Nonprofit · EIN 59-0196695
CLAY ELECTRIC COOPERATIVE INC
Tax-exempt · KEYSTONE HGTS, FL 32656
Financials
| Year ended | Form | Revenue | Expenses | Net income | Total assets | Liabilities | Net assets |
|---|---|---|---|---|---|---|---|
| December 31, 2024 | 990 | $453,755,388 | $453,755,388 | $0 | $1,008,245,447 | $567,196,681 | $441,048,766 |
| December 31, 2023 | 990 | $424,680,482 | $424,680,482 | $0 | $915,334,309 | $494,718,217 | $420,616,092 |
Financial details: 990 for the year ended December 31, 2024
Revenue
- Contributions, gifts and grants
- $0
- Program service revenue
- $453,478,060
- Investment income
- $4,364
- Net gain from sales of assets
- $4,364
- Other revenue
- $272,964
Expenses
- Grants and similar amounts paid
- $0
- Benefits paid to members
- $34,634,233
- Compensation of officers, directors and key employees
- $4,676,255
- Other salaries and wages
- $5,362,704
- Salaries, compensation and benefits (total)
- $10,038,959
- Professional fundraising fees
- $0
- Depreciation
- $30,308,503
Balance sheet and other
- Total assets, start of year
- $915,334,309
- Total assets, end of year
- $1,008,245,447
- Total liabilities, end of year
- $567,196,681
- Net assets, end of year
- $441,048,766
- Land, buildings and equipment
- $704,013,645
- Gross unrelated business income
- $900,489
- Gross receipts
- $453,755,388
- Employees
- 507
- Volunteers
- 0
- Year formed
- 1937
- State of legal domicile
- FL
From the e-filed returns the IRS publishes as XML (latest three processing years; amended returns replace the original). PDF copies at the IRS.
Officers, directors and key employees
As listed on the 990 for the year ended December 31, 2024, highest compensation first.
| Name | Title | Hours / week | Compensation | Other / benefits |
|---|---|---|---|---|
| RICHARD K DAVIS | GENERAL MANAGER/CEO Officer | 41 | $931,414 | $127,965 |
| DONALD J WILLIAMS | CHIEF OFFICER CORP SVCS Key employee | 50 | $276,318 | $212,041 |
| SANFORD M MAXWELL | CHIEF FINANCIAL OFFICER Officer | 43 | $342,598 | $113,412 |
| DERICK THOMAS | CHIEF PUBLIC RELATIONS OFF Key employee | 45 | $300,394 | $123,601 |
| DANIEL B GUNTER | DIRECTOR OF OPERATIONS Key employee | 45 | $298,469 | $92,702 |
| CHRISTOPHER E BRYAN | DIRECTOR OF ENGINEERING Key employee | 40 | $293,425 | $93,411 |
| TROY ADAMS | DISTRICT MANAGER-GV/LC Key employee | 48 | $239,029 | $76,871 |
| MARK A TOWNSEND | DIVISION MANAGER-T&D CONST Highest-paid employee | 46 | $217,212 | $95,843 |
| MICHAEL GRANTHAM | DIVISION MANAGER - OPERATIONS Highest-paid employee | 50 | $221,686 | $78,227 |
| LOUIE A CHAFF | DISTRICT MANAGER-OP Key employee | 45 | $225,530 | $72,951 |
| CHERYL RODGERS | CHIEF AUDIT OFFICER Highest-paid employee | 50 | $227,856 | $65,359 |
| WILLIAM D HEMBREE | DISTRICT MANAGER-PK/SS Key employee | 40 | $213,424 | $70,741 |
| BRENT RICHARDSON | CHIEF INFORMATION OFFICER Key employee | 40 | $220,596 | $63,122 |
| JOSEPH JOHNSON | DIVISION MANAGER - ENGINEERING Highest-paid employee | 42 | $216,230 | $64,385 |
| JARED BALDREE | SERVICE WORKER Highest-paid employee | 53 | $189,309 | $62,756 |
9 more people on this return
| Name | Title | Hours / week | Compensation |
