2015-10-01T13:54:49-04:00 2014-12-31 990 2014-01-01 590196695 CLAY ELECTRIC COOPERATIVE INC CLAY PO BOX 308 Keystone Heights FL 32656 Richard K Davis General Manager 3524738000 2015-08-05 2014 2016-02-25 16:41:14Z RICHARD KENNETH DAVIS 378490214 false X WWW.CLAYELECTRIC.COM X 1937 FL TO EXCEED THE EXPECTATIONS OF OUR MEMBERS BY PROVIDING EXCELLENT CUSTOMER SERVICE AND RELIABLE ELECTRIC SERVICE AT COMPETITIVE RATES WHILE MAINTAINING THE FINANCIAL STABILITY OF THE COOPERATIVE. 8 6 488 826246 483859 0 345428339 377602000 487782 400542 562402 393382 346478523 378395924 0 11535930 25047654 5974747 5657684 0 0 328967846 347690586 346478523 378395924 0 571366574 612442854 274537974 289599272 296828600 322843582 TO EXCEED THE EXPECTATIONS OF OUR MEMBERS BY PROVIDING EXCELLENT CUSTOMER SERVICE AND RELIABLE ELECTRIC SERVICE AT COMPETITIVE RATES WHILE MAINTAINING THE FINANCIAL STABILITY OF THE COOPERATIVE. false false 378395924 PROVISION OF RELIABLE ELECTRIC SERVICE TO CONSUMERS IN A 15 COUNTY AREA. 378395924 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 true false false true X 248 0 488 true true false false false false false 366282585 1486096 false X 8 6 false false true false true true true true true false true true true true true true true true true true false FL X RICHARD K DAVIS 3524738000 PO BOX 308 Keystone Heights FL 326560308 JOSEPH CARL MALPHURS TRUSTEE-PRESIDENT 12.00 0.20 X X 17400 0 0 ANGUS S HASTINGS TRUSTEE-VICE PRESIDENT 15.00 0.20 X X 3000 0 0 KELLEY R SMITH JR TRUSTEE-SECRETARYVICE-PRESID 12.00 0.20 X X 17350 0 0 CLYDE DEWITT HERSEY TRUSTEE-TREASURERSECRETARY 10.00 0.20 X X 15250 0 0 JOANN R SMITH TRUSTEE-TREASURER 8.00 0.00 X X 12800 0 0 CARL F HAGGLUND TRUSTEE 12.00 1.00 X 11050 0 0 SUSAN S REEVES TRUSTEE 12.00 0.20 X 15950 0 0 JOHN HENRY WHITEHEAD JR TRUSTEE 12.00 0.00 X 14200 0 0 JAMES D WILSON TRUSTEE 8.00 0.00 X 10500 0 0 RICHARD KENNETH DAVIS GENERAL MANAGERCEO 44.00 0.00 X 397550 0 119434 SANFORD MARK MAXWELL DIRECTOR-FINANCEADMINISTRATI 42.00 0.20 X 201900 0 76712 HERMAN DYAL DIRECTOR-ENGINEERING 42.00 0.00 X 210999 0 71812 HOWARD MILTON MOTT JR DIRECTOR-OPERATIONS 45.00 0.00 X 194543 0 70713 LOUIE ANDREW CHAFF DISTRICT MANAGER-ORANGE PARK 40.00 0.00 X 166937 0 99349 JAMES R BEELER JR DISTRICT MANAGER-PALATKASALT 40.00 0.00 X 160566 0 83482 BRUCE ROBERT MCHOLLAN DIRECTOR-INFOCOMM TECHNOLOGY 45.00 0.00 X 191842 0 170860 RICHARD A GRAY DIRECTOR-HUMAN RESOURCES 40.00 0.00 X 174238 0 51977 DERICK R THOMAS DIRECTOR-MEMBER & PUBLIC RELA 40.00 0.00 X 147817 0 55965 DALE R FURLONG DISTRICT MANAGER-KEYSTONE 40.00 0.00 X 140235 0 50419 FRANK R HOLMES DIVISION CHIEF-DISTRIBUTNTRA 40.00 0.00 X 139460 0 73316 2243587 0 924039 62 false true false ASPLUNDH TREE EXPERT COMPANY PO BOX 532729 Atlanta GA 303532729 RW LABOR 2418192 BAIRD TREE COMPANY INC PO BOX 326 Caryville TN 37714 RW LABOR 1181895 HIGH COTTON PO BOX 101568 Birmingham AL 35210 PSTGPRNTMAIL SVC 1095999 WRIGHT TREE SVC INC 5930 GRAND AVE West Des Moines IA 50266 RW LABOR 1011217 ABC PROFESSIONAL TREE SERVICES INC PO BOX 939 Willis TX 77378 RW LABOR 996472 16 ELECTRIC 221000 365640923 365387694 253229 QUALIFIED POLE RENTAL 531390 2891783 2891783 PATRONAGE CAPITAL 900099 8742214 8742214 INTEREST 900099 315511 315511 MERCHANDISING REVENUE 900099 11569 11569 377602000 32484 32484 28800 4548 24252 24252 24252 457800 89742 368058 368058 368058 GAIN-RUS DEBT PREPAYMNT 900099 188423 188423 MOTOR VEHICLE PROGRAM 811000 125839 125839 SANDERSON PIPE 900099 45708 45708 9160 9160 369130 378395924 374677895 826246 2891783 25047654 25047654 1971498 1971498 3686186 3686186 191092 191092 11775246 11775246 19637325 19637325 COST OF POWER 265700090 265700090 DISTRIBUTION EXPENSE 25288152 25288152 CONSUMER ACCOUNTS EXPENSE 13450754 13450754 ADMINISTRATIVE & GENERAL EXP 3267933 3267933 8379994 8379994 378395924 378395924 0 0 6692521 31195767 23282053 27191033 4682215 4625837 49699187 51001394 636564019 212906684 419724963 423657335 67285635 74771488 571366574 612442854 35603268 34481126 206602180 237981843 11000000 21332526 17136303 274537974 289599272 X 696245 703170 296132355 322140412 296828600 322843582 571366574 612442854 X 0 26014982 X false true X true false 612701 9897638 10510339 171315 19504854 7662976 12013193 590666848 205241159 385425689 15710663 2549 15708114 423657335 NATIONAL RURAL UTILITIES COOP 10683297 C SEMINOLE ELECTRIC COOPERATIVE 