2012-08-13T08:17:45-05:00 2011-12-31 631035228 JACKSON THORNTON & CO PC P O BOX 96 MONTGOMERY AL 361010096 990 2011-01-01 590538145 GLADES ELECTRIC COOPERATIVE INC GLAD 8002264024 PO BOX 519 MOORE HAVEN FL 33471 JEFFERY R BREWINGTON 8002264024 2012-07-30 1 PATRICK COOPER P00856177 3348347660 2012-07-30 2011 2016-02-24 21:20:13Z JEFFERY R BREWINGTON PO BOX 519 MOORE HAVEN FL 33471 47823172 0 X WWW.GLADESEC.COM X 1945 FL TO PROVIDE ELECTRIC UTILITY SERVICE TO THE COOPERATIVE'S MEMBERS. 9 8 76 0 39126 38126 0 0 47950513 42160559 160517 167551 -326798 -3080789 47784232 39247321 0 0 0 0 567057 988835 0 0 0 45980666 44771514 46547723 45760349 1236509 -6513028 116270974 111487968 87032805 88972771 29238169 22515197 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 2,620 MILES OF ELECTRIC DISTRIBUTION AND TRANSMISSION LINES, GLADES ELECTRIC COOPERATIVE, INC. PROVIDED 318,345,774 KILOWATT-HOURS OF ELECTRIC ENERGY TO APPROXIMATELY 15,991 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 1 0 1 32 0 1 76 1 1 1 0 0 0 0 41416504 970438 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 1190 HWY 27 MOORE HAVEN FL 33471 JOHN R COXE 1.50 X 18250 0 0 SHANNON L HALL 1.50 X 16000 0 0 CHESTER RUSSELL HENDERSON 1.50 X 15500 0 0 LADD BASS 1.50 X 9180 0 0 LEE HENDERSON 1.50 X 16500 0 0 IRENE LOFTON 1.50 X 6750 0 0 JAMES S AUL 1.50 X 11000 0 0 BARNEY F GOODMAN 1.50 X 15500 0 0 ROY D LUNDY JR 1.50 X 10500 0 0 LAWRENCE T TODD 60.00 X 495722 0 117861 JEFFERY R BREWINGTON 60.00 X 214534 0 41508 JODY DOTSON 60.00 X 204635 0 34792 1034071 0 194161 3 0 1 0 GLADES UTILITY SERVICES INC 411 STATE ROAD 70 EAST LAKE PLACID FL 33852 ELECTRIC LINE CONSTRUCTION 1712532 LEWIS TREE SERVICE INC PO BOX 8000 BUFFALO NY 14267 RIGHT OF WAY CLEARING 487787 MONTZ BUILDERS INC PO BOX 2091 LAKE PLACID FL 33862 CONSTRUCTION 269042 DALYN REAL ESTATE 2786 DUFFER ROAD SEBRING FL 33872 SITE PREPARATION 250155 MCLEAN ENGINEERING CO INC PO BOX 2587 MOULTRIE GA 31776 ENGINEERING CONSULTANT 237861 5 SALES OF ELECTRICITY 221000 41416504 41416504 PATRONAGE CAPITAL 221000 744055 744055 42160559 102382 15526 86856 23600 101892 0 0 23600 101892 125492 23600 101892 8636232 4788 8540881 34970 95351 -30182 65169 65169 262 0 262 262 NON-OPERATING INCOME 221000 -28920 -28920 LOSS OF SUBSIDIARY 221000 -3177623 -3177623 -3206543 39247321 38954278 39126 253917 988835 3069050 3206555 COST OF POWER 25065670 DIST EXP - OPERATIONS 4864159 ADMIN & GENERAL EXP 3677512 DIST EXP - MAINTENANCE 1679543 3209025 45760349 543430 707287 119962 6762204 5138567 2594490 2587214 748009 1403823 114406090 19989389 91982864 94416701 2154683 2467633 -709989 7471863 7944365 1425836 0 116270974 111487968 4526318 4775362 281670 67862521 78293704 14643966 5622035 87032805 88972771 X 0 0 0 0 29238169 22515197 29238169 22515197 116270974 111487968 X -6513028 -209944 