Lyon-Lincoln Electric Cooperative Inc
- Assets
- $42.9m
- Revenue
- $11.8m
- Investments
- $80.5k
- Employees
- 16
- Location
- Tyler, MN
- Founding
- 11/1940
- Data as of
- 12/2023
- EIN
- 41-0387084
Organization Overview
Lyon-Lincoln Electric Cooperative Inc is located in Tyler, MN. The organization was established in 1940. 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, Lyon-Lincoln Electric Cooperative Inc employed 16 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Lyon-Lincoln 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, Lyon-Lincoln Electric Cooperative Inc generated $11.8m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 1.9% each year. All expenses for the organization totaled $11.8m 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 ELECTRICITY TO RURAL AREAS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDED ELECTRIC SERVICE TO APPROXIMATELY 3,956 METERS WITH 1,671 MILES OF LINE SERVICED, 22.84 MILES ADDED, AND 21.78 MILES REMOVED.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Sander L Ludeman President (until 01/23) | OfficerTrustee | 1 | $311 |
Dale Fier Vice President/president | OfficerTrustee | 4 | $8,300 |
Kathleen Schreurs Secretary & Treasurer | OfficerTrustee | 2.3 | $5,300 |
James A Rokeh Director | Trustee | 7.8 | $11,350 |
Jared Dritz Director | Trustee | 2.3 | $3,900 |
Scott Johnson Director | Trustee | 1.7 | $6,325 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Te Underground Plow In Underground Cable | 12/30/20 | $303,442 |
Usic Locating Services Inc Cable Locating | 12/30/20 | $110,932 |
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 | $11,631,290 |
| Investment income | $125,790 |
| 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 | -$177 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $11,756,903 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $6,794 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $1,146,682 |
| Compensation of current officers, directors, key employees. | $453,574 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,198,181 |
| Pension plan accruals and contributions | $270,031 |
| Other employee benefits | $0 |
| Payroll taxes | $112,986 |
| 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 | $655,588 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,130,473 |
| Insurance | $0 |
| All other expenses | -$753,306 |
| Total functional expenses | $11,756,903 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $3,886,957 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $781,054 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $43,690 |
| Inventories for sale or use | $861,706 |
| Prepaid expenses and deferred charges | $217,081 |
| Net Land, buildings, and equipment | $28,018,216 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $80,505 |
| Investments—program-related | $8,959,475 |
| Intangible assets | $498 |
| Other assets | $4,590 |
| Total assets | $42,853,772 |
| Accounts payable and accrued expenses | $1,181,512 |
| 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 | $23,736,865 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $690,336 |
| Total liabilities | $25,608,713 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $19,855 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $17,225,204 |
| Total liabilities and net assets/fund balances | $42,853,772 |