FLORIDA KEYS ELECTRIC COOPERATIVE ASSOCIATION INC (EIN 590247095) - Form 990 Financial Analysis & Trantor Score

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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

1940

Legal Domicile

Principal Officer

SCOTT NEWBERRY

Phone

3058522431

Tax Period

2024-01-01 to 2024-12-31

FLORIDA KEYS ELECTRIC COOPERATIVE ASSOCIATION INC, founded in 1940, is a major nonprofit in the Mutual Benefit sector that reported $105.8M in total revenue in fiscal year 2024.

Mission

TO PROVIDE QUALITY AND RELIABLE ELECTRIC SERVICE TO MEMBERS OF THE COOPERATIVE.

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

Financial Overview (2024)

Revenue Breakdown

Contributions & Grants $0

Program Service Revenue $104,693,257

Investment Income $98,495

Other Revenue $989,546

TOTAL REVENUE $105,781,298

Expense Breakdown

Grants Paid $28,038

Salaries & Benefits $13,821,771

Fundraising Expenses $0

Other Expenses $85,750,002

TOTAL EXPENSES $105,781,298

Year-over-Year Comparison

	2024	2023	Change
Revenue	$105,781,298	$102,799,205	+0.0%
Expenses	$105,781,298	$102,799,205	+0.0%
Net Income	$0	$0	N/A

Key Indicators

✗ Grants to Organizations ✗ Grants to Individuals ✗ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✗ Schedule B Required

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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

Independent Members

Employees

139

Volunteers

N/A

Governance Policies

✓ Conflict of Interest Policy

✓ Whistleblower Policy

✓ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School

✗ Operated a Hospital

✗ Provided First Class Travel

✗ Reported Conflict of Interest

✗ Reported Asset Diversion

✗ Excess Benefit Transaction

✗ Made Political Expenditures

✗ Engaged in Lobbying

✗ Operated Donor Advised Fund

✗ Maintained Art Collections

✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers

$1,461,552

Total Directors

$274,550

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
JAMES J BOILINI	DIRECTOR	5.30	Director	$28,800	$0	$28,800
GRETCHEN HOLLAND	SECRETARY	5.20	Officer Director	$33,100	$0	$33,100
MICHAEL H PUTO	VICE PRESIDENT	16.20	Officer Director	$28,000	$0	$28,000
DORSEY C BELCHER	DIRECTOR	3.60	Director	$33,700	$0	$33,700
GEORGE D HERTEL	DIRECTOR	5.00	Director	$28,300	$0	$28,300
DAVID C RITZ	DIRECTOR	5.90	Director	$31,800	$0	$31,800
KARL M WAGNER	PRESIDENT	5.20	Officer Director	$32,200	$0	$32,200
CALE SMITH	TREASURER	5.50	Officer Director	$30,250	$0	$30,250
JOSEPH H ROTH III	DIRECTOR	7.10	Director	$28,400	$0	$28,400
SCOTT NEWBERRY	CHIEF EXECUTIVE OFFICER	40.00	Officer	$407,081	$198,797	$605,878
CRIS BEATY	CHIEF FINANCIAL OFFICER	40.00	Officer	$265,139	$119,915	$385,054
THOMAS ANTHONY	CHIEF OPERATING OFFICER	40.00	Officer	$250,156	$96,914	$347,070
WILLIAM LEE	DIRECTOR OF DISTRIBUTION O	40.00	Highest	$214,029	$179,128	$393,157
JUAN CASTANO	LINEMAN	53.00	Highest	$187,982	$36,009	$223,991
TIMOTHY EVANS	SOC OPERATOR	52.00	Highest	$194,907	$28,462	$223,369
SHERI BULKIEWICZ	DIRECTOR OF HUMAN RESOURCE	40.00	Highest	$209,145	$72,864	$282,009
PETER AMENDOLA	DIRECTOR OF ENGINEERING	40.00	Highest	$192,888	$45,237	$238,125

Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year	Revenue	Expenses	Assets	Net Income
2024	$105,781,298	$105,781,298	$230,437,810	No data
2023	$102,799,205	$102,799,205	$222,888,499	No data
2022	$115,190,628	$115,190,628	$213,461,453	No data
2021	$95,142,745	$95,142,745	$200,443,071	No data
2020	$86,737,218	$86,737,218	$185,487,469	No data
2019	$87,316,539	$87,316,539	$188,174,652	No data
2018	$82,313,812	$82,313,812	$182,423,565	No data

FLORIDA KEYS ELECTRIC COOPERATIVE ASSOCIATION INC