59971297 C COBANK 2831902 C OTHER INVESTMENTS IN ASSOC ORGS 1284992 C 74771488 OTHER NON-CURRENT LIABILITIES 5665814 CONSUMER DEPOSITS 11470489 17136303 X 377921448 377921448 474476 474476 378395924 352873794 352873794 25522130 25522130 378395924 Other revenues included on Form 990 (Part XI, line 4b) Product and unrelated business expenses were netted against associated revenues and identified as other non-operating income on our audited financial statements. Revenues included in that audit report line are reflected on Part VIII Statement of Revenue as merchandising, rental and miscellaneous revenue.The amortization of a gain on debt prepayment is reported as an offset to interest expense in the audited financial statements, as required by generally accepted accounting principles. The amount recognized in the audited financial statements is reported on Part VIII-Statement of Revenue as miscellaneous revenue related to the exempt function. Other expenses included on Form 990 (Part XII, line 4b) Product and unrelated business expenses were netted against associated revenues and identified as other non-operating income on our audited financial statements. Revenues included in that audit report line are reflected on Part VIII Statement of Revenue as merchandising, rental and miscellaneous revenue.The amortization of a gain on debt prepayment is reported as an offset to interest expense in the audited financial statements, as required by generally accepted accounting principles. The amount recongized in the audited financial statements is reported on Part VIII-Statement of Revenue as miscellaneous revenue related to the exempt function. The Cooperative's audited 2014 net margins of $25,047,654 are reflected as an expense in the Form 990 as 'Benefits Paid to or for Members'. Net margins are allocated and distributed to members based on patronage. Footnote for uncertain tax position under FIN 48 (Part X) Management has evaluated the Cooperative's tax positions and concluded that the Cooperative has taken no uncertain tax positions that require adjustment to the financial statements to comply with the provisions of this guidance. X X X false true false RICHARD KENNETH DAVIS GENERAL MANAGERCEO 369914 20000 7636 94477 24957 516984 SANFORD MARK MAXWELL DIRECTOR-FINANCEADMINISTRATION 185186 16714 61573 15139 278612 HERMAN DYAL DIRECTOR-ENGINEERING 201055 9944 53536 18276 282811 HOWARD MILTON MOTT JR DIRECTOR-OPERATIONS 187359 7184 55813 14900 265256 LOUIE ANDREW CHAFF DISTRICT MANAGER-ORANGE PARK 154003 12934 88294 11055 266286 JAMES R BEELER JR DISTRICT MANAGER-PALATKASALT SPGS 152802 7764 70334 13148 244048 BRUCE ROBERT MCHOLLAN DIRECTOR-INFOCOMM TECHNOLOGY 187566 4276 165664 5196 362702 RICHARD A GRAY DIRECTOR-HUMAN RESOURCES 169497 4741 47203 4774 226215 DERICK R THOMAS DIRECTOR-MEMBER & PUBLIC RELATIONS 144980 2837 42237 13728 203782 DALE R FURLONG DISTRICT MANAGER-KEYSTONE 126626 13609 35569 14850 190654 FRANK R HOLMES DIVISION CHIEF-DISTRIBUTNTRANSMISS 132227 7233 62640 10676 212776 Listed persons compensation information (Part I, line 4) The organization has agreed on a year to year basis to calculate the value of the difference in the defined benefit plan for the General Manager/CEO in a lump sum form, under the current guidelines of the defined benefit administrator, one with IRS limitations and one without limitations, any positive value will be paid as a taxable payment, in the current year. Richard Davis received $15,302 during 2014. SEMINOLE ELECTRIC COOPERATIVE SCH L PART V 264404416 PURCHASE POWER-NET false SEMINOLE ELECTRIC COOPERATIVE SCH L PART V -17439 SEE ATTACHED false SEMINOLE ELECTRIC COOPERATIVE SCH L PART V -115426 DUES REIMBURSEMENT false SEMINOLE ELECTRIC COOPERATIVE SCH L PART V -7096 SEE ATTACHED false Supplemental Information for Schedule L Seminole Electric Cooperative, Inc. is the wholesale power provider from which Clay Electric Cooperative, Inc. purchases its power. Clay Electric is also a cooperative member of Seminole Electric. The Board of Seminole Electric is comprised of the manager and two board members from each of the member electric distribution cooperatives. Currently, Richard Davis, General Manager & CEO, and Susan Reeves and John Whitehead, Trustees, serve as representatives from Clay Electric to the Seminole Electric board of directors. Although it is routine for board