2023-11-15T13:35:14-06:00 2022-12-31 582475857 NICHOLS CAULEY & ASSOCIATES LLC 1300 BELLEVUE AVENUE DUBLIN GA 310214152 990 2022-01-01 590196695 CLAY ELECTRIC COOPERATIVE INC CLAY 3524738000 PO BOX 308 KEYSTONE HEIGHTS FL 32656 RICHARD K DAVIS GENERAL MANAGER/CEO 3524738000 2023-11-14 1 RICHARD DAVIS 999009999 0 CAL BRANTLEY CPA P00636393 4782751163 2023-11-14 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z RICHARD K DAVIS 7022 COOPERATIVE WAY KEYSTONE HEIGHTS FL 32656 477828740 0 X WWW.CLAYELECTRIC.COM X 1937 FL TO EXCEED THE EXPECTATIONS OF OUR MEMBERS BY PROVIDING EXCELLENT CUSTOMER SERVICE AND RELIABLE ELECTRIC SERVICES AT COMPETITIVE RATES WHILE MAINTAINING THE FINANCIAL STABILITY OF THE COOPERATIVE. 9 7 524 0 835484 509187 0 0 374089323 477287228 252830 285932 219225 254314 374561378 477827474 0 0 6463339 26796430 8285473 9163330 0 0 0 359812566 441867714 374561378 477827474 0 0 801967548 862101039 409357942 453562673 392609606 408538366 TO EXCEED THE EXPECTATIONS OF OUR MEMBERS BY PROVIDING EXCELLENT CUSTOMER SERVICE AND RELIABLE ELECTRIC SERVICE AT COMPETITIVE RATES WHILE MAINTAINING THE FINANCIAL STABILITY OF THE COOPERATIVE. 0 0 477827474 PROVISION OF RELIABLE ELECTRIC SERVICE TO CONSUMERS IN A 15 COUNTY AREA. 477827474 0 0 0 0 0 0 0 0 0 1 0 1 1 1 1 1 0 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 1 773 0 1 524 1 1 1 0 0 0 0 464422061 2795859 0 0 0 X 9 7 0 0 0 0 1 1 1 1 1 0 1 1 1 1 1 1 1 1 1 1 0 X RICHARD K DAVIS 3524738000 7022 COOPERATIVE WAY KEYSTONE HEIGHTS FL 326560308 X CLYDE D HERSEY TRUSTEE - TREASURER 12.00 0.20 X X 21400 0 0 JOANN R SMITH TRUSTEE 12.00 1.00 X 26924 0 0 JOHN H WHITEHEAD TRUSTEE 12.00 4.00 X 39724 0 0 CARL F HAGGLUND TRUSTEE 12.00 0.10 X 10800 0 0 KELLEY R SMITH JR TRUSTEE - SECRETARY 12.00 0.20 X X 42043 0 0 SUSAN S REEVES TRUSTEE 16.00 2.00 X 32143 0 0 JOSEPH C MALPHURS TRUSTEE - PRESIDENT 14.00 0.30 X X 30886 0 0 JAMES D WILSON TRUSTEE 10.00 0.20 X 27594 0 0 KAREN HASTINGS TRUSTEE - VICE PRESIDENT 12.00 0.20 X X 31531 0 0 RICHARD K DAVIS GENERAL MANAGER/CEO 42.00 X 724405 0 127543 SANFORD M MAXWELL CHIEF FINANCIAL OFFICER 45.00 1.00 X 264866 0 134204 WILLIAM D HEMBREE DISTRICT MANAGER-PK/SS 40.00 X 172690 0 75654 DALE R FURLONG DISTRICT MANAGER-KHD 40.00 X 141090 0 12854 LOUIE A CHAFF DISTRICT MANAGER-OP 45.00 X 194103 0 84163 TROY ADAMS DISTRICT MANAGER-GV/LC 45.00 2.00 X 195361 0 90284 DERICK