Board of Directors Gary List, Chairman Anne Lovett, Vice Chairman Brooke Weisleder Bill Wilson Henry Stout Nanette Elenbaas Alex Castellanos Nip Smith Drew Cunningham __________________________________________________________________________ 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.
