2011-08-12T13:36:58-05:00 2010-12-31 JACKSON THORNTON & CO PC P O BOX 96 MONTGOMERY AL 361010096 990 2010-01-01 590538145 GLADES ELECTRIC COOPERATIVE INC GLAD 8002264024 PO BOX 519 MOORE HAVEN FL 33471 LAWRENCE T TODD 8002264024 2011-08-04 1 PATRICK COOPER 3348347660 2011-08-03 2010 2016-02-24 21:20:13Z LAWRENCE T TODD PO BOX 519 MOORE HAVEN FL 33471 50867053 0 X WWW.GLADESEC.COM X 1945 FL TO PROVIDE ELECTRIC UTILITY SERVICE TO THE COOPERATIVE'S MEMBERS. 9 8 76 0 47768 18907 0 0 45972597 47950513 269604 160517 -372088 -326798 45870113 47784232 0 0 0 0 559647 567057 0 0 0 44416821 45980666 44976468 46547723 893645 1236509 113813567 116270974 85942888 87032805 27870679 29238169 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 2,312 MILES OF ELECTRIC DISTRIBUTION AND TRANSMISSION LINES, GLADES ELECTRIC COOPERATIVE, INC. PROVIDED 337,068,063 KILOWATT-HOURS OF ELECTRIC ENERGY TO APPROXIMATELY 11,892 RESIDENTIAL, COMMERCIAL AND INDUSTRIAL MEMBERS LOCATED IN SOUTH FLORIDA. 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 39 0 1 76 1 1 1 0 0 0 0 46406039 1739123 0 X 9 8 0 0 0 0 1 1 1 1 1 0 0 1 1 1 1 0 1 1 1 0 X LAWRENCE T TODD 8639466218 1190 HWY 27 MOORE HAVEN FL 33471 JOHN R COXE 3.00 X 17960 0 0 SHANNON L HALL 4.00 X 16000 0 0 WALLACE BIRGE 3.00 X 15000 0 0 JAMES S AUL 3.00 X 10750 0 0 BARNEY F GOODMAN 3.00 X 14500 0 0 LEE HENDERSON 4.00 X 16500 0 0 CHESTER R HENDERSON 2.00 X 13000 0 0 IRENE LOFTON 1.00 X 8750 0 0 DONNIE LUNDY 4.00 X 13000 0 0 LADD BASS 0.00 X 0 0 0 LAWRENCE T TODD 60.00 X 330691 0 110906 JEFFERY R BREWINGTON 60.00 X 146104 0 40971 JOHN EISINGER 60.00 X 121617 0 35813 JODY D DOTSON 60.00 X 124188 0 31693 848060 0 219383 4 0 1 0 GLADES UTILITY SERVICES INC 411 STATE ROAD 70 EAST LAKE PLACID FL 33852 ELECTRIC LINE CONSTRUCTION 1837420 LEWIS TREE SERVICE INC PO BOX 8000 BUFFALO NY 14267 RIGHT OF WAY CLEARING 875049 MCLEAN ENGINEERING CO INC PO BOX 2587 MOULTRIE GA 31776 ENGINEERING CONSULTANT 373253 AUBREY SILVEY ENTERPRISES INC PO BOX 890093 CHARLOTTE NC 28289 ELECTRIC FACILITY CONSTRUCTION 162739 4 SALES OF ELECTRICITY 221000 46406039 46406039 PATRONAGE CAPITAL 221000 1544474 1544474 47950513 107603 15208 92395 32560 102040 32560 102040 134600 32560 102040 3128327 7408 3082821 45506 7408 52914 52914 132 132 132 NONOPERATING INCOME 221000 1440 1440 LOSS OF SUBSIDIARY 221000 -462970 -462970 -461530 47784232 47489115 47768 247349 567057 2891938 2998384 COST OF POWER 28922589 DIST EXP - OPERATIONS 3474218 ADMIN & GENERAL EXP 2719821 DIST EXP - MAINTENANCE 1635433 CONSUMER ACCOUNTS EXP 1562969 1775314 46547723 497249 543430 379811 119962 6062624 6762204 2813123 2594490 1250909 748009 112001546 20018682 88880968 91982864 3933974 2154683 2930603 2467633 5984066 7471863 1080240 1425836 113813567 116270974 4128243 4526318 600000 65041284 67862521 16173361 14643966 85942888 87032805 X 0 0 60625 0 27810054 29238169 27870679 29238169 113813567 116270974 X 1236509 130981 X X 0 1 1 X 0 1950410 1950410 3651455 2501211 