Lost River Electric Cooperative Inc
- Assets
- $12.3m
- Revenue
- $6.7m
- Investments
- $0.0
- Employees
- 20
- Location
- Mackay, ID
- Founding
- 04/1943
- Data as of
- 12/2023
- EIN
- 82-0139694
Organization Overview
Lost River Electric Cooperative Inc is located in Mackay, ID. The organization was established in 1943. 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 12/2023, Lost River Electric Cooperative Inc employed 20 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Lost River Electric Cooperative 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 12/2023, Lost River Electric Cooperative Inc generated $6.7m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 2.0% each year. All expenses for the organization totaled $5.6m during the year ending 12/2023. While expenses have increased by 0.5% per year over the past 9 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
DISTRIBUTE POWER TO THE LOST RIVER VALLEY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDED ELECTRICITY DISTRIBUTION TO LOST RIVER VALLEY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Brad Gamett CEO | 40 | $165,994 | |
Donald Betzer Operations Manager | 40 | $129,419 | |
Patrick Seefried Head Lineman | 40 | $115,251 | |
Linda Kimball Controller | 40 | $114,945 | |
Joshua Haroldsen Lineman | 40 | $111,166 | |
Randy R Purser President | OfficerTrustee | 6 | $13,200 |
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 | $6,615,279 |
| Investment income | $71,192 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $6,686,471 |
| 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 | $0 |
| Compensation of current officers, directors, key employees. | $113,380 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,240,643 |
| Pension plan accruals and contributions | $557,000 |
| Other employee benefits | $292,800 |
| Payroll taxes | $96,550 |
| 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 | $21,152 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $464,189 |
| Insurance | $0 |
| All other expenses | $184,395 |
| Total functional expenses | $5,603,221 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $552,104 |
| Savings and temporary cash investments | $699,307 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $254,200 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $902,848 |
| Prepaid expenses and deferred charges | $53,694 |
| Net Land, buildings, and equipment | $9,453,731 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $343,910 |
| Total assets | $12,259,794 |
| Accounts payable and accrued expenses | $767,807 |
| 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 | $1,279,941 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $1 |
| Total liabilities | $2,047,749 |
| 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 | $10,212,045 |
| Total liabilities and net assets/fund balances | $12,259,794 |