2024-11-11T09:36:28-05:00 2023-12-31 590548468 PURVIS GRAY & COMPANY LLP 443 EAST COLLEGE AVENUE TALLAHASSEE FL 32301 990 2023-01-01 590543772 GULF COAST ELECTRIC COOPERATIVE GULF 8506392216 PO BOX 220 WEWAHITCHKA FL 32465 JOHN M BARTLEY JR CEO 8506392216 2024-10-10 true true RYAN M TUCKER CPA P00524189 8502247144 2024-10-10 2023 2024-10-15 13:58:12Z JOHN M BARTLEY JR PO BOX 220 WEWAHITCHKA FL 32465 67374610 false X WWW.GCEC.COM X 1941 FL PROVIDING ELECTRIC SALES TO MEMBERS. 9 9 112 2104 1104 7694 58049292 64047498 309521 588453 269271 203468 58628084 64847113 28494 35174 485161 488578 1667197 1751678 0 0 52935057 57964619 55115909 60240049 3512175 4607064 234149331 244338633 161031125 166698446 73118206 77640187 PROVIDING ELECTRIC SERVICES TO MEMBERS. false false PROVIDE ELECTRIC SERVICES TO MEMBERS. false false false false false false false false false true false true false true true false false false false false false false false false false false false true true false false false false false true false false false false false false false false true 21 0 112 true true true false false false false 62222231 2560889 false false false X 9 9 false false false false true true true true true false false true true true true true true true true false X JOHN M BARTLEY JR 8506392216 PO BOX 220 WEWAHITCHKA FL 32465 JIMMY F BLACK JR PRESIDENT 2.50 X X 18850 0 0 DONALD C GOODSON VICE PRESIDE 2.50 X X 16400 0 0 BETTY J MOORE SECRETARY 2.50 X X 17100 0 0 DOUGLAS C BIRMINGHAM TREASURER 2.50 X X 15700 0 0 EDWARD W JONES BOARD DIRECT 2.50 X 28733 0 0 RUPERT L BROWN BOARD DIRECT 2.50 X 18850 0 0 DWIGHT VAN LIEROP BOARD DIRECT 2.50 X 16750 0 0 ROBERT L BYRD BOARD DIRECT 2.50 X 16400 0 0 KINNETH M DANIELS BOARD DIRECT 2.50 X 9750 0 0 JOHN M BARTLEY JR CEO 45.00 X 365804 0 57969 LEONARD HINSON COO 45.00 X 249817 0 8898 JUSTIN BARNES VP OF MEMBER 45.00 X 149864 0 37214 CHAD CREAMER FOREMAN OF C 40.00 X 122359 0 21703 TIMOTHY WADE OPERATIONS S 40.00 X 120650 0 8557 KRISTIN DOUGLAS VP OF MARKET 40.00 X 116254 0 42733 HOWARD BRACKIN SUPER. OF OP 40.00 X 115777 0 48791 1399058 225865 19 false true false LEE ELECTRICAL CONSTRUCTION INC 12828 HWY 15 501 SOUTH ABERDEEN NC 28315 LINE CONSTRUCTN 2289293 MASTEC NORTH AMERICA INC 700 COMMERCE DRIVE SUITE 235 WOODBURY MN 55125 LINE CONSTRUCTN 2226416 DEWBERRY ENGINEERS INC PO BOX 821824 PHILADELPHIA PA 191821824 CONSULTING 1200523 GDS ASSOCIATES INC 1850 PARKWAY PLACE SUITE 800 MARIETTA GA 30067 CONSULTING 1066156 CREAMER'S TREE SERVICES DEBRIS HAU 2525 EAST HIGHWAY 388 SOUTHPORT FL 32409 ROW CLEARING 612732 17 7694 7694 SALE OF ELECTRICITY 221000 53843880 53843880 TYNDALL