Lake Region Electric Association Inc
- Assets
- $50.0m
- Revenue
- $19.9m
- Investments
- $149.9k
- Employees
- 25
- Location
- Webster, SD
- Founding
- 08/1965
- Data as of
- 12/2023
- EIN
- 46-0156581
Organization Overview
Lake Region Electric Association Inc is located in Webster, SD. The organization was established in 1965. 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, Lake Region Electric Association Inc employed 25 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Lake Region Electric Association Inc 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, Lake Region Electric Association Inc generated $19.9m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 3.1% each year. All expenses for the organization totaled $19.7m during the year ending 12/2023. While expenses have increased by 3.1% 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
PROVIDE THE HIGHEST QUALITY SERVICES AND PRODUCTS WHILE MAINTAINING COMPETITIVE RATES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDED ELECTRIC SERVICE TO APPROXIMATELY 2,599 MEMBERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Amy Kuecker Director | Trustee | 8 | $9,300 |
Rodney Tobin Vice President | OfficerTrustee | 8 | $7,800 |
Mark Wismer Director | Trustee | 8 | $6,000 |
Andrea Kilker Treasurer | OfficerTrustee | 8 | $6,000 |
Thomas Steiner Secretary | OfficerTrustee | 8 | $6,600 |
Kermit Pearson President | OfficerTrustee | 10 | $4,200 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
K&h Electric Cable Plower | 12/30/17 | $140,516 |
Karian Peterson Storm Job Construction Co | 12/30/17 | $178,825 |
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 | $19,781,628 |
| Investment income | $111,558 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $2,000 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | -$16,953 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $19,878,233 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $13,137 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $1,539,064 |
| Compensation of current officers, directors, key employees. | $253,796 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,601,605 |
| Pension plan accruals and contributions | $462,950 |
| Other employee benefits | $0 |
| Payroll taxes | $135,110 |
| 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 | $735,365 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,193,549 |
| Insurance | $0 |
| All other expenses | -$1,671,429 |
| Total functional expenses | $19,703,998 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $564,403 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,743,139 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $670,197 |
| Inventories for sale or use | $1,507,976 |
| Prepaid expenses and deferred charges | $216,033 |
| Net Land, buildings, and equipment | $32,056,263 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $149,933 |
| Investments—program-related | $11,878,761 |
| Intangible assets | $0 |
| Other assets | $1,200,000 |
| Total assets | $49,986,705 |
| Accounts payable and accrued expenses | $1,802,516 |
| Grants payable | $0 |
| Deferred revenue | $1,353,106 |
| 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 | $27,254,294 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $116,109 |
| Total liabilities | $30,526,025 |
| 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 | $19,460,680 |
| Total liabilities and net assets/fund balances | $49,986,705 |