Skip to content
Nonprofiteer
← IOWA LAKES ELECTRIC COOPERATIVE

Form 990 for tax year 2023

Filed by IOWA LAKES ELECTRIC COOPERATIVE.

Totals

Total revenue
$73,826,421
Total expenses
$67,867,720
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$67,353,873
Investment income
$560,188
Other revenue
$5,912,360
Total assets, end of year
$179,052,148
Total liabilities, end of year
$54,267,243
Net assets or fund balances, end of year
$124,784,905
Program services expenses (Part IX)
not reported
Management and general expenses
not reported
Fundraising expenses
not reported
Program service expenses (Part III)
not reported

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 2a · Program service revenue: SALE OF POWER

    total $63,193,829 · related or exempt $63,193,829

  • 2b · Program service revenue: SALE OF POWER - WIND GENERATION

    total $4,160,044 · related or exempt $4,160,044

  • 3 · Investment income

    total $524,417 · excluded $524,417

  • 7a · Gross sales of assets other than inventory

    other assets $79,284

  • 7b · Less cost or other basis and sales expenses

    other assets $43,513

  • 7c · Gain or loss

    other assets $35,771

  • 7d · Net gain or loss

    total $35,771 · excluded $35,771

  • 10a · Gross sales of inventory

    $450,468

  • 10b · Cost of goods sold

    $488,565

  • 10c · Net income from sales of inventory

    total -$38,097 · excluded -$38,097

  • 11a · Other revenue: CAPITAL CREDITS

    total $5,937,076 · related or exempt $5,937,076

  • 11b · Other revenue: EARNINGS REPORTED ON SCHEDULE K-1

    total $54,474 · unrelated business $54,474

  • 11c · Other revenue: MISCELLANEOUS

    total $1,002 · related or exempt $1,002

  • 11d · All other revenue

    total -$42,095 · excluded -$42,095

  • 11e · Other revenue, total

    $5,950,457

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $2,688,548

  • 5 · Compensation of officers, directors and key employees

    total $1,062,706

  • 20 · Interest

    total $1,389,587

  • 22 · Depreciation, depletion and amortization

    total $7,736,591

  • 24a · Other expenses: COST OF POWER

    total $45,097,258

  • 24b · Other expenses: DIST EXP - OPERATION

    total $3,399,794

  • 24c · Other expenses: DIST EXP - MAINTENANCE

    total $1,737,851

  • 24d · Other expenses: CONSUMER ACCOUNT EXPENS

    total $1,718,701

  • 24e · All other expenses

    total $3,036,684

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $506,895 · end of year -$608,066

  • 2 · Savings and temporary cash investments

    beginning of year $6,384,709 · end of year $7,710,260

  • 4 · Accounts receivable

    beginning of year $7,146,760 · end of year $6,981,514

  • 8 · Inventories for sale or use

    beginning of year $3,209,094 · end of year $4,243,912

  • 9 · Prepaid expenses and deferred charges

    beginning of year $587,413 · end of year $495,363

  • 10a · Land, buildings and equipment: cost or other basis

    $199,259,789

  • 10b · Land, buildings and equipment: accumulated depreciation

    $96,320,614

  • 10c · Land, buildings and equipment, net

    beginning of year $104,354,805 · end of year $102,939,175

  • 12 · Investments: other securities

    beginning of year $727,523 · end of year $813,213

  • 13 · Investments: program-related

    beginning of year $52,872,474 · end of year $56,476,777

  • 17 · Accounts payable and accrued expenses

    beginning of year $8,737,412 · end of year $7,442,539

  • 23 · Secured mortgages and notes payable

    beginning of year $37,958,491 · end of year $37,173,862

  • 25 · Other liabilities

    beginning of year $10,326,948 · end of year $9,650,842

  • 29 · Capital stock, trust principal or current funds

    beginning of year $0 · end of year $0

  • 30 · Paid-in or capital surplus, or land, building or equipment fund

    beginning of year $0 · end of year $0

  • 31 · Retained earnings, endowment or other funds

    beginning of year $118,766,822 · end of year $124,784,905

Mission and programs · 2023

Mission

TO PROVIDE ELECTRIC UTILITY SERVICES TO MEMBERS OF THE COOPERATIVE.

  • RURAL ELECTRIC COOPERATIVE - SALES OF ELECTRICITY TO MEMBERS.

As filed on the 2023 return.

Listed in Part VII

  • Jerry Beck

    CHAIRMAN

    Total calculated
    $9,550
    From this org
    $9,550
    From related orgs
    $0
    Other
    $0
    Hours/week
    7

  • Gary Rouse

    VICE CHAIRMAN

    Total calculated
    $9,550
    From this org
    $9,550
    From related orgs
    $0
    Other
    $0
    Hours/week
    7

  • Trent Will

    SECRETARY

    Total calculated
    $7,450
    From this org
    $7,450
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Daniel Winterhof

    TREASURER

    Total calculated
    $8,150
    From this org
    $8,150
    From related orgs
    $0
    Other
    $0
    Hours/week
    6

  • Neal Heldt

    DIRECTOR

    Total calculated
    $11,300
    From this org
    $11,300
    From related orgs
    $0
    Other
    $0
    Hours/week
    6

  • Mark Tuttle

    DIRECTOR

    Total calculated
    $6,400
    From this org
    $6,400
    From related orgs
    $0
    Other
    $0
    Hours/week
    10

  • David Friedrich

    DIRECTOR

    Total calculated
    $5,350
    From this org
    $5,350
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Bruce Amundson

    DIRECTOR

    Total calculated
    $8,500
    From this org
    $8,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    6

