Lake Region Electric Trust
- Assets
- $164.9k
- Revenue
- $0.0
- Investments
- $0.0
- Employees
- 0
- Location
- Pelican Rapids, MN
- Founding
- 02/2010
- Data as of
- 12/2021
- EIN
- 20-5114301
Organization Overview
Lake Region Electric Trust is located in Pelican Rapids, MN. The organization was established in 2010. According to its NTEE Classification (T31) the organization is classified as: Community Foundations, under the broad grouping of Philanthropy, Voluntarism & Grantmaking Foundations and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Lake Region Electric Trust is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 12/2021, Lake Region Electric Trust generated $122.0k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 5 years, the organization has seen revenues fall by an average of (4.6%) each year. All expenses for the organization totaled $98.3k during the year ending 12/2021. You can explore the organizations financials more deeply in the financial statements section below.
Form
990EZ
Mission & Program ActivityExcerpts From the 990EZ Filing
TAX YEAR
2021
Describe the Organization's Program Activity:
Part 3
THE GENERAL PURPOSE OF THIS CORPORATION SHALL BE TO ADVANCE, PROMOTE, ENHANCE AND ENGAGE IN CHARITABLE AND EDUCATIONAL PURPOSES, PRIMARILY IN THE AREA SERVED BY LAKE REGION ELECTRIC COOPERATIVE, PELICAN RAPIDS, MINNESOTA, WHICH WILL INCLUDE:THE ACCUMULATION AND DISBURSEMENTS OF FUNDS FOR CHARITABLE AND EDUCATIONAL PURPOSES, INCLUDING EMERGENCY ENERGY ASSISTANCE.TO CARRY ON ANY AND ALL ACTIVITIES PERMITTED TO BE CARRIED ON BY A NON-PROFIT CORPORATION UNDER THE STATE LAWS OF MINNESOTA AND THE FEDERAL LAWS OF THE UNITEDSTATES.TO MAKE DISTRIBUTIONS TO ORGANIZATIONS THAT QUALIFY AS EXEMPT ORGANIZATIONS UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE, OR CORRESPONDING SECTION OF ANYFUTURE FEDERAL TAX CODE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Al Berube Board Chair | 0.9 | $0 | |
Patty Johnson Board Vice Chair | 0.9 | $0 | |
Ruth Vetter Secretary | 0.9 | $0 | |
Don Davenport Trustee | 0.9 | $0 | |
Polly Reitan Treasurer | 0.9 | $0 | |
Karen Hart Trustee | 0.9 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $121,024 |
| Total Program Service Revenue | $0 |
| Membership dues | $0 |
| Investment income | $0 |
| Gain or Loss | $0 |
| Net Income from Gaming & Fundraising | $0 |
| Other Revenue | $1,000 |
| Total Revenue | $122,024 |
| Statement of Expenses | |
|---|---|
| Grants and similar amounts paid | $0 |
| Benefits paid to or for members | $0 |
| Salaries, other compensation, and employee benefits | $173 |
| Professional fees and other payments to independent contractors | $0 |
| Occupancy, rent, utilities, and maintenance | $0 |
| Printing, publications, postage, and shipping | $0 |
| Other expenses | $1,140 |
| Total expenses | $98,343 |
| Balance Sheet | |
|---|---|
| Cash, savings, and investments | $164,262 |
| Other assets | $0 |
| Total assets | $164,924 |
| Total liabilities | $5,725 |
| Net assets or fund balances | $159,199 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Oshkosh Area Community Foundation Corporation Oshkosh, WI | $140,509,815 | $17,534,681 |
Community Foundation Of Greater Dubuque Dubuque, IA | $145,486,240 | $37,640,315 |
Community Foundation Of Northeast Iowa Cedar Falls, IA | $163,015,524 | $24,241,546 |
West Central Initiative Fergus Falls, MN | $80,928,029 | $10,157,757 |
North Dakota Community Foundation Bismarck, ND | $128,952,115 | $14,760,573 |
South Central Iowa Community Foundation Chariton, IA | $15,877,246 | $5,307,597 |
Waukesha County Community Foundation Inc Waukesha, WI | $76,894,981 | $24,718,378 |
Community Foundation Of North Central Wisconsin Inc Wausau, WI | $90,468,531 | $15,305,164 |
Rochester Area Foundation Rochester, MN | $45,116,721 | $11,703,419 |
Womens Foundation Of Minnesota Minneapolis, MN | $30,253,405 | $5,522,981 |
St Croix Valley Foundation Hudson, WI | $77,504,280 | $14,379,195 |
Lacrosse Community Foundation La Crosse, WI | $69,726,999 | $8,261,750 |