We investigated the electronic properties of N(5)-ethyl flavinium perchlorate (Et-Fl(+)) and compared them to those of its parent compound, 3-methyllumiflavin (Fl). Absorption and fluorescence spectra of Fl and Et-Fl(+) exhibit similar spectral features, but the absorption energy of Et-Fl(+) is substantially lower than that of Fl. We calculated the absorption signatures of Fl and Et-Fl(+) using time-dependent density functional theory (TD-DFT) methods and found that the main absorption bands of Fl and Et-Fl(+) are (pi,pi*) transitions for the S-1 and S-3 excited states. Furthermore, calculations predict that the S-2 state has (n,pi*) character. Using cyclic voltammetry and a simplistic consideration of the orbital energies, we compared the HOMO/LUMO energies of Fl and Et-Fl(+). We found that both HOMO and LUMO orbitals of Et-Fl(+) are stabilized relative to those in Fl, although the stabilization of the LUMO level was more pronounced. Visible and mid-IR pump-probe experiments demonstrate that Et-Fl(+) exhibits a shorter excited-state lifetime (590 ps) relative to that of Fl (several nanoseconds), possibly due to faster thermal deactivation in Et-Fl(+), as dictated by the energy gap law. Furthermore, we observed a fast (23-30 ps) S-2 -> S-0 internal conversion in transient absorption spectra of both Fl and Et-Fl(+) in experiments that utilized pump excitations with higher energy.