2016-08-04T07:53:19-05:00 2015-12-31 590548468 PURVIS GRAY & COMPANY LLP 2347 SE 17TH STREET OCALA FL 34471 990 2015-01-01 590188973 CENTRAL FLORIDA ELECTRIC COOPERATIVE INC CENT 8002271302 P O BOX 9 CHIEFLAND FL 326440009 EDDIE F THOMAS CFO 8002271302 2016-07-25 true MARK A WHITE CPA P00071001 3527323872 2016-07-25 2015 2016-12-15 16:53:06Z DANIEL M CAMPBELL PO BOX 1145 CHIEFLAND FL 32644 65964058 false X WWW.CFEC.COM X 1939 FL CENTRAL FLORIDA ELECTRIC COOPERATIVE, INC. (CFEC) IS A COMMUNITY ORIENTED, MEMBER-OWNED ORGANIZATION THAT PROVIDES RELIABLE SERVICE TO ITS MEMBERS-OWNERS AT THE LOWEST RATE POSSIBLE, WHILE BEING FISCALLY AND ENVIRONMENTALLY RESPONSIBLE. TO BE THE FINEST EXAMPLE OF AN ELECTRIC COOPERATIVE WHERE EXCELLENT SERVICE, COMPETITIVE RATES AND CONCERN FOR THE CONSUMER, COMMUNITY AND ENVIRONMENT GUIDE OUR EVERY ACTION. 9 9 97 0 0 64261750 65815029 139661 136793 3976 4500 64405387 65956322 0 214418 1186657 836365 1177215 0 0 61589973 60440243 62640756 62804115 1764631 3152207 121877600 124503643 82864621 80843426 39012979 43660217 X CENTRAL FLORIDA ELECTRIC COOPERATIVE, INC. (CFEC) IS A COMMUNITY ORIENTED, MEMBER-OWNED ORGANIZATION THAT PROVIDES RELIABLE SERVICE TO ITS MEMBERS-OWNERS AT THE LOWEST RATE POSSIBLE, WHILE BEING FISCALLY AND ENVIRONMENTALLY RESPONSIBLE. TO BE THE FINEST EXAMPLE OF AN ELECTRIC COOPERATIVE WHERE EXCELLENT SERVICE, COMPETITIVE RATES AND CONCERN FOR THE CONSUMER, COMMUNITY AND ENVIRONMENT GUIDE OUR EVERY ACTION. false false SALE OF ELECTRICITY TO APPROXIMATELY 25,000+ COOPERATIVE MEMBERS. 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 false false true false false false false false false false false true 35 0 97 true false false false false false 64845232 275122 false X 9 9 false false false false true true true true true false false true true true true true false true true false FL X EDDIE F THOMAS CFO 3524932511 11491 NW 50TH AVENUE CHIEFLAND FL 32626 CHIEFLAND FL 32626 KENNETH O'STEEN TRUSTEE 3.00 X 32999 0 0 TONY WEEKS TRUSTEE 4.00 X 29239 0 0 KYLE QUINCEY TRUSTEE/PRES 5.00 X X 28856 0 0 ALAN MIKELL TRUSTEE 5.00 X 25693 0 0 DONALD A LANE TRUSTEE 5.00 X 24890 0 0 RANDY MIKELL TRUSTEE 5.00 X 21843 0 0 BARBARA TOWNSEND TRUSTEE - SE 6.00 X X 15438 0 0 CARL ROOF SR TRUSTEE 4.00 X 12959 0 0 THELMA MCCAIN TRUSTEE/VP 4.50 X X 12348 0 0 DANIEL M CAMPBELL EX VP/GM 40.00 X 235383 0 92073 BENJAMIN R DAWSON COO 40.00 X 156900 0 45674 EDDIE F THOMAS CFO 40.00 X 154505 0 35992 