CHOCTAWHATCHEE ELECTRIC COOPERATIVE INC (EIN 590192831) - Form 990 Financial Analysis & Trantor Score

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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

1941

Legal Domicile

Principal Officer

STEPHEN RHODES

Phone

8508922111

Tax Period

2023-01-01 to 2023-12-31

CHOCTAWHATCHEE ELECTRIC COOPERATIVE INC, founded in 1941, is a major nonprofit that reported $149.2M in total revenue in fiscal year 2023. Expenses of $141.9M left a modest 5% surplus.

Mission

PROVIDE ELECTRIC SERVICE TO MEMBERS IN PARTS OF HOLMES, OKALOOSA, SANTA ROSA, & WALTON COUNTIES.

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

Financial Overview (2023)

Revenue Breakdown

Contributions & Grants $0

Program Service Revenue $148,425,231

Investment Income $822,352

Other Revenue $0

TOTAL REVENUE $149,247,583

Expense Breakdown

Grants Paid $142,707

Salaries & Benefits $3,562,875

Fundraising Expenses $0

Other Expenses $135,978,059

TOTAL EXPENSES $141,860,887

Year-over-Year Comparison

	2023	2022	Change
Revenue	$149,247,583	$140,151,380	+0.1%
Expenses	$141,860,887	$133,323,002	+0.1%
Net Income	$7,386,696	$6,828,378	+0.1%

Key Indicators

✓ Grants to Organizations ✓ Grants to Individuals ✗ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✗ Schedule B Required

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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

Independent Members

Employees

181

Volunteers

N/A

Governance Policies

✓ Conflict of Interest Policy

✓ Whistleblower Policy

✓ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School

✗ Operated a Hospital

✗ Provided First Class Travel

✗ Reported Conflict of Interest

✗ Reported Asset Diversion

✗ Excess Benefit Transaction

✗ Made Political Expenditures

✗ Engaged in Lobbying

✗ Operated Donor Advised Fund

✗ Maintained Art Collections

✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers

$1,110,206

Total Directors

$173,850

Key Employees

$296,711

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
GERALD EDMONDSON	PRESIDENT	6.50	Officer Director	$15,200	$0	$16,625
BRADY BEARDEN	VICE PRESIDENT	5.53	Officer Director	$23,750	$0	$26,125
GAYLE HUGHES	SECRETARY/TREASURER	3.96	Officer Director	$16,625	$0	$16,625
BERT PRUTZMAN	ASST SECRETARY/TREASURER	5.01	Officer Director	$21,375	$0	$23,750
MIKEL LEE PERRY	TRUSTEE	2.08	Director	$12,350	$0	$12,350
TERRY J PILCHER	TRUSTEE	8.40	Director	$31,350	$0	$31,350
REESE HARRISON	TRUSTEE	1.75	Director	$16,150	$0	$16,150
DWAYNE DAVIS	TRUSTEE	3.04	Director	$16,150	$0	$16,150
RONALD C JONES	TRUSTEE	1.84	Director	$12,350	$0	$14,725
STEPHEN T RHODES	CHIEF EXECUTIVE OFFICER	55.00	Officer	$451,995	$343,639	$795,634
ROBIN C SHAW	VP OF FINANCE	50.00	Officer	$183,762	$47,685	$231,447
JONATHAN M AVERY	SENIOR VP OF E&O	50.00	Key Emp	$215,525	$81,186	$296,711
EMILY E COWAN	VP OF MEMBER SVCS	50.00	Highest	$177,286	$116,916	$294,202
FRANKLIN SCOTT SEAY	VP OF ADMINISTRATION	45.00	Highest	$196,502	$70,668	$267,170
JEFFERY TRUETT	WORKING FOREMAN	50.88	Highest	$148,878	$44,940	$193,818
JASON PRICE	JOURNEYMAN LINEMAN	53.85	Highest	$146,554	$53,089	$199,643

Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year	Revenue	Expenses	Assets	Net Income
2024	No data	No data	No data	No data
2023	$149,247,583	$141,860,887	$400,927,730	$7,386,696
2022	$140,151,380	$133,323,002	$375,282,827	$6,828,378
2021	$124,274,504	$117,642,223	$360,891,875	$6,632,281
2020	$115,831,475	$112,017,515	$334,468,850	$3,813,960
2019	$118,644,430	$112,098,400	$313,285,798	$6,546,030
2018	$115,751,555	$110,042,480	$301,930,093	$5,709,075

CHOCTAWHATCHEE ELECTRIC COOPERATIVE INC