Lake Country Power
- Assets
- $394.0m
- Revenue
- $110.4m
- Investments
- $10.8m
- Employees
- 153
- Location
- Cohasset, MN
- Founding
- 08/1998
- Data as of
- 12/2023
- 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 12/2023, Lake Country Power employed 153 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 12/2023, Lake Country Power generated $110.4m 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 $110.4m 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
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 44,148 MEMBERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Craig Olson President | Trustee | 9.65 | $18,000 |
Larry Anderson Director | Trustee | 8.84 | $16,200 |
Daniel Kingsley Vice President | Trustee | 8.01 | $14,400 |
Michael Forsman Secretary | Trustee | 9.1 | $14,400 |
Steve Raukar Director | Trustee | 8.93 | $12,900 |
Jason Long Treasurer | Trustee | 7.06 | $12,900 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Zielie's Tree Service Inc Right Of Way Clearing | 12/30/23 | $5,606,100 |
Lake States Construction Llc Construction Of Electrical Dist. Lines | 12/30/23 | $3,464,833 |
National Information Solutions Cooperati Software Support | 12/30/23 | $732,946 |
Ulland Brothers Inc Construction Of Substation | 12/30/23 | $565,872 |
Lamb Construction Construction Of Electrical Dist. Lines | 12/30/23 | $155,701 |
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 | $106,284,324 |
| Investment income | $150,512 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $33,720 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | -$148,647 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $110,408,177 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $29,234 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $11,772,255 |
| Compensation of current officers, directors, key employees. | $1,118,664 |
| 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 | $23,089 |
| 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 | $7,447,774 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $11,427,491 |
| Insurance | $0 |
| All other expenses | $4,232,579 |
| Total functional expenses | $110,408,177 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $10,295,730 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $13,481,226 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $8,316,916 |
| Prepaid expenses and deferred charges | $362,236 |
| Net Land, buildings, and equipment | $300,616,602 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $10,791,098 |
| Investments—program-related | $50,097,696 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $393,961,504 |
| Accounts payable and accrued expenses | $17,962,522 |
| Grants payable | $0 |
| Deferred revenue | $5,013,773 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $16,765 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $236,106,803 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $780,360 |
| Total liabilities | $259,880,223 |
| 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 | $134,081,281 |
| Total liabilities and net assets/fund balances | $393,961,504 |