THOMAS CHIEF PUBLIC RELATIONS OFF 45.00 5.00 X 223388 0 120534 CHRISTOPHER E BRYAN DIVISION MANAGER-ENGINEERI 40.00 X 210267 0 121098 FRANK HOLMES CHIEF OPERATING OFFICER 45.00 X 165069 0 4746 DANIEL B GUNTER DIRECTOR OF OPERATIONS 45.00 X 209916 0 121598 DONALD J WILLIAMS CHIEF OFFICER CORP SVCS 50.00 X 189882 0 231539 TOBIAS MOSS CHIEF INFORMATION OFFICER 50.00 X 241045 0 22402 MARK A TOWNSEND DIVISION MANAGER-T&D CONST 46.00 X 188314 0 111035 CHERYL RODGERS CHIEF AUDIT OFFICER 50.00 X 185355 0 88824 BRENT RICHARDSON CHIEF INFORMATION OFFICER 40.00 X 177533 0 88411 3746329 0 1434889 173 0 1 0 ASPLUNDH TREE EXPERT LLC PO BOX 532729 ATLANTA GA 303532729 R/W LABOR 3646173 MUSGROVE CONSTRUCTION LLC PO BOX 825124 PHILADELPHIA PA 191825124 CONSTRUCTION SERVICES 3113352 ALL RELIABLE SERVICES INC 44 FINK DRIVE OTTSVILLE PA 18942 ROW LABOR 2777105 PIKE ELECTRIC LLC PO BOX 746308 ATLANTA GA 303746308 CONSTRUCTION SERVICES 1829453 BAIRD TREE COMPANY INC PO BOX 326 CARYVILLE TN 37714 ROW LABOR 1648634 103 ELECTRICITY SALES 221000 464990317 464456030 534287 PATRONAGE CAPITAL 900099 8380005 8380005 POLE RENTAL 531390 3447907 3447907 PROGRAM INTEREST 900099 272654 272654 MERCHANDISING REVENUE 900099 101870 101870 94475 94475 477287228 25000 1266 23734 23734 23734 285932 0 285932 285932 285932 MOTOR VEHICLE PROGRAM 811000 154586 154586 GAIN - RUS DEBT PREPAYMENT 900099 47592 47592 OTHER 900099 28402 28402 230580 477827474 473544083 835484 3447907 X 26796430 3666222 5497108 75869 16117226 27303071 COST OF POWER 333421835 INCOME TAXES 160772 DISTRIBUTION 37882214 CONSUMER ACCOUNTS 9661014 17245713 477827474 276598 264205 19331863 24255755 15198855 22858534 5028776 7353651 889022279 283300120 581573162 605722159 117270643 124076758 63287651 77569977 801967548 862101039 42628687 66930675 326201878 354407401 17626096 10418812 22901281 21805785 409357942 453562673 X 778985 792235 0 0 391830621 407746131 392609606 408538366 801967548 862101039 X 0 15928760 X X 0 1 X 1 0 11356380 11356380 49115367 9870934 39244433 828550532 273429186 555121346 605722159 NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORP 11850331 C SEMINOLE ELECTRIC COOPERATIVE 103568583 C COBANK 5648946 C OTHER INVESTMENTS 89151 C GRESCO UTILITY SUPPLY, INC. 917620 C FEDERATED RURAL ELECTRIC INSURANCE 2002127 C 124076758 ACCRUED UTILITY REVENUE 31832408 POSTRETIREMENT BENEFIT ASSET 45737569 