Lake Region Electric Cooperative Inc
- Assets
- $263.3m
- Revenue
- $72.0m
- Investments
- $39.0m
- Employees
- 132
- Location
- Hulbert, OK
- Founding
- 03/1963
- Data as of
- 12/2023
- EIN
- 73-0579543
Organization Overview
Lake Region Electric Cooperative Inc is located in Hulbert, OK. The organization was established in 1963. 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 Cooperative Inc employed 132 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Lake Region 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, Lake Region Electric Cooperative Inc generated $72.0m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 7.2% each year. All expenses for the organization totaled $72.0m during the year ending 12/2023. While expenses have increased by 6.3% 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 ELECTRICITY TO MEMBERS ON A COOPERATIVE BASIS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO PROVIDE ELECTRICITY TO OUR MEMBERS - 26,312 ACTIVE SERVICES AT YEAR-END WERE PROVIDED ELECTRICITY ON A COOPERATIVE BASIS AND WERE ALLOCATED PATRONAGE CAPITAL.
VOICE AND INTERNET SERVICES
Get More from Intellispect for FreeCreate a free account to get more data, nonprofit salaries, advanced search and more.
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Leisa Walker Director Of | 40 | $164,458 | |
John Lee CEO | Officer | 45 | $229,708 |
Ben Mccollum Dir Finance | Officer | 40 | $190,188 |
Logan Pleasant Dir Of Opera | 40 | $193,812 | |
Wendell Welch Sr Dir It & | 40 | $173,242 | |
Jason Steeley Lineman | 40 | $139,736 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Cowen Construction Construction | 12/30/23 | $4,292,824 |
Jcl Power Hv Contractor | 12/30/23 | $1,867,518 |
Arkansas Electric Coop Inc Line Contractor | 12/30/23 | $2,905,294 |
Riggs Tree Service Row Contractor | 12/30/23 | $1,785,815 |
Force Electrical Services Line Contractor | 12/30/23 | $867,067 |
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 | $57,640,382 |
| Investment income | $1,212,043 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $726,062 |
| Net Gain/Loss on Asset Sales | $291,947 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $10,849,255 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $72,029,079 |
| 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 | $6,489,589 |
| Compensation of current officers, directors, key employees. | $971,582 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $3,668,691 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $565 |
| Fees for services: Accounting | $8,975 |
| 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 | $4,997,199 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $8,412,050 |
| Insurance | $0 |
| All other expenses | $3,606,477 |
| Total functional expenses | $72,029,079 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,564,834 |
| Savings and temporary cash investments | $12,794,991 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $5,416,792 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $8,072,030 |
| Prepaid expenses and deferred charges | $867,511 |
| Net Land, buildings, and equipment | $195,220,603 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $38,983,287 |
| Investments—program-related | $0 |
| Intangible assets | $390,759 |
| Other assets | $0 |
| Total assets | $263,310,807 |
| Accounts payable and accrued expenses | $10,446,013 |
| 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 | $179,264,438 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $9,804,640 |
| Total liabilities | $199,515,091 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $107,950 |
| Paid-in or capital surplus, or land, building, or equipment fund | $1,540,671 |
| Retained earnings, endowment, accumulated income, or other funds | $62,147,095 |
| Total liabilities and net assets/fund balances | $263,310,807 |