AFB CONTRACT REVENUE 221000 7932285 7932285 CAPITAL CREDITS 221000 1690281 1690281 POLE RENTAL 221000 581052 581052 64047498 433674 433674 3236 1132 2104 2104 2104 2053072 383370 2002744 278919 50328 104451 154779 154779 446066 244702 201364 201364 64847113 64256263 2104 581052 28174 7000 488578 841020 910658 5800865 6915949 COST OF POWER 31961238 DISTRIBUTION - MAINTENANC 4894315 ADMINISTRATION & GENERAL 4003746 DISTRIBUTION - OPERATIONS 2913830 1474676 60240049 0 0 0 1174025 711953 9813096 7568011 19613705 19657690 8804027 13161533 2977166 2192540 221606604 49739152 161853768 171867452 2189424 162012 24000 24000 27700120 28993442 234149331 244338633 8073541 7046759 127818623 133243980 25138961 26407707 161031125 166698446 X 91530 93315 20170458 18752274 52856218 58794598 73118206 77640187 234149331 244338633 X 4607064 63461 -148544 X false true X true true true 756034 756034 5437008 5437008 18148410 6462057 11686353 197265152 43277095 153988057 171867452 PATRONAGE CAPITAL FROM POWERSOUTH 19053620 C CFC MEDIUM TERM NOTES 3572000 C PATRONAGE CAPITAL FROM NAT'L RURAL 3109268 C PATRONAGE CAPITAL FROM GA RURAL ELEC 1361117 C NRUCFC TERM CERTIFICATES 781495 C INVESTEMENTS IN OTHER ASSOCAITED ORG 628834 C PATRONAGE CAPITAL FROM ASSOC. COOP. 481118 C PATRONAGE CAPITAL FROM CO-BANK 5990 C 28993442 DEFERRED CREDITS 23349791 CUSTOMER DEPOSITS 2107644 POST-RETIREMENT BENEFIT LIABILITY 742375 OPERATING LEASE LIABILITY 147751 HURR MICH FEMA 60146 26407707 X 64904012 63461 63461 64840551 6562 6562 64847113 59744909 1132 1132 59743777 496272 496272 60240049 SCHEDULE D, PAGE 3, PART X THE COOPERATIVE IS EXEMPT FROM INCOME TAXES UNDER INTERNAL REVENUE CODE SECTION 501(C) (12), WITH THE EXCEPTION OF TAXES LEVIED ON UNRELATED BUSINESS INCOME DERIVED FROM CERTAIN TRADE OR BUSINESS ACTIVITIES. GENERALLY ACCEPTED ACCOUNTING PRINCIPLES IN THE UNITED STATES OF AMERICA REQUIRE MANAGEMENT TO EVALUATE TAX POSITIONS TAKEN, AND TO RECOGNIZE A TAX LIABILITY (OR ASSET) IF AN UNCERTAIN POSITION MORE LIKELY THAN NOT WOULD NOT BE SUSTAINED UPON EXAMINATION BY THE IRS AND STATE TAXING AGENCIES. MANAGEMENT HAS ANALYZED THE TAX POSITIONS TAKEN AND HAS CONCLUDED THAT, AS OF DECEMBER 31, 2023, THERE ARE NO UNCERTAIN POSITIONS TAKEN OR EXPECTED TO BE TAKEN THAT WOULD REQUIRE RECOGNITION OF A LIABILITY (OR ASSET) OR DISCLOSURE IN THE FINANCIAL STATEMENTS. THE COOPERATIVE IS SUBJECT TO ROUTINE AUDITS BY TAXING JURISDICTIONS; HOWEVER, THERE ARE CURRENTLY NO AUDITS FOR ANY TAX PERIODS IN PROGRESS. MANAGEMENT BELIEVES THE COOPERATIVE IS NO LONGER SUBJECT TO INCOME TAX EXAMINATIONS FOR YEARS PRIOR TO 2020. SCHEDULE D, PAGE 4, PART