I used this converter:
EV 14 = 213.676992 foot-candle = 2300 meter candle.
EV 14 = 1/125 @ f/11 at ISO 100 as we all know.
Formula: with square root of ISO, you use f/10.
The formula you post suggests 1/214.
That's not that off the mark. 1/214 @ f/10 instead of 1/125 @ f/11. The formula gives you an exposure which is a bit closer than what we would expect as normal. I reckon about 1/3 of a stop closer.
I suppose your problem is in your light meter which does not really give you candles per square meter, but something else. (Or maybe you should check if it is set at ISO 100).
Parenthesis without polemic.
I still don't get the practical reason for this exercise. In photographic units each EV corresponds to "twice" the luminance. In meter-candle or foot-candle "twice" the luminance is expressed in "twice" the number. If you want to know the contrast of illumination of the scene, in foot-candles you just divide the two numbers and then derive the stops of difference.
For instance, if two light sources are measured as EV 14 and EV 11, you know there is a three stop difference.
If the same sources are measured as 1600 fc and 200 fc, you divide 1600 by 200, obtain 8, know that 2^3 = 8 so there is a 3 stops difference.
EDIT the equivalence above between meter-candles and EV is taken from my light meter's instruction booklet, so that might be a bit approximated and the formula in foot-candle might be a bit closer to the "normal" exposure value.
EDIT maybe you are using your lightmeter with the dome in front of the cell? If I understand it right, this kind of measurements are reflected light measures.