Lake Region Electric Cooperative
- Assets
- $144.3m
- Revenue
- $57.0m
- Investments
- $0.0
- Employees
- 82
- Location
- Pelican Rapids, MN
- Founding
- 08/1938
- Data as of
- 12/2021
- EIN
- 41-0363020
Organization Overview
Lake Region Electric Cooperative is located in Pelican Rapids, MN. The organization was established in 1938. 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, Lake Region Electric Cooperative employed 82 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Lake Region Electric 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, Lake Region Electric Cooperative generated $57.0m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 2.3% each year. All expenses for the organization totaled $55.4m during the year ending 12/2021. While expenses have increased by 2.2% 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
TO PROVIDE OUR MEMBERS WITH SAFE, RELIABLE, AFFORDABLE ELECTRICITY, AND LEAD BY OFFERING INNOVATIVE ENERGY SERVICES TO GROW THE COOPERATIVE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
ELECTRICITY DISTRIBUTION - DISTRIBUTES ELECTRICITY TO 29,347 MEMBERS IN ITS 5,842 MILES OF LINES WITHIN THE SERVICE TERRITORY.
ETS HEATING (STEFFES)/WATER HEATERS/GENERATORS - MEMBERS ABLE TO PURCHASE STEFFES ETS HEATERS/WATER HEATERS AND GENERATORS THROUGH AN EASY PAY PURCHASE PROGRAM, THEN BILLED EACH MONTH ON ELECTRIC BILL.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Tim Thompson CEO | Officer | 50 | $294,180 |
Al Fazio VP Of Operations/engineering | 50 | $152,857 | |
Dylan Aafedt VP Of Business Development | 50 | $135,748 | |
Donald J Hanson Lead Lineman | 50.58 | $135,020 | |
Jason Haman Lead Lineman | 49.21 | $133,394 | |
Jed Evenson Lead Lineman | 58.67 | $130,022 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Arvig Construction Inc Plowing/boring For Underground Cable | 12/30/21 | $178,420 |
Mvm Contracting Inc Plowing/boring For Underground Cable | 12/30/21 | $336,214 |
Highline Construction Inc Pole Change Outs | 12/30/21 | $387,552 |
Carr's Tree Service Inc Tree Clearing | 12/30/21 | $1,537,279 |
Egge Construction Inc Replace Facility Parking Lots | 12/30/21 | $133,405 |
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 | $54,152,467 |
| Investment income | $231,871 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $80,879 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $65,350 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $56,997,078 |
| 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 | $4,017,001 |
| Compensation of current officers, directors, key employees. | $587,321 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $6,039,329 |
| Pension plan accruals and contributions | $1,349,139 |
| Other employee benefits | $0 |
| Payroll taxes | $496,657 |
| 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 | $1,993,396 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $4,419,148 |
| Insurance | $0 |
| All other expenses | -$8,069,976 |
| Total functional expenses | $55,395,963 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,252,477 |
| Savings and temporary cash investments | $1,521,105 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $5,458,649 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $1,808,186 |
| Prepaid expenses and deferred charges | $1,999,963 |
| Net Land, buildings, and equipment | $94,363,252 |
| Investments—publicly traded securities | $701,074 |
| Investments—other securities | $0 |
| Investments—program-related | $34,638,514 |
| Intangible assets | $2,107 |
| Other assets | $2,536,785 |
| Total assets | $144,282,112 |
| Accounts payable and accrued expenses | $7,864,170 |
| Grants payable | $0 |
| Deferred revenue | $1,860,173 |
| 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 | $67,903,694 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $499,157 |
| Total liabilities | $78,127,194 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $66,154,918 |
| Total liabilities and net assets/fund balances | $144,282,112 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Nodak Electric Cooperative Inc Grand Forks, ND | $162,149,817 | $119,843,322 |
Wright-Hennepin Cooperative Electric Association Rockford, MN | $233,547,306 | $112,957,716 |
Northwest Iowa Power Cooperative Le Mars, IA | $209,144,882 | $97,805,529 |
Minnesota Valley Electric Cooperative Jordan, MN | $225,562,606 | $97,633,848 |
Sioux Valley-Southwestern Electric Cooperative Inc Colman, SD | $299,619,509 | $95,033,427 |
Lake Country Power Cohasset, MN | $343,138,601 | $92,478,659 |
Crow Wing Cooperative Power & Light Company Brainerd, MN | $238,884,299 | $79,431,443 |
Roughrider Electric Cooperative Inc Hazen, ND | $306,147,341 | $78,571,891 |
Mienergy Cooperative Rushford, MN | $203,461,309 | $76,660,548 |
Adams-Columbia Electric Co-Op Friendship, WI | $247,246,792 | $77,428,375 |
Stearns Cooperative Electric Association Melrose, MN | $153,957,017 | $65,381,947 |
Iowa Lakes Electric Cooperative Estherville, IA | $166,721,612 | $65,953,608 |