2025-10-29T16:26:58-05:00 2024-12-31 590548468 PURVIS GRAY & COMPANY LLP 5001 LAKEWOOD RANCH BLVD 101 SARASOTA FL 34240 990 2024-01-01 590395398 PEACE RIVER ELECTRIC COOPERATIVE INC PEAC 8637734116 PO BOX 1310 WAUCHULA FL 33873 RANDALL W SHAW GENERAL MANAGER/CEO 8637734116 2025-10-09 1 1 TIFFANY MANGOLD CPA P01629230 9419070350 2025-10-09 2024 2025-03-06 01:10:19Z RANDALL W SHAW PO BOX 1310 WAUCHULA FL 33873 144063040 0 X WWW.PRECO.ORG X 1940 FL TO PROVIDE OUR MEMBERS RELIABLE ELECTRIC SERVICE AND EXCELLENT CUSTOMER SERVICE AT AFFORDABLE RATES. 9 9 147 0 0 0 0 0 139329331 143841308 195965 156241 35264 35969 139560560 144033518 13500 0 8153109 12657341 1852865 1691184 0 0 0 129541086 129684993 139560560 144033518 0 0 370420180 414973561 248908952 278635575 121511228 136337986 TO PROVIDE OUR MEMBERS RELIABLE ELECTRIC SERVICE AND EXCELLENT CUSTOMER SERVICE AT AFFORDABLE RATES. 0 0 PROVIDING ELECTRIC ENERGY TO OUR MEMBERS. 68,359 ACTIVE SERVICES AT YEAR END WERE PROVIDED ELECTRICITY ON A COOPERATIVE BASIS THROUGH THE ALLOCATION OF PATRONAGE CAPITAL. 0 0 0 0 0 0 0 0 0 1 0 1 0 1 1 1 0 0 0 1 0 0 0 0 0 0 0 0 1 0 0 0 1 0 1 0 0 0 0 0 1 0 0 1 100 0 1 147 1 0 0 0 0 0 150270974 6786678 0 0 0 X 9 9 0 0 0 0 1 1 1 1 1 0 0 1 1 1 1 1 1 1 1 0 X RANDALL W SHAW 8637734116 PO BOX 1310 WAUCHULA FL 33873 BRUCE VICKERS DIRECTOR 6.00 X 9100 0 0 HOLLIS ALBRITTON JR PRESIDENT 5.00 X X 10300 0 0 JOHN MARTIN DIRECTOR 4.00 X 2900 0 0 CHRIS PORTALE VICE PRESIDENT 3.00 X X 9200 0 0 WILLIE DAWES SECRETARY/TREASURER 7.00 X X 10960 0 0 ELLEN BACHMAN ASST SECRETARY/TREAS 3.85 X X 17000 0 0 LEONARD CRAWLEY DIRECTOR 3.00 X 6400 0 6577 KENNETH ODEN DIRECTOR 2.00 X 6300 0 0 MARIE DASHER DIRECTOR 3.25 X 13800 0 0 RANDALL W SHAW GENERAL MANAGER/CEO 45.00 X 410115 0 35063 PAUL A ROBERTS VP OF ENGINEERING 55.00 X 231409 0 30723 LOUISE F BLACKMAN VP - MEMBER SERVICES 45.00 X 239399 0 20269 VAN CRAWFORD VP OF OPERATIONS 45.00 X 193280 0 16857 JAMES FONES VP OF MKTG & MBR SVC 45.00 X 175679 0 15647 TERESA HAMILTON VP ACCOUNTING & ADMINISTRATION 55.00 X 208420 0 28837 1544262 0 153973 53 0 1 0 PIKE ELECTRIC INC PO BOX 746308 ATLANTA GA 30374 UTILITY CONSTRUCTION 8555772 GEORGIA RIGHT-OF-WAY 1135 RUMBLE ROAD FORSYTH GA 31029 RIGHT OF WAY MAINTENANCE 3570140 MIDWESTERN ELECTRICAL CONTRACTORS 310 WEST ETOWAH ROAD ETOWAH OK 73068 UTILITY CONSTRUCTION 1124093 CENTER PHASE ENERGY LLC 6100 S BRYANT AVE OKLAHOMA CITY OK 73149 UTILITY CONSTRUCTION 978839 DMS CONSTRUCTION & SERVICES 115 DEER ST BREWTON AL 36426 UTILITY