Great Lakes Energy Cooperative
- Assets
- $794.7m
- Revenue
- $238.0m
- Investments
- $820.6k
- Employees
- 316
- Location
- Boyne City, MI
- Founding
- 10/1997
- Data as of
- 12/2021
- EIN
- 38-3321875
Organization Overview
Great Lakes Energy Cooperative is located in Boyne City, MI. The organization was established in 1997. According to its NTEE Classification (W80) the organization is classified as: Public Utilities, under the broad grouping of Public & Societal Benefit and related organizations. As of 12/2021, Great Lakes Energy Cooperative employed 316 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Great Lakes Energy Cooperative 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 12/2021, Great Lakes Energy Cooperative generated $238.0m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 2.7% each year. All expenses for the organization totaled $238.0m during the year ending 12/2021. While expenses have increased by 2.7% per year over the past 7 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
OUR MISSION IS TO DELIVER RELIABLE ELECTRIC SERVICE AT THE BEST POSSIBLE VALUE FOR RURAL MICHIGAN MEMBERS
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDE ELECTRIC SERVICE TO MEMBER/CUSTOMERS - APPROXIMATELY 125,000 MEMBER/CUSTOMERS.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
William Scott Pres, Chief Executive Officer | Officer | 55 | $725,653 |
Stephen Drake Vp, Chief Financial Officer | Officer | 55 | $308,864 |
Scott Blecke Vp, Engineering | 60 | $262,784 | |
Shari Culver Vp, Communications And Member Services | 44 | $214,689 | |
Jennifer Wilson Vp, Human Resources | 48 | $211,900 | |
Kevin Forbes Director Of Operations | 60 | $209,458 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Alpine Tree Service Right Of Way Tree Clearing | 12/30/21 | $245,699 |
Gustafson Hdd Llc Underground Fiber Boring | 12/30/21 | $548,857 |
Roemer Utility Services Ug Boring Contractor | 12/30/21 | $699,794 |
Tip Top Drilling Llc Underground Boring Contractor | 12/30/21 | $310,522 |
Trees Llc Right Of Way Tree Clearing | 12/30/21 | $3,873,056 |
Financial Statements
| 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 | $235,758,196 |
| Investment income | $2,045,001 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $178,935 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $238,017,889 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $10,817,672 |
| Compensation of current officers, directors, key employees. | $1,483,456 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| 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 | $12,625,137 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $20,887,977 |
| Insurance | $0 |
| All other expenses | $6,286,823 |
| Total functional expenses | $238,017,889 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $4,689,818 |
| Savings and temporary cash investments | $1,044,061 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $31,938,341 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $1,725,678 |
| Inventories for sale or use | $12,200,031 |
| Prepaid expenses and deferred charges | $5,249,309 |
| Net Land, buildings, and equipment | $593,183,915 |
| Investments—publicly traded securities | $2,373,774 |
| Investments—other securities | $820,634 |
| Investments—program-related | $139,279,736 |
| Intangible assets | $2,165,617 |
| Other assets | $0 |
| Total assets | $794,670,914 |
| Accounts payable and accrued expenses | $47,321,607 |
| 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 | $506,267,365 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $8,424,786 |
| Total liabilities | $562,013,758 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $519,740 |
| Paid-in or capital surplus, or land, building, or equipment fund | $10,873,860 |
| Retained earnings, endowment, accumulated income, or other funds | $221,263,556 |
| Total liabilities and net assets/fund balances | $794,670,914 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Buckeye Power Inc Columbus, OH | $1,739,976,540 | $814,420,643 |
Wabash Valley Power Association Inc Indianapolis, IN | $1,308,025,251 | $757,452,533 |
Wolverine Power Supply Cooperative Inc Cadillac, MI | $963,621,114 | $556,306,485 |
Dairyland Power Cooperative La Crosse, WI | $1,543,973,952 | $466,517,279 |
Midcontinent Independent System Operator Inc Carmel, IN | $2,446,006,704 | $407,489,988 |
South Central Power Company Lancaster, OH | $695,490,462 | $352,992,911 |
Great Lakes Energy Cooperative Boyne City, MI | $794,670,914 | $238,017,889 |
Northeastern Rural Electric Membership Corporation Columbia City, IN | $154,005,839 | $126,158,719 |
Hendricks County Rural Electric Membership Corporation Danville, IN | $222,904,007 | $97,103,288 |
South Central Indiana Rural Electric Membership Corporation Martinsville, IN | $273,130,010 | $92,514,436 |
Cloverland Electric Cooperative Inc Sault Ste Marie, MI | $210,343,579 | $87,157,838 |
Tipmont Rural Electric Membership Corporation Linden, IN | $238,009,464 | $75,841,839 |