Lake Country Power Electric Tr
- Assets
- $38.9k
- Revenue
- $207.0k
- Investments
- $0.0
- Employees
- 0
- Location
- Cohasset, MN
- Founding
- 08/2004
- Data as of
- 12/2021
- EIN
- 20-6179494
Organization Overview
Lake Country Power Electric Tr is located in Cohasset, MN. The organization was established in 2004. According to its NTEE Classification (T30) the organization is classified as: Public 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 Country Power Electric Tr 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 Country Power Electric Tr generated $207.0k 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 $218.3k during the year ending 12/2021. While expenses have increased by 2.9% 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
LAKE COUNTRY POWER ELECTRIC TRUST PROVIDES A FUNDING SOURCE FOR OTHER NON-PROFIT ORGANIZATIONS THAT SERVE PRIMARILY THE AREA SERVED BY LAKE COUNTRY POWER ELECTRIC COOPERATIVE. PARTICIPATING MEMBERS OF LAKE COUNTRY POWER ELECTRIC COOPERATIVE CONTRIBUTE TO THE LAKE COUNTRY POWER ELECTRIC TRUST BY ALLOWING THEIR ENERGY BILLS TO BE ROUNDED UP TO THE NEXT WHOLE DOLLAR AMOUNT EACH MONTH. THE EXCESS OF THIS ROUNDED UP AMOUNT OVER THE ENERGY BILL IS CONTRIBUTED TO THE TRUST.
Describe the Organization's Program Activity:
Part 3 - Line 4a
DONATIONS TO CHARITIES IN THE LAKE COUNTRY POWER ELECTRIC COOPERATIVE AREA FOR PURPOSE OF COMMUNITY SERVICE, EDUCATION & YOUTH, ENVIRONMENT AND EMERGENCY ENERGY ASSISTANCE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Keyth Wallin Secretary | Trustee | 0.5 | $0 |
Gerald Varner Vice President | Trustee | 0.5 | $0 |
Bobbi Maish President | Trustee | 0.5 | $0 |
Debora Zauhar Board Member | Trustee | 0.5 | $0 |
Mary Jo Stenson Treasurer | Trustee | 0.5 | $0 |
Linda Burja Board Member | Trustee | 0.5 | $0 |
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 | $206,999 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $206,999 |
| Total Program Service Revenue | $0 |
| Investment income | $0 |
| 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 | $206,999 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $218,306 |
| 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. | $0 |
| 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 | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $218,306 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $21,967 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $16,950 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $38,917 |
| Accounts payable and accrued expenses | $0 |
| 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 | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $0 |
| Net assets without donor restrictions | $38,917 |
| 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 | $0 |
| Total liabilities and net assets/fund balances | $38,917 |
Grants Awarded
Over the last fiscal year, Lake Country Power Electric Tr has awarded $17,600 in support to 3 organizations.
| Grant Recipient | Amount |
|---|---|
Tamarack, MN PURPOSE: REPLENISH FOODSHELF AND COMMUNITY OUTREACH NEEDS | $6,000 |
COOK HOUSING AUTHORITY PURPOSE: PROGRAM ASSISTANCE | $6,000 |
Eveleth, MN PURPOSE: FINANCIAL ASSISTANCE FOR CANCER PATIENTS | $5,600 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Thedacare Family Of Foundations Inc Appleton, WI | $89,256,611 | $25,439,996 |
The Hormel Foundation Austin, MN | $1,540,722,314 | $34,366,937 |
South Dakota Community Foundation Pierre, SD | $805,282,495 | $215,504,617 |
Society Of St Vincent De Paul- Twin Cities Minneapolis, MN | $592,562 | $17,408,500 |
Northland Foundation Duluth, MN | $110,895,270 | $27,913,272 |
David Lynch Foundation For Consciousness-Based Education And Fairfield, IA | $9,280,358 | $8,736,448 |
Steve Stricker American Family Insurance Foundation Inc Madison, WI | $5,745,517 | $4,719,862 |
Hope Gospel Mission Inc Eau Claire, WI | $10,860,307 | $6,194,588 |
Community Foundation Of Johnson Coralville, IA | $45,550,796 | $9,673,780 |
The American Center For Philanthropy Inc Northfield, MN | $38,336,369 | $9,301,432 |
Lyon County Riverboat Foundation Inc Rock Rapids, IA | $2,226,608 | $3,365,358 |
Morgan Memorial Foundation Inc Morgan, MN | $3,017,509 | $3,804,451 |