Gulf Coast Electric Coop Inc

Overview

Gulf Coast Electric Coop Inc is a nonprofit organization classified under the category of mutual/membership benefit organizations. It operates as a member-owned, not-for-profit electric utility company, primarily serving residential customers across six counties in Florida's Panhandle, including Gulf, Calhoun, Bay, Walton, Jackson, and Washington.

History

Incorporated under the laws of the State of Florida on October 28, 1941, Gulf Coast Electric Coop Inc was established to provide affordable electric service where none existed. This aligns with the typical founding goals of electric cooperatives, which aim to meet community needs at a lower cost.

Services and Programs

The cooperative offers a range of services to support economic development and energy efficiency. Key initiatives include:

• Economic Development: Gulf Coast Electric Coop prioritizes retaining existing businesses and attracting new jobs to its service areas. It has an active key accounts program to support this goal.
• EC Commercial Program: This program provides equipment financing options for commercial and industrial customers, facilitating business growth and investment.
• Rural Development Loans: The cooperative offers low or zero-interest loans for projects that are expected to create significant employment opportunities and positively impact local economic development.
• Energy Efficiency Services: Gulf Coast's engineering staff assists new and existing businesses in optimizing their energy use, ensuring power quality and efficiency.

Financial Overview

As of its latest available financial data, Gulf Coast Electric Coop Inc reported a revenue of $64.8 million and expenses of $60.2 million, with total assets valued at approximately $244 million and liabilities of $167 million. The primary source of revenue comes from program services, mainly through electricity provision to its member-owners.

Operations

With over 21,300 active customers, the cooperative is committed to personalized service through its local offices. This focus on community support and involvement is a hallmark of its operational model.

Governance and Leadership

Gulf Coast Electric Coop Inc is governed by a board of directors, which includes various members compensated for their roles. The leadership structure reflects the cooperative's member-driven nature, ensuring that decisions are made with the interests of its owners in mind.

Tax Status

Gulf Coast Electric Coop Inc does not accept donations that are tax-deductible, consistent with its designation as a mutual/membership benefit organization.

[1] https://www.gcec.com/community/economic-development/ [2] https://projects.propublica.org/nonprofits/organizations/590543772 [3] https://www.gcec.com [4] https://www.floridapsc.com/pscfiles/website-files/PDF/Utilities/Electricgas/EnergyInfrastructureStormHardening/UtilityFilings/2022/Rural%20Electric%20Cooperative%20Utility%20Storm%20Hardening%20Reports/Gulf%20Coast%20Electric%20Cooperative,%20Inc..pdf [5] https://billing.gcec.com/home