members of electric distribution cooperatives to serve as representatives on the boards of electric transmission cooperatives, for the purposes of the Form 990 Susan Reeves and John Whitehead are not considered independent. Unrelated business income explanation Part V line 3b Form 990T is scheduled to be signed and filed on October 1, 2015. Organizational document changes Part VI line 4 A bylaw amendment was approved by the membership increasing the quorum requirement from 50 members to one percent of the total membership for annual and special member meetings as required by Florida state statute. It also allows for members who vote by absentee ballot to be counted toward the quorum requirement. Members or stockholder classes and rights Part VI line 6 Clay Electric Cooperative, Inc. had 140,634 members as of December 31, 2014. Member election for additional members Part VI line 7a Clay Electric Cooperative had eight members on the Board of Trustees at the end of the year. There was one vacancy. The Board of Trustee members serve three-year terms and each board member represents one trustee district within the cooperative's service area. Their terms are staggered in such a way that only three are up for election by the members each year. Governing body decisions Part VI line 7b The business and affairs of the cooperative are managed by a board of trustees which shall exercise all the powers of the cooperative except such as by law, the articles of incorporation or the bylaws. If an amendment of the bylaws is proposed by the board of trustees the amendment must be presented to the membership. Form 990 governing body review Part VI line 11 The top financial official presented paper copies of the 2014 Form 990 to the board of trustees for their review at their monthly board meeting on September 24, 2015. Conflict of interest policy compliance Part VI line 12c It is a requirement that incumbents of certain positions within the Cooperative and the Board of Trustees annually complete and sign the Conflict of Interest Certification and Disclosure Form and deliver it to the General Manager/CEO or Board President. CEO executive director top management comp Part VI line 15a Comparability data was used to determine the compensation for the CEO and was approved by the Board of Trustees. Board meeting minutes document the deliberations and decisions on the compensation arrangement. Board meeting minutes on November 18, 2014 reflect a performance appraisal and compensation review for the CEO. Other officer or key employee compensation Part VI line 15b Comparability data was used to evaluate the compensation for the other officers and key employees. Governing documents etc available to public Part VI line 19 THe governing documents (included in the Member Handbook), financial statements (included in the Kilowatt Newsletter) and conflict of interest policy are made available to the general public on the website at www.clayelectric.com. Explanation of other changes in net assets or fund balances Part XI line 9 Capital credits assigned for the year were $25,047,654 less net retirements of capital credits of $4,997,029 plus an increase in memberships of $6,925 plus accumulated other comprehensive income of $5,957,432. General explanation attachment PART IX-STATEMENT OF FUNCTIONAL EXPENSES:The Cooperative's records are maintained in accordance with the uniform system of accounts prescribed by the Federal Energy Regulatory Commission (18CFR.PART 101) as modified and adopted by the Rural Utilities Service (RUS) in 7.CFR.1767. Those practices utilize the allocation of certain expenses based on labor charges or other allocation bases. As a result, it would require significant effort to break out expenses in the functional categories provided on the Statement of Functional Expenses. Management has opted to classify its expenses on the Statement of Functional Expenses in the same manner it reports its financial results to lenders, regulators and members. CLAY ELECTRIC COOPERATIVE SCHOLARSHIP TRUST INC PO BOX 308 Keystone Heights FL 326560308 576205431 PROVIDE SCHOLARSHIPS FL 501c3 9 N/A false CLAY ELECTRIC SERVICES INC PO BOX 308 Keystone Heights FL 326560308 591613094 PROVIDE MISC BUSINESS SVCS FL N/A C Corp 1.00000 true false false false false false false false false false false false false false false false false false false false