2013-08-13T19:26:59-05:00 2012-12-31 PURVIS GRAY & COMPANY LLP 2347 SE 17TH STREET OCALA FL 34471 990 2012-01-01 590188973 CENTRAL FLORIDA ELECTRIC COOPERATIVE INC CENT 8002271302 P O BOX 9 CHIEFLAND FL 326440009 DANIEL M CAMPBELL 8002271302 2013-08-06 true MARK A WHITE CPA 3527323872 2013-08-06 2012 2016-02-25 16:41:14Z DANIEL M CAMPBELLEVPGEN MGR PO BOX 9 CHIEFLAND FL 326440009 61512373 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 9 105 -539 -539 0 59213529 61081456 260298 288594 9753 3961 59483580 61374011 5464 5642 208368 210505 613047 646698 0 0 58974779 58320923 59801658 59183768 -318078 2190243 112331628 116279517 84250113 85418285 28081515 30861232 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 26,000+ 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 true false true false false false false false true false false false false false false false false true 36 0 105 true true true false false false false 60203212 258884 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 3.00 X X 28359 0 0 KYLE QUINCEY 2.50 X X 26774 0 0 TONY WEEKS 3.00 X 23245 0 0 DONALD A LANE 3.00 X 23024 0 0 RANDY MIKELL 5.00 X X 20155 0 0 ALAN MIKELL 4.00 X 17765 0 0 BARBARA TOWNSEND 4.00 X 10243 0 0 THELMA MCCAIN 3.00 X 9770 0 0 GEORGE STEPHENS 2.00 X 5387 0 0 DANIEL M CAMPBELL 50.00 X 198352 0 92506 EDDIE F THOMAS 50.00 X 131292 0 31402 BENJAMIN R DAWSON 50.00 X 128616 0 33855 622982 157763 3 false true false GRAY CONSTRUCTION SERVICES INC 222 W WADE STREET TRENTON FL 32693 CONSTRUCTON 4234417 THE DAVEY TREE EXPERTS CO PO BOX 709 KENT OH 44240 MAINTENANCE 1433063 AXIS 6851 TPC DRIVE ORLANDO FL 32822 255162 WATSON SITE WORK LLC WATSON CONST 940 NW 247TH DRIVE NEWBERRY FL 32669 CONSTRUCTION 193535 MUSGROVE CONSTRUCTION INC 8708 US 90 LIVE OAK FL 32060 CONSTRUCTION 146105 7 SALE OF ENERGY 221000 60326527 60326527 QUALIFIED POLE RENTAL 221000 754929 754929 61081456 128069 128069 7500 3539 3961 3961 -539 4500 6907 288441 10119 124704 -3212 163737 160525 160525 61374011 60326527 -539 1048023 5642 210505 23718 622980 2726830 4118010 COST OF POWER 37558852 DISTRIBUTION-OPERATION 4409942 DISTRIBUTION-MAINTENANCE 4121116 CONSUMER ACCOUNTS 4095263 1290910 59183768 0 0 0 4311993 1604236 795466 339892 3795014 5197741 1003338 1150586 512758 309018 133517213 37182425 91141218 96334788 10771841 11343256 112331628 116279517 5944728 6182846 2368724 1818530 61144825 61592423 14791836 15824486 84250113 85418285 X 125605 124660 9425 9425 27946485 30727147 28081515 30861232 112331628 116279517 X 2190243 589474 X false true X true false 587169 587169 11205409 1644778 9560631 7607180 6066313 1540867 114117455 29471334 84646121 96334788 PATRONAGE CAPITAL - SEMINOLE 7687209 C PATRONAGE CAPITAL - NRUCFC AND OTHER 2510501 C NRUCFC CAPITAL TERM CERTIFICATES 1128374 C NRTC 17172 C 11343256 POST RETIREMENT BENEFIT OBLIGATION 12472189 CONSUMER DEPOSITS 3352297 15824486 X 61965872 591861 591861 61374011 61374011 58976799 -206969 -206969 59183768 59183768 LIABILITY UNDER FIN 48 FOOTNOTE 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. REVENUE AMOUNTS INCLUDED IN FINANCIALS - OTHER SCHEDULE D, PAGE 4, PART XI, LINE 2D PATRONAGE CAPITAL ALLOCATED DIFFERENCE BETWEEN BOOK/TAX 588,327 RENTAL EXPENSES NETTED AGAINST REVENUE 