Lacreek Electric Association Inc
- Assets
- $62.8m
- Revenue
- $15.7m
- Investments
- $664.9k
- Employees
- 31
- Location
- Martin, SD
- Founding
- 10/1958
- Data as of
- 12/2021
- EIN
- 46-0218629
Organization Overview
Lacreek Electric Association Inc is located in Martin, SD. The organization was established in 1958. 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, Lacreek Electric Association Inc employed 31 individuals. This organization is the central organization for a national or regional group of organizations. Lacreek Electric Association Inc 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, Lacreek Electric Association Inc generated $15.7m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 2.4% each year. All expenses for the organization totaled $14.9m during the year ending 12/2021. While expenses have increased by 2.0% 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 ELECTRIC SERVICE TO MEMBERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDED ELECTRIC SERVICE TO APPROXIMATELY 4,287 MEMBERS.PROVIDED ELECTRICITY TO 6,811 METERED SERVICES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Josh Fanning General Manager | Officer | 40 | $127,064 |
Anna Haynes Finance Manager | Officer | 40 | $81,464 |
Marion Schultz Board Member | Trustee | 3 | $7,720 |
Brent Ireland Secretary | OfficerTrustee | 3 | $6,786 |
Clarence Allen President | OfficerTrustee | 3 | $6,443 |
Tom Schlack Board Member | Trustee | 3 | $6,165 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Keller Construction Distribution Line Construction | 12/30/21 | $357,106 |
Rushmore Electric Power Cooperative Engineering | 12/30/21 | $164,616 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $592,958 |
| 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 | $592,958 |
| Total Program Service Revenue | $14,938,767 |
| Investment income | $105,836 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $18,838 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $3,053 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $15,659,452 |
| 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 | $439,485 |
| Compensation of current officers, directors, key employees. | $402,686 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $205,440 |
| Other salaries and wages | $1,595,209 |
| Pension plan accruals and contributions | $338,189 |
| Other employee benefits | $0 |
| Payroll taxes | $149,246 |
| 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 | $1,428,954 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,133,023 |
| Insurance | $0 |
| All other expenses | -$1,758,856 |
| Total functional expenses | $14,877,034 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $5,868,514 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,143,821 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $966,587 |
| Prepaid expenses and deferred charges | $1,566,544 |
| Net Land, buildings, and equipment | $44,993,130 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $664,884 |
| Investments—program-related | $7,591,883 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $62,795,363 |
| Accounts payable and accrued expenses | $1,336,263 |
| 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 | $36,506,295 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $1,259,036 |
| Total liabilities | $39,101,594 |
| 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 | $23,693,769 |
| Total liabilities and net assets/fund balances | $62,795,363 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Blue Earth Nicollet Faribault Cooperative Electric Association Mankato, MN | $118,260,844 | $45,959,324 |
Capital Electric Cooperative Inc Bismarck, ND | $133,692,620 | $42,124,624 |
Northern Plains Electric Cooperative Carrington, ND | $137,367,234 | $41,884,973 |
Garden Valley Telephone Company Erskine, MN | $115,867,634 | $40,536,799 |
West River Electric Association Inc Wall, SD | $136,764,788 | $38,874,089 |
District Energy St Paul Inc St Paul, MN | $133,953,246 | $38,563,375 |
Steele Waseca Cooperative Electric Owatonna, MN | $93,180,056 | $37,750,212 |
Yellowstone Valley Electric Cooperative Inc Huntley, MT | $80,881,351 | $39,379,515 |
Maquoketa Valley Rural Electric Cooperative Anamosa, IA | $145,482,750 | $38,262,856 |
Access Energy Cooperative Mt Pleasant, IA | $101,668,176 | $38,281,251 |
Consolidated Telephone Company Brainerd, MN | $86,072,377 | $35,653,081 |
Federated Rural Electric Association Jackson, MN | $74,873,988 | $36,024,282 |