2025-04-29T17:22:41-04:00 2022-12-31 590548468 PURVIS GRAY & COMPANY LLP 5001 LAKEWOOD RANCH BLVD STE 101 SARASOTA FL 34240 990 2022-01-01 590395398 PEACE RIVER ELECTRIC COOPERATIVE INC PEAC 8637734116 PO BOX 1310 WAUCHULA FL 33873 RANDALL W SHAW GENERAL MANAGER/CEO 8637734116 2025-04-25 true false TIFFANY MANGOLD CPA P01629230 9419070350 2025-04-25 2022 2025-03-06 01:10:19Z X RANDALL W SHAW PO BOX 1310 WAUCHULA FL 33873 140549498 false X WWW.PRECO.ORG X 1940 FL TO PROVIDE OUR MEMBERS RELIABLE ELECTRIC SERVICE AND EXCELLENT CUSTOMER SERVICE AT AFFORDABLE RATES. 9 9 148 0 0 110862663 140463745 80386 -118355 23200 110943049 140368590 20000 7527462 7840177 1931637 1953238 0 0 101483950 130555175 110943049 140368590 0 298485094 346115413 194983979 233734362 103501115 112381051 TO PROVIDE OUR MEMBERS RELIABLE ELECTRIC SERVICE AND EXCELLENT CUSTOMER SERVICE AT AFFORDABLE RATES. false false PROVIDING ELECTRIC ENERGY TO OUR MEMBERS. 58,897 ACTIVE SERVICES AT YEAR END WERE PROVIDED ELECTRICITY ON A COOPERATIVE BASIS THROUGH THE ALLOCATION OF PATRONAGE CAPITAL. false false false false false false false false false true false true false true true true false false false false false false false false false false true false true false false false true false true false false false false false true false false true 45 0 148 true false false false false false 146640462 3374940 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 RANDALL W SHAW 8637734116 PO BOX 1310 WAUCHULA FL 33873 RANDALL W SHAW GENERAL MANA 50.00 X 363072 0 162109 LOUISE F BLACKMAN VP - MEMBER 45.00 X 217286 0 145969 A TUCKER LEMLEY VP FINANCE & 45.00 X 210744 0 64864 PAUL A ROBERTS VP OF ENGINE 55.00 X 203953 0 69622 VAN CRAWFORD VP OF OPERAT 42.00 X 174147 0 84654 CHARLOTTE HESTON VP OF CORPOR 41.00 X 149992 0 12876 ELLEN BACHMAN DIRECTOR 6.00 X 16500 0 0 MARIE DASHER DIRECTOR 1.50 X 16500 0 0 LEONARD CRAWLEY DIRECTOR 1.00 X 11449 0 0 HOLLIS ALBRITTON JR SECRETARY/TR 5.00 X X 10100 0 0 WILLIE DAWES DIRECTOR 4.00 X 9300 0 0 JOHN MARTIN PRESIDENT 5.00 X X 9200 0 0 BRUCE VICKERS DIRECTOR 4.00 X 8400 0 0 CHRIS PORTALE ASST SECRETA 3.00 X X 6900 0 0 KENNETH ODEN VICE PRESIDE 2.00 X X 5600 0 0 1413143 540094 45 false true false GEORGIA RIGHT-OF-WAY 1135 RUMBLE ROAD FORSYTH GA 31029 TREE MAINTENANC 4437619 PIKE ELECTRIC INC PO BOX 746308 ATLANTA GA 30374 UTILITY CONSTRU 4298681 STUART C IRBY CO PO BOX 741001 ATLANTA GA 30384 UTILITY CONSTRU 2057882 MIDWESTERN ELECTRICAL CONTRACTORS 310 WEST ETOWAH ROAD ETOWAH OK 73068 UTILITY CONSTRU 1370985 ARKANSAS ELECTRIC COOPERATIVES INC PO BOX 190257 LITTLE ROCK AR 72219 UTILITY CONSTRU 1362165 29 SALE OF ELECTRICITY 221000 139211993 139211993 METER LEASES 221000 547199 547199 POLE RENTAL 221000 354375 354375 CAPITAL CREDITS - OTHER 221000 350178 350178 140463745 62553 62553 23200 23200 23200 23200 180908 -180908 -180908 -180908 140368590 139578284 790306 20000 7840177 619130 1334108 5988184 10787536 COST OF POWER 90523681 DISTRIBUTION EXPENSE - MA 10550034 ADMINISTRATIVE & GENERAL 5428782 DISTRIBUTION EXPENSE - OP 4907739 2369219 140368590 0 0 0 1749894 7871599 12451390 28351187 10356513 16220398 99441 3243768 354589921 94506048 245883637 260083873 27692937 30047379 251282 297209 298485094 346115413 10696641 22481406 168694533 179482538 17096437 15592805 14673981 194983979 233734362 X 225735 239515 3176402 3810170 100098978 108331366 103501115 112381051 298485094 346115413 X 0 8879936 X false true X true false 5101627 5101627 331487387 94506048 236981339 18000907 18000907 260083873 PATRONAGE CAPITAL - SECI 21325037 PATRONAGE CAPITAL - GRESCO 4103177 ALL OTHERS 1178869 PATRONAGE CAPITAL - CFC 1083126 PATRONAGE CAPITAL - FEDERATED 733704 CFC CAPITAL TERM CERTIFICATES 654534 PATRONAGE CAPITAL - COBANK 573893 PATRONAGE CAPITAL - SEDC 234900 CTC - CFC 160139 30047379 DEFERRED CREDITS 9851193 CONSUMER DEPOSITS 4305878 POSTRETIREMENT BENEFITS 516910 14673981 X 142502514 2133924 2133924 140368590 140368590 132347752 -8020838 -8020838 140368590 140368590 SCHEDULE D, PAGE 3, PART X 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 THE YEARS BEFORE 2019. 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 REQUIRED 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. SCHEDULE D, PAGE 4, PART XI, LINE 2D EXPENSES NETTED AGAINST REVENUES FOR FS REPORTING -180,661 DIVIDEND ALLOCATED TO COOPERATIVE FROM ASSOC COOPERATIVES: 0 ON ACCRUAL BASIS 2,664,763 ON CASH BASIS -350,178 SCHEDULE D, PAGE 4, PART XII, LINE 2D MARGINS ASSIGNED -7,840,177 EXPENSES NETTED AGAINST REVENUES FOR FS REPORTING -180,661 false PEACE RIVER COOPERATIVE CHARITABLE FOUNDATION INC PO BOX 1310 WAUCHULA FL 33873 204064056 501C3 10000 HURRICANE IAN RELIEF 1 SCHEDULE I, PAGE 4, PART IV SCHEDULE 1, PART II - OTHER ASSISTANCE TO ORGANIZATIONS PEACE RIVER ELECTRIC COOPERATIVE PROVIDES FINANCIAL ASSISTANCE TO WORTHY CAUSES IN THE ORGANIZATION'S SERVICE AREA. X X X false false false RANDALL W SHAW GENERAL MANAGER/CEO 359541 3531 141648 20461 525181 LOUISE F BLACKMAN VP - MEMBER SERVICES 215380 1906 135374 10595 363255 A TUCKER LEMLEY VP FINANCE & ADMIN 210277 467 45054 19810 275608 PAUL A ROBERTS VP OF ENGINEERING 201537 2416 48512 21110 273575 VAN CRAWFORD VP OF OPERATIONS 168109 6038 76157 8497 258801 CHARLOTTE HESTON VP OF CORPORATE SERV 146341 3651 4555 8321 162868 SEMINOLE ELECTRIC COOPERATIVE SEE SCH L, PT V 85937905 PURCHASED POWER false GEORGIA RIGHT OF WAY SEE SCH L, PT V 4485600 RIGHT OF WAY SERVICE false FL ELECTRIC COOPERATIVES ASSOC SEE SCH L, PT V 115264 REGULATORY REPRESENT false NATIONAL RURAL ELECTRIC COOP ASSOC SEE SCH L, PT V 64453 REGULATORY REPRESENT false SCHEDULE L, PART V HOLLIS ALBRITTON, JR, DIRECTOR, JOHN MARTIN, 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 MARIE DASHER, 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, PAGE 1, ITEM B THE 2022 FORM 990 IS BEING AMENDED TO INCLUDE FORM 5471 THAT WAS INADVERTENTLY OMITTED FROM THE ORIGINALLY FILED FORM 990. THE ERROR WAS DISCOVERED DURING THE PREPARATION OF THE 2023 FORM 990 