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Nonprofiteer
← LAKE COUNTRY POWER

Form 990 for tax year 2022

Filed by LAKE COUNTRY POWER.

Totals

Total revenue
$110,864,875
Total expenses
$110,871,573
Contributions and grants received
$0
Grants paid
$37,929
Program service revenue
$108,745,308
Investment income
$74,375
Other revenue
$2,045,192
Total assets, end of year
$369,734,330
Total liabilities, end of year
$245,319,527
Net assets or fund balances, end of year
$124,414,803
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: RESIDENTIAL SALES-RURAL

    total $80,800,788 · related or exempt $80,800,788

  • 2b · Program service revenue: COMMERCIAL SALES

    total $17,407,974 · related or exempt $17,407,974

  • 2c · Program service revenue: INDUSTRIAL SALES

    total $9,642,643 · related or exempt $9,642,643

  • 2d · Program service revenue: FORFEITED DISC/PENALTIES

    total $300,383 · related or exempt $300,383

  • 2e · Program service revenue: RENT-ELECTRIC PROPERTY

    total $181,066 · related or exempt $181,066

  • 2f · All other program service revenue

    total $412,454 · related or exempt $412,454

  • 3 · Investment income

    total $118,608 · excluded $118,608

  • 7a · Gross sales of assets other than inventory

    other assets $91,036

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

    other assets $135,269

  • 7c · Gain or loss

    other assets -$44,233

  • 7d · Net gain or loss

    total -$44,233 · excluded -$44,233

  • 10a · Gross sales of inventory

    $600,382

  • 10b · Cost of goods sold

    $715,549

  • 10c · Net income from sales of inventory

    total -$115,167 · related or exempt -$115,167

  • 11a · Other revenue: CAPITAL CREDITS

    total $2,142,764 · related or exempt $2,142,764

  • 11b · Other revenue: NCB, LLC K-1

    total $10,418 · unrelated business $10,418

  • 11c · Other revenue: OTHER NON-OPERATING INCOME

    total $7,177 · related or exempt $7,177

  • 11e · Other revenue, total

    $2,160,359

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $37,929

  • 4 · Benefits paid to or for members

    total $7,071,866

  • 5 · Compensation of officers, directors and key employees

    total $1,066,185

  • 11b · Fees: legal

    total $37,188

  • 20 · Interest

    total $6,909,187

  • 22 · Depreciation, depletion and amortization

    total $11,046,470

  • 24a · Other expenses: COST OF POWER

    total $57,241,822

  • 24b · Other expenses: DIST EXP - MAINTENANCE

    total $12,302,258

  • 24c · Other expenses: ADMIN & GENERAL EXPENSE

    total $5,764,168

  • 24d · Other expenses: DIST EXP - OPERATIONS

    total $5,172,671

  • 24e · All other expenses

    total $4,221,829

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $9,622,232 · end of year $6,290,810

  • 4 · Accounts receivable

    beginning of year $12,226,110 · end of year $12,242,836

  • 8 · Inventories for sale or use

    beginning of year $6,036,527 · end of year $8,158,096

  • 9 · Prepaid expenses and deferred charges

    beginning of year $678,250 · end of year $519,292

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

    $411,343,959

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

    $127,719,482

  • 10c · Land, buildings and equipment, net

    beginning of year $275,256,913 · end of year $283,624,477

  • 12 · Investments: other securities

    beginning of year $7,758,240 · end of year $10,465,835

  • 13 · Investments: program-related

    beginning of year $48,984,025 · end of year $48,432,984

  • 17 · Accounts payable and accrued expenses

    beginning of year $20,262,775 · end of year $24,874,943

  • 19 · Deferred revenue

    beginning of year $10,756 · end of year $11,072

  • 21 · Escrow or custodial account liability

    beginning of year $17,712 · end of year $18,054

  • 23 · Secured mortgages and notes payable

    beginning of year $222,817,145 · end of year $219,676,846

  • 25 · Other liabilities

    beginning of year $677,775 · end of year $738,612

  • 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 $116,776,134 · end of year $124,414,803

Mission and programs · 2022

Mission

WE DELIVER SAFE AND RELIABLE ELECTRIC SERVICE, MANAGE MEMBER RESOURCES WISELY AND SERVE TO HELP OUR COMMUNITIES PROSPER.

