2026-09-21T15:54:22-05:00 2025-12-31 414066366 JACKSON THORNTON ADVISORS LLC PO BOX 96 MONTGOMERY AL 361010096 990 2025-01-01 590192831 CHOCTAWHATCHEE ELECTRIC COOPERATIVE INC CHOC 8508922111 PO BOX 512 DEFUNIAK SPRINGS FL 324350512 STEPHEN RHODES CEO 8508922111 2026-09-10 1 RICHARD B COMPTON P03317491 3348347660 2026-09-10 2025 STEPHEN RHODES PO BOX 512 DEFUNIAK SPRINGS FL 324350512 182276805 0 X WWW.CHELCO.COM X 1941 FL TO PROVIDE ELECTRIC SERVICE TO MEMBERS IN PARTS OF HOLMES, OKALOOSA, SANTA ROSA, & WALTON COUNTIES. 9 9 195 0 0 0 0 0 160805620 180224731 1074646 1296531 800212 755543 162680478 182276805 144528 173460 1574921 3695716 1282572 1417865 0 0 0 150905669 160901127 153907690 166188168 8772788 16088637 422576549 452206017 284419954 297036940 138156595 155169077 TO PROVIDE ELECTRIC SERVICE TO MEMBERS IN PARTS OF HOLMES, OKALOOSA, SANTA ROSA, & WALTON COUNTIES. 0 0 TO PROVIDE ELECTRIC SERVICE TO MEMBERS IN PARTS OF HOLMES, OKALOOSA, SANTA ROSA, & WALTON COUNTIES. 0 0 0 0 0 0 0 0 0 1 0 1 0 1 0 0 1 0 0 0 0 0 0 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 1 1 1 0 1 63 0 1 195 1 0 0 0 0 0 175631401 5889861 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 X THE ORGANIZATION 8508922111 655 US 331 N DEFUNIAK SPRINGS FL 32433 TERRY J PILCHER TRUSTEE 11.00 X 38475 0 0 BRADY BEARDEN VICE PRESIDENT 5.00 0.20 X X 27300 2100 0 BERT PRUTZMAN TRUSTEE 4.00 0.00 X X 22150 2100 0 DWAYNE DAVIS TRUSTEE 3.90 X 20475 0 0 GERALD EDMONDSON PRESIDENT 8.00 0.20 X X 22875 2100 0 GAYLE HUGHES SECRETARY/TREASURER 4.00 X X 17850 0 0 REESE HARRISON TRUSTEE 2.00 X 8925 0 0 MIKEL LEE PERRY TRUSTEE 2.00 X 13650 0 0 RONALD C JONES TRUSTEE 2.00 0.10 X 15750 2100 0 STEPHEN T RHODES CHIEF EXECUTIVE OFFICER 55.00 5.00 X 526203 0 422017 ROBIN C SHAW VP OF FINANCE 50.00 4.00 X 205161 0 68635 JONATHAN M AVERY SENIOR VP OF E&O 50.00 X 233695 0 91387 FRANKLIN S SEAY VP OF ADMINISTRATION 45.00 X 209355 0 90975 EMILY E COWAN VP OF MEMBER SVCS 50.00 X 192114 0 114371 JEFFREY TRUETT WORKING FOREMAN 50.00 X 164445 0 45837 ROCKY HUDSON DIRECTOR OF E & O - EGLIN AFB 40.00 X 150554 0 47136 1868977 8400 880358 63 0 1 0 SOUTHLAND UTILITY SERVICES INC 555 US HWY 331 N DEFUNIAK SPRINGS FL 32433 ROW & UG INSTALLATION 8112024 LORD & SON CONSTRUCTION INC 19 DAVID ST FORT WALTON BEACH FL 32547 CONSTRUCTION 3527868 POWERGRID DISTRIBUTION SERVICES LLC 2350 HWY 31 NW HARTSELLEM AL 35640 INSTALLATION 3207589 SOUTHEAST CONSTRUCTION COMPANY LLC PO BOX 177 GENEVA AL 36340 CONSTRUCTION 1876850 POWERSOUTH ENERGY COOPERATIVE PO BOX 550 ANDALUSIA AL 36420 CONSTRUCTION, TRAINING, MARKETING 1512132 13 SALE OF ELECTRICITY 221000 162340610 162340610 EGLIN CONTRACT REVENUES 221000 13290790 13290790 CAPITAL CREDITS 221000 2678543 2678543 OTHER REVENUES 221000 1914788 1914788 180224731 