Mille Lacs Energy Cooperative
- Assets
- $89.0m
- Revenue
- $29.2m
- Investments
- $0.0
- Employees
- 53
- Location
- Aitkin, MN
- Founding
- 10/1941
- Data as of
- 12/2022
- EIN
- 41-0411772
Organization Overview
Mille Lacs Energy Cooperative is located in Aitkin, MN. The organization was established in 1941. 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 12/2022, Mille Lacs Energy Cooperative employed 53 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Mille Lacs 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 12/2022, Mille Lacs Energy Cooperative generated $29.2m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 2.4% each year. All expenses for the organization totaled $28.8m during the year ending 12/2022. While expenses have increased by 2.2% per year over the past 8 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
PROVIDES ELECTRIC DISTRIBUTION SERVICE TO 13,583 MEMBERS OF THE COOPERATIVE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDED ELECTRIC DISTRIBUTION SERVICE TO 13,583 MEMBERS OF THE COOPERATIVE AND 2,008 MILES IN 2022.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Harold Harms President | OfficerTrustee | 6.4 | $18,057 |
Mike Reem Vice President | OfficerTrustee | 5.4 | $14,743 |
Bruce Robinson Assist Secretary/treasurer | OfficerTrustee | 7.2 | $14,908 |
Aileen Demenge Secretary/treasurer | OfficerTrustee | 6.9 | $15,888 |
Don Appel Director | Trustee | 4.6 | $12,943 |
Derik Midthun Director | Trustee | 4.3 | $10,888 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Push Incorporated Fiber Infrastructure Installation | 12/30/22 | $1,043,154 |
Central Applicators Herbicidal Management | 12/30/22 | $267,343 |
Star Energy Services Llc Engineering Services For Electric | 12/30/22 | $247,562 |
Ramstad Technologies Inc Fiber Splicing | 12/30/22 | $243,956 |
Cooperative Network Services Llc Engineering Services For Fiber | 12/30/22 | $235,458 |
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 | $28,950,155 |
| Investment income | $191,851 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $90,997 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $29,203,634 |
| 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 | $1,515,925 |
| Compensation of current officers, directors, key employees. | $456,283 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $3,982,753 |
| Pension plan accruals and contributions | $421,248 |
| Other employee benefits | $0 |
| Payroll taxes | $324,772 |
| 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 | $1,300,468 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,188,110 |
| Insurance | $0 |
| All other expenses | -$5,183,696 |
| Total functional expenses | $28,814,017 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $4,229,205 |
| Savings and temporary cash investments | $4,649,794 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $3,496,092 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $1,622,695 |
| Prepaid expenses and deferred charges | $1,589,804 |
| Net Land, buildings, and equipment | $56,472,478 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $14,920,018 |
| Intangible assets | $0 |
| Other assets | $2,005,869 |
| Total assets | $88,985,955 |
| Accounts payable and accrued expenses | $4,078,957 |
| Grants payable | $0 |
| Deferred revenue | $2,080,528 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $6,654 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $48,754,130 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $1,823,849 |
| Total liabilities | $56,744,118 |
| 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 | $32,241,837 |
| Total liabilities and net assets/fund balances | $88,985,955 |