Lacreek Electric Association Inc
- Assets
- $70.0m
- Revenue
- $16.5m
- Investments
- $651.6k
- Employees
- 33
- Location
- Martin, SD
- Founding
- 10/1958
- Data as of
- 12/2023
- EIN
- 46-0218629
Organization Overview
Lacreek Electric Association Inc is located in Martin, SD. The organization was established in 1958. 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, Lacreek Electric Association Inc employed 33 individuals. This organization is the central organization for a national or regional group of organizations. Lacreek 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, Lacreek Electric Association Inc generated $16.5m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 2.4% each year. All expenses for the organization totaled $16.0m during the year ending 12/2023. While expenses have increased by 2.4% 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 SERVICE TO MEMBERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDED ELECTRIC SERVICE TO APPROXIMATELY 4,000 MEMBERS ON 5,174 MILES OF LINE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Marion Schultz Board Member | Trustee | 3 | $10,875 |
Wade Risse President | OfficerTrustee | 3 | $6,850 |
Brent Ireland Vice President | OfficerTrustee | 3 | $5,877 |
Thomas Schlack Treasurer | OfficerTrustee | 3 | $6,584 |
Scott Larson Secretary | OfficerTrustee | 3 | $4,561 |
Clarence Allen Board Member | Trustee | 3 | $8,548 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Keller Construction Contractor | 12/30/23 | $313,921 |
Rushmore Electric Power Engineering | 12/30/23 | $137,729 |
Exo Group Llc Contractor | 12/30/23 | $105,017 |
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 | $16,007,277 |
| Investment income | $412,286 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $42,058 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $3,250 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $16,464,871 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $5,000 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $1,268,930 |
| Compensation of current officers, directors, key employees. | $411,950 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $219,295 |
| Other salaries and wages | $1,896,518 |
| Pension plan accruals and contributions | $311,487 |
| Other employee benefits | $0 |
| Payroll taxes | $173,233 |
| 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 | $1,111,705 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,262,551 |
| Insurance | $0 |
| All other expenses | -$1,962,268 |
| Total functional expenses | $15,983,605 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $6,047,304 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,450,685 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $5,143,866 |
| Prepaid expenses and deferred charges | $879,483 |
| Net Land, buildings, and equipment | $47,173,155 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $651,641 |
| Investments—program-related | $8,668,735 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $70,014,869 |
| Accounts payable and accrued expenses | $1,464,911 |
| 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 | $42,015,509 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $1,586,493 |
| Total liabilities | $45,066,913 |
| 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 | $24,947,956 |
| Total liabilities and net assets/fund balances | $70,014,869 |