Lyon Rural Electric Cooperative
- Assets
- $32.9m
- Revenue
- $13.7m
- Investments
- $0.0
- Employees
- 13
- Location
- Rock Rapids, IA
- Founding
- 11/1940
- Data as of
- 12/2023
- EIN
- 42-0389015
Organization Overview
Lyon Rural Electric Cooperative is located in Rock Rapids, IA. 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 Rural Electric Cooperative employed 13 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Lyon Rural 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, Lyon Rural Electric Cooperative generated $13.7m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 4.0% each year. All expenses for the organization totaled $13.7m during the year ending 12/2023. While expenses have increased by 4.4% 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
RURAL UTILITY SERVICE
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDING RELIABLE AND AFFORDABLE ELECTRICAL SERVICE TO OUR MEMBER-CONSUMERS. THROUGH OUR LONG TERM PLANNING AND REINVESTMENT IN THE ELECTRICAL PLANT OUR MEMBERS ENJOYED A 99.99 % OF CONTINUOUS SERVICE IN 2023. LYON RURAL ELECTRIC COOPERATIVE RESIDENTIAL MEMBERS ENJOYED A RATE THAT RANKED IN THE LOWEST 10% PER KWH OF COOPERATIVES IN THE NATION, SMALL COMMERCIAL MEMBERS ENJOYED A RATE THAT RANKED IN THE LOWEST 35% PER KWH OF COOPERATIVES IN THE NATION AND LARGE COMMERCIAL MEMBERS ENJOYED A RATE THAT RANKED IN THE LOWEST 55% PER KWH OF COOPERATIVES IN THE NATION IN 2023, THE LATEST REPORTING PERIOD WITH COMPARABLE DATA.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
David Huff President | OfficerTrustee | 4.17 | $6,350 |
Nolan Kooiker Vice President | OfficerTrustee | 2.81 | $4,850 |
Rodney Mogler Treasurer | OfficerTrustee | 2.51 | $5,100 |
David DE Boer Secretary | OfficerTrustee | 5.31 | $9,850 |
David Griesse Director | Trustee | 2.36 | $5,550 |
Damon Pedersen Director | Trustee | 3.27 | $7,350 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Loosbrock Digging Service Cable Plowing, Directional Boring And Ba | 12/30/23 | $530,908 |
Professional Computer Systems Software Support And Development | 12/30/23 | $130,259 |
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 | $12,664,090 |
| Investment income | $52,423 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $3,564 |
| Net Gain/Loss on Asset Sales | $113,571 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $4,995 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $13,722,970 |
| 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 | $1,366,292 |
| Compensation of current officers, directors, key employees. | $272,315 |
| 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 | $698,132 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $785,347 |
| Insurance | $0 |
| All other expenses | $412,399 |
| Total functional expenses | $13,722,970 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $18,661 |
| Savings and temporary cash investments | $651,676 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,141,109 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $2,033,541 |
| Prepaid expenses and deferred charges | $538,131 |
| Net Land, buildings, and equipment | $20,289,824 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $8,221,821 |
| Intangible assets | $7,180 |
| Other assets | $7,080 |
| Total assets | $32,909,023 |
| Accounts payable and accrued expenses | $1,146,313 |
| Grants payable | $0 |
| Deferred revenue | $49,790 |
| 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 | $17,758,665 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $111,580 |
| Total liabilities | $19,066,348 |
| 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 | $13,842,675 |
| Total liabilities and net assets/fund balances | $32,909,023 |