LEE COUNTY ELECTRIC COOPERATIVE INC

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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

SARAH BULLOCK

Phone

2399952121

Tax Period

2024-01-01 to 2024-12-31

LEE COUNTY ELECTRIC COOPERATIVE INC, founded in 1940, is a major nonprofit that reported $616.1M in total revenue in fiscal year 2024. Expenses of $547.2M left a modest 11% surplus.

Mission

LCEC PROVIDES EFFICIENT, RELIABLE, COST-COMPETITIVE ELECTRIC AND EMERGING ENERGY SOLUTIONS AND EXCELLENT SERVICE TO OUR CUSTOMERS.

Program Service Accomplishments

Program 1

UTILIZING APPROXIMATELY 9,195 MILES OF DISTRIBUTION LINES, LEE COUNTY ELECTRIC COOPERATIVE, INC. PROVIDED 4,588,781,578 KILOWATT HOURS OF ELECTRIC ENERGY TO ITS CUSTOMERS LOCATED IN ITS SERVICE...

UTILIZING APPROXIMATELY 9,195 MILES OF DISTRIBUTION LINES, LEE COUNTY ELECTRIC COOPERATIVE, INC. PROVIDED 4,588,781,578 KILOWATT HOURS OF ELECTRIC ENERGY TO ITS CUSTOMERS LOCATED IN ITS SERVICE TERRITORY. THE SERVICE TERRITORY INCLUDED CAPE CORAL, NORTH FORT MYERS, MARCO ISLAND, SANIBEL AND CAPTIVA ISLANDS, PINE ISLAND, EVERGLADES CITY, IMMOKALEE, AVA MARIA, AND PARTS OF LEHIGH ACRES (ALL IN THE STATE OF FLORIDA).

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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 $607,494,772

Investment Income $621,724

Other Revenue $7,998,952

TOTAL REVENUE $616,115,448

Expense Breakdown

Grants Paid $67,500

Salaries & Benefits $3,753,206

Fundraising Expenses $0

Other Expenses $531,011,590

TOTAL EXPENSES $547,211,131

Year-over-Year Comparison

	2024	2023	Change
Revenue	$616,115,448	$608,109,826	+0.0%
Expenses	$547,211,131	$504,779,733	+0.1%
Net Income	$68,904,317	$103,330,093	-0.3%

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

523

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

$1,262,643

Total Directors

$249,000

Key Employees

$2,241,567

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
DENISE M VIDAL	EVP/CEO	58.00	Officer	$723,445	$89,993	$813,438
SARAH BULLOCK	DIR OF FINAN	50.00	Officer	$379,577	$69,628	$449,205
EDWARD NAGY	DIRECTOR, IT	40.00	Key Emp	$295,423	$81,530	$376,953
RODNEY C HAWKINS	DIRECTOR, EL	55.00	Key Emp	$296,427	$60,179	$356,606
KAREN RYAN	DIRECTOR OF	50.00	Key Emp	$260,893	$55,518	$316,411
SANDRA THOMPSON	DIRECTOR OF	48.00	Key Emp	$253,018	$58,426	$311,444
GARY AVIN	DIR. MEMB. S	50.00	Key Emp	$253,411	$55,652	$309,063
DEREK HOLLAND	LINEMAN	79.00	Highest	$257,398	$45,200	$302,598
WALTER RUTH	DIR. OF BUS.	55.00	Key Emp	$231,137	$59,764	$290,901
TROY HAMILTON	LINEMAN	73.00	Highest	$247,755	$39,093	$286,848
AMANDA SMELKER	DIR, ADMIN S	45.00	Key Emp	$222,053	$58,136	$280,189
RICHARD B LEWIS	LINEMAN	70.00	Highest	$221,967	$50,372	$272,339
SHANE LEACH	LINEMAN	72.00	Highest	$227,320	$37,605	$264,925
MYRON MARTIN	MGR-PROC./SU	45.00	Highest	$215,204	$47,710	$262,914
CHAUNCEY P GOSS	TRUSTEE	4.00	Director	$26,850	$0	$26,850
DAVID BEAM	TRUSTEE	4.00	Director	$25,850	$0	$25,850
RICK JOYCE	TRUSTEE	10.00	Director	$25,850	$0	$25,850
MICHAEL POWELL	TRUSTEE/PRES	13.00	Director	$25,850	$0	$25,850
RICHARD TURBEVILLE	TRUSTEE	6.00	Director	$25,850	$0	$25,850
RUSSELL PRIDDY	TRUSTEE	6.00	Director	$24,750	$0	$24,750
TARIK AYASUN	TRUSTEE	1.00	Director	$23,500	$0	$23,500
ELEANOR M FLANNERY	TRUSTEE	5.00	Director	$23,500	$0	$23,500
RHICHARD PRITCHETT III	TRUSTEE	5.00	Director	$23,500	$0	$23,500
CRAIG WOODWARD	TRUSTEE	6.00	Director	$23,500	$0	$23,500

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	$616,115,448	$547,211,131	$1,262,768,758	$68,904,317
2023	$608,109,826	$504,779,733	$1,061,061,386	$103,330,093
2022	$626,227,197	$614,788,809	$1,110,507,384	$11,438,388
2021	$497,387,726	$478,634,024	$850,449,864	$18,753,702
2020	$447,652,126	$441,289,217	$785,170,912	$6,362,909
2019	$428,944,955	$418,471,838	$749,067,982	$10,473,117
2018	$425,420,177	$431,982,902	$731,030,275	$-6,562,725