Activities or mission (Part I)

TO PROVIDE ELECTRICITY AND OTHER SERVICES TO THE COOPERATIVE'S MEMBERS.

  • PROVISION OF ELECTRICITY AND OTHER SERVICES TO THE COOPERATIVE'S 43,980 MEMBERS.

As filed on the 2022 return.

Listed in Part VII

  • Jason Long

    TREASURER

    Total calculated
    $12,900
    From this org
    $12,900
    From related orgs
    $0
    Other
    $0
    Hours/week
    5.63

  • Daniel Kingsley

    VICE PRESIDENT

    Total calculated
    $14,400
    From this org
    $14,400
    From related orgs
    $0
    Other
    $0
    Hours/week
    7.5

  • James Huhta

    DIRECTOR (THROUGH APRIL 2022)

    Total calculated
    $4,833
    From this org
    $4,833
    From related orgs
    $0
    Other
    $0
    Hours/week
    6.46

  • Steve Raukar

    DIRECTOR

    Total calculated
    $16,800
    From this org
    $16,800
    From related orgs
    $0
    Other
    $0
    Hours/week
    12.15

  • Craig Carlson

    DIRECTOR (THROUGH APRIL 2022)

    Total calculated
    $4,533
    From this org
    $4,533
    From related orgs
    $0
    Other
    $0
    Hours/week
    5.54

  • Craig Olson

    PRESIDENT

    Total calculated
    $17,100
    From this org
    $17,100
    From related orgs
    $0
    Other
    $0
    Hours/week
    8.08

  • Robert Bruckbauer

    DIRECTOR

    Total calculated
    $10,500
    From this org
    $10,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    8.87

  • Michael Forsman

    SECRETARY

    Total calculated
    $15,600
    From this org
    $15,600
    From related orgs
    $0
    Other
    $0
    Hours/week
    9.37

  • Larry Anderson

    DIRECTOR

    Total calculated
    $18,000
    From this org
    $18,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    11.29

  • Mark Bakk

    GENERAL MANAGER

    Total calculated
    $450,644
    From this org
    $329,599
    From related orgs
    $0
    Other
    $121,045
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $329,599
    Bonus
    $0
    Other
    $0
    Deferred
    $114,020
    Nontaxable benefits
    $9,530
    Filer's total
    $453,149

  • Derek Howe

    CHIEF OPERATING OFFICER

    Total calculated
    $330,989
    From this org
    $225,356
    From related orgs
    $0
    Other
    $105,633
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $225,356
    Bonus
    $0
    Other
    $0
    Deferred
    $90,635
    Nontaxable benefits
    $17,299
    Filer's total
    $333,290

  • Tracy Peterson Wirtanen

    CHIEF FINANCIAL OFFICER

    Total calculated
    $247,786
    From this org
    $197,923
    From related orgs
    $0
    Other
    $49,863
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $197,923
    Bonus
    $0
    Other
    $0
    Deferred
    $49,863
    Nontaxable benefits
    $2,065
    Filer's total
    $249,851

  • William Bussey

    DIRECTOR OF SAFETY & RISK

    Total calculated
    $278,390
    From this org
    $185,383
    From related orgs
    $0
    Other
    $93,007
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $185,383
    Bonus
    $0
    Other
    $0
    Deferred
    $72,704
    Nontaxable benefits
    $22,234
    Filer's total
    $280,321

  • Brian Grondahl

    CREW CHIEF

    Total calculated
    $225,097
    From this org
    $166,276
    From related orgs
    $0
    Other
    $58,821
    Hours/week
    52.73

    Schedule J breakdown matched by us

    Base
    $166,276
    Bonus
    $0
    Other
    $0
    Deferred
    $43,823
    Nontaxable benefits
    $16,168
    Filer's total
    $226,267

  • Craig Sistad

    CREW CHIEF

    Total calculated
    $199,513
    From this org
    $169,209
    From related orgs
    $0
    Other
    $30,304
    Hours/week
    54.05

    Schedule J breakdown matched by us

    Base
    $169,209
    Bonus