AND THE TAXPAYER CORRECTED THE ERROR AND FILED AN AMENDED FORM 990 TO INCLUDE THE REQUIRED FORM 5471 WITHOUT DELAY. THE TAXPAYER TIMELY FILED ITS ORIGINAL DECEMBER 31, 2022 FORM 990. THE TAXPAYER HAS AN EXCELLENT HISTORY OF TIMELY AND ACCURATE FILING OF ALL TAX DOCUMENTS REQUIRED TO BE FILED WITH THE IRS. THE ACQUISITION OF STOCK THAT REQUIRES THE FORM 5471 WAS PURCHASED LATE IN 2022 AND WAS NEW TO THE TAXPAYER. THEY WERE UNAWARE OF THE FILING REQUIREMENTS OF FORM 5471 AND IT WAS NOT UNTIL THE 2023 FORM 990 WAS BEING PREPARED THAT THE TAXPAYER BECAME AWARE OF THE 2022 FILING REQUIREMENT. THE TAXPAYER'S FAILURE TO FILE DECEMBER 31, 2022 FORM 5471 WITH ITS FORM 990 WAS NOT DUE TO WILLFUL NEGLECT. THE TAXPAYER INTENDS TO COMPLY WITH THE LAW AT ALL TIMES AND HAS TAKEN AFFIRMATIVE ACTION TO ENSURE TIMELY FILING BY PROVIDING INFORMATION TO THE CPA FIRM PRIOR TO THE UNEXTENDED DUE DATE OF FORM 990. THE TAXPAYER IS NOT UNDER CIVIL EXAMINATION OR CRIMINAL INVESTIGATION BY THE IRS AND RESPECTFULLY REQUESTS THE IRS TO WAIVE ANY PENALTIES ASSOCIATED WITH THE INADVERTENT OMISSION IN FILING FORM 5471 ON THE ORIGINALLY FILED FORM 990. THE TAXPAYER RESPECTFULLY REQUESTS CONSIDERATION OF ABATEMENT FOR ANY AND ALL PENALTIES THAT MAY BE ASSESSED WITH RESPECT TO THE UNTIMELY FILING OF FORM 5471, FOR ITS TAX PERIOD ENDED ON DECEMBER 31, 2022. SUCH ABATEMENT IS REQUESTED UNDER THE FIRST TIME PENALTY ABATEMENT FOR AN UNTIMELY FILING OF FORM 5471 UNDER PRC 018. FORM 990 FORM 990, PART IX, LINE 4 - BENEFITS PAID TO OR FOR MEMBERS THE IRS' INSTRUCTIONS FOR THE 2022 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 2022 CAPITAL CREDITS ALLOCATED. THIS AMOUNT WAS APPROVED BY THE BOARD OF DIRECTORS DURING THE SPRING OF 2023. FORM 990, PAGE 6, PART VI, 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, PAGE 6, PART VI, 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, PAGE 6, PART VI, LINE 7B CHANGES MADE TO THE BYLAWS OF THE ORGANIZATION MUST BE APPROVED BY THE MEMBERS OF THE ORGANIZATION. FORM 990, PAGE 6, PART VI, 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, PAGE 6, PART VI, 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, PAGE 6, PART VI, LINE 15A 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. FORM 990, PAGE 6, PART VI, LINE 15B 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, PAGE 6, PART VI, 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 XI, LINE 9 DIVIDEND ALLOCATED TO COOPERATIVE FROM ASSOC COOP 0 ON ACCRUAL BASIS 2,664,763 ON CASH BASIS -350,178 MARGINS ASSIGNED 7,840,177 INCREASE IN OTHER EQUITIES 633,768 INCREASE IN MEMBERSHIP 13,780 INCREASE IN ACCUM POST RETIREMENT BENEFITS 400,993 CAPITAL CREDITS RETIRED -2,323,367 TOTAL 8,879,936 PEACE RIVER COOPERATIVE CHARITABLE FOUNDATION INC PO BOX 1310 WAUCHULA FL 338731310 204064056 SEE PT VII FL 501C3 7 NA false false true false false false false false false false false false false false true true false true true false SCHEDULE R 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.