77569977 OTHER NONCURRENT LIABILITIES 251188 CUSTOMER DEPOSITS 12931835 CUSTOMER ADVANCES FOR CONSTRUCTION 73544 UNCLAIMED CAPITAL CREDIT CHECKS 7931813 UNAMORTIZED GAIN ON REFINANCING 121132 OTHER UNCLAIMED CAPITAL CREDIT RETIREMENTS 496273 21805785 X 477327665 0 477327665 499809 499809 477827474 450531235 0 450531235 27296239 27296239 477827474 PART X, LINE 2: MANAGEMENT HAS EVALUATED THE COOPERATIVE'S TAX POSITIONS AND CONCLUDED THAT THE COOPERATIVE HAS TAKEN NO UNCERTAIN TAX POSITIONS THAT REQUIRE ADJUSTMENT TO THE FINANCIAL STATEMENTS TO COMPLY WITH THE PROVISIONS OF THIS GUIDANCE. PART XI, LINE 4B - OTHER ADJUSTMENTS: AMORTIZATION OF GAIN ON RUS DEBT PREPAYMENT 47,592. POLE ATTACHMENT VIOLATIONS 89,110. MERCHANDISING EXPENSE 363,107. PART XII, LINE 4B - OTHER ADJUSTMENTS: BENEFITS PAID TO MEMBERS 26,796,430. MERCHANDISING EXPENSE 363,107. AMORTIZATION OF GAIN ON RUS DEBT PREPAYMENT 47,592. POLE ATTACHMENT VIOLATIONS 89,110. 01. OTHER REVENUES INCLUDED ON FORM 990 (PART XI, LINE 4B) PRODUCT AND UNRELATED BUSINESS EXPENSES WERE NETTED AGAINST ASSOCIATED REVENUES AND IDENTIFIED AS OTHER NON-OPERATING INCOME IN THE AUDITED FINANCIAL STATEMENTS. REVENUES INCLUDED IN THAT AUDIT REPORT LINE ARE REFLECTED ON PART VIII STATEMENT OF REVENUE AS MERCHANDISING, RENTAL AND MISCELLANEOUS REVENUE. THE AMORTIZATION OF A GAIN ON DEBT PREPAYMENT IS REPORTED AS AN OFFSET TO INTEREST EXPENSE IN THE AUDITED FINANCIAL STATEMENTS, AS REQUIRED BY GENERALLY ACCEPTED ACCOUNTING PRINCIPLES. THE AMOUNT RECOGNIZED IN THE AUDITED FINANCIAL STATEMENTS IS REPORTED ON PART VIII - STATEMENT OF REVENUE AS MISCELLANEOUS REVENUE RELATED TO THE EXEMPT FUNCTION. 02. OTHER EXPENSES INCLUDED ON FORM 990 (PART XII, LINE 4B) PRODUCT AND UNRELATED BUSINESS EXPENSES WERE NETTED AGAINST ASSOCIATED REVENUES AND IDENTIFIED AS OTHER NON-OPERATING INCOME IN THE AUDITED FINANCIAL STATEMENTS. REVENUES INCLUDED IN THAT AUDIT REPORT LINE ARE REFLECTED ON PART VIII STATEMENT OF REVENUE AS MERCHANDISING, RENTAL AND MISCELLANEOUS REVENUE. THE AMORTIZATION OF A GAIN ON DEBT PREPAYMENT IS REPORTED AS AN OFFSET TO INTEREST EXPENSE IN THE AUDITED FINANCIAL STATEMENTS, AS REQUIRED BY GENERALLY ACCEPTED ACCOUNTING PRINCIPLES. THE AMOUNT RECOGNIZED IN THE AUDITED FINANCIAL STATEMENTS IS REPORTED ON PART VIII - STATEMENT OF REVENUE AS MISCELLANEOUS REVENUE RELATED TO THE EXEMPT FUNCTION. X X X 0 1 0 