GEORGE BUCKNER III CIO 40.00 X 93120 0 24803 DESMOND E KNIGHT MANAGER OF H 40.00 X 118882 0 70440 STEVEN STUDSTILL SUPERVISOR 54.00 X 111561 0 34736 RANDY K VOGEL MGR OF OPERA 40.00 X 102599 0 71806 1177215 375524 6 false true false THE DAVEY TREE EXPERTS CO PO BOX 709 KENT OH 44240 MAINTENANCE 1176426 TOWNDSEND TREE SERVICE INC PO BOX 7015 MUNCIE IN 47305 MAINTENANCE 769280 MUSGROVE CONSTRUCTION INC 8708 US HWY 90 LIVE OAK FL 32060 CONTRACTOR 356683 APPLIED TECHNOLOGY SOLUTIONS PO BOX 457 CASTLE HAYNE NC 28429 IT SERVICES 263410 ANDERSON COLUMBIA CO INC PO BOX 1829 LAKE CITY FL 320561829 CONTRACTOR 262354 7 SALE OF ENERGY 221000 64978126 64978126 QUALIFIED POLE RENTAL 221000 836903 836903 65815029 137728 137728 4500 4500 4500 4500 6801 7736 -935 -935 -935 65956322 64978126 978196 1186657 844175 333040 2474095 4408404 COST OF POWER 39139748 DISTRIBUTION-MAINTENANCE 4820191 DISTRIBUTION-OPERATION 3864440 CONSUMER ACCOUNTS 3223396 2509969 62804115 0 0 0 3534867 3835328 20 20 3929885 4477348 1055837 1061587 2479445 2283778 140949167 42345630 97745542 98603537 13132004 14242045 121877600 124503643 6361187 6481106 2670060 2993086 59505958 56848536 14327416 14520698 82864621 80843426 X 125090 126350 9425 9425 38878464 43524442 39012979 43660217 121877600 124503643 X 3152207 1495031 X false true X true false 1015318 1015318 10950712 2572084 8378628 7970401 5931686 2038715 121012736 33841860 87170876 98603537 PATRONAGE CAPITAL - SEMINOLE 10234618 C PATRONAGE CAPITAL - NRUCFC AND OTHER 2881143 C NRUCFC CAPITAL TERM CERTIFICATES 1105322 C NRTC 20962 C 14242045 POST RETIREMENT BENEFIT OBLIGATION 11007438 CONSUMER DEPOSITS 3513260 14520698 X 67059094 1102772 1102772 65956322 65956322 61610036 -1194079 -1194079 62804115 62804115 SCHEDULE D, PAGE 3, PART X UNDER ACCOUNTING STANDARDS CODIFICATIONS (ASC) SECTIONS 740-10, INCOME TAX UNCERTAINTIES, IT IS THE POLICY OF MANAGEMENT TO EVALUATE ITS TAX POSITIONS ON AN ONGOING BASIS AND TO DISCLOSE ANY SUCH POSITIONS IT BELIEVES WOULD HAVE A MATERIAL IMPACT ON THE FINANCIAL STATEMENTS AND RELATED NOTES.MANAGEMENT BELIEVES THAT NO SUCH REQUIRED DISCLOSURES CURRENTLY EXIST. SCHEDULE D, PAGE 4, PART XI, LINE 2D PATRONAGE CAPITAL ALLOCATED DIFFERENCE BETWEEN BOOK/TAX 1,110,194 HOMEGUARD EXPENSES NETTED AGAINST REVENUE -7,422 SCHEDULE D, PAGE 4, PART XII, LINE 2D BENEFITS PAID TO MEMBERS -1,186,657 HOME GUARD EXPENSE NETTED AGAINST REVENUES -7,422 SCHEDULE D, PAGE 4, PART XIII MEMBERSHIP PATRONAGE