2014-08-14T11:45:36-05:00 2013-12-31 631035228 Jackson Thornton & Co PC P O Box 96 Montgomery AL 361010096 990 2013-01-01 590538145 Glades Electric Cooperative Inc GLAD 8002264024 PO Box 519 Moore Haven FL 33471 Jeffery R Brewington General Manager & CEO 8002264024 2014-07-29 1 PATRICK COOPER P00856177 3348347660 2014-07-29 2013 2015-11-30 17:44:51Z Jeffery R Brewington PO Box 519 Moore Haven FL 33471 43661849 0 X www.gladesec.com X 1945 FL To provide electric utility service to the cooperative's members. 9 8 77 0 0 0 0 0 41704053 43499645 88824 -335182 132575 107386 41925452 43271849 0 0 0 453709 420807 524950 0 0 0 39316878 39115720 39737685 40094379 2187767 3177470 113163808 116380776 87657507 87510900 25506301 28869876 Glades Electric Cooperative is a member-owned organization built on integrity with a philosophy of continuous improvement through teamwork that delivers quality services at competitive prices. 0 0 Utilizing 2,630 miles of electric distribution and transmission lines, Glades Electric Cooperative, Inc. provided 305,418,070 Kilowatt-Hours of electric energy to approximately 16,000 residential, commercial and industrial accounts located in South Florida. 0 0 0 0 0 0 0 0 0 1 0 1 0 1 1 0 1 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 1 0 0 0 0 0 1 1 0 0 1 22 0 1 77 1 0 0 0 0 0 42942481 612212 0 X 9 8 0 0 0 0 1 1 1 1 1 0 0 1 1 1 1 1 1 1 1 0 X Jennifer Manning 8639466214 26733 US Hwy 27 Moore Haven FL 33471 John Coxe Trustee/President 1.50 X 19250 0 0 James Aul Trustee/Vice President 1.50 X 13750 0 0 Russell Henderson Trustee/Secretary/Treasuer 1.50 X 13000 0 0 Lee Henderson Trustee 1.50 X 18500 0 0 Donnie Lundy Trustee 1.50 X 11500 0 0 Ladd Bass Trustee 1.50 X 9000 0 0 Shannon Hall Trustee 1.50 X 19000 0 0 Irene Lofton Trustee 1.50 X 10000 0 0 Barney Goodman Trustee 1.50 X 16250 0 0 Jeffery R Brewington General Manager & CEO 60.00 X 210032 0 53152 Jennifer Manning Chief Financial Officer 60.00 X 95041 0 36475 Paul T McGehee Director of Business Development 60.00 X 104840 0 31394 Tracy Vaughn Director of Operations 60.00 X 108773 0 32062 648936 0 153083 4 0 1 0 Gresco Utility Supply PO Box 932918 Atlanta GA 31193 Utility Supplies 1833902 Lewis Tree Service Inc PO Box 731897 Dallas TX 75373 Right of Way Clearing 1066418 Pike Electric LLC PO Box 1000 Memphis TN 38148 Electric Contract Work 391352 Powersecure International Inc PO Box 660367 Dallas TX 75266 Electric Contract Work 187133 4 Sales of Electricity 221000 42942481 42942481 Patronage Capital 221000 557164 557164 43499645 35446 35446 107156 0 107156 107156 107156 19372 390000 -370628 -370628 -370628 230 0 230 230 43271849 43499875 0 -228026 X 453709 524950 3292499 3366676 Cost of Power 23259039 Dist Exp - Operations 3282826 Admin & General Exp 2005342 Dist Exp - Maintenance 1601570 2307768 40094379 887197 177189 3567237 5218448 2645853 705147 1389612 2555408 122501298 23958045 95950653 98543253 330175 330814 8393081 8850517 113163808 116380776 5125193 3249026 242026 79249259 80903339 3283055 3116509 87657507 87510900 X 0 0 0 0 25506301 28869876 25506301 28869876 113163808 116380776 X 3177470 186105 X X 0 1 X 1 0 2004825 2004825 4052558 3159638 892920 116443915 20798407 95645508 98543253 Patronage Capital - Seminole Electric Cooperative 5668154 C Patronage Capital - CFC 317030 C Patronage Capital - GRESCO 1131515 C Patronage Capital - Federated Insurance Exchange 396615 C Patronage Capital - CoBank 406034 C Investments in associated organizations - Other 101949 C Capital Term Certificates 829220 C 8850517 Customer Deposits 2555866 Capital Lease Obligations 560643 3116509 X 43642247 370398 370398 43271849 0 43271849 40010429 370398 370398 39640031 454348 454348 40094379 Part X, Line 2: Income taxes and deferred taxes - The Cooperative is exempt from income taxes under Internal Revenue Code Section 501(c)(12). For Federal and Florida state income tax purposes, GUS and GEI are included in the Company's consolidated tax returns. Deferred taxes are provided on a liability method whereby deferred tax assets are recognized for deductible temporary differences and operating losses, and tax credit carry-forwards and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax bases. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment. Management evaluated the Cooperative's tax positions and concluded that the Cooperative had taken no uncertain tax positions that require adjustment to the financial statements. With few exceptions, the Cooperative is no longer subject to income tax examinations by the United States federal, state, or local tax authorities for years before 2010. Part XI, Line 2d - Other Adjustments: Reclassification of Items Included as an Expense on the Financial Statement 370,398. Part XII, Line 2d - Other Adjustments: Reclassification of Items Included as an Expense on the Financial Statement 370,398. Part XII, Line 4b - Other Adjustments: Assignment of Margins to Members 453,709. Income of Subsidiary - Equity Method 639. X 1 1 X X X 0 0 0 Jeffery R Brewington General Manager & CEO 207388 0 0 0 2644 0 33483 0 19669 0 263184 0 0 0 Part I, Line 1b Gross-ups have been made to the General Manager as per his contract. Seminole Electric Cooperative Inc (SEC) Business Relationship 23259039 Seminole Electric Cooperative, Inc. is the wholesale power provider from which Glades Electric Cooperative, Inc. purchases its power. Glades Electric Cooperative, Inc. is also a cooperative member of Seminole Electric Cooperative, Inc. The Board of Seminole Electric Cooperative, Inc. is comprised of the manager and one board member from each of the member electric distribution cooperatives. Currently, Jeff Brewington, General Manager & CEO, and James Aul, Trustee, serve as representatives from Glades Electric Cooperative,Inc. to the Seminole Electric Cooperative, Inc. 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 purposes of the Form 990 and its instructions, James Aul is not considered independent. 0 Form 990, Part VI, Section A, line 6 All people or entities who purchase energy from Glades Electric Cooperative, Inc. are members of the organization. Margins are allocated to members' accounts based on useage. Each member has a single vote regarding election of the governing body of the cooperative. Form 990, Part VI, Section A, line 7a The members of Glades Electric Cooperative, Inc. may elect members of the governing body at the annual meeting. Each year, an annual meeting is held at which the membership votes to elect three trustees for a three year term. Form 990, Part VI, Section A, line 7b The membership must approve decisions that involve substantial transfers of cooperative assets, amendments to the cooperative's bylaws, as well as other decisions requiring approval of the membership by law, the articles of incorporation, and/or the cooperative's bylaws. Form 990, Part VI, Section B, line 11 The completed 2013 Form 990 was first reviewed by the Chief Financial Officer. A copy of the Form 990 was then presented to the Board of Trustees at a board meeting prior to filing the form with the Internal Revenue Service. Once reviewed and approved by the Board of Trustees, the General Manager/CEO signed and transmitted the return to the Internal Revenue Service. Form 990, Part VI, Section B, line 12c Annually, the Board of Trustees holds a policy workshop at which all the Cooperatives' policies are reviewed, including the policy regarding conflict of interest. At any board meeting in which a conflict may arise due to business transactions, the applicable trustees will recuse themselves from voting on the matter. Form 990, Part VI, Section B, line 15 The compensation of the General Manager/CEO is determined by using comparable salary data of other cooperatives as well as other similar organizations within the industry. The General Manager/CEO reviews various salary surveys and takes a recommendation to the Board of Trustees for its approval. All non-union personnel receive the Board approved increase. Union personnel receive a contracted amount. Form 990, Part VI, Section C, line 19 Glades Electric Cooperative's governing documents, conflict of interest policy, and financial statements are available to the public upon request at the main office in Moore Haven, Florida. Form 990, Part IX, Line 4 The instructions to the 2013 Form 990 indicate that organizations exempt under Section 501(c)(12) should report patronage dividends paid to their members in Part IX, Line 4 of the Form 990. Glades Electric Cooperative, Inc. has interpreted the words "patronage dividends paid" in the instructions to mean margins that are assigned or assignable to the members. Therefore, the amount listed in Part IX, Line 4 represents the margins that were assigned to the members for the year ended December 31, 2013. Form 990, Part XI, line 9: Retirement of capital credits -268,243. Income of subsidiary - equity method 639. Assignment of margins to members 453,709. Form 990, Part XII, Line 2c The filing organization did not change its processes of oversight or selection for the year ended December 31, 2013. Glades Electric Educational Foundation Inc PO Box 519 Moore Haven FL 33471 651083705 Award scholarships FL 501(c)(3) Private Foundation N/A 1 Glades Electric Charitable Trust Inc PO Box 519 Moore Haven FL 33471 650850177 Help needy FL 501(c)(3) Community Trust N/A 0 Glades Services Inc 1190 US Highway 27 East Moore Haven FL 33471 650902428 Holding Company FL Glades Electric Cooperative Inc C 330815 1.00000 1 Glades Utility Services Inc 1190 US Highway 27 East Moore Haven FL 33471 650902154 Electric Utlilty Plant Contractor FL Glades Services Inc C 1560 1.00000 1 Glades Economic Investors Inc 1190 US Highway 27 East Moore Haven FL 33471 651067614 Real Estate Investments FL Glades Services Inc C 8 328413 1.00000 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 Glades Electric Charitable Trust Inc R 67015 Cash