RICHARD K DAVIS GENERAL MANAGER/CEO 589069 0 100000 0 35336 0 106127 0 21416 0 851948 0 0 0 DONALD J WILLIAMS CHIEF OFFICER CORP SVCS 182804 0 0 0 7078 0 218946 0 12593 0 421421 0 0 0 SANFORD M MAXWELL CHIEF FINANCIAL OFFICER 245928 0 0 0 18938 0 114606 0 19598 0 399070 0 0 0 DERICK THOMAS CHIEF PUBLIC RELATIONS OFF 217888 0 0 0 5500 0 103921 0 16613 0 343922 0 0 0 DANIEL B GUNTER DIRECTOR OF OPERATIONS 205966 0 0 0 3950 0 107564 0 14034 0 331514 0 0 0 CHRISTOPHER E BRYAN DIVISION MANAGER-ENGINEERI 206793 0 0 0 3474 0 107597 0 13501 0 331365 0 0 0 MARK A TOWNSEND DIVISION MANAGER-T&D CONST 181575 0 0 0 6739 0 89619 0 21416 0 299349 0 0 0 TROY ADAMS DISTRICT MANAGER-GV/LC 188520 0 0 0 6841 0 79355 0 10929 0 285645 0 0 0 LOUIE A CHAFF DISTRICT MANAGER-OP 187270 0 0 0 6833 0 72918 0 11245 0 278266 0 0 0 CHERYL RODGERS CHIEF AUDIT OFFICER 181887 0 0 0 3468 0 76624 0 12200 0 274179 0 0 0 BRENT RICHARDSON CHIEF INFORMATION OFFICER 175183 0 0 0 2350 0 76592 0 11819 0 265944 0 0 0 TOBIAS MOSS CHIEF INFORMATION OFFICER 228538 0 0 0 12507 0 9501 0 12901 0 263447 0 0 0 WILLIAM D HEMBREE DISTRICT MANAGER-PK/SS 156966 0 0 0 15724 0 68390 0 7264 0 248344 0 0 0 FRANK HOLMES CHIEF OPERATING OFFICER 116017 0 0 0 49052 0 9344 0 0 0 174413 0 0 0 DALE R FURLONG DISTRICT MANAGER-KHD 106241 0 0 0 34849 0 4505 0 8349 0 153944 0 0 0 LISTED PERSONS COMPENSATION INFORMATION (PART I, LINE 4) THE COOPERATIVE HAS AGREED ON A YEAR TO YEAR BASIS TO CALCULATE THE VALUE OF THE DIFFERENCE IN THE DEFINED BENEFIT PLAN FOR THE GENERAL MANAGER/CEO IN A LUMP SUM FORM. UNDER THE CURRENT GUIDELINES OF THE DEFINED BENEFIT ADMINISTRATOR, ONE WITH IRS LIMITATIONS AND ONE WITHOUT LIMITATIONS, ANY POSITIVE VALUE WILL BE PAID AS A TAXABLE PAYMENT, IN THE CURRENT YEAR. RICHARD DAVIS RECEIVED $20,000 DURING 2022 . SEMINOLE ELECTRIC COOPERATIVE INC POWER SUPPLIER 333421835 PURCHASED POWER NET OF REFUNDS/INTEREST 0 SEMINOLE ELECTRIC COOPERATIVE INC FRCC MEMBER 254016 DUES REIMBURSEMENT 0 SEMINOLE ELECTRIC COOPERATIVE INC CONTRACTOR 18164 FIBER CONTRIBUTION & FACILITATION COSTS 0 SEMINOLE ELECTRIC COOPERATIVE INC CONTRACTOR 158283 ENGINEERING SERVICES 0 SEMINOLE ELECTRIC COOPERATIVE INC CONTRACTOR 10100 SMART THERMOSTAT PILOT PROGRAM 0 1. SUPPLEMENTAL INFORMATION FOR SCHEDULE L SEMINOLE ELECTRIC COOPERATIVE, INC . IS THE WHOLESALE POWER PROVIDER FROM WHICH CLAY ELECTRIC COOPERATIVE, INC. PURCHASES