DONATED ACCUM OTHR FEES CAPITAL CAPITAL COMPR MARG TOTAL BAL BOY 125,090 43,143,113 9,425 (4,264,649) 39,012,979 INCR IN MEMBRS 1,260 -0- -0- -0- 1,260 NET MARGINS -0- 5,449,058 0- -0- 5,449,058 CAP RETIRED -0- (1,186,657) -0- -0- (1,186,657) POST RTR OBLG ADJ -0- -0- -0- 383,577 383,577 BAL EOY 126,350 47,405,514 9,425 (3,881,072) 43,660,217 X X X false false false DANIEL M CAMPBELL EX VP/GM 222293 4062 9028 73892 18181 327456 BENJAMIN R DAWSON COO 152714 3128 1058 29763 15911 202574 EDDIE F THOMAS CFO 145610 2985 5910 35295 697 190497 DESMOND E KNIGHT MANAGER OF HR 112207 2307 4368 60688 9752 189322 RANDY K VOGEL MGR OF OPERATIONS 98681 2022 1896 54034 17772 174405 SEMINOLE ELECTRIC COOPERATIVE INC DIRECTOR 41416411 POWER false APPLIED TECHNOLOGY SOLUTIONS INC DIRECTOR 263410 IT SUPPORT false FLORIDA RURAL SELF INSURED FUND DIRECTOR 94512 WORKERS COMP INS false NATIONAL RURAL UTL COOP FIN CORP DIRECTOR 1365642 FINANCIAL SERVICES false SCHEDULE L, PART V RANDY MIKELL, TONY WEEKS, AND DANIEL M. CAMPBELL ARE MEMBERS OF THE BOARD OF DIRECTORS OF SEMINOLE ELECTRIC COOPERATIVE, INC AND ARE LISTED IN PART VII OF THE 990. APPLIED TECHNOLOGY SOLUTIONS, INC. - EDDIE F. THOMAS IS A MEMBER OF THE BOARD OF DIRECTORS OF THE CORPORATION AND IS LISTED IN PART VII OF THE 990. FLORIDA RURAL ELECTRIC SELF INSURED FUND - DANIEL M. CAMPBELL IS A MEMBER OF THE BOARD OF DIRECTORS OF THE FUND AND IS LISTED IN PART VII OF THE 990. NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORPORATION (NRUCFC) - DANIEL CAMPBELL IS A MEMBER OF THE BOARD OF DIRECTORS OF THE CORPORATION AND IS LISTED IN PART VII OF THE 990. FORM 990 - ORGANIZATION'S MISSION CENTRAL FLORIDA ELECTRIC COOPERATIVE, INC. (CFEC) IS A COMMUNITY ORIENTED, MEMBER-OWNED ORGANIZATION THAT PROVIDES RELIABLE SERVICE TO ITS MEMBERS-OWNERS AT THE LOWEST RATE POSSIBLE, WHILE BEING FISCALLY AND ENVIRONMENTALLY RESPONSIBLE. TO BE THE FINEST EXAMPLE OF AN ELECTRIC COOPERATIVE WHERE EXCELLENT SERVICE, COMPETITIVE RATES AND CONCERN FOR THE CONSUMER, COMMUNITY AND ENVIRONMENT GUIDE OUR EVERY ACTION. FORM 990 FORM 990, PART IX, LINE 4 - BENEFITS PAID TO OR FOR MEMBERS THE IRS'S INSTRUCTIONS FOR THE 2015 VERSION OF THE 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 MEMBERS." SIGNIFICANT INDUSTRY-WIDE DISCUSSIONS BEGAN REGARDING THE NEED FOR THE IRS' CLARIFICATION ON WHETHER "PATRONAGE DIVIDENDS 'PAID" MEANS CAPITAL CREDITS ALLOCATED, CAPITAL CREDITS RETIRED, OR SOME OTHER