Florida Keys Electric Cooperative Assn Inc is located in Tavernier, FL. The organization was established in 1944. According to its NTEE Classification (Y22) the organization is classified as: Local Benevolent Life Insurance Associations, under the broad grouping of Mutual & Membership Benefit and related organizations. As of 12/2023, Florida Keys Electric Cooperative Assn Inc employed 131 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Florida Keys Electric Cooperative Assn Inc is a 501(c)(12) and as such, is described as a "Benevolent Life Insurance Association, Mutual Ditch or Irrigation Company, Mutual or Cooperative Telephone Company" by the IRS.
For the year ending 12/2023, Florida Keys Electric Cooperative Assn Inc generated $102.8m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 1.8% each year. All expenses for the organization totaled $102.8m during the year ending 12/2023. While expenses have increased by 1.8% per year over the past 9 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE QUALITY AND RELIABLE ELECTRIC SERVICE TO MEMBERS OF THE COOPERATIVE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDING ELECTRIC ENERGY TO OUR MEMBERS - 34,391 ACTIVE SERVICES AT THE YEAR END WERE PROVIDED ELECTRICITY ON A COOPERATIVE BASIS THROUGH THE ALLOCATION OF PATRONAGE CAPITAL
Name (title) | Role | Hours | Compensation |
---|---|---|---|
James J Boilini Director | Trustee | 5.1 | $28,400 |
Gretchen Holland Secretary | OfficerTrustee | 4.3 | $35,050 |
Michael H Puto Vice President | OfficerTrustee | 17.5 | $28,450 |
Dorsey C Belcher Director | Trustee | 3.6 | $37,850 |
George D Hertel Director | Trustee | 5.2 | $28,650 |
David C Ritz Director | Trustee | 5.7 | $33,600 |
Vendor Name (Service) | Service Year | Compensation |
---|---|---|
Pike Electric Llc Transmission Pole Line Replacement Contr | 12/30/23 | $6,358,055 |
Haugland Energy Group Llc Distribution Conductor & Pole Replacemen | 12/30/23 | $2,377,016 |
The Le Meyers Company Substation Upgrade Contractor - Kl Sub | 12/30/23 | $2,155,747 |
Michels Corporation Transmission Insulator Replacement Contr | 12/30/23 | $1,148,421 |
Dave Tree Expert Co Tree Trimming | 12/30/23 | $1,030,851 |
Statement of Revenue | |
---|---|
Federated campaigns | $0 |
Membership dues | $0 |
Fundraising events | $0 |
Related organizations | $0 |
Government grants | $0 |
All other contributions, gifts, grants, and similar amounts not included above | $0 |
Noncash contributions included in lines 1a–1f | $0 |
Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
Total Program Service Revenue | $101,730,092 |
Investment income | $97,051 |
Tax Exempt Bond Proceeds | $0 |
Royalties | $0 |
Net Rental Income | $951,693 |
Net Gain/Loss on Asset Sales | $0 |
Net Income from Fundraising Events | $0 |
Net Income from Gaming Activities | $0 |
Net Income from Sales of Inventory | $20,369 |
Miscellaneous Revenue | $0 |
Total Revenue | $102,799,205 |
Statement of Expenses | |
---|---|
Grants and other assistance to domestic organizations and domestic governments. | $36,848 |
Grants and other assistance to domestic individuals. | $0 |
Grants and other assistance to Foreign Orgs/Individuals | $0 |
Benefits paid to or for members | $3,154,608 |
Compensation of current officers, directors, key employees. | $1,540,358 |
Compensation of current officers, directors, key employees. | $0 |
Compensation to disqualified persons | $0 |
Other salaries and wages | $8,060,510 |
Pension plan accruals and contributions | $1,504,981 |
Other employee benefits | $1,291,993 |
Payroll taxes | $659,742 |
Fees for services: Management | $0 |
Fees for services: Legal | $0 |
Fees for services: Accounting | $0 |
Fees for services: Lobbying | $0 |
Fees for services: Fundraising | $0 |
Fees for services: Investment Management | $0 |
Fees for services: Other | $0 |
Advertising and promotion | $0 |
Office expenses | $0 |
Information technology | $0 |
Royalties | $0 |
Occupancy | $0 |
Travel | $0 |
Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
Conferences, conventions, and meetings | $0 |
Interest | $5,683,359 |
Payments to affiliates | $0 |
Depreciation, depletion, and amortization | $7,574,577 |
Insurance | $0 |
All other expenses | $3,643,444 |
Total functional expenses | $102,799,205 |
Balance Sheet | |
---|---|
Cash—non-interest-bearing | $2,166,885 |
Savings and temporary cash investments | $0 |
Pledges and grants receivable | $0 |
Accounts receivable, net | $8,214,518 |
Loans from Officers, Directors, or Controlling Persons | $0 |
Loans from Disqualified Persons | $0 |
Notes and loans receivable | $0 |
Inventories for sale or use | $6,005,189 |
Prepaid expenses and deferred charges | $1,441,535 |
Net Land, buildings, and equipment | $197,088,780 |
Investments—publicly traded securities | $0 |
Investments—other securities | $0 |
Investments—program-related | $7,575,269 |
Intangible assets | $0 |
Other assets | $396,323 |
Total assets | $222,888,499 |
Accounts payable and accrued expenses | $9,916,012 |
Grants payable | $0 |
Deferred revenue | $0 |
Tax-exempt bond liabilities | $0 |
Escrow or custodial account liability | $0 |
Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
Secured mortgages and notes payable | $125,827,049 |
Unsecured mortgages and notes payable | $0 |
Other liabilities | $10,170,832 |
Total liabilities | $145,913,893 |
Net assets without donor restrictions | $0 |
Net assets with donor restrictions | $0 |
Capital stock or trust principal, or current funds | $0 |
Paid-in or capital surplus, or land, building, or equipment fund | $2,610,993 |
Retained earnings, endowment, accumulated income, or other funds | $74,363,613 |
Total liabilities and net assets/fund balances | $222,888,499 |