3,536 ROUNDING -2 EXPENSE AMOUNTS INCLUDED IN FINANCIALS - OTHER SCHEDULE D, PAGE 4, PART XII, LINE 2D RENTAL EXPENSES NETTED AGAINST REVENUES 3,536 BENEFITS PAID TO MEMBERS -210,505 SUPPLEMENTAL FINANCIAL INFORMATION SCHEDULE D, PAGE 4, PART XIII MEMBERSHIP PATRONAGE DONATED ACCUM OTHR FEES CAPTIAL CAPITAL COMPR MARG TOTAL BAL BOY 125,605 34,861,910 9,425 (6,915,425) 28,081,515 DECR IN MEMBRS (945) (945) NET MARGINS 2,989,074 2,989,074 CAP RETIRED (210,505) (210,505) POST RTR OBLG ADJ 2,093 2,093 BAL EOY 124,660 37,640,479 9,425 (6,913,332)30,861,232 true PROCEDURES FOR MONITORING THE USE OF GRANT FUNDS INSIDE THE UNITED STATES SCHEDULE I, PAGE 1, PART I, LINE 2 THE COOPERATIVE MAINTAINS RECORDS OF ALL DONATIONS PAID TO VARIOUS ORGANIZATIONS, ALL AMOUNTS PAID ARE CONSIDERED DONATIONS. X X X false false false DANIEL M CAMPBELL 190798 3016 4538 80999 11507 290858 EDDIE F THOMAS 124311 2059 4922 30711 691 162694 BENJAMIN R DAWSON 125538 2080 998 18750 15105 162471 SEMINOLE ELECTRIC COOPERATIVE INC DIRECTOR 36747539 POWER false COOPERATIVES COMPUTER CENTER INC DIRECTOR 181589 IT SUPPORT false FLORIDA RURAL SELF INSURED FUND DIRECTOR 121602 WORKERS COMP INS false NATIONAL RURUAL UTL COOP FIN CORP DIRECTOR 122431 FINANCIAL SERVICES false ADDITIONAL INFORMATION 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 COOPERATIVE COMPUTER CENTER INC EDDIE F THOMAS IS A MEMBER OF THEBOARD 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 ORGANIZATION'S MISSION 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. ADDITIONAL INFORMATION FORM 990 FORM 990, PART IX, LINE 4 - BENEFITS PAID TO OR FOR MEMBERS THE IRS'S INSTRUCTIONS FOR THE 2012 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." IN 2012, 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, 2012 AND OTHER BENEFITS PAID TO MEMBERS IN THE AMOUNT 210,505. CLASSES OF MEMBERS OR STOCKHOLDERS 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. ELECTION OF MEMBERS AND THEIR RIGHTS FORM 990, PAGE 6, PART VI, LINE 7A CFEC MEMBERS ELECT THE BOARD OF TRUSTEES (MEMBERS OF THE GOVERNING BODY). DECISIONS SUBJECT TO APPROVAL OF MEMBERS 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. ORGANIZATION'S PROCESS USED TO REVIEW FORM 990 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. ENFORCEMENT OF CONFLICTS POLICY 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. COMPENSATION PROCESS FOR TOP OFFICIAL FORM 990, PAGE 6, PART VI, LINE 15A AN OUTSIDE INDEPENDENT CONSULTANT PREPARES A SALARY SURVEY ANNUALLY. THESURVEY 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. COMPENSATION PROCESS FOR OFFICERS 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. GOVERNING DOCUMENTS DISCLOSURE EXPLANATION 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. RECONCILIATION OF CHANGES - OTHER FORM 990, PART XI, LINE 9 PATRONAGE CAPITAL ALLOCATED DIFFERENCE BETWEEN BOOK/TAX 588,327 RENTAL EXPENSES NETTED AGAINST REVENUE 3,536 ROUNDING -2 RENTAL EXPENSES NETTED AGAINST REVENUES -3,536 BENEFITS PAID TO MEMBERS 210,505 OTHER CHANGES IN NET ASSETS EXPLANATION FORM 990, PART XI, LINE 9 RETIREMENT HEALTH CHANGE IN OBLIG 2,094 DECREASE IN MEMBERSHIP FEES -945 BENEFITS PAID TO MEMBERS -210,505 NET OTHER CHANGES IN NET ASSETS (SUM OF ABOVE) 589,474