1150244 106399681 17517471 88882210 91982864 PATRONAGE CAPITAL - SEMINOLE ELECTRIC COOPERATIVE 4503478 C PATRONAGE CAPITAL - CFC 217008 C PATRONAGE CAPITAL - GRESCO 1004775 C PATRONAGE CAPITAL - FEDERATED INSURANCE EXCHANGE 241400 C PATRONAGE CAPITAL - COBANK 464759 C INVESTMENTS IN ASSOCIATED ORGANIZATIONS - OTHER 60803 C CAPITAL TERM CERTIFICATES 979640 C 7471863 CUSTOMER DEPOSITS 2214554 ACCRUED DEFERRED COMPENSATION 294372 CAPITAL LEASE OBLIGATIONS 806040 LINE OF CREDIT 11329000 14643966 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 GSI 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 2007. X 1 1 X X X 0 1 0 LAWRENCE T TODD 219794 0 0 0 110897 0 98629 0 12277 0 441597 0 16768 0 JEFFERY R BREWINGTON 140453 0 0 0 5651 0 28107 0 12864 0 187075 0 0 0 JOHN EISINGER 115372 0 0 0 6245 0 23319 0 12494 0 157430 0 0 0 JODY D DOTSON 112794 0 0 0 11394 0 21863 0 9830 0 155881 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 - $56,051 SEMINOLE ELECTRIC COOPERATIVE INC (SEC) SEC HAS ONE TRUSTEE OF GEC AND THE GM/CEO OF GEC SERVING ON ITS BOARD. 28860708 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 THE GENERAL MANAGER & CEO OF GEC SERVES ON THE BOARD OF GRESCO 1649018 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. ALL MARGINS ARE ALLOCATED TO MEMBER'S ACCOUNTS BASED ON USE. 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. EVERY YEAR, IN MARCH 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 2010 FORM 990 WAS FIRST REVIEWED BY THE CHIEF FINANCIAL OFFICER. A COPY OF THE FORM 990 WAS THEN PRESENTED BY THE CHIEF FINANCIAL OFFICER TO THE BOARD OF TRUSTEES AT THE JULY 2011 BOARD MEETING. ONCE 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: NET UNREALIZED GAINS ON INVESTMENTS: 290,595. DECREASE IN MEMBERSHIPS -60,625. RETIREMENT OF CAPITAL CREDITS -34,192. RECLASSIFICATION ADJUSTMENT FOR GAINS(LOSSES) INCLUDED IN NET INCOME -64,797. TOTAL TO FORM 990, PART XI, LINE 5: 130,981. FORM 990, PART XII, LINE 2C GLADES ELECTRIC COOPERATIVE, INC. DID NOT CHANGE ITS PROCESSES OF OVERSIGHT OR SELECTION FOR THE YEAR ENDED DECEMBER 31, 2010. GLADES ELECTRIC EDUCATIONAL FOUNDATION INC PO BOX 519 MOORE HAVEN FL 33471 651083705 AWARD SCHOLARSHIPS FL 501(C)(3) PRIVATE FOUNDATION N/A 0 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 N/A C 2363793 1.00000 GLADES UTILITY SERVICES INC 1190 US HIGHWAY 27 EAST MOORE HAVEN FL 33471 650902154 ELECTRIC UTLILTY PLANT CONTRACTOR FL GLADES SERVICES INC C 405423 1727033 1.00000 GLADES ECONOMIC INVESTORS INC 1190 US HIGHWAY 27 EAST MOORE HAVEN FL 33471 651067614 REAL ESTATE INVESTMENTS FL GLADES SERVICES INC C 1921 333978 1.00000 1 0 0 1 0 0 0 0 0 0 0 1 0 0 0 1 1 0 GLADES UTILITY SERVICES INC A 32560 CASH GLADES UTILITY SERVICES INC A 15208 CASH GLADES UTILITY SERVICES INC L 1837420 CASH GLADES UTILITY SERVICES INC P 48304 CASH GLADES ELECTRIC CHARITABLE TRUST INC Q 73587 CASH GLADES UTILITY SERVICES INC D 322000 CASH GLADES UTILITY SERVICES INC D -160000 CASH