ITS POWER. CLAY ELECTRIC COOPERATIVE, INC. IS ALSO A COOPERATIVE MEMBER OF SEMINOLE ELECTRIC. THE BOARD OF SEMINOLE ELECTRIC IS COMPRISED OF THE MANAGER AND TWO BOARD MEMBERS FROM EACH OF THE MEMBER ELECTRIC DISTRIBUTION COOPERATIVES. CURRENTLY, RICHARD DAVIS, GENERAL MANAGER & CEO, AND SUSAN REEVES AND JOHN WHITEHEAD, TRUSTEES, SERVE AS REPRESENTATIVES FROM CLAY ELECTRIC TO THE SEMINOLE ELECTRIC BOARD OF TRUSTEES. ALTHOUGH IT IS ROUTINE FOR BOARD MEMBERS OF ELECTRIC DISTRIBUTION COOPERATIVES TO SERVE AS REPRESENTATIVES ON THE BOARDS OF ELECTRIC TRANSMISSION COOPERATIVES, FOR THE PURPOSES OF THE FORM 990 SUSAN REEVES AND JOHN WHITEHEAD ARE NOT CONSIDERED INDEPENDENT. FORM 990, PART VI, SECTION A, LINE 6 CLAY ELECTRIC COOPERATIVE, INC. HAD 158,447 MEMBERS AS OF DECEMBER 31, 2022 . FORM 990, PART VI, SECTION A, LINE 7A CLAY ELECTRIC COOPERATIVE, INC. HAD NINE MEMBERS ON THE BOARD OF TRUSTEES AT THE END OF THE YEAR. THE BOARD OF TRUSTEE MEMBERS SERVE THREE-YEAR TERMS AND EACH BOARD MEMBER REPRESENTS ONE TRUSTEE DISTRICT WITHIN THE COOPERATIVE'S SERVICE AREA. THEIR TERMS ARE STAGGERED IN SUCH A WAY THAT ONLY THREE ARE UP FOR ELECTION BY THE MEMBERS EACH YEAR. FORM 990, PART VI, SECTION A, LINE 7B THE BUSINESS AND AFFAIRS OF THE COOPERATIVE ARE MANAGED BY A BOARD OF TRUSTEES WHICH SHALL EXERCISE ALL THE POWERS OF THE COOPERATIVE EXCEPT SUCH AS BY LAW, THE ARTICLES OF INCORPORATION OR THE BYLAWS. IF AN AMENDMENT OF THE BYLAWS IS PROPOSED BY THE BOARD OF TRUSTEES THE AMENDMENT MUST BE PRESENTED TO THE MEMBERSHIP. FORM 990, PART VI, SECTION B, LINE 11B THE TOP FINANCIAL OFFICIAL PRESENTED ELECTRONIC COPIES OF THE 2022 FORM 990 TO THE BOARD OF TRUSTEES FOR THEIR REVIEW PRIOR TO THEIR MONTHLY BOARD MEETING IN NOVEMBER 2023. FORM 990, PART VI, SECTION B, LINE 12C IT IS A REQUIREMENT THAT INCUMBENTS OF CERTAIN POSITIONS WITHIN THE COOPERATIVE AND THE BOARD OF TRUSTEES ANNUALLY COMPLETE AND SIGN THE CONFLICT OF INTEREST CERTIFICATION AND DISCLOSURE FORM AND DELIVER IT TO THE GENERAL MANAGER/CEO OR BOARD PRESIDENT. FORM 990, PART VI, SECTION B, LINE 15 COMPARABILITY DATA WAS USED TO DETERMINE THE COMPENSATION FOR THE CEO AND WAS APPROVED BY THE BOARD OF TRUSTEES. BOARD MEETING MINUTES DOCUMENT THE DELIBERATIONS AND DECISIONS ON THE COMPENSATION ARRANGEMENT. BOARD MEETING MINUTES FROM NOVEMBER 2022 REFLECT A PERFORMANCE APPRAISAL AND COMPENSATION REVIEW FOR THE