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Nonprofiteer
← RED LAKE ELECTRIC COOPERATIVE INC

Form 990 for tax year 2022

Filed by RED LAKE ELECTRIC COOPERATIVE INC.

Totals

Total revenue
$15,413,825
Total expenses
$15,413,825
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$15,363,408
Investment income
$47,844
Other revenue
$2,573
Total assets, end of year
$32,080,315
Total liabilities, end of year
$19,531,210
Net assets or fund balances, end of year
$12,549,105
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: ELECTRIC OPERATING REVENUE

    total $15,117,113 · related or exempt $15,117,113

  • 2b · Program service revenue: CAPITAL CREDITS FROM OTHER COOPS

    total $246,295 · related or exempt $246,295

  • 3 · Investment income

    total $47,844 · excluded $47,844

  • 10a · Gross sales of inventory

    $132,733

  • 10b · Cost of goods sold

    $130,160

  • 10c · Net income from sales of inventory

    total $2,573 · related or exempt $2,573

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $850,114

  • 5 · Compensation of officers, directors and key employees

    total $225,792

  • 20 · Interest

    total $400,305

  • 22 · Depreciation, depletion and amortization

    total $1,291,965

  • 24a · Other expenses: COST OF POWER

    total $9,988,611

  • 24b · Other expenses: DISTRIBUTION EXPENSE

    total $1,478,633

  • 24c · Other expenses: CONSUMER EXPENSE

    total $602,355

  • 24d · Other expenses: ADMINISTRATIVE & GENERA

    total $569,025

  • 24e · All other expenses

    total $7,025

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $1,836,883 · end of year $1,492,068

  • 2 · Savings and temporary cash investments

    beginning of year $2,462 · end of year $2,138

  • 4 · Accounts receivable

    beginning of year $1,629,126 · end of year $1,817,747

  • 8 · Inventories for sale or use

    beginning of year $636,326 · end of year $866,103

  • 9 · Prepaid expenses and deferred charges

    beginning of year $64,015 · end of year $67,072

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

    $46,800,308

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

    $21,625,546

  • 10c · Land, buildings and equipment, net

    beginning of year $25,162,731 · end of year $25,174,762

  • 13 · Investments: program-related

    beginning of year $2,407,222 · end of year $2,644,774

  • 15 · Other assets

    beginning of year $70,352 · end of year $15,651

  • 17 · Accounts payable and accrued expenses

    beginning of year $1,391,032 · end of year $1,372,422

  • 21 · Escrow or custodial account liability

    beginning of year $2,125 · end of year $2,114

  • 23 · Secured mortgages and notes payable

    beginning of year $16,656,169 · end of year $16,901,311

  • 25 · Other liabilities

    beginning of year $1,546,931 · end of year $1,255,363

  • 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 $12,212,860 · end of year $12,549,105

Mission and programs · 2022

Mission

IT IS THE MISSION OF RED LAKE ELECTRIC COOPERATIVE TO ENHANCE THE QUALITY OF LIFE FOR PEOPLE OF OUR SERVICE AREA BY CONSISTENTLY PROVIDING SAFE, QUALITY ELECTRIC SERVICE AND OTHER SERVICES WHILE HOLDING OUR EMPLOYEES, OUR COMMUNITY AND OUR ENVIRONMENT IN HIGH REGARD.

Activities or mission (Part I)

IT IS THE MISSION OF THE RED LAKE ELECTRIC COOPERATIVE TO ENHANCE THE QUALITY OF LIFE FOR PEOPLE OF OUR SERVICE AREA BY CONSISTENTLY PROVIDING SAFE, QUALITY ELECTRIC SERVICE AND OTHER SERVICES WHILE HOLDING OUR EMPLOYEES, OUR COMMUNITY AND OUR ENVIRONMENT IN HIGH REGARD.

  • PROVIDE SAFE, QUALITY ELECTRIC SERVICE AND OTHER SERVICES WHILE HOLDING OUR EMPLOYEES, OUR COMMUNITY AND OUR ENVIRONMENT IN HIGH REGARD.

As filed on the 2022 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Randy Versdahl

    DIRECTOR

    Total calculated
    $4,500
    From this org
    $4,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    2.06

  • Stacy Blawat

    PRESIDENT

    Total calculated
    $5,600
    From this org
    $5,600
    From related orgs
    $0
    Other
    $0
    Hours/week
    3.72

  • Mark Hanson

    SECRETARY/TREASURER

    Total calculated
    $7,000
    From this org
    $7,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    2.16

  • Aaron Chervestad

    DIRECTOR

    Total calculated
    $4,000
    From this org
    $4,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    2.04

  • Colette Kujava

    DIRECTOR

    Total calculated
    $4,000
    From this org
    $4,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    2.5

  • Steve Linder

    DIRECTOR

    Total calculated
    $6,000
    From this org
    $6,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    2.62

  • Bonnie Christians

    DIRECTOR

    Total calculated
    $6,750
    From this org
    $6,750
    From related orgs
    $0
    Other
    $0
    Hours/week
    2.78

  • Pete Mosbeck

    VICE PRESIDENT

    Total calculated
    $5,000
    From this org
    $5,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    3.37

  • Cecil Anderson

    DIRECTOR

    Total calculated
    $4,000
    From this org
    $4,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    1.15

  • Stephanie Johnson

    GENERAL MANAGER

    Total calculated
    $222,922
    From this org
    $119,750
    From related orgs
    $0
    Other
    $103,172
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $119,750
    Bonus
    $0
    Other
    $0
    Deferred
    $79,935
    Nontaxable benefits
    $23,807
    Filer's total
    $223,492

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

None.

Answered no

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

The filer's explanations (Part III)

SCHEDULE J, PART II, COLUMN "C" DEFERRED COMPENSATION:
INCLUDED IN SCHEDULE J, PART II, COLUMN "C", DEFERRED COMPENSATION, IS THE ESTIMATED ANNUAL INCREASE OR DECREASE IN THE ACTUARIAL VALUE OF THE DEFINED BENEFIT PLAN. THIS AMOUNT IS AN ESTIMATE IN THE INCREASE OF THE VALUE OF THE PLAN AND IS NOT A CURRENT YEAR EXPENSE OF THE COOPERATIVE. THE ESTIMATED ACTUARIAL INCREASE FOR OFFICERS AND HIGHEST COMPENSATED EMPLOYEES: STEPHANIE JOHNSON - $73,590 THE ACTUAL CURRENT YEAR CONTRIBUTION INTO THE DEFINED BENEFIT PLAN FOR THESE OFFICERS AND HIGHEST COMPENSATED EMPLOYEES: STEPHANIE JOHNSON - $29,041

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.

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

  • RED LAKE ELECTRIC TRUST

    501(C)(3) · OPERATION ROUND UP · MN · controlled entity

    Directly controlled by RED LAKE ELECTRIC COOPERATIVE

Provenance

Return type
form_990
Tax year
2022
Filed
26 July 2023
IRS schema version
2022v5.0
Source object
202332829349300623

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