|---|---|---|---|
| KELLEY R SMITH JR | TRUSTEE - PRESIDENT Trustee or director, Officer | 12 | $46,892 |
| JOHN H WHITEHEAD | TRUSTEE Trustee or director | 12 | $41,673 |
| JOSEPH C MALPHURS | TRUSTEE Trustee or director | 12 | $33,503 |
| CYNTHIA LOOSE | TRUSTEE Trustee or director | 12 | $32,571 |
| KAREN HASTINGS | TRUSTEE Trustee or director | 8 | $32,350 |
| JAMES D WILSON | TRUSTEE Trustee or director | 10 | $26,919 |
| SUSAN S REEVES | TRUSTEE Trustee or director | 16 | $26,708 |
| JOANN R SMITH | TRUSTEE Trustee or director | 12 | $25,508 |
| CLYDE D HERSEY | TRUSTEE Trustee or director, Officer | 12 | $22,116 |
990 for the year ended December 31, 2023: 23 people
| Name | Title | Hours / week | Compensation | Other / benefits |
|---|---|---|---|---|
| RICHARD K DAVIS | GENERAL MANAGER/CEO Officer | 41 | $773,130 | $117,465 |
| DONALD J WILLIAMS | CHIEF OFFICER CORP SVCS Key employee | 50 | $236,186 | $208,028 |
| DERICK THOMAS | CHIEF PUBLIC RELATIONS OFF Key employee | 45 | $268,572 | $118,085 |
| CHRISTOPHER E BRYAN | DIRECTOR OF ENGINEERING Key employee | 40 | $252,676 | $85,226 |
| DANIEL B GUNTER | DIRECTOR OF OPERATIONS Key employee | 45 | $252,709 | $83,402 |
| SANFORD M MAXWELL | CHIEF FINANCIAL OFFICER Officer | 42 | $223,935 | $105,370 |
| MARK A TOWNSEND | DIVISION MANAGER-T&D CONST Highest-paid employee | 46 | $199,535 | $86,721 |
| TROY ADAMS | DISTRICT MANAGER-GV/LC Key employee | 45 | $207,461 | $72,558 |
| MICHAEL GRANTHAM | DIVISION MANAGER-OPERATIONS Highest-paid employee | 50 | $204,026 | $70,891 |
| LOUIE A CHAFF | DISTRICT MANAGER-OP Key employee | 45 | $202,811 | $65,183 |
| CHERYL ROGERS | CHIEF AUDIT OFFICER Highest-paid employee | 50 | $202,504 | $62,328 |
| BRENT RICHARDSON | CHIEF INFORMATION OFFICER Highest-paid employee | 45 | $201,612 | $58,873 |
| WILLIAM D HEMBREE | DISTRICT MANAGER-PK/SS Key employee | 40 | $192,651 | $63,609 |
| JOSEPH JOHNSON | DIVISION MANAGER - ENGINEERING Highest-paid employee | 42 | $195,127 | $60,237 |
| KELLEY R SMITH JR | TRUSTEE - SECRETARY Trustee or director, Officer | 12 | $46,798 | $0 |
| JOHN H WHITEHEAD | TRUSTEE Trustee or director | 12 | $42,331 | $0 |
| KAREN HASTINGS | TRUSTEE - VICE PRESIDENT Trustee or director, Officer | 12 | $35,859 | $0 |
| JOSEPH C MALPHURS | TRUSTEE - PRESIDENT Trustee or director, Officer | 12 | $35,202 | $0 |
| CYNTHIA LOOSE | TRUSTEE Trustee or director | 5 | $31,044 | $0 |
| JAMES D WILSON | TRUSTEE Trustee or director | 10 | $30,438 | $0 |
| SUSAN S REEVES | TRUSTEE Trustee or director | 16 | $29,232 | $0 |
| JOANN R SMITH | TRUSTEE Trustee or director | 12 | $23,493 | $0 |
| CLYDE D HERSEY | TRUSTEE - TREASURER Trustee or director, Officer | 12 | $23,100 | $0 |
Address and contacts
- Address (IRS master file)
- PO BOX 308, KEYSTONE HGTS, FL 32656-0308
- In care of
- % SANFORD M MAXWELL
- Principal officer (990 for 2024)
- RICHARD K DAVIS, 7022 COOPERATIVE WAY, KEYSTONE HEIGHTS, FL 32656
- Signed the 990
- RICHARD K DAVIS, GENERAL MANAGER/CEO
- Phone
- (352) 473-8000
- Website
- WWW.CLAYELECTRIC.COM
- Return prepared by
- NICHOLS CAULEY & ASSOCIATES LLC
Mission
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.