665514 665514 755543 0 755543 755543 755543 631017 0 631017 631017 631017 182276805 178309943 0 3966862 164460 9000 3695716 1417865 9320818 15365203 COST OF POWER 105323944 MAINTENANCE 12512469 ADMINISTRATION 7987160 DISTRIBUTION EXPENSE 4274256 6117277 166188168 2205912 2824022 6081051 18082886 18422080 25301110 25440369 3622907 3573417 474514367 147166556 305799191 327347811 7883603 16661067 53540176 55878988 59713 2058263 422576549 452206017 11583656 14226486 10713917 9515153 228101740 239810180 34020641 33485121 284419954 297036940 X 276865 287340 0 0 137879730 154881737 138156595 155169077 422576549 452206017 X 16088637 394671 529174 X 0 1 X 1 0 838493 838493 30744290 7652784 23091506 21334888 11360173 9974715 421596696 128153599 293443097 327347811 INVESTMENT IN ASSOCIATED ORGANIZATIONS 55276832 C RESTRICTED INVESTMENTS 602156 F 55878988 CUSTOMER DEPOSITS 5000832 CONSUMER/CUSTOMER ADVANCES 7738940 DEFERRED COMPENSATION/PENSIONS 1405986 DUE TO SUS 373105 DEFERRED CREDITS 18932909 UNAMORTIZED GAIN ON REAQUIRED DEBT 33349 33485121 182671476 394671 394671 182276805 0 182276805 162492452 0 162492452 3695716 3695716 166188168 PART XII, LINE 4B - OTHER ADJUSTMENTS: RETIREMENT OF CAPITAL CREDITS 3,695,716. 0 TRI COUNTY COMMUNITY COUNCIL - WALTON 1154 BALDWIN AVE DEFUNIAK SPRINGS FL 32435 591099586 501(C)(3) 6282 0 SEE PART IV SCHOLARHSIP 9 9000 PART I, LINE 2 - PROCEDURES FOR MONITORING THE USE OF GRANT FUNDS THE COOPERATIVE'S ANNUAL COLLEGE SCHOLARSHIP PROGRAM IS DESIGNED TO HELP MEMBERS OR THEIR DEPENDENTS WITH COLLEGE EXPENSES. IN ORDER TO BE ELIGIBLE FOR THE AWARD, APPLICANTS MUST BE A CHELCO MEMBER, SPOUSE OF A MEMBER, OR THE DEPENDENT OF A MEMBER AND HAVE A GPA OF AT LEAST 2.50. APPLICANTS MAY BE EITHER GRADUATING HIGH SCHOOL SENIORS OR STUDENTS CURRENTLY ATTENDING A COLLEGE OR UNIVERSITY. THE CHELCO SCHOLARSHIP WINNERS ARE SELECTED AT THE ANNUAL MEETING. PART IV - ADDITIONAL INFORMATION CHELCO IS A PASS-THROUGH AGENT OF THE MEMBERS HELPING MEMBERS (MHM) PROGRAM, ALLOWING MEMBERS TO PROVIDE FINANCIAL ASSISTANCE TO THE WALTON TRI-COUNTY COMMUNITY COUNCIL FOR UTILITY-RELATED SUBSIDIES TO OTHER MEMBERS IN THE AREA. X X X 0 1 0 STEPHEN T RHODES CHIEF EXECUTIVE OFFICER 508840 0 0 0 17363 0 394923 0 27094 0 948220 0 0 0 JONATHAN M AVERY SENIOR VP OF E&O 223335 0 1600 0 8760 0 66227 0 25160 0 325082 0 0 0 EMILY E COWAN VP OF MEMBER SVCS 180342 0 1600 0 10172 0 88759 0 25612 0 306485 0 0 0 FRANKLIN S SEAY VP OF ADMINISTRATION 194230 0 1600 0 13525 0 81031 0 9944 0 300330 0 0 0 ROBIN C SHAW VP OF FINANCE 194247 0 1600 0 9314 0 43281 0 25354 0 273796 0 0 0 JEFFREY TRUETT WORKING FOREMAN 163697 0 0 0 748 0 37492 0 8345 0 210282 0 0 0 ROCKY HUDSON DIRECTOR OF E & O - EGLIN AFB 148588 0 800 0 1166 0 18111 0 29025 0 197690 0 0 0 SCHEDULE J, PART