You are not logged in | Member Login

this is the expanded nav content


Board of Directors

Gary List, Chairman  

Anne Lovett, Vice Chairman

Brooke Weisleder

Bill Wilson 

Henry Stout

Nanette Elenbaas

Harlan Kent

__________________________________________________________________________

North Key Largo Utility Corporation Capital Credits

By Jeff Oeltjen, ORCA Vice President

North Key Largo Utility Corporation (NKLUC) is a not-for-profit organization that provides sewer service to the Ocean Reef and Angler’s Club communities. It acts like a cooperative where its customers are the owners of the corporation. There are certain unusual accounting and legal requirements for this type of organization – one of which is capital credits. Since the company is a not-for-profit, any excess revenue at the end of the year gets rolled over into the following year. From an accounting perspective this excess of revenue over expenses is called margins. As an owner of the company, each member gets its share allocated to them every year. The allocations are divided in proportion to how much sewer usage each member purchased during the year. NKLUC keeps track of the annual allocations in individual capital credit accounts for each member.