CONSTRUCTION 522000 27 SALE OF ELECTRICITY 221000 141531828 141531828 CAPITAL CREDITS - OTHER 221000 1096591 1096591 METER LEASES 221000 805382 805382 POLE RENTAL 221000 407507 407507 143841308 122273 122273 35969 0 35969 35969 35969 63490 29522 33968 33968 33968 144033518 142371178 0 1662340 X 12657341 537715 1153469 7742014 11844685 COST OF POWER 84114434 DISTRIBUTION EXPENSE - 10735353 ADMINISTRATION & GENERA 6135250 DISTRIBUTION EXPENSE - 5166320 3946937 144033518 2197967 25678433 46223710 19488487 20590439 148123 165518 417742028 108029109 289288846 309712919 33289858 37945861 328466 335114 370420180 414973561 11754636 33353844 185950806 189231137 29949411 30300000 21254099 25750594 248908952 278635575 X 260255 279255 4131674 4420055 117119299 131638676 121511228 136337986 370420180 414973561 X 0 14826758 X 0 1 X 1 1 1 5101627 5101627 366616169 108029109 258587060 46024232 46024232 309712919 PATRONAGE CAPITAL - SECI 24072848 C PATRONAGE CAPITAL - GRESCO 8693010 C ALL OTHERS 1631902 C PATRONAGE CAPITAL - CFC 1217473 C PATRONAGE CAPITAL - FEDERATED 762630 C CFC CAPITAL TERM CERTIFICATES 654534 C PATRONAGE CAPITAL - COBANK 553435 C PATRONAGE CAPITAL - SEDC 222695 C CTC - CFC 137334 C 37945861 DEFERRED CREDITS 20052966 POSTRETIREMENT BENEFITS 440336 CONSUMER DEPOSITS 5257292 25750594 X 148372982 4339464 4339464 144033518 0 144033518 131060310 -12973208 -12973208 144033518 0 144033518 PART X, LINE 2: THE COOPERATIVE IS CURRENTLY EXEMPT FROM FEDERAL AND STATE INCOME TAXES UNDER SECTION 501(C)(12) OF THE INTERNAL REVENUE CODE. THE COOPERATIVE IS GENERALLY NO LONGER SUBJECT TO U.S. FEDERAL OR STATE INCOME TAX EXAMINATIONS BY TAX AUTHORITIES FOR YEARS BEFORE 2021. UNDER ACCOUNTING STANDARDS CODIFICATION (ASC) 740, ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES, MANAGEMENT IS REQUIRED TO EVALUATE ITS TAX POSITIONS ON AN ONGOING BASIS AND TO DISCLOSE ANY SUCH POSITIONS THEY BELIEVE COULD HAVE A MATERIAL IMPACT ON THE FINANCIAL STATEMENTS AND RELATED NOTES. MANAGEMENT BELIEVES NO SUCH DISCLOSURES ARE CURRENTLY REQUIRED. PART XI, LINE 2D - OTHER ADJUSTMENTS: EXPENSES NETTED AGAINST REVENUES FOR FS REPORTING -315,867. DIVIDEND ALLOCATED TO COOPERATIVE FROM ASSOC COOPERATIVES ON ACCRUAL BASIS 5,751,922. ON CASH BASIS -1,096,591. PART XII, LINE 2D - OTHER ADJUSTMENTS: MARGINS ASSIGNED -12,657,341. EXPENSES NETTED AGAINST REVENUES FOR FS REPORTING -315,867. CENTRAL AMERICA & THE CARIBBEAN 0 0 BUSINESS 37508 CENTRAL AMERICA & THE CARIBBEAN 0 0 BUSINESS 12500 0 0 0 0 0 0 