I, LINE 4B STEPHEN RHODES PARTICIPATED IN THE EXECUTIVE BENEFIT RESTORATION PLAN, WHICH IS A NON-QUALIFIED RETIREMENT PLAN. SCHEDULE J, PART II(C) THE AMOUNTS REPORTED ON SCHEDULE J, PART II(C) REPRESENT 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. FORM 990, PART VI, SECTION A, 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, PART VI, SECTION A, LINE 7A MEMBERS OF THE COOPERATIVE ELECT THE GOVERNING BOARD TO THREE YEAR TERMS. FORM 990, PART VI, SECTION A, 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, PART VI, SECTION B, LINE 11B THE BOARD REVIEWS THE TAX RETURN AT A REGULAR MEETING PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C BOARD MEMBERS ARE REQUIRED TO DISCLOSE ANY CONFLICTS OF INTEREST ANNUALLY. FORM 990, PART VI, SECTION B, LINE 15 SURVEYS AND OTHER FORMS 990 WERE UTILIZED IN DETERMINING THE CEO'S COMPENSATION. COMPARABLE DATA FOR SIMILAR POSITIONS IN THE INDUSTRY WAS USED AS A BASIS FOR COMPENSATION. AN OUTSIDE FIRM WAS UTILIZED IN DETERMINING THE COMPENSATION OF OTHER OFFICERS AND KEY EMPLOYEES. COMPARABLE DATA FOR SIMILAR POSITIONS IN THE INDUSTRY WAS USED AS A BASIS FOR COMPENSATION. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION'S GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS ARE MADE AVAILABLE UPON MEMBER REQUEST. FORM 990, PART XI, LINE 9: CHANGE IN MEMBERSHIPS 10,475. GAINS ON UNCLAIMED CAPITAL CREDITS 596,428. ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) -77,729. THE CHELCO FOUNDATION 655 US HWY 31 N DEFUNIAK SPRINGS FL 32433 821794757 PART VII FL 501(C)(3) LINE 7 CHOCTAWHATCHEE ELECTRIC COOPERATIVE INC 0 SOUTHLAND UTILITY SERVICES INC 555 US HWY 331 N DEFUNIAK SPRINGS FL 32433 593508830 PART VII FL CHOCTAWHATCHEE ELECTRIC COOPERATIVE INC C 8484118 6001166 1.00000 1 0 0 0 0 1 0 1 0 0 0 0 1 1 0 0 1 1 0 0 SOUTHLAND UTILITY SERVICES INC E 373105 ACCOUNTING RECORD SOUTHLAND UTILITY SERVICES INC L 273743 ACCOUNTING RECORD SOUTHLAND UTILITY SERVICES INC M 8011865 ACCOUNTING RECORD SOUTHLAND UTILITY SERVICES INC Q 332490 ACCOUNTING RECORD SOUTHLAND UTILITY SERVICES INC G 54786 ACCOUNTING RECORD SOUTHLAND UTILITY SERVICES INC P 100160 ACCOUNTING RECORD SCHEDULE R, PART II, LINE 1(B) THE FOUNDATION DISBURSES FUNDS TO VARIOUS ORGANIZATIONS FOR THE USE IN CHARITABLE AND COMMUNITY BASED NEEDS SCHEDULE R, PART IV, LINE 1(B) SOUTHLAND UTILITY SERVICES, INC. PROVIDES UNDERGROUND INSTALLATION AND RIGHT OF WAY CLEARING SERVICES. SCHEDULE R, PART VII THE AMOUNT REPORTED FOR SOUTHLAND UTILITY SERVICES, INC. ON FORM 990, PART VII, SECTION B ($8,112,024) IS THE AMOUNT PAID (CASH BASIS OF ACCOUNTING). THE AMOUNT REPORTED FOR SOUTHLAND UTILITY SERVICES, INC. ON SCHEDULE R, PART V, LINE 1M, PERFORMANCE OF SERIVCES ($8,011,865) IS THE AMOUNT INCURRED (ACCRUAL BASIS OF ACCOUNTING