  • Marc Rush

    DIRECTOR

    Total calculated
    $2,200
    From this org
    $2,200
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Crystal Pluth

    DIRECTOR

    Total calculated
    $8,150
    From this org
    $8,150
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Alan Madden

    DIRECTOR

    Total calculated
    $8,050
    From this org
    $8,050
    From related orgs
    $0
    Other
    $0
    Hours/week
    7

  • Ben Ashland

    DIRECTOR

    Total calculated
    $350
    From this org
    $350
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Craig Deim

    DIRECTOR

    Total calculated
    $5,000
    From this org
    $5,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Roger Williamson

    DIRECTOR

    Total calculated
    $7,800
    From this org
    $7,800
    From related orgs
    $0
    Other
    $0
    Hours/week
    9

  • Chad Boysen

    DIRECTOR

    Total calculated
    $7,800
    From this org
    $7,800
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Ryan Craig

    PRESIDENT/CEO

    Total calculated
    $74,535
    From this org
    $67,005
    From related orgs
    $0
    Other
    $7,530
    Hours/week
    55

  • Tim McCollough

    PRESIDENT/CEO

    Total calculated
    $174,434
    From this org
    $156,959
    From related orgs
    $0
    Other
    $17,475
    Hours/week
    55

    Schedule J breakdown matched by us

    Base
    $156,959
    Bonus
    $0
    Other
    $0
    Deferred
    $600
    Nontaxable benefits
    $16,875
    Filer's total
    $174,434

  • Shelly Tredway

    VP OF FINANCE/CFO

    Total calculated
    $224,122
    From this org
    $161,096
    From related orgs
    $0
    Other
    $63,026
    Hours/week
    48

    Schedule J breakdown matched by us

    Base
    $149,960
    Bonus
    $5,414
    Other
    $5,722
    Deferred
    $47,138
    Nontaxable benefits
    $15,888
    Filer's total
    $224,122

  • Aaron Ruschy

    VP OF OPERATIONS & ENGINEERING

    Total calculated
    $275,764
    From this org
    $187,930
    From related orgs
    $0
    Other
    $87,834
    Hours/week
    48

    Schedule J breakdown matched by us

    Base
    $176,679
    Bonus
    $5,668
    Other
    $5,583
    Deferred
    $56,658
    Nontaxable benefits
    $31,176
    Filer's total
    $275,764

  • Jennifer Sievert

    VP OF CUSTOMER & CORP RELATIONS

    Total calculated
    $208,251
    From this org
    $151,875
    From related orgs
    $0
    Other
    $56,376
    Hours/week
    48

    Schedule J breakdown matched by us

    Base
    $140,186
    Bonus
    $5,414
    Other
    $6,275
    Deferred
    $32,435
    Nontaxable benefits
    $23,941
    Filer's total
    $208,251

  • Mike Kummer

    LINE FOREMAN

    Total calculated
    $175,944
    From this org
    $109,218
    From related orgs
    $0
    Other
    $66,726
    Hours/week
    48

    Schedule J breakdown matched by us

    Base
    $107,106
    Bonus
    $1,624
    Other
    $488
    Deferred
    $41,085
    Nontaxable benefits
    $25,641
    Filer's total
    $175,944

  • Jed Skogerboe

    MANAGER OF BUSINESS AND COMMUNITY DEVELOPMENT

    Total calculated
    $163,879
    From this org
    $114,293
    From related orgs
    $0
    Other
    $49,586
    Hours/week
    48

    Schedule J breakdown matched by us

    Base
    $111,833
    Bonus
    $1,083
    Other
    $1,377
    Deferred
    $44,956
    Nontaxable benefits
    $4,630
    Filer's total
    $163,879

  • Brian Scott

    SUPERINTENDENT OF FIELD OPERATIONS

    Total calculated
    $181,185
    From this org
    $119,461
    From related orgs
    $0
    Other
    $61,724
    Hours/week
    48

    Schedule J breakdown matched by us

    Base
    $116,241
    Bonus
    $2,166
    Other
    $1,054
    Deferred
    $32,498
    Nontaxable benefits
    $29,226
    Filer's total
    $181,185

  • Kristin Hanson

    MANAGER OF HR

    Total calculated
    $157,491
    From this org
    $114,537
    From related orgs
    $0
    Other
    $42,954
    Hours/week
    48

    Schedule J breakdown matched by us

    Base
    $109,339
    Bonus
    $4,873
    Other
    $325
    Deferred
    $25,517
    Nontaxable benefits
    $17,437
    Filer's total
    $157,491

  • Alden Zeitz

    MANAGER OF RENEWABLE ENERGY SERVICES

    Total calculated
    $180,708
    From this org
    $121,444
    From related orgs
    $0
    Other
    $59,264
    Hours/week
    48

    Schedule J breakdown matched by us

    Base
    $118,685
    Bonus
    $1,733
    Other
    $1,026
    Deferred
    $37,632
    Nontaxable benefits
    $21,632
    Filer's total
    $180,708

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

  • 3 · Written employment contract
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

No itemized grants to organizations on this return.

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

  • IOWA LAKES DEVELOPMENT CORP

    C · REAL ESTATE DEVELOPMENT · IA · 100% owned · share of income -$42,093 · share of assets $1,302,847 · controlled entity

    Directly controlled by IOWA LAKES ELECTRIC COOPERATIVE

Provenance

Return type
form_990
Tax year
2023
Filed
22 August 2024
IRS schema version
2023v5.1
Source object
202412489349301451

Check it against the return as filed: the GivingTuesday Data Lake hosts a public copy of the original XML.

The source document this was parsed from is served over the API, which is where bulk and document access live.