WEST FLORIDA ELECTRIC COOPERATIVE ASSOCIATION INC (EIN 590504115) - 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

1937

Legal Domicile

Principal Officer

WAYNE WILLIAMS

Phone

8502633231

Tax Period

2024-01-01 to 2024-12-31

WEST FLORIDA ELECTRIC COOPERATIVE ASSOCIATION INC, founded in 1937, is a mid-sized nonprofit that reported $78.5M in total revenue in fiscal year 2024. Expenses of $74.6M left a modest 5% surplus.

Mission

WEST FLORIDA ELECTRIC COOPERATIVE ASSOCIATION, INC. IS IN BUSINESS TO PROVIDE ITS MEMBERS WITH A RELIABLE SOURCE OF ELECTRICITY AND OTHER RELATED, SELF-SUSTAINING SERVICES AT THE LOWEST POSSIBLE COST CONSISTENT WITH ITS EXTERNAL FINANCIAL OBLIGATIONS AND SOUND MANAGEMENT PRACTICES.

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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 $76,961,306

Investment Income $60,777

Other Revenue $1,448,724

TOTAL REVENUE $78,470,807

Expense Breakdown

Grants Paid $0

Salaries & Benefits $3,855,529

Fundraising Expenses $0

Program Expenses $68,172,979

Other Expenses $70,715,343

TOTAL EXPENSES $74,570,872

Year-over-Year Comparison

	2024	2023	Change
Revenue	$78,470,807	$73,858,381	+0.1%
Expenses	$74,570,872	$71,025,749	+0.0%
Net Income	$3,899,935	$2,832,632	+0.4%

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

109

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

$407,337

Total Directors

$172,800

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
DAVID CORBIN	VICE PRESIDENT	2.00	Director	$15,700	$0	$15,700
DAVID TATUM	DIRECTOR	2.00	Director	$17,800	$0	$17,800
GEORGE OWENS	DIRECTOR	2.00	Director	$19,200	$0	$19,200
JACKIE POOSER	DIRECTOR	2.00	Director	$16,400	$0	$16,400
MELISSA DAWN ERICKSON	DIRECTOR	2.00	Director	$14,100	$0	$14,100
JOHN W ADAMS	DIRECTOR	2.00	Director	$20,600	$0	$20,600
MYRON HUDSON	SECRETARY-TREASURER	2.00	Director	$17,800	$0	$17,800
RANDY BUSH	DIRECTOR	2.00	Director	$18,150	$0	$32,350
TIM ALFORD	PRESIDENT	2.00	Director	$18,850	$0	$18,850
MARIE ASHWORTH	CFO	40.00	Officer	$105,236	$0	$105,236
SHAWN WALLING	FORMER EXECUTIVE VP & CEO	40.00	Officer	$227,049	$59,299	$302,101
DONNIE WORLEY	SAFETY MANAGER	40.00	Highest	$131,256	$0	$131,256
JAMIE ALDAY	KEY EMPLOYEE	40.00	Highest	$126,635	$0	$126,635
KALEB FROST	KEY EMPLOYEE	40.00	Highest	$115,051	$0	$115,051
KEITH VARNUM	MANAGER - ENGINEERING	40.00	Highest	$223,079	$21,284	$244,363
LUKE GATES	KEY EMPLOYEE	40.00	Highest	$134,264	$27,597	$161,861
WAYNE WILLIAMS	INTERIM EXECUTIVE VP & CEO	40.00	Highest	$156,130	$10,925	$171,705
JAMES EFURD	CHIEF INFORMATION OFFICER	40.00	Highest	$150,494	$73,396	$223,890
PENNY BRYAN	VP OF ADMINISTRATION	40.00	Highest	$142,795	$141,367	$284,162
JONATHAN LOVE	KEY EMPLOYEE	40.00	Highest	$148,173	$32,112	$180,285
WESLEY DUBOISE	KEY EMPLOYEE	40.00	Highest	$139,600	$39,741	$179,341
KEVIN NELSON	KEY EMPLOYEE	40.00	Highest	$125,347	$64,108	$189,455

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	$78,470,807	$74,570,872	$173,963,650	$3,899,935
2023	$73,858,381	$71,025,749	$170,906,277	$2,832,632
2022	$72,691,010	$66,380,058	$167,263,194	$6,310,952
2021	$64,056,820	$58,988,697	$164,513,750	$5,068,123
2020	$62,175,613	$57,224,713	$178,514,387	$4,950,900
2019	$68,319,785	$58,358,336	$177,258,723	$9,961,449
2018	$59,162,046	$56,690,051	$197,759,344	$2,471,995
2018	$59,162,046	$62,462,751	$192,503,426	$-3,300,705

WEST FLORIDA ELECTRIC COOPERATIVE ASSOCIATION INC