L & O Power Cooperative
- Assets
- $64.6m
- Revenue
- $39.5m
- Investments
- $0.0
- Employees
- 0
- Location
- Rock Rapids, IA
- Founding
- 12/1961
- Data as of
- 12/2022
- 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 12/2022, L & O Power Cooperative generated $39.5m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 5.1% each year. All expenses for the organization totaled $39.0m during the year ending 12/2022. While expenses have increased by 5.4% per year over the past 8 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
2022
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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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Steven Voss Sec/treasurer | OfficerTrustee | 6 | $6,300 |
David Deboer President | OfficerTrustee | 6 | $6,750 |
David Hansen Director | Trustee | 6 | $5,100 |
David Huff Vice President | OfficerTrustee | 6 | $9,900 |
Lucas Roskamp Director | Trustee | 6 | $6,300 |
Dan Leuthold Director | Trustee | 6 | $4,800 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Watts Electric Company Electrical Construction Company | 12/30/22 | $1,502,673 |
N&m Power Co Electrical Construction Company | 12/30/22 | $1,262,921 |
Dgr Engineering Admin, Management, Maintenance, Engineer | 12/30/22 | $2,485,521 |
Resco Electrical Manufacturing Company | 12/30/22 | $641,812 |
Wesco Receivables Corp Electrical Manufacturing Company | 12/30/22 | $927,017 |
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 | $39,250,574 |
| Investment income | $234,179 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $1,644 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $39,486,397 |
| 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 | $4,055,594 |
| Compensation of current officers, directors, key employees. | $62,550 |
| 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 | $392,042 |
| 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 | $907,813 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $859,849 |
| Insurance | $98,107 |
| All other expenses | $53,253 |
| Total functional expenses | $39,035,776 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $64,338 |
| Savings and temporary cash investments | $1,370,464 |
| Pledges and grants receivable | $123,359 |
| Accounts receivable, net | $3,613,499 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $999,560 |
| Prepaid expenses and deferred charges | $223,855 |
| Net Land, buildings, and equipment | $34,480,654 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $23,390,034 |
| Intangible assets | $0 |
| Other assets | $296,983 |
| Total assets | $64,562,746 |
| Accounts payable and accrued expenses | $6,691,662 |
| 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 | $19,961,612 |
| Unsecured mortgages and notes payable | $2,750,000 |
| Other liabilities | $0 |
| Total liabilities | $29,403,274 |
| 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 | $1,200 |
| Retained earnings, endowment, accumulated income, or other funds | $35,158,272 |
| Total liabilities and net assets/fund balances | $64,562,746 |