Iowa Lakes Electric Cooperative
- Assets
- $166.7m
- Revenue
- $66.0m
- Investments
- $165.3k
- Employees
- 68
- Location
- Estherville, IA
- Founding
- 05/1986
- Data as of
- 12/2020
- EIN
- 42-1259366
Organization Overview
Iowa Lakes Electric Cooperative is located in Estherville, IA. The organization was established in 1986. 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 12/2020, Iowa Lakes Electric Cooperative employed 68 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Iowa Lakes 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 12/2020, Iowa Lakes Electric Cooperative generated $66.0m in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 0.1% each year. All expenses for the organization totaled $63.4m during the year ending 12/2020. While expenses have increased by 0.7% per year over the past 6 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
2020
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE ELECTRIC UTILITY SERVICES TO MEMBERS OF THE COOPERATIVE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
RURAL ELECTRIC COOPERATIVE - SALES OF ELECTRICITY TO MEMBERS.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Rick Olesen President/ceo | Officer | 55 | $257,386 |
September Dau Sr VP Of Finance | Officer | 48 | $191,270 |
Aaron Ruschy VP Of Operations & Enginee | Officer | 48 | $159,779 |
Tresa Hussong VP Of Customer & Corporate | Officer | 48 | $153,463 |
Pam Caboth VP Of Administrative Servi | Officer | 48 | $121,579 |
Doug Dau Manager Of It | 48 | $113,001 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Loosbrock Digging Service Inc Underground Trenching | 12/30/20 | $338,171 |
Osmose Utilities Pole Treating | 12/30/20 | $183,002 |
Zf Services Installation Of Wind Gearbox | 12/30/20 | $154,985 |
Renew Energy Maintenance Gearbox Repair | 12/30/20 | $152,022 |
Jacobsen Tree Experts Tree Trimming | 12/30/20 | $141,812 |
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 | $61,930,923 |
| Investment income | $192,913 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $15,161 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | -$32,274 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $65,953,608 |
| 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 | $3,042,564 |
| Compensation of current officers, directors, key employees. | $1,296,695 |
| 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 | $1,337,598 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $7,204,808 |
| Insurance | $0 |
| All other expenses | $2,831,505 |
| Total functional expenses | $63,418,433 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | -$257,098 |
| Savings and temporary cash investments | $9,453,351 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $6,521,751 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $1,600,421 |
| Prepaid expenses and deferred charges | $1,537,654 |
| Net Land, buildings, and equipment | $104,116,907 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $165,251 |
| Investments—program-related | $43,583,375 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $166,721,612 |
| Accounts payable and accrued expenses | $8,726,943 |
| 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 | $41,046,153 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $8,732,990 |
| Total liabilities | $58,506,086 |
| 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 | $108,215,526 |
| Total liabilities and net assets/fund balances | $166,721,612 |
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 |