2025-11-13T15:48:33-06:00 2024-12-31 582475857 NICHOLS CAULEY & ASSOCIATES LLC 1300 BELLEVUE AVENUE DUBLIN GA 310214152 990 2024-01-01 590196695 CLAY ELECTRIC COOPERATIVE INC CLAY 3524738000 PO BOX 308 KEYSTONE HEIGHTS FL 32656 RICHARD K DAVIS GENERAL MANAGER/CEO 3524738000 2025-11-05 1 0 CAL BRANTLEY CPA P00636393 4782751163 2025-11-05 2024 2025-03-06 01:10:19Z RICHARD K DAVIS 7022 COOPERATIVE WAY KEYSTONE HEIGHTS FL 32656 453755388 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 7 507 0 900489 577628 0 0 424149024 453478060 230959 4364 300499 272964 424680482 453755388 0 0 18841964 34634233 9519285 10038959 0 0 0 396319233 409082196 424680482 453755388 0 0 915334309 1008245447 494718217 567196681 420616092 441048766 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 453755388 PROVISION OF RELIABLE ELECTRIC SERVICE TO CONSUMERS IN A 15 COUNTY AREA. 453755388 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 0 0 1 394 0 1 507 1 1 1 0 0 0 0 440666076 3345434 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 12.00 0.20 X X 22116 0 0 JOANN R SMITH TRUSTEE 12.00 X 25508 0 0 JOHN H WHITEHEAD TRUSTEE 12.00 4.00 X 41673 0 0 CYNTHIA LOOSE TRUSTEE 12.00 X 32571 0 0 KELLEY R SMITH JR TRUSTEE - PRESIDENT 12.00 13.00 X X 46892 0 0 SUSAN S REEVES TRUSTEE 16.00 2.00 X 26708 0 0 JOSEPH C MALPHURS TRUSTEE 12.00 2.00 X 33503 0 0 JAMES D WILSON TRUSTEE 10.00 X 26919 0 0 KAREN HASTINGS TRUSTEE 8.00 X 32350 0 0 RICHARD K DAVIS GENERAL MANAGER/CEO 41.00 X 931414 0 127965 SANFORD M MAXWELL CHIEF FINANCIAL OFFICER 43.00 0.50 X 342598 0 113412 WILLIAM D HEMBREE DISTRICT MANAGER-PK/SS 40.00 X 213424 0 70741 LOUIE A CHAFF DISTRICT MANAGER-OP 45.00 X 225530 0 72951 TROY ADAMS DISTRICT MANAGER-GV/LC 48.00 2.00 X 239029 0 76871 DERICK THOMAS CHIEF PUBLIC RELATIONS OFF 45.00 5.00 X 300394 0 123601 DONALD J WILLIAMS CHIEF OFFICER CORP SVCS 50.00 X 276318 0 212041 CHRISTOPHER E BRYAN DIRECTOR OF ENGINEERING 40.00 X 293425 0 93411 DANIEL B GUNTER DIRECTOR OF OPERATIONS 45.00 X 298469 0 92702 BRENT RICHARDSON CHIEF INFORMATION OFFICER 40.00 1.00 X 220596 0 63122 JARED BALDREE SERVICE WORKER 53.00 X 189309 0 62756 JOSEPH JOHNSON DIVISION MANAGER - ENGINEERING 42.00 X 216230 0 64385 MICHAEL GRANTHAM DIVISION MANAGER - OPERATIONS 50.00 X 221686 0 78227 MARK A TOWNSEND DIVISION MANAGER-T&D CONST 46.00 X 217212 0 95843 CHERYL RODGERS CHIEF AUDIT OFFICER 50.00 X 227856 0 65359 4701730 0 1413387 251 0 1 0 PIKE ELECTRIC LLC PO BOX 746308 ATLANTA GA 303746308 CONSTRUCTION SERVICES 5916129 WBE LINE SERVICES LLC PO BOX 830604 BIRMINGHAM AL 35283 ROW CONTRACTOR 4127520 ASPLUNDH TREE EXPERT LLC PO BOX 532729 ATLANTA GA 303532729 R/W LABOR 3931664 BAIRD TREE COMPANY INC PO BOX 326 CARYVILLE TN 37714 ROW LABOR 3104409 UTILITY LINES CONSTRUCTION SERVICES LLC 617 13TH ST N BIRMINGHAM AL 35203 CONSTRUCTION SERVICES 2315700 116 ELECTRICITY SALES 221000 441259337 440781079 478258 PATRONAGE CAPITAL 900099 7959342 7959342 POLE RENTAL 531390 3764859 3764859 PROGRAM INTEREST 900099 267302 267302 OTHER 900099 227220 227220 453478060 4364 0 4364 4364 4364 OTHER 900099 117753 117753 MOTOR VEHICLE PROGRAM 811000 77258 77258 REVENUE FROM MERCHANDISING - SURG 900099 47460 47460 30493 30493 272964 453755388 449090040 900489 3764859 X 34634233 4676255 5362704 86593 23148977 30308503 COST OF POWER 275927477 INCOME TAXES 123928 DISTRIBUTION 49573646 CONSUMER ACCOUNTS 10105895 19807177 453755388 487462 7350179 23461350 27774736 38351965 41697822 6932090 22833845 1012148983 308135338 647295800 704013645 130093351 136303669 68712291 68271551 915334309 1008245447 48945111 59034405 393798304 393798304 32603584 93400000 19371218 20963972 494718217 567196681 X 807665 818670 0 0 