2014-08-12T14:27:40-05:00 2013-12-31 PURVIS GRAY & COMPANY LLP 2347 SE 17TH STREET OCALA FL 34471 990 2013-01-01 590188973 CENTRAL FLORIDA ELECTRIC COOPERATIVE INC CENT 8002271302 P O BOX 9 CHIEFLAND FL 326440009 DANIEL M CAMPBELL EXVP/GENERAL MANAGER 8002271302 2014-08-04 true MARK A WHITE CPA P00071001 3527323872 2014-08-04 2013 2015-11-30 17:44:51Z DANIEL M CAMPBELLEVPGEN MGR PO BOX 9 CHIEFLAND FL 326440009 60843257 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 9 100 -501 -501 0 61081456 60675970 288594 159787 3961 3999 61374011 60839756 5642 0 210505 231250 646698 821235 0 0 58320923 57845236 59183768 58897721 2190243 1942035 116279517 120124826 85418285 84500442 30861232 35624384 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 24,950+ 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 31 0 100 true true true false false false false 59716183 273443 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 1124 N YOUNG BLVD CHIEFLAND FL 32626 CHIEFLAND FL 32626 KENNETH O'STEEN TRUSTEE/SECR 3.00 X X 32315 0 0 KYLE QUINCEY TRUSTEE/PRES 2.50 X X 27794 0 0 TONY WEEKS TRUSTEE 3.00 X 26601 0 0 DONALD A LANE TRUSTEE 5.00 X 25794 0 0 ALAN MIKELL TRUSTEE 5.30 X 24320 0 0 RANDY MIKELL TRUSTEE 5.00 X X 22020 0 0 THELMA MCCAIN TRUSTEE/VP 3.00 X 12413 0 0 BARBARA TOWNSEND TRUSTEE 4.00 X 12098 0 0 GEORGE STEPHENS TRUSTEE 2.00 X 6939 0 0 DANIEL M CAMPBELL EX VP/GM 50.00 X 220576 0 87425 EDDIE F THOMAS CFO 50.00 X 138893 0 34323 BENJAMIN R DAWSON COO 50.00 X 136100 0 37862 DESMOND E KNIGHT MANAGER OF H 50.00 X 111243 0 63798 797106 223408 4 false true false THE DAVEY TREE EXPERTS CO PO BOX 709 KENT OH 44240 MAINTENANCE 928404 AXIS 6851 TPC DRIVE ORLANDO FL 32822 244526 RING POWER CORPORATION PO BOX 935004 ATLANTA GA 31193 169419 MUSGROVE CONSTRUCTION INC 8708 US 90 LIVE OAK FL 32060 CONSTRUCTION 169088 PROGRESSIVE SOLUTIONS LLC PO BOX 1130 MARSHALL AR 72650 161966 6 SALE OF ENERGY 221000 59896230 59896230 QUALIFIED POLE RENTAL 221000 779740 779740 60675970 129007 129007 7500 3501 3999 3999 -501 4500 30780 30780 30780 30780 60839756 59896230 -501 944027 231250 24129 797106 2743529 4227591 COST OF POWER 37517651 DISTRIBUTION-OPERATION 3967739 DISTRIBUTION-MAINTENANCE 3797130 CONSUMER ACCOUNTS 3314062 2277534 58897721 0 0 0 1604236 1522348 339892 20 5197741 4978814 1150586 1055550 309018 2839796 136459482 38723144 96334788 97736338 11343256 11991960 116279517 120124826 6182846 6011450 1818530 2146526 61592423 62035156 15824486 14307310 85418285 84500442 X 124660 124750 9425 9425 30727147 35490209 30861232 35624384 116279517 120124826 X 1942035 2821117 X false true X true false 587169 587169 11308511 1947000 9361511 7833645 6033951 1799694 116730157 30742193 85987964 97736338 PATRONAGE CAPITAL - SEMINOLE 8239805 C PATRONAGE CAPITAL - NRUCFC AND OTHER 2612864 C NRUCFC CAPITAL TERM CERTIFICATES 1121154 C NRTC 18137 C 11991960 POST RETIREMENT BENEFIT OBLIGATION 10863472 CONSUMER DEPOSITS 3443838 14307310 X 61499181 659425 659425 60839756 60839756 58669971 -227749 -227749 58897720 1 1 58897721 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 655,924 RENTAL EXPENSES NETTED AGAINST REVENUE 3,501 SCHEDULE D, PAGE 4, PART XII, LINE 2D RENTAL EXPENSES NETTED AGAINST REVENUES 3,501 BENEFITS PAID TO MEMBERS -231,250 SCHEDULE D, PAGE 4, PART XII, LINE 4B BOOK / TAX DEPRECIATION DIFFERENCE 1 SCHEDULE D, PAGE 4, PART XIII MEMBERSHIP PATRONAGE DONATED ACCUM OTHR FEES CAPITAL CAPITAL COMPR MARG TOTAL BAL BOY 124,660 37,640,479 9,425 (6,913,332) 30,861,232 INCR IN MEMBRS 90 -0- -0- -0- 90 NET MARGINS -0- 2,829,210 -0- -0- 2,829,210 CAP RETIRED -0- (231,250) -0- -0- (231,250) POST RTR OBLG ADJ -0- -0- -0- 2,165,102 2,165,102 BAL EOY 124,750 40,238,439 9,425 (4,748,230) 35,624,384 X X X false false false DANIEL M CAMPBELL EX VP/GM 208176 3854 8546 73883 13542 308001 EDDIE F THOMAS CFO 130978 2689 5226 33631 692 173216 BENJAMIN R DAWSON COO 132413 2718 969 23716 14146 173962 DESMOND E KNIGHT MANAGER OF HR 104638 2109 4496 58678 5120 175041 SEMINOLE ELECTRIC COOPERATIVE INC DIRECTOR 36838806 POWER false APPLIED TECHNOLOGY SOLUTIONS INC DIRECTOR 248633 IT SUPPORT false FLORIDA RURAL SELF INSURED FUND DIRECTOR 117028 WORKERS COMP INS false NATIONAL RURAL UTL COOP FIN CORP DIRECTOR 1304258 FINANCIAL SERVICES false SCHEDULE L, PART V RANDY MIKELL AND TONY WEEKS 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. CAMPELL 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 2013 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 ENTITILED "BENEFITS PAID TO OR FOR MEMBERS." SIGNIFICANT INDUSTRY-WIDE DICUSSIONS 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 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, 2013 AND OTHER BENEFITS PAID TO MEMBERS IN THE AMOUNT 231,250. 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 PATRONAGE CAPITAL ALLOCATED DIFFERENCE BETWEEN BOOK/TAX 655,924 RENTAL EXPENSES NETTED AGAINST REVENUE 3,501 RENTAL EXPENSES NETTED AGAINST REVENUES -3,501 BENEFITS PAID TO MEMBERS 231,250 BOOK / TAX DEPRECIATION DIFFERENCE 1 FORM 990, PART XI, LINE 9 RETIREMENT HEALTH CHANGE IN OBLIG 2,165,102 INCREASE IN MEMBERSHIP FEES 90 BENEFITS PAID TO MEMBERS -231,250