XI, LINE 4B RENTAL EXPENSE REPORTED ON PART VIII -1,132 DONATIONS RECEIVED FOR GRANTS 7,694 SCHEDULE D, PAGE 4, PART XII, LINE 2D RENTAL EXPENSE REPORTED ON PART VIII 1,132 SCHEDULE D, PAGE 4, PART XII, LINE 4B RETIREMENT OF CAPITAL CREDITS 488,578 DONATIONS RECEIVED FOR GRANTS 7,694 true SCHOLARSHIPS 7 7000 SCHEDULE I, PAGE 1, PART I, LINE 2 SCHOLARSHIP PROGRAM: THE COOPERATIVE'S ANNUAL COLLEGE SCHOLARSHIP PROGRAM IS DESIGNED TO HELP GRADUATING HIGH SCHOOL SENIORS, WHOSE PARENTS OR GUARDIANS ARE MEMBERS OF GCEC, AND WHO ARE ATTENDING A COLLEGE, UNIVERSITY, OR TECHNICAL SCHOOL. THE SCHOLARSHIP WINNERS ARE SELECTED AT THE ANNUAL MEETING. ELECTRIC ASSISTANCE: AS PART OF THE PROJECT HELPING HAND PROGRAM, THE COOPERATIVE SERVES AS A PASS-THROUGH AGENT, ALLOWING MEMBERS TO PROVIDE FINANCIAL ASSISTANCE TO THE FAMILY SERVICE AGENCY FOR UTILITY RELATED SUBSIDIES TO OTHER RESIDENTIAL MEMBERS. MEMBERS WHO PARTICIPATE IN PROJECT HELPING HAND CHOOSE TO DONATE TO THE PROGRAM THROUGH THEIR MONTHLY UTILITY BILL AND THE FUNDS ARE DEPOSITED INTO THE PROJECT HELPING HAND ACCOUNT. NO RECIPIENT MEMBERS RECEIVED MORE THAN 1,000 DURING THE YEAR UNDER THE PROGRAM. SCHEDULE I, PAGE 4, PART IV SCHEDULE I, PART II, LINE 1(A)(1) - AS PART OF GIVING BACK TO THE COMMUNITY, THE COOPERATIVE SUPPORTS LOCAL CAUSES RANGING FROM EDUCATION TO THE ENVIRONMENT. CONTRIBUTIONS ARE DETERMINED BY THE BOARD. X X false false false JOHN M BARTLEY JR CEO 302963 9512 53329 53077 4892 423773 LEONARD HINSON COO 233274 512 16031 8164 734 258715 JUSTIN BARNES VP OF MEMBER SERVICE 142744 541 6579 32081 5133 187078 KRISTIN DOUGLAS VP OF MARKETING 110845 541 4868 37823 4910 158987 HOWARD BRACKIN SUPER. OF OPERATIONS 111394 541 3842 43659 5132 164568 SCHEDULE J, PART III THE AMOUNTS REPORTED ON SCHEDULE J, PART II(C) INCLUDE THE CHANGE IN THE ACTUARIAL VALUE OF THE NRECA RETIREMENT SECURITY (RS) DEFINED BENEFIT PENSION PLAN AS COMPUTED BY THE PLAN'S ACTUARIES AND INCLUDES THE AMOUNT OF 401(K) EMPLOYER CONTRIBUTIONS. THIS IS NOT REPRESENTATIVE OF AMOUNTS PAID BY THE COOPERATIVE ON THE EMPLOYEE'S BEHALF. POWERSOUTH ENERGY COOPERATIVE SEE PART V 31910426 PURCHASE POWER false SCHEDULE L, PART V ADDITIONAL PART IV INFORMATION: JOHN BARLEY, CEO OF GULF COAST ELECTRIC COOPERATIVE, SERVES ON THE BOARD OF DIRECTORS OF POWERSOUTH, AN ELECTRIC GENERATING AND TRANSMISSION COOPERATIVE. POWERSOUTH IS THE SOLE SUPPLIER OF ELECTRICITY TO THE COOPERATIVE AND HAS ENTERED INTO AN AGREEMENT TO SUPPLY POWER TO THE COOPERATIVE THROUGH DECEMBER 31, 2050. THE FOLLOWING IS A SUMMARY OF ALL SIGNIFICANT TRANSACTIONS BETWEEN THE COOPERATIVE AND POWERSOUTH: PURCHASED POWER