50008 0 50008 0 0 1 0 0 0 PART I, LINE 3 - ACTIVITIES PER REGION REGION: CENTRAL AMERICA & THE CARIBBEAN EXPENDITURES: $37,508 PART I, LINE 3 - ACTIVITIES PER REGION REGION: CENTRAL AMERICA & THE CARIBBEAN INVESTMENTS: $12,500 X X X 0 0 0 RANDALL W SHAW GENERAL MANAGER/CEO 406821 0 0 0 3294 0 12476 0 22587 0 445178 0 0 0 PAUL A ROBERTS VP OF ENGINEERING 227941 0 0 0 3468 0 7136 0 23587 0 262132 0 0 0 LOUISE F BLACKMAN VP - MEMBER SERVICES 236627 0 0 0 2772 0 7206 0 13063 0 259668 0 0 0 TERESA HAMILTON VP ACCOUNTING & ADMINISTRATION 207454 0 0 0 966 0 6402 0 22435 0 237257 0 0 0 VAN CRAWFORD VP OF OPERATIONS 189346 0 0 0 3934 0 5812 0 11045 0 210137 0 0 0 JAMES FONES VP OF MKTG & MBR SVC 174923 0 0 0 756 0 5291 0 10356 0 191326 0 0 0 SEMINOLE ELECTRIC COOPERATIVE SEE SCH L, PART V 81665968 PURCHASED POWER 0 GEORGIA RIGHT OF WAY SEE SCH L, PART V 3570140 RIGHT OF WAY SERVICE 0 FL ELECTRIC COOPERATIVES ASSOC SEE SCH L, PART V 116108 REGULATORY REPRESENT 0 NATIONAL RURAL ELECTRIC COOP ASSOC SEE SCH L, PART V 62373 REGULATORY REPRESENT 0 SCHEDULE L, PART V - ADDITIONAL INFORMATION WILLIE DAWES, DIRECTOR, ELLEN BACHMAN, DIRECTOR, AND RANDALL SHAW, GENERAL MANAGER/CEO, ALL SERVE ON THE BOARD OF TRUSTEES FOR SEMINOLE ELECTRIC COOPERATIVE, INC.RANDALL SHAW,GENERAL MANAGER/CEO, SERVES ON THE BOARD OF DIRECTORS FOR GEORGIA RIGHT OF WAY.WILLIE DAWES, DIRECTOR, ELLEN BACHMAN, DIRECTOR, AND RANDALL SHAW, GENERAL MANAGER/CEO, ALL SERVE ON THE BOARD OF DIRECTORS FOR FLORIDA ELECTRIC COOPERATIVES ASSOCIATION, INC.RANDALL SHAW,GENERAL MANAGER/CEO, SERVES ON THE BOARD OF DIRECTORS OF NATIONAL RURAL ELECTRIC COOPERATIVES ASSOCIATION, INC. FORM 990, PART VI, SECTION A, LINE 6 THE ORGANIZATION IS ORGANIZED AS NOT-FOR-PROFIT CORPORATION UNDER THE LAWS OF THE STATE OF FLORIDA AND OPERATES AS AN ELECTRIC DISTRIBUTION COOPERATIVE. IT IS A MEMBERSHIP ORGANIZATION AND ALL MEMBERS HAVE IDENTICAL RIGHTS UNDER THE COOPERATIVE'S ORGANIZATIONAL DOCUMENTS AND THE STATUTES OF THE STATE OF FLORIDA. FORM 990, PART VI, SECTION A, LINE 7A UNDER THE COOPERATIVE'S ORGANIZING DOCUMENTS AND THE LAWS OF THE STATE OF FLORIDA, THERE IS ONLY ONE CLASS OF MEMBERSHIP. ANY PERSON OR BUSINESS WITHIN THE GEOGRAPHIC SERVICE AREA OF THE COOPERATIVE IS ELIGIBLE TO BECOME A MEMBER UPON APPLICATION AND PAYMENT OF THE MEMBERSHIP FEE. THE MEMBERS VOTE IN ELECTIONS OF THE BOARD OF DIRECTORS. FORM 990, PART VI, SECTION A, LINE 7B CHANGES MADE TO THE BYLAWS OF THE ORGANIZATION MUST BE APPROVED BY THE MEMBERS OF THE ORGANIZATION. FORM 