AMOUNT. FOR PURPOSES OF THIS FORM 990, THE AMOUNT REPORTED ON LINE 4 REPRESENTS THE AMOUNT REPORTED IN THE AUDITED STATEMENT OF REVENUE AND CHANGES IN PATRONAGE CAPITAL FOR THE YEAR ENDED DECEMBER 31, 2015 AND OTHER BENEFITS PAID TO MEMBERS IN THE AMOUNT OF 1,186,657. FORM 990, PAGE 6, PART VI, LINE 6 THE BYLAWS STATE THAT FOR A PERSON/ENTITY TO RECEIVE SERVICE, THE PERSON/ENTITY HAS TO BE A MEMBER OF THE COOPERATIVE. EACH MEMBER RECEIVES ONE VOTE. A MEMBER MAY HAVE MULTIPLE ELECTRIC ACCOUNTS, BUT ONLY ONE MEMEBERSHIP IS ALLOWED. THERE IS ONLY ONE CLASS OF MEMBERS. FORM 990, PAGE 6, PART VI, LINE 7A CFEC MEMBERS ELECT THE BOARD OF TRUSTEES (MEMBERS OF THE GOVERNING BODY). FORM 990, PAGE 6, PART VI, LINE 7B THE BOARD OF TRUSTEES IS ELECTED BY THE MEMBERS. THE MEMBERS MUST ALSO APPROVE ANY CHANGES TO THE ARTICLES OF INCORPORATION OR THE BY-LAWS AND ANY DECISIONS BY THE BOARD OF TRUSTEES WHERE PREVIOUS AUTHORITY HAS NOT BEEN GRANTED BY THE GOVERNING DOCUMENTS. FORM 990, PAGE 6, PART VI, LINE 11B THE EXECUTIVE VICE PRESIDENT/GENERAL MANAGER AND THE CHIEF FINANCIAL OFFICER REVIEW THE FORM 990 IN DETAIL. A COPY OF THE FORM 990 IS PRESENTED TO THE BOARD OF TRUSTEES BEFORE FILING AND APPROVED. THE FORM 990 IS PREPARED BY AN INDEPENDENT PUBLIC ACCOUNTING FIRM. FORM 990, PAGE 6, PART VI, LINE 12C CFEC HAS A WRITTEN CONFLICT OF INTEREST POLICY. THE POLICY IS MONITORED CONSTANTLY AND REPRESENTATIONS ARE OBTAINED ON AN ANNUAL BASIS EVIDENCING COMPLIANCE WITH THE POLICY BY TRUSTEES AND EMPLOYEES. FORM 990, PAGE 6, PART VI, LINE 15A AN OUTSIDE INDEPENDENT CONSULTANT PREPARES A SALARY SURVEY ANNUALLY. THE SURVEY IS USED BY THE BOARD OF TRUSTEES TO DETERMINE COMPENSATION FOR THE EXECUTIVE VICE PRESIDENT/GENERAL MANAGER. THE BOARD OF TRUSTEES REVIEWS THE GENERAL MANAGER'S PERFORMANCE ON AN ANNUAL BASIS. FORM 990, PAGE 6, PART VI, LINE 15B AN OUTSIDE INDEPENDENT CONSULTANT PREPARES A SALARY SURVEY ANNUALLY. THE GENERAL MANAGER USES THE SALARY SURVEY TO SET COMPENSATION FOR OTHER EMPLOYEES OF CFEC. FORM 990, PAGE 6, PART VI, LINE 19 GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS ARE AVAILABLE FOR REVIEW BY CFEC'S MEMBERS AT ITS HEADQUARTERS OFFICE. DOCUMENTS, POLICY, AND FINANCIAL STATEMENTS ARE AVAILABLE AS SOON AS POSSIBLE AFTER THE REQUEST IS MADE. FORM 990, PART XI, LINE 9 RETIREMENT HEALTH CHANGE IN OBLIG 383,577 INCREASE IN MEMBERSHIP FEES 1,260 PATRONAGE CAPITAL ALLOCATED DIFF BETWEEN BOOK/TAX 1,110,194 TOTAL 1,495,031