Great Lakes Energy Cooperative
- Assets
- $961.4m
- Revenue
- $256.3m
- Investments
- $715.8k
- Employees
- 325
- Location
- Boyne City, MI
- Founding
- 10/1997
- Data as of
- 12/2023
- EIN
- 38-3321875
Organization Overview
Great Lakes Energy Cooperative is located in Boyne City, MI. The organization was established in 1997. 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, Great Lakes Energy Cooperative employed 325 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Great Lakes Energy 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 12/2023, Great Lakes Energy Cooperative generated $256.3m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 2.9% each year. All expenses for the organization totaled $256.3m during the year ending 12/2023. While expenses have increased by 2.9% 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
OUR MISSION IS TO DELIVER RELIABLE ELECTRIC SERVICE AT THE BEST POSSIBLE VALUE FOR RURAL MICHIGAN MEMBERS
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDE ELECTRIC SERVICE TO MEMBER/CUSTOMERS - APPROXIMATELY 130,000 MEMBER/CUSTOMERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Shaun Lamp Pres, Chief Executive Officer | Officer | 55 | $427,311 |
Shari Culver Chief Operating Officer | Officer | 44 | $252,100 |
Daryl Desloover Vp, Infomation Technology | 57 | $282,957 | |
Jennifer Wilson Chief Impact Officer | Officer | 48 | $252,218 |
John Fettig Chief Financial Officer | Officer | 55 | $279,694 |
Kevin Forbes Director Of Operations | 60 | $217,106 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Aviso Llc Consulting Services | 12/30/23 | $209,000 |
Roemer Utility Services Ug Boring Contractor | 12/30/23 | $277,931 |
Gustafson Hdd Llc Underground Fiber Boring | 12/30/23 | $383,857 |
Alpine Tree Service Right Of Way Tree Clearing | 12/30/23 | $613,976 |
Trees Llc Right Of Way Tree Clearing | 12/30/23 | $3,929,162 |
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 | $254,340,050 |
| Investment income | $1,667,683 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $205,947 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $256,252,080 |
| 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 | $9,809,936 |
| Compensation of current officers, directors, key employees. | $2,213,287 |
| 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 | $17,330,091 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $26,140,602 |
| Insurance | $0 |
| All other expenses | $5,112,029 |
| Total functional expenses | $256,252,080 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $419,210 |
| Savings and temporary cash investments | $936,247 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $32,687,784 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $1,745,502 |
| Inventories for sale or use | $18,557,698 |
| Prepaid expenses and deferred charges | $4,200,244 |
| Net Land, buildings, and equipment | $739,560,874 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $715,770 |
| Investments—program-related | $159,461,114 |
| Intangible assets | $3,074,456 |
| Other assets | $0 |
| Total assets | $961,358,899 |
| Accounts payable and accrued expenses | $44,071,967 |
| 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 | $646,400,358 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $8,859,855 |
| Total liabilities | $699,332,180 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $519,740 |
| Paid-in or capital surplus, or land, building, or equipment fund | $15,398,771 |
| Retained earnings, endowment, accumulated income, or other funds | $246,108,208 |
| Total liabilities and net assets/fund balances | $961,358,899 |