Program accomplishments
- PROVISION OF RELIABLE ELECTRIC SERVICE TO CONSUMERS IN A 15 COUNTY AREA.Expenses $453,755,388
What it must file and when
IRS records say it files Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N. Its accounting year ends in December, so each return is due on the 15th day of the 5th month after that.
| Tax year | Year ended | Due | IRS public records |
|---|---|---|---|
| 2025 | December 31, 2025 | May 15, 2026 | Not on file |
| 2024 | December 31, 2024 | May 15, 2025 | 990 on file |
| 2023 | December 31, 2023 | May 15, 2024 | 990 on file |
IRS record
- EIN
- 59-0196695
- Tax-exempt status
- 501(c)(12): Benevolent life insurance association or mutual company
- Donations deductible
- No
- Exempt since
- 1959
- Accounting year ends
- December
- Files
- Form 990 or 990-EZ
- Category (NTEE)
- Public and societal benefit (W80Z)
- Assets (IRS master file)
- $1,008,245,447
- Income (IRS master file)
- $453,755,388
Filing history
| Form | Year ended | Revenue | Expenses | Assets | Return |
|---|---|---|---|---|---|
| 990 | December 2024 | $453,755,388 | $453,755,388 | $1,008,245,447 | IRS |
| 990 | December 2023 | $424,680,482 | $424,680,482 | $915,334,309 | IRS |
| 990 | December 2022 | $477,827,474 | $477,827,474 | $862,101,039 | IRS |
| 990 | December 2021 | – | – | – | IRS |
| 990 | December 2020 | – | – | – | IRS |
| 990 | December 2018 | – | – | – | IRS |
| 990 | December 2017 | – | – | – | IRS |
990-N: the IRS bulk file holds only the latest e-Postcard per organization; earlier years come from archived copies of that file since 2020 and can have gaps (the IRS e-Postcard search lists every one). 990, 990-EZ, 990-PF, 990-T: every e-filed return in the IRS e-file index since 2019; XML for the latest three processing years, amounts from the IRS Statistics of Income extracts before that. PDF copies and determination letters at the IRS (search EIN 59-0196695).
Questions about CLAY ELECTRIC COOPERATIVE INC
- What is the EIN of CLAY ELECTRIC COOPERATIVE INC?
- The employer identification number (EIN) of CLAY ELECTRIC COOPERATIVE INC is 59-0196695.
- Is CLAY ELECTRIC COOPERATIVE INC tax-exempt?
- Yes. The IRS lists it as tax-exempt under section 501(c)(12) since 1959.
- Are donations to CLAY ELECTRIC COOPERATIVE INC tax-deductible?
- No. The IRS master file says contributions to it are not deductible.
- Which annual return does CLAY ELECTRIC COOPERATIVE INC file?
- Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N.
- When is the next return of CLAY ELECTRIC COOPERATIVE INC due?
- The return for tax year 2025 (the year ending December 31, 2025) is due May 15, 2026. Form 8868 extends it by six months; the 990-N cannot be extended.
- When did CLAY ELECTRIC COOPERATIVE INC last file with the IRS?
- The latest return in the IRS public files is the 990 for the year ended December 2024.
- Who is the principal officer of CLAY ELECTRIC COOPERATIVE INC?
- The 990 for the year ended December 31, 2024 names RICHARD K DAVIS.
- Who are the officers and directors of CLAY ELECTRIC COOPERATIVE INC?
- The 990 for the year ended December 31, 2024 lists 24 people; 24 received compensation from the organization, the highest $931,414 (RICHARD K DAVIS, GENERAL MANAGER/CEO).
- How much revenue does CLAY ELECTRIC COOPERATIVE INC have?
- On its 990 for the year ended December 31, 2024 it reported revenue of $453,755,388, expenses of $453,755,388 and total assets of $1,008,245,447 at year end.
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