Iowa Lakes Electric Cooperative
- Assets
- $179.1m
- Revenue
- $73.8m
- Investments
- $813.2k
- Employees
- 83
- Location
- Estherville, IA
- Founding
- 05/1986
- Data as of
- 12/2023
- 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 12/2023, Iowa Lakes Electric Cooperative employed 83 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 12/2023, Iowa Lakes Electric Cooperative generated $73.8m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 1.3% each year. All expenses for the organization totaled $67.9m during the year ending 12/2023. While expenses have increased by 1.3% 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
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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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jerry Beck Chairman | OfficerTrustee | 7 | $9,550 |
Gary Rouse Vice Chairman | OfficerTrustee | 7 | $9,550 |
Trent Will Secretary | OfficerTrustee | 5 | $7,450 |
Daniel Winterhof Treasurer | OfficerTrustee | 6 | $8,150 |
Neal Heldt Director | Trustee | 6 | $11,300 |
Mark Tuttle Director | Trustee | 10 | $6,400 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Renew Energy Maintenance Llc Wind Energy Services | 12/30/23 | $328,488 |
Loosbrock Digging Service Inc Underground Trenching | 12/30/23 | $236,201 |
Usic Locating Services Llc Underground Locating | 12/30/23 | $165,337 |
Jacobsen Tree Experts Inc Tree Trimming | 12/30/23 | $141,646 |
Osmose Utility Services Pole Treating | 12/30/23 | $132,222 |
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 | $67,353,873 |
| Investment income | $524,417 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $35,771 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | -$38,097 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $73,826,421 |
| 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 | $2,688,548 |
| Compensation of current officers, directors, key employees. | $1,062,706 |
| 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 | $1,389,587 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $7,736,591 |
| Insurance | $0 |
| All other expenses | $3,036,684 |
| Total functional expenses | $67,867,720 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | -$608,066 |
| Savings and temporary cash investments | $7,710,260 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $6,981,514 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $4,243,912 |
| Prepaid expenses and deferred charges | $495,363 |
| Net Land, buildings, and equipment | $102,939,175 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $813,213 |
| Investments—program-related | $56,476,777 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $179,052,148 |
| Accounts payable and accrued expenses | $7,442,539 |
| 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 | $37,173,862 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $9,650,842 |
| Total liabilities | $54,267,243 |
| 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 | $124,784,905 |
| Total liabilities and net assets/fund balances | $179,052,148 |