CEO. COMPARABILITY DATA WAS USED TO EVALUATE THE COMPENSATION FOR THE OTHER OFFICERS AND KEY EMPLOYEES. FORM 990, PART VI, SECTION C, LINE 19 THE GOVERNING DOCUMENTS (INCLUDED IN THE MEMBER HANDBOOK), FINANCIAL STATEMENTS (INCLUDED IN THE KILOWATT NEWSLETTER) AND CONFLICT OF INTEREST POLICY ARE MADE AVAILABLE TO THE GENERAL PUBLIC ON THE WEBSITE AT WWW.CLAYELECTRIC.COM. FORM 990, PART VII, SECTION A: COMPENSATION FOR TRUSTEES VARIES AS A RESULT OF DIFFERENCES IN AMOUNT OF PARTICIPATION IN MEETINGS AND BENEFITS TAKEN BY INDIVIDUAL TRUSTEES. FORM 990, PART IX, LINE 24E GENERAL & ADMINISTRATION 7,275,434. EQUIPMENT RENT AND MAINTENANCE 3,716,671. CUSTOMER SERVICE AND INFORMATION 2,293,599. TRANSMISSION 1,523,508. TAX EXPENSE 1,059,161. EMPLOYEE BENEFITS 494,182. MERCHANDISING 346,067. OTHER 276,969. GENERATION 251,545. SALES EXPENSE 8,577. FORM 990, PART IX: THE COOPERATIVE'S RECORDS ARE MAINTAINED IN ACCORDANCE WITH THE UNIFORM SYSTEM OF ACCOUNTS PRESCRIBED BY THE FEDERAL ENERGY REGULATORY COMMISSION (18CFR.PART 101) AS MODIFIED AND ADOPTED BY THE RURAL UTILITIES SERVICE (RUS) IN 7.CFR.1767. THOSE PRACTICES UTILIZE THE ALLOCATION OF CERTAIN EXPENSES BASED ON LABOR CHARGES OR OTHER ALLOCATION BASES. AS A RESULT, IT WOULD REQUIRE SIGNIFICANT EFFORT TO BREAK OUT EXPENSES IN THE FUNCTIONAL CATEGORIES PROVIDED ON THE STATEMENT OF FUNCTIONAL EXPENSES. MANAGEMENT HAS OPTED TO CLASSIFY ITS EXPENSES ON THE STATEMENT OF FUNCTIONAL EXPENSES IN THE SAME MANNER IT REPORTS ITS FINANCIAL RESULTS TO LENDERS, REGULATORS AND MEMBERS. FORM 990, PART XI, LINE 9: MEMBERSHIPS ISSUED, NET 13,250. UNCLAIMED CAPITAL CREDITS 2,449,955. BENEFITS PAID TO MEMBERS 26,796,430. OTHER COMPREHENSIVE LOSS -1,330,817. RETIREMENT OF MEMBER CAPITAL CREDITS -12,000,058. FORM 990, PART XII, LINE 2C: THE BOARD OF TRUSTEES HAVE ASSIGNED MEMBERS TO AN AUDIT COMMITTEE TO OVERSEE THE FINANCIAL STATEMENT AUDIT AND SELECT INDEPENDENT FINANCIAL STATEMENT AUDITOR. CLAY ELECTRIC COOPERATIVE SCHOLARSHIP TRUST INC PO BOX 308 KEYSTONE HEIGHTS FL 326560308 576205431 PROVIDE SCHOLARSHIPS FL 501(C)(3) LINE 10 CLAY ELECTRIC COOPERATIVE INC 1 CLAY ELECTRIC FOUNDATION INC PO BOX 308 KEYSTONE HEIGHTS FL 326560308 611777637 HEALTH, EDUCATION, PUBLIC WELFARE FL 501(C)(3) LINE 10 CLAY ELECTRIC COOPERATIVE INC 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 CLAY ELECTRIC FOUNDATION INC S 77036 CASH VALUE