Lane-Scott Electric Cooperative Inc
- Assets
- $65.9m
- Revenue
- $19.8m
- Investments
- $0.0
- Employees
- 26
- Location
- Dighton, KS
- Founding
- 03/1952
- Data as of
- 12/2023
- EIN
- 48-0526038
Organization Overview
Lane-Scott Electric Cooperative Inc is located in Dighton, KS. The organization was established in 1952. 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, Lane-Scott Electric Cooperative Inc employed 26 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Lane-Scott Electric Cooperative 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, Lane-Scott Electric Cooperative Inc generated $19.8m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 0.9% each year. All expenses for the organization totaled $19.5m during the year ending 12/2023. While expenses have increased by 1.9% 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 QUALITY AND RELIABLE ELECTRIC SERVICE TO MEMBERS AT COST ON A COOPERATIVE BASIS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDING ELECTRIC ENERGY TO OUR MEMBERS ON A COOPERATIVE BASIS THROUGH THE ALLOCATION OF PATRONAGE CAPITAL. THERE WERE 5,741 ACTIVE SERVICES AT YEAR.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Eric Doll Treasurer | OfficerTrustee | 2 | $4,100 |
Randall Evans Trustee | Trustee | 1.6 | $6,800 |
Chad Griffith Trustee | Trustee | 0.9 | $4,150 |
Harold Hoss Secretary | OfficerTrustee | 1.4 | $6,800 |
Richard Jennison President | OfficerTrustee | 1.2 | $5,150 |
Craig Ramsey Vice President | OfficerTrustee | 5.3 | $14,000 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Utility Asset Management Inc Pole Inspections & Trussing | 12/30/22 | $182,817 |
Ies Commercial Inc Contract Work - Pole Replacements | 12/30/22 | $256,636 |
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 | $18,374,120 |
| Investment income | $400,256 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $2,330 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $19,834,006 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $23,866 |
| Grants and other assistance to domestic individuals. | $10,500 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $501,621 |
| Compensation of current officers, directors, key employees. | $603,820 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,158,611 |
| Pension plan accruals and contributions | $269,836 |
| Other employee benefits | $281,752 |
| Payroll taxes | $103,261 |
| 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 | $1,222,359 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,955,181 |
| Insurance | $0 |
| All other expenses | $212,986 |
| Total functional expenses | $19,529,432 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $157,091 |
| Savings and temporary cash investments | $6,596,459 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,411,374 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $703,772 |
| Prepaid expenses and deferred charges | $1,003,054 |
| Net Land, buildings, and equipment | $42,145,654 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $13,712,352 |
| Intangible assets | $0 |
| Other assets | $136,417 |
| Total assets | $65,866,173 |
| Accounts payable and accrued expenses | $1,524,708 |
| 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 | $36,771,902 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $1,633,064 |
| Total liabilities | $39,929,674 |
| 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 | $25,936,499 |
| Total liabilities and net assets/fund balances | $65,866,173 |