990, PART VI, SECTION B, LINE 11B IRS FORM 990 IS REVIEWED BY THE GENERAL MANAGER/CEO OF THE COOPERATIVE. BEFORE THE FORM 990 IS FILED WITH THE IRS, A COPY IS PROVIDED TO EACH MEMBER OF THE BOARD OF DIRECTORS FOR REVIEW. FORM 990, PART VI, SECTION B, LINE 12C OFFICERS AND DIRECTORS ARE REQUIRED TO DISCLOSE ANY INTERESTS THAT COULD LEAD TO A CONFLICT OF INTEREST EACH YEAR ON A QUESTIONNAIRE PROVIDED BY THE COOPERATIVE. MANAGEMENT REVIEWS THE RESPONSES TO EACH OF THE QUESTIONNAIRES. FORM 990, PART VI, SECTION B, LINE 15 EACH YEAR THE BOARD OF DIRECTORS REVIEWS THE NRECA COMPENSATION STUDY WHICH REPRESENTS COMPENSATION FOR 900 ELECTRIC COOPERATIVES. THE BOARD USES THE DATA IN THE COMPENSATION STUDY AS WELL AS THE RECOMMENDATIONS OF AN INDEPENDENT CONSULTANT TO DETERMINE THE COMPENSATION OF THE GENERAL MANAGER/CEO. THE FINAL COMPENSATION IS THEN APPROVED BY THE BOARD OF DIRECTORS AND IS DOCUMENTED IN THE MINUTES OF THE MEETINGS OF THE BOARD OF DIRECTORS. THE CEO USES THE NRECA COMPENSATION SURVEY OF 900 ELECTRIC COOPERATIVES AS WELL AS THE RECOMMENDATIONS OF AN INDEPENDENT CONSULTANT TO DETERMINE THE COMPENSATION OF OFFICERS AND KEY EMPLOYEES. FORM 990, PART VI, SECTION C, LINE 19 THE FINANCIAL STATEMENTS ARE INCLUDED IN THE ORGANIZATION'S ANNUAL REPORT WHICH IS SENT OUT TO THE MEMBERSHIP OF THE ORGANIZATION AND IS ALSO MADE AVAILABLE ON THE ORGANIZATION'S WEBSITE. CORPORATE BYLAWS ARE MADE AVAILABLE ON THE ORGANIZATION'S WEBSITE. ANY OTHER GOVERNING DOCUMENTS AND THE CONFLICT OF INTEREST POLICY ARE MADE AVAILABLE UPON REQUEST. FORM 990, PART IX, LINE 4 - BENEFITS PAID TO OR FOR MEMBERS THE IRS' INSTRUCTIONS FOR THE 2024 VERSION OF 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 ENTITLED "BENEFITS PAID TO OR FOR MEMBER." SIGNIFICANT INDUSTRY- WIDE DISCUSSIONS 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 THE PURPOSES OF THIS FORM 990, THE AMOUNT REPORTED ON LINE 4 REPRESENTS THE AMOUNT OF 2024 CAPITAL CREDITS ALLOCATED. THIS AMOUNT WAS APPROVED BY THE BOARD OF DIRECTORS DURING THE SPRING OF 2024. FORM 990, PART XI, LINE 9: DIVIDEND ALLOCATED TO COOPERATIVE FROM ASSOC COOP ON ACCRUAL BASIS 5,751,922. ON CASH BASIS -1,096,591. MARGINS ASSIGNED 12,657,341. INCREASE IN OTHER EQUITIES 288,381. INCREASE IN MEMBERSHIP 19,000. CAPITAL CREDITS RETIRED -2,743,694. DECREASE IN ACCUM. POST RETIREMENT BENEFITS -49,601. FORM 5471, SCHEDULE B, PART I THE INSTRUCTIONS FOR FORM 5471 STATE THAT A PERSON THAT IS BOTH A CATEGORY 3 AND CATEGORY 5 FILER BECAUSE IT IS