Lake Region Electric Cooperative
- Assets
- $151.6m
- Revenue
- $57.2m
- Investments
- $7.7m
- Employees
- 81
- Location
- Pelican Rapids, MN
- Founding
- 08/1938
- Data as of
- 12/2023
- EIN
- 41-0363020
Organization Overview
Lake Region Electric Cooperative is located in Pelican Rapids, MN. The organization was established in 1938. 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, Lake Region Electric Cooperative employed 81 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Lake Region Electric 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, Lake Region Electric Cooperative generated $57.2m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 1.8% each year. All expenses for the organization totaled $56.8m during the year ending 12/2023. While expenses have increased by 1.9% 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
TO PROVIDE OUR MEMBERS WITH SAFE, RELIABLE, AFFORDABLE ELECTRICITY, AND LEAD BY OFFERING INNOVATIVE ENERGY SERVICES TO GROW THE COOPERATIVE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
ELECTRICITY DISTRIBUTION - DISTRIBUTES ELECTRICITY TO 29,950 MEMBERS IN ITS 5,875 MILES OF LINES WITHIN THE SERVICE TERRITORY.
ETS HEATING (STEFFES)/WATER HEATERS/GENERATORS AND GOWEST SOLAR SYSTEMS - MEMBERS ABLE TO PURCHASE STEFFES ETS HEATERS/WATER HEATERS, GENERATORS, AND GOWEST SOLAR SYSTEMS THROUGH AN EASY PAY PURCHASE PROGRAM, THEN BILLED EACH MONTH ON ELECTRIC BILL.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Charlie Blixt Director | Trustee | 3.19 | $12,090 |
Michael Brasel Director | Trustee | 1.92 | $10,600 |
Jim Gronbeck Director (started 4/25/23) | Trustee | 3.07 | $9,170 |
Cecil Hensel Secretary/treasurer | Trustee | 2.23 | $11,890 |
Thomas Jennen Chairman | OfficerTrustee | 2.73 | $15,840 |
Kurt Krueger Vice Chair | OfficerTrustee | 2.04 | $13,790 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Carr's Tree Service Inc Tree Clearing | 12/30/23 | $2,055,194 |
Peterson Mechanical Inc Install New Hvac System | 12/30/23 | $1,646,936 |
Ripley's Inc Plowing/boring For Underground Cable | 12/30/23 | $392,321 |
Highline Construction Inc Poles, Work Order, Outage Restoration | 12/30/23 | $298,708 |
Arvig Construction Inc Plowing/boring/contract Work For Plant | 12/30/23 | $196,700 |
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 | $54,209,273 |
| Investment income | $661,866 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $76,535 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $98,244 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $57,227,491 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $135,679 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $3,131,037 |
| Compensation of current officers, directors, key employees. | $929,321 |
| 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 | $1,969,697 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $4,791,153 |
| Insurance | $0 |
| All other expenses | $1,147,747 |
| Total functional expenses | $56,773,094 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,511,867 |
| Savings and temporary cash investments | $2,000,000 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $5,622,426 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $666,226 |
| Inventories for sale or use | $2,211,818 |
| Prepaid expenses and deferred charges | $1,554,942 |
| Net Land, buildings, and equipment | $101,437,141 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $7,657,954 |
| Investments—program-related | $28,765,687 |
| Intangible assets | $2,107 |
| Other assets | $164,732 |
| Total assets | $151,594,900 |
| Accounts payable and accrued expenses | $7,595,216 |
| Grants payable | $0 |
| Deferred revenue | $2,593,886 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $628 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $70,528,879 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $1,717,658 |
| Total liabilities | $82,436,267 |
| 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 | $69,158,633 |
| Total liabilities and net assets/fund balances | $151,594,900 |