Lyon Rural Electric Cooperative
- Assets
- $26.5m
- Revenue
- $11.3m
- Investments
- $0.0
- Employees
- 11
- Location
- Rock Rapids, IA
- Founding
- 11/1940
- Data as of
- 12/2021
- 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 12/2021, Lyon Rural Electric Cooperative employed 11 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 12/2021, Lyon Rural Electric Cooperative generated $11.3m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 2.4% each year. All expenses for the organization totaled $11.3m during the year ending 12/2021. While expenses have increased by 2.8% per year over the past 7 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
2021
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 2021. 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 10% PER KWH OF COOPERATIVES IN THE NATION AND LARGE COMMERCIAL MEMBERS ENJOYED A RATE THAT RANKED IN THE LOWEST 50% PER KWH OF COOPERATIVES IN THE NATION IN 2021, THE LATEST REPORTING PERIOD WITH COMPARABLE DATA.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Ross Loomans General Manager | Officer | 41.2 | $147,119 |
Randy Mckenney President | OfficerTrustee | 6.1 | $7,450 |
Randy Roemen Vice President | OfficerTrustee | 1.7 | $6,350 |
David DE Boer Secretary | OfficerTrustee | 2.3 | $6,300 |
David Griesse Director | Trustee | 1.9 | $6,100 |
David Huff Director | Trustee | 2.9 | $5,850 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Loosbrock Digging Service Material, Cable Plowing & Backhoe Work | 12/30/19 | $482,466 |
Professional Computer Solutions Llc Computer Hardware, Software And Support | 12/30/19 | $100,498 |
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 | $10,835,511 |
| Investment income | $32,427 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $2,851 |
| 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 | $20,100 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $11,328,627 |
| 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 | $551,507 |
| Compensation of current officers, directors, key employees. | $234,298 |
| 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 | $610,347 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $915,405 |
| Insurance | $0 |
| All other expenses | $424,563 |
| Total functional expenses | $11,328,627 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $441,395 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,072,349 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $624,512 |
| Prepaid expenses and deferred charges | $101,469 |
| Net Land, buildings, and equipment | $17,588,073 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $6,668,076 |
| Intangible assets | $7,180 |
| Other assets | $4,660 |
| Total assets | $26,507,714 |
| Accounts payable and accrued expenses | $730,961 |
| Grants payable | $0 |
| Deferred revenue | $121,382 |
| 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 | $13,819,365 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $69,421 |
| Total liabilities | $14,741,129 |
| 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 | $11,766,585 |
| Total liabilities and net assets/fund balances | $26,507,714 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Black River Electric Cooperative Fredericktown, MO | $138,131,330 | $49,558,459 |
Tri-County Electric Cooperative Mount Vernon, IL | $133,948,921 | $48,522,537 |
New Mac Electric Cooperative Inc Neosho, MO | $135,294,797 | $45,962,047 |
Three Rivers Electric Cooperative Linn, MO | $111,680,117 | $44,711,641 |
Blue Earth Nicollet Faribault Cooperative Electric Association Mankato, MN | $118,260,844 | $45,959,324 |
Semo Electric Cooperative Sikeston, MO | $155,297,219 | $43,598,236 |
Oakdale Electric Cooperative Oakdale, WI | $108,949,694 | $41,848,166 |
Norris Electric Cooperative Newton, IL | $122,679,839 | $43,756,656 |
Barron Electric Cooperative Barron, WI | $83,238,959 | $40,823,389 |
Garden Valley Telephone Company Erskine, MN | $115,867,634 | $40,536,799 |
Egyptian Electric Cooperative Association Murphysboro, IL | $103,786,705 | $42,170,209 |
Riverland Energy Cooperative Arcadia, WI | $120,553,523 | $39,958,076 |