L & O Power Cooperative
- Assets
- $53.6m
- Revenue
- $31.8m
- Investments
- $287.2k
- Employees
- 0
- Location
- Rock Rapids, IA
- Founding
- 12/1961
- Data as of
- 12/2021
- EIN
- 42-0721692
Organization Overview
L & O Power Cooperative is located in Rock Rapids, IA. The organization was established in 1961. According to its NTEE Classification (W80) the organization is classified as: Public Utilities, under the broad grouping of Public & Societal Benefit and related organizations. This organization is the central organization for a national or regional group of organizations. L & O Power 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, L & O Power Cooperative generated $31.8m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 2.6% each year. All expenses for the organization totaled $31.7m during the year ending 12/2021. While expenses have increased by 3.1% 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
SALE OF ELECTRICITY TO MEMBERS
Describe the Organization's Program Activity:
Part 3 - Line 4a
L&O POWER COOPERATIVE IS A WHOLESALE POWER SUPPLIER TO FOUR RURAL DISTRIBUTION COOPERATIVES. L&O PROVIDES WHEELING SERVICES TO THREE MUNICIPALITIES.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
David Huff Vice President | OfficerTrustee | 6 | $7,625 |
David Hansen Director | Trustee | 6 | $5,900 |
David Deboer President | OfficerTrustee | 6 | $5,475 |
Steven Voss Sec/treasurer | OfficerTrustee | 6 | $5,325 |
Dan Leuthold Director | Trustee | 6 | $4,700 |
Lucas Roskamp Director | Trustee | 6 | $4,425 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Dgr Engineering Admin, Management, Maintenance, Engineer | 12/30/21 | $2,254,149 |
N&m Power Co Electrical Construction Company | 12/30/21 | $849,219 |
Siemens Energy Inc Electrical Manufacturing Company | 12/30/21 | $487,743 |
Synergy Powerline Construction Electrical Construction Company | 12/30/21 | $427,937 |
Wesco Receivables Corp Electrical Manufacturing Company | 12/30/21 | $183,266 |
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 | $31,462,829 |
| Investment income | $302,445 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| 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 | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $31,765,274 |
| 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 | $945,589 |
| Compensation of current officers, directors, key employees. | $53,425 |
| 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 | $356,500 |
| 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 | $692,889 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $797,051 |
| Insurance | $86,369 |
| All other expenses | $46,032 |
| Total functional expenses | $31,660,209 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $59,808 |
| Savings and temporary cash investments | $1,973,629 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $2,321,866 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $981,488 |
| Prepaid expenses and deferred charges | $206,426 |
| Net Land, buildings, and equipment | $27,153,911 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $287,158 |
| Investments—program-related | $20,151,675 |
| Intangible assets | $0 |
| Other assets | $428,286 |
| Total assets | $53,564,247 |
| Accounts payable and accrued expenses | $4,488,019 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| 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 | $15,498,075 |
| Unsecured mortgages and notes payable | $2,800,000 |
| Other liabilities | $0 |
| Total liabilities | $22,786,094 |
| 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 | $1,200 |
| Retained earnings, endowment, accumulated income, or other funds | $30,776,953 |
| Total liabilities and net assets/fund balances | $53,564,247 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
N W Electric Power Cooperative Inc Cameron, MO | $276,321,789 | $107,924,696 |
Wright-Hennepin Cooperative Electric Association Rockford, MN | $233,547,306 | $112,957,716 |
Northwest Iowa Power Cooperative Le Mars, IA | $209,144,882 | $97,805,529 |
Minnesota Valley Electric Cooperative Jordan, MN | $225,562,606 | $97,633,848 |
Sioux Valley-Southwestern Electric Cooperative Inc Colman, SD | $299,619,509 | $95,033,427 |
Lake Country Power Cohasset, MN | $343,138,601 | $92,478,659 |
Northeast Missouri Electric Power Cooperative Palmyra, MO | $173,630,221 | $92,260,519 |
Southeastern Illinois Electric Carrier Mills, IL | $211,832,578 | $85,978,289 |
Corn Belt Electric Cooperative Inc Bloomington, IL | $225,280,163 | $84,317,914 |
Crow Wing Cooperative Power & Light Company Brainerd, MN | $238,884,299 | $79,431,443 |
Mienergy Cooperative Rushford, MN | $203,461,309 | $76,660,548 |
Adams-Columbia Electric Co-Op Friendship, WI | $247,246,792 | $77,428,375 |