Lake Region Electric Cooperative Inc
- Assets
- $189.2m
- Revenue
- $55.7m
- Investments
- $26.2m
- Employees
- 113
- Location
- Hulbert, OK
- Founding
- 03/1963
- Data as of
- 12/2021
- 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 12/2021, Lake Region Electric Cooperative Inc employed 113 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 12/2021, Lake Region Electric Cooperative Inc generated $55.7m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 5.4% each year. All expenses for the organization totaled $55.7m during the year ending 12/2021. While expenses have increased by 4.3% per year over the past 7 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
2021
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 - 25,753 ACTIVE SERVICES AT YEAR-END WERE PROVIDED ELECTRICITY ON A COOPERATIVE BASIS AND WERE ALLOCATED PATRONAGE CAPITAL.
VOICE AND INTERNET SERVICES
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Hamid Vahdatipour General Mana | Officer | 45 | $315,908 |
Logan Pleasant Dir Of Opera | 40 | $173,033 | |
Ben Mccollum Dir Finance | Officer | 40 | $149,877 |
Jason Steeley Lineman | 40 | $118,778 | |
Jon Enkey Lineman | 40 | $118,228 | |
Jason Youngblood Lineman | 40 | $115,892 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Riggs Tree Service Row Contractor | 12/30/21 | $933,953 |
Gray Tree Llc Row Contractor | 12/30/21 | $740,012 |
Jcl Power Hv Contractor | 12/30/21 | $535,505 |
Res System 3 Llc Hv Contractor | 12/30/21 | $176,746 |
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 | $46,605,238 |
| Investment income | $348,295 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $683,953 |
| Net Gain/Loss on Asset Sales | $108,251 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $7,064,300 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $55,653,539 |
| 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 | $2,817,479 |
| Compensation of current officers, directors, key employees. | $1,041,896 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $2,438,218 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $65,421 |
| Fees for services: Accounting | $8,149 |
| 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 | $3,107,704 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $6,655,303 |
| Insurance | $0 |
| All other expenses | $2,620,017 |
| Total functional expenses | $55,653,539 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $681,282 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $13,969,675 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $4,640,166 |
| Prepaid expenses and deferred charges | $440,065 |
| Net Land, buildings, and equipment | $142,938,106 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $26,158,862 |
| Investments—program-related | $0 |
| Intangible assets | $319,488 |
| Other assets | $52,174 |
| Total assets | $189,199,818 |
| Accounts payable and accrued expenses | $9,415,063 |
| 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 | $111,842,084 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $8,673,446 |
| Total liabilities | $129,930,593 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $105,250 |
| Paid-in or capital surplus, or land, building, or equipment fund | $2,935,443 |
| Retained earnings, endowment, accumulated income, or other funds | $56,228,532 |
| Total liabilities and net assets/fund balances | $189,199,818 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Mid-South Electric Cooperative Association Navasota, TX | $452,923,341 | $112,304,236 |
N W Electric Power Cooperative Inc Cameron, MO | $276,321,789 | $107,924,696 |
La Plata Electric Association Inc Durango, CO | $287,521,885 | $109,650,926 |
Karnes Electric Cooperative Inc Karnes City, TX | $202,970,400 | $101,891,775 |
Tri-County Electric Cooperative Inc Hooker, OK | $321,398,945 | $100,998,279 |
Deep East Texas Electric Co-Operative Inc San Augustine, TX | $258,283,792 | $99,942,050 |
Upshur-Rural Electric Cooperative Corporation Gilmer, TX | $245,628,727 | $98,243,041 |
San Bernard Electric Cooperative Incorporated Bellville, TX | $290,497,219 | $97,543,303 |
Pioneer Electric Cooperative Inc Ulysses, KS | $284,468,248 | $104,061,245 |
Lea County Electric Cooperative Inc Lovington, NM | $232,536,118 | $95,597,033 |
Northeast Missouri Electric Power Cooperative Palmyra, MO | $173,630,221 | $92,260,519 |
Bandera Electric Cooperative Inc Bandera, TX | $290,540,608 | $89,188,257 |