Lake Country Power
- Assets
- $343.1m
- Revenue
- $92.5m
- Investments
- $6.4m
- Employees
- 144
- Location
- Cohasset, MN
- Founding
- 08/1998
- Data as of
- 12/2020
- EIN
- 41-1857633
Organization Overview
Lake Country Power is located in Cohasset, MN. The organization was established in 1998. 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 12/2020, Lake Country Power employed 144 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Lake Country Power 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 12/2020, Lake Country Power generated $92.5m in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 1.4% each year. All expenses for the organization totaled $92.5m during the year ending 12/2020. While expenses have increased by 1.4% per year over the past 6 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
2020
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE ELECTRICITY AND OTHER SERVICES TO THE COOPERATIVE'S MEMBERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVISION OF ELECTRICITY AND OTHER SERVICES TO THE COOPERATIVE'S 43,100 MEMBERS.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Gregory Randa General Manager | Officer | 50 | $305,266 |
Mark Bakk Chief Financial Officer | Officer | 50 | $218,650 |
Derek Howe Chief Operating Officer | Officer | 50 | $215,858 |
Joel Hagen Senior Engineer | 50 | $175,939 | |
William Bussey Director Of Safety & Risk | 50 | $170,145 | |
Jeffrey Thiel Crew Chief | 52.85 | $155,653 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Northern Clearing Inc Right Of Way Clearing | 12/30/20 | $893,974 |
Hawk Construction Inc Construction-cohasset Service Center | 12/30/20 | $878,223 |
National Information Solutions Cooperati Software Support | 12/30/20 | $645,809 |
Allegiant Utility Services Llc Ami Meter Installation | 12/30/20 | $461,863 |
Usic Locating Services Llc Locating Services | 12/30/20 | $187,610 |
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 | $89,687,626 |
| Investment income | $251,677 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $357,948 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | -$139,627 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $92,478,659 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $19,128 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $3,802,610 |
| Compensation of current officers, directors, key employees. | $1,080,281 |
| 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 | $71,665 |
| 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 | $6,753,139 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $10,263,514 |
| Insurance | $0 |
| All other expenses | $3,893,239 |
| Total functional expenses | $92,524,413 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $6,409,583 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $8,999,383 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $5,305,725 |
| Prepaid expenses and deferred charges | $1,024,697 |
| Net Land, buildings, and equipment | $266,998,962 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $6,416,144 |
| Investments—program-related | $47,984,107 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $343,138,601 |
| Accounts payable and accrued expenses | $17,334,942 |
| Grants payable | $0 |
| Deferred revenue | $2,012,539 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $17,117 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $211,099,421 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $637,255 |
| Total liabilities | $231,101,274 |
| 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 | $112,037,327 |
| Total liabilities and net assets/fund balances | $343,138,601 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Dairyland Power Cooperative La Crosse, WI | $1,543,973,952 | $466,517,279 |
Minnkota Power Cooperative Inc Grand Forks, ND | $1,140,468,068 | $406,680,982 |
Mckenzie Electric Cooperative Inc Watford City, ND | $422,129,232 | $371,972,199 |
Mountrail-Williams Electric Cooperative Inc Williston, ND | $729,403,133 | $319,591,434 |
East River Electric Power Cooperative Inc Madison, SD | $750,935,062 | $299,322,334 |
Dakota Electric Association Farmington, MN | $386,937,429 | $228,776,645 |
Central Iowa Power Cooperative Cedar Rapids, IA | $899,434,034 | $189,203,690 |
Corn Belt Power Cooperative Humboldt, IA | $515,608,745 | $168,893,187 |
Central Power Electric Coop Inc Minot, ND | $419,743,548 | $167,780,988 |
Cass County Electric Cooperative Inc Fargo, ND | $311,989,434 | $149,157,181 |
Nodak Electric Cooperative Inc Grand Forks, ND | $162,149,817 | $119,843,322 |
Wright-Hennepin Cooperative Electric Association Rockford, MN | $233,547,306 | $112,957,716 |