSATION SECTION TO BOARD POLICY. ARTICLE VII UPDATED BYLAWS MORE CLEARLY DEFINES THE PROCESS FOR ALLOCATION AND RETIREMENT OF CAPITAL CREDITS FOR THE MUTAL BENEFIT OF ALL PARTIES AND BETTER ENSURES COMPLIANCE WITH FEDERAL AND COOPERATIVE TAX LAW. FORM 990, PAGE 6, PART VI, LINE 6 THE ORGANIZATION IS ORGANIZED AS NOT-FOR-PROFIT CORPORATION UNDER THE LAWS OF THE STATE OF FLORIDA AND OPERATES AS AN ELECTRIC DISTRIBUTION COOPERATIVE. IT IS A MEMBERSHIP ORGANIZATION AND ALL MEMBERS HAVE IDENTICAL RIGHTS UNDER THE COOPERATIVE'S ORGANIZATIONAL DOCUMENTS AND THE STATUTES OF THE STATE OF FLORIDA. FORM 990, PAGE 6, PART VI, LINE 7A UNDER THE COOPERATIVE'S ORGANIZING DOCUMENTS AND THE LAWS OF THE STATE OF FLORIDA, THERE IS ONLY ONE CLASS OF MEMBERSHIP. ANY PERSON OR BUSINESS WITHIN THE GEOGRAPHIC SERVICE AREA OF THE COOPERATIVE IS ELIGIBLE TO BECOME A MEMBER UPON APPLICATION AND PAYMENT OF THE MEMBERSHIP FEE. THE MEMBERS VOTE IN ELECTIONS OF THE BOARD OF DIRECTORS. FORM 990, PAGE 6, PART VI, LINE 7B CHANGES MADE TO THE BYLAWS OF THE ORGANIZATION MUST BE APPROVED BY THE MEMBERS OF THE ORGANIZATION. FORM 990, PAGE 6, PART VI, LINE 11B IRS FORM 990 IS REVIEWED BY THE GENERAL MANAGER/CEO OF THE COOPERATIVE. BEFORE THE FORM 990 IS FILED WITH THE IRS, A COPY IS PROVIDED TO EACH MEMBER OF THE BOARD OF DIRECTORS FOR REVIEW. FORM 990, PAGE 6, PART VI, LINE 12C OFFICERS AND DIRECTORS ARE REQUIRED TO DISCLOSE ANY INTERESTS THAT COULD LEAD TO A CONFLICT OF INTEREST EACH YEAR ON A QUESTIONNAIRE PROVIDED BY THE COOPERATIVE. MANAGEMENT REVIEWS THE RESPONSES TO EACH OF THE QUESTIONNAIRES. FORM 990, PAGE 6, PART VI, LINE 15A EACH YEAR THE BOARD OF DIRECTORS REVIEWS THE NRECA COMPENSATION STUDY WHICH REPRESENTS COMPENSATION FOR 900 ELECTRIC COOPERATIVES. THE BOARD USES THE DATA IN THE COMPENSATION STUDY AS WELL AS THE RECOMMENDATIONS OF AN INDEPENDENT CONSULTANT TO DETERMINE THE COMPENSATION OF THE GENERAL MANAGER/CEO. THE FINAL COMPENSATION IS THEN APPROVED BY THE BOARD OF DIRECTORS AND IS DOCUMENTED IN THE MINUTES OF THE MEETINGS OF THE BOARD OF DIRECTORS. FORM 990, PAGE 6, PART VI, LINE 15B THE CEO USES THE NRECA COMPENSATION SURVEY OF 900 ELECTRIC COOPERATIVES AS WELL AS THE RECOMMENDATIONS OF AN INDEPENDENT CONSULTANT TO DETERMINE THE COMPENSATION OF OFFICERS AND KEY EMPLOYEES. FORM 990, PAGE 6, PART VI, LINE 19 THE FINANCIAL STATEMENTS ARE INCLUDED IN THE ORGANIZATION'S ANNUAL REPORT WHICH IS SENT OUT TO THE MEMBERSHIP OF THE ORGANIZATION AND IS ALSO MADE AVAILABLE ON THE ORGANIZATION'S WEBSITE. CORPORATE BYLAWS ARE MADE AVAILABLE ON THE ORGANIZATION'S WEBSITE. ANY OTHER GOVERNING DOCUMENTS AND THE CONFLICT OF INTEREST POLICY ARE MADE AVAILABLE UPON REQUEST. FORM 990, PART XI, LINE 9 DIVIDEND ALLOCATED TO COOPERATIVE FROM ASSOC COOP 0 ON ACCRUAL BASIS 1,658,752 ON CASH BASIS -263,583 MARGINS ASSIGNED 3,826,776 INCREASE IN OTHER EQUITIES 155,601 INCREASE IN MEMBERSHIP 6,625 DECREASE IN ACCUM POST RETIREMENT BENEFITS -23,107 CAPITAL CREDITS RETIRED -1,320,824 TOTAL 4,040,240 PEACE RIVER COOPERATIVE CHARITABLE FOUNDATION INC PO BOX 1310 WAUCHULA FL 338731310 204064056 SEE PT VII FL 501C3 7 NA false false false false false false false false false false false false false false true true false false true false SCHEDULE R SCHEDULE R, PART II, COLUMN (B): THE FOUNDATION DISBURSES FUNDS TO INDIVIDUALS AND ORGANIZATIONS FOR NEEDS RELATED TO FOOD, SHELTER, CLOTHING, HEALTH NEEDS, ENVIRONMENTAL AND EDUCATION.