FROM POWERSOUTH = 31,910,426 AMOUNT OWED TO POWERSOUTH AT DECEMBER 31 = 2,352,223 G&T CAPITAL CREDITS ALLOCATED FROM POWERSOUTH = 548,916 TOTAL ACCUMULATED G&T CAPITAL CREDITS FROM POWER SOUTH AT DECEMBER 31 = 19,053,620 FORM 990, PAGE 6, PART VI, LINE 6 MEMBERSHIP IS COMPRISED OF ANY PERSON, FIRM, ASSOCIATION, CORPORATION, OR BODY POLITIC OR SUBDIVISION THEREOF WHO (1) HAS MADE A WRITTEN APPLICATION FOR MEMBERSHIP, (2) AGREED TO PURCHASE COOPERATIVE ELECTRIC ENERGY, (3) AGREED TO COMPLY WITH AND BE BOUND BY THE ARTICLES OF INCORPORATION AND BYLAWS OF THE COOPERATIVE AND ANY RULES AND REGULATIONS ADOPTED BY THE BOARD, AND (4) PAID THE MEMBERSHIP FEE. FORM 990, PAGE 6, PART VI, LINE 7A MEMBERS OF THE COOPERATIVE ELECT THE GOVERNING BOARD TO THREE YEAR TERMS. FORM 990, PAGE 6, PART VI, LINE 7B THE BYLAWS OF THE COOPERATIVE REQUIRE APPROVAL BY THE MEMBERS FOR SUCH DECISIONS AS CHANGES IN THE BYLAWS, THE SALE, MORTGAGE OR LEASE OF ALL OR ANY SUBSTANTIAL PORTION OF THE COOPERATIVE'S PROPERTY. FORM 990, PAGE 6, PART VI, LINE 11B THE FORM 990 IS REVIEWED BY THE CHIEF EXECUTIVE OFFICER, THEN PRESENTED TO THE BOARD OF TRUSTEES FOR APPROVAL BEFORE BEING EXECUTED AND FILED. FORM 990, PAGE 6, PART VI, LINE 12C EACH MEMBER OF THE BOARD OF TRUSTEES COMPLETES A STATEMENT ANNUALLY AFFIRMING THAT THERE HAVE BEEN NO INSTANCES OVER THE PREVIOUS YEAR MAKING THEM OUT OF COMPLIANCE WITH THE GUIDELINES DETAILED IN THE COOPERATIVE CONFLICT OF INTEREST POLICY. FORM 990, PAGE 6, PART VI, LINE 15A EACH YEAR, THE CHIEF EXECUTIVE OFFICER'S PERFORMANCE IS EVALUATED BY THE BOARD OF TRUSTEES, AN INDEPENDENT BODY, USING COMPARABILITY PAY DATA FROM OTHER COOPERATIVES. THE CHIEF EXECUTIVE OFFICER EVALUATES THE PERFORMANCE OF THE DEPARTMENT MANGERS AND USES COMPARABILITY PAY DATA FROM OTHER COOPERATIVES. THE BOARD OF TRUSTEES APPROVES THE PAYROLL INCREASES TO THE DEPARTMENT MANAGERS AND EMPLOYEES. FORM 990, PAGE 6, PART VI, LINE 15B THE CHIEF EXECUTIVE OFFICER EVALUATES THE PERFORMANCE OF THE DEPARTMENT MANGERS AND USES COMPARABILITY PAY DATA FROM OTHER COOPERATIVES. THE BOARD OF TRUSTEES APPROVES THE PAYROLL INCREASES TO THE DEPARTMENT MANAGERS AND EMPLOYEES. FORM 990, PAGE 6, PART VI, LINE 19 EACH YEAR, THE FINANCIAL STATEMENTS FOR THE PREVIOUS YEAR ARE PRINTED IN THE MEMBERS' MAGAZINE PRIOR TO THE MEMBERS' ANNUAL MEETING. COPIES OF THE FORM 990, OTHER GOVERNING DOCUMENTS, AND POLICIES ARE MAINTAINED IN EACH COOPERATIVE OFFICE AND ARE AVAILABLE FOR PUBLIC REVIEW UPON REQUEST. FORM 990, PART XI, LINE 9 MEMBERSHIPS 1,785 AMORT. OF UNRECONGINIZED PRIOR SERVICE COSTS 0 AND UNRECOGNIZED ACTUARIAL GAIN -150,329 TOTAL -148,544