TREATED AS A U.S. SHAREHOLDER UNDER SECTION 953(C)(1)(A) WITH RESPECT TO THE FOREIGN CORPORATION MUST COMPLETE SCHEDULE B, PART I FOR U.S PERSONS THAT OWNED, DIRECTLY OR INDIRECTLY THROUGH FOREIGN ENTITIES, ANY OF THE FOREIGN CORPORATION'S OUTSTANDING STOCK. ACCORDINGLY, SCHEDULE B, PART I HAS BEEN COMPLETED FOR THE APPLICABLE U.S. SHAREHOLDER LISTED ON PAGE 1 OF THIS FORM 5471. THE CONTROLLED FOREIGN CORPORATION FOR WHICH THIS INFORMATIONAL RETURN IS BEING FILED IS ORGANIZED UNDER THE LAWS OF THE CAYMAN ISLANDS AND THUS SUBJECT TO CERTAIN DATA PRIVACY LAWS. ACCORDINGLY, DUE TO THE CAYMAN ISLANDS DATA PROTECTION ACT, THE COMPLETE SHAREHOLDER LISTING IS AVAILABLE UPON REQUEST FROM THE REGISTERED OFFICE OF THE CONTROLLED FOREIGN CORPORATION. ADDITIONALLY, TAXPAYER IS A MINORITY SHAREHOLDER IN THE CONTROLLED FOREIGN CORPORATION AND THEREFORE DOES NOT HAVE ACCESS TO ANY OF CONTROLLED FOREIGN CORPORATION'S BOOKS AND RECORDS. SEE REGULATIONS SECTION 1.964-3, WHERE RECORDS ARE TO BE MAINTAINED BY 10% OR MORE SHAREHOLDERS. TAXPAYER OWNS LESS THAN 10% OF THE CONTROLLED FOREIGN CORPORATION. FORM 5471, SCHEDULE G-1 THE CONTROLLED FOREIGN CORPORATION FOR WHICH THIS INFORMATIONAL RETURN IS BEING FILED DOES NOT PARTICIPATE IN ANY COST SHARING ARRANGEMENTS AS DEFINED IN SECTION 1.482-7(B). SCHEDULE G-1, WHICH REPORTS COST SHARING ARRANGEMENTS AND IS REQUIRED TO BE ATTACHED TO THIS RETURN, IS BEING FILED BUT DOES NOT HAVE ANY DETAILS PROVIDED BECAUSE THE CONTROLLED FOREIGN CORPORATION DID NOT PARTICIPATE IN ANY COST SHARING ARRANGEMENTS DURING THE TAX YEAR. FORM 5471, SCHEDULE O, PART II, SECTION C & D THE FILER IS A CATEGORY 3 FILER FOR FORM 5471 PURPOSES BECAUSE IT IS A UNITED STATES SHAREHOLDER OF THE FOREIGN CORPORATION UNDER IRC 953(C). THEREFORE, THE FILER IS REQUIRED TO COMPLETE SCHEDULE O EVEN IF IT NEITHER ACQUIRED NOR DISPOSED OF STOCK IN THE FOREIGN CORPORATION. FORM 5471, SCHEDULE O, PART II, SECTION F THE FOREIGN CORPORATION FILED FORM 1120-F, U.S. INCOME TAX RETURN OF A FOREIGN CORPORATION, FOR ITS TAX YEARS ENDED DECEMBER 30 2023, 2022, AND 2021. THE FOREIGN CORPORATION HAD NO TAXABLE INCOME AND NO TAX DUE ON THE RETURN. PEACE RIVER COOPERATIVE CHARITABLE FOUNDATION INC PO BOX 1310 WAUCHULA FL 338731310 204064056 SEE PT VII FL 501(C)(3) LINE 7 N/A 0 0 1 0 0 0 0 0 0 0 0 0 0 0 1 1 0 1 1 0 SCHEDULE R, PART II, COLUMN (B) THE FOUNDATION DISBURSES FUNDS TO INDIVIDUALS AND ORGANIZATIONS FOR NEEDS RELATED TO FOOD, SHELTER, CLOTHING, HEALTH NEEDS, ENVIRONMENTAL AND EDUCATION.