X X 0 1 1 X 0 1959818 1959818 3962077 2707567 1254510 108484195 17281822 91202373 94416701 PATRONAGE CAPITAL - SEMINOLE ELECTRIC COOPERATIVE 5065708 C PATRONAGE CAPITAL - CFC 246665 C PATRONAGE CAPITAL - GRESCO 1056196 C PATRONAGE CAPITAL - FEDERATED INSURANCE EXCHANGE 276194 C PATRONAGE CAPITAL - COBANK 381653 C INVESTMENTS IN ASSOCIATED ORGANIZATIONS - OTHER 74198 C CAPITAL TERM CERTIFICATES 843751 C 7944365 CUSTOMER DEPOSITS 2299472 CAPITAL LEASE OBLIGATIONS 1142563 LINE OF CREDIT 2180000 5622035 DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: PART X: 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 CARRYFORWARDS 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 2008. X 1 1 X X X 0 1 0 LAWRENCE T TODD 240049 0 0 0 255673 0 102844 0 15017 0 613583 0 127175 0 JEFFERY R BREWINGTON 152145 0 50000 0 12389 0 29274 0 12234 0 256042 0 0 0 JODY DOTSON 102430 0 0 0 102205 0 19242 0 15550 0 239427 0 0 0 PART I, LINE 1B GROSS-UPS HAVE BEEN MADE PER THE GENERAL MANAGER AS PER HIS CONTRACT. PART I, LINE 4B LAWRENCE T. TODD - $58,495 SEMINOLE ELECTRIC COOPERATIVE INC (SEC) BUSINESS RELATIONSHIP 20000800 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, LAWRENCE TODD, 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 GRESCO INC BUSINESS RELATIONSHIP 1821981 GRESCO IS A SUPPLIER FROM WHICH GLADES ELECTRIC COOPERATIVE, INC. PURCHASES SOME OF ITS ELECTRICAL EQUIPMENT. GLADES ELECTRIC COOPERATIVE, INC. IS ALSO A COOPERATIVE MEMBER OF GRESCO, INC. CURRENTLY, THE GENERAL MANAGER & CEO SERVES AS GLADES ELECTRIC COOPERATIVE'S REPRESENTATIVE TO THE GRESCO, INC. BOARD OF DIRECTORS. 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. ALL MEMBERS HAVE A SINGLE VOTE REGARDING ELECTION OF THE GOVERNING BODY AND ANY BYLAWS 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 2011 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 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. IN ANY BOARD MEETING AT 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 CEO IS DETERMINED BY USING COMPARABLE SALARY DATA OF OTHER COOPERATIVES AS WELL AS OTHER SIMILAR ORGANIZATIONS WITHIN THE INDUSTRY. THE CEO REVIEWS VARIOUS SALARY SURVEYS AND TAKES A RECOMMENDATION TO THE BOARD FOR THEIR APPROVAL. ALL NON-UNION PERSONNEL RECEIVE THE BOARD APPROVED INCREASE INCLUDING THE CEO. 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. CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 5: UNREALIZED HOLDING GAINS (LOSSES) -7,447. RECLASSIFICATION ADJUSTMENT FOR GAINS(LOSSES) INCLUDED IN NET INCOME -95,351. RETIREMENT OF CAPITAL CREDITS -107,146. TOTAL TO FORM 990, PART XI, LINE 5: -209,944. FORM 990, PART XII, LINE 2C THE FILING ORGANIZATION DID NOT CHANGE ITS PROCESSES OF OVERSIGHT OR SELECTION FOR THE YEAR ENDED DECEMBER 31, 2011. 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