419808427 440230096 420616092 441048766 915334309 1008245447 X 0 20432674 X X 0 1 X 1 0 11150885 11150885 52019258 12106729 39912529 948978840 296028609 652950231 704013645 NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORP 11694462 C SEMINOLE ELECTRIC COOPERATIVE 112899563 C COBANK 7067445 C OTHER INVESTMENTS 161233 C GRESCO UTILITY SUPPLY, INC. 2374195 C FEDERATED RURAL ELECTRIC INSURANCE 2106771 C 136303669 ACCRUED UTILITY REVENUE 16211916 POSTRETIREMENT BENEFIT ASSET 52059635 68271551 OTHER NONCURRENT LIABILITIES 192834 CUSTOMER DEPOSITS 13105826 UNCLAIMED CAPITAL CREDIT CHECKS 6931970 UNAMORTIZED GAIN ON REFINANCING 50329 OTHER UNCLAIMED CAPITAL CREDIT RETIREMENTS 683013 20963972 X 453247796 0 453247796 507592 507592 453755388 418613563 0 418613563 35141825 35141825 453755388 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 30,493. POLE ATTACHMENT VIOLATIONS 69,550. MERCHANDISING EXPENSE 407,549. PART XII, LINE 4B - OTHER ADJUSTMENTS: BENEFITS PAID TO MEMBERS 34,634,233. MERCHANDISING EXPENSE 407,549. AMORTIZATION OF GAIN ON RUS DEBT PREPAYMENT 30,493. POLE ATTACHMENT VIOLATIONS 69,550. 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 683991 0 125000 0 122423 0 101848 0 26117 0 1059379 0 0 0 DONALD J WILLIAMS CHIEF OFFICER CORP SVCS 269568 0 0 0 6750 0 199575 0 12466 0 488359 0 0 0 SANFORD M MAXWELL CHIEF FINANCIAL OFFICER 320737 0 0 0 21861 0 95790 0 17622 0 456010 0 0 0 DERICK THOMAS CHIEF PUBLIC RELATIONS OFF 287185 0 0 0 13209 0 105625 0 17976 0 423995 0 0 0 DANIEL B GUNTER DIRECTOR OF OPERATIONS 276787 0 0 0 21682 0 77476 0 15226 0 391171 0 0 0 CHRISTOPHER E BRYAN DIRECTOR OF ENGINEERING 281811 0 0 0 11614 0 76985 0 16426 0 386836 0 0 0 TROY ADAMS DISTRICT MANAGER-GV/LC 215473 0 0 0 23556 0 62706 0 14165 0 315900 0 0 0 MARK A TOWNSEND DIVISION MANAGER-T&D CONST 208668 0 0 0 8544 0 70571 0 25272 0 313055 0 0 0 MICHAEL GRANTHAM DIVISION MANAGER - OPERATIONS 208551 0 0 0 13135 0 52033 0 26194 0 299913 0 0 0 LOUIE A CHAFF DISTRICT MANAGER-OP 217461 0 0 0 8069 0 59365 0 13586 0 298481 0 0 0 CHERYL RODGERS CHIEF AUDIT OFFICER 221770 0 0 0 6086 0 52893 0 12466 0 293215 0 0 0 WILLIAM D HEMBREE DISTRICT MANAGER-PK/SS 208662 0 0 0 4762 0 58683 0 12058 0 284165 0 0 0 BRENT RICHARDSON CHIEF INFORMATION OFFICER 217340 0 0 0 3256 0 50488 0 12634 0 283718 0 0 0 JOSEPH JOHNSON DIVISION MANAGER - ENGINEERING 205339 0 0 0 10891 0 50221 0 14164 0 280615 0 0 0 JARED BALDREE SERVICE WORKER 187527 0 0 0 1782 0 46330 0 16426 0 252065 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 PLAN 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 $98,939 DURING 2024. SEMINOLE ELECTRIC COOPERATIVE INC POWER SUPPLIER 275927477 PURCHASED POWER NET OF REFUNDS/INTEREST 0 SEMINOLE ELECTRIC COOPERATIVE INC FRCC MEMBER 289146 DUES REIMBURSEMENT 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 163,734 MEMBERS AS OF DECEMBER 31, 2024 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 2024 FORM 990 TO THE BOARD OF TRUSTEES FOR THEIR REVIEW PRIOR TO THEIR MONTHLY BOARD MEETING IN OCTOBER 2025. 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 2024 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 8,849,644. EQUIPMENT RENT AND MAINTENANCE 4,130,769. CUSTOMER SERVICE AND INFORMATION 2,626,067. TRANSMISSION 1,429,644. TAX EXPENSE 1,173,332. EMPLOYEE BENEFITS 709,554. MERCHANDISING 407,549. OTHER 252,037. GENERATION 216,940. SALES EXPENSE 11,641. 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 11,005. UNCLAIMED CAPITAL CREDITS 82. BENEFITS PAID TO MEMBERS 34,634,233. OTHER COMPREHENSIVE LOSS -2,212,409. RETIREMENT OF MEMBER CAPITAL CREDITS -12,000,237. 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 79855 CASH VALUE