FLORIDA KEYS ELECTRIC COOPERATIVE ASSOCIATION INC

EIN: 590247095 Mutual Benefit

TAVERNIER, FL

Total Revenue
$112,709,474
Total Expenses
$112,709,474
Total Assets
$245,225,083
Net Assets
$85,216,101
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Financial Vulnerability Assessment (Tuckman-Chang)

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Financial Trends

Organization Details

Formation Year
1940
Legal Domicile
FL
Principal Officer
SCOTT NEWBERRY
Phone
3058522431
Tax Period
2025-01-01 to 2025-12-31

FLORIDA KEYS ELECTRIC COOPERATIVE ASSOCIATION INC, founded in 1940, is a major nonprofit in the Mutual Benefit sector that reported $112.7M in total revenue in fiscal year 2025.

Mission

THE COOPERATIVE'S RESPONSIBILITY AND AIM IS TO PROVIDE EXCELLENT AND INNOVATIVE CUSTOMER SERVICE AS REFLECTED IN TOP QUALITY ELECTRIC SERVICE RELIABILITY, AFFORDABLE RATES, EMPLOYEE TEAMWORK AND THE HIGHEST DEGREE OF INTEGRITY IN ALL COOPERATIVE ENDEAVORS.

Program Service Accomplishments

Program 1

PROVIDING ELECTRIC ENERGY TO OUR MEMBERS - 34,843 ACTIVE SERVICES AT THE YEAR END WERE PROVIDED ELECTRICITY ON A COOPERATIVE BASIS THROUGH THE ALLOCATION OF PATRONAGE CAPITAL

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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%)

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Financial Overview (2025)

Revenue Breakdown

Contributions & Grants $0
Program Service Revenue $111,579,482
Investment Income $94,747
Other Revenue $1,035,245
TOTAL REVENUE $112,709,474

Expense Breakdown

Grants Paid $30,990
Salaries & Benefits $14,633,793
Fundraising Expenses $0
Other Expenses $92,777,398
TOTAL EXPENSES $112,709,474

Year-over-Year Comparison

2025 2024 Change
Revenue $112,709,474 $105,781,298 +0.1%
Expenses $112,709,474 $105,781,298 +0.1%
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

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Liquidity & Cash Position

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

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Governance

Voting Members
9
Independent Members
9
Employees
134
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
9
$2,330,490
Total Directors
9
$306,550
Key Employees
0
$0
Highest Compensated
5
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
JAMES J BOILINI DIRECTOR 7.30
Director
$35,200 $0 $35,200
GRETCHEN HOLLAND SECRETARY 3.80
Officer Director
$33,650 $0 $33,650
MICHAEL H PUTO VICE PRESIDENT 14.60
Officer Director
$29,700 $0 $29,700
DORSEY C BELCHER DIRECTOR 3.60
Director
$38,000 $0 $38,000
GEORGE D HERTEL DIRECTOR 5.00
Director
$30,650 $0 $30,650
DAVID C RITZ DIRECTOR 4.10
Director
$38,300 $0 $38,300
KARL M WAGNER PRESIDENT 5.10
Officer Director
$36,800 $0 $36,800
CALE SMITH TREASURER 5.10
Officer Director
$32,950 $0 $32,950
JOSEPH H ROTH III DIRECTOR 6.80
Director
$31,300 $0 $31,300
SCOTT NEWBERRY CHIEF EXECUTIVE OFFICER 36.00
Officer
$501,886 $219,303 $721,189
CRIS BEATY CHIEF FINANCIAL OFFICER 36.00
Officer
$302,002 $143,296 $445,298
JOE JOYCE COO 36.00
Officer
$239,154 $110,201 $349,355
MARIA JONES CAO 36.00
Officer
$270,152 $108,805 $378,957
TAMIE FOX CIO 36.00
Officer
$235,891 $66,700 $302,591
RAYMOND TURNER DIRECTOR OF DISTRIBUTION O 36.00
Highest
$201,942 $57,039 $258,981
NICHOLAS LYONS DIRECTOR OF POWER SUPPLY & TRNSM 36.00
Highest
$199,544 $48,722 $248,266
TIMOTHY EVANS SOC OPERATOR 53.00
Highest
$235,259 $31,168 $266,427
SHERI BULKIEWICZ DIRECTOR OF HUMAN RESOURCES 36.00
Highest
$209,630 $92,445 $302,075
PETER AMENDOLA DIRECTOR OF ENGINEERING 36.00
Highest
$202,332 $59,685 $262,017
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
2025 $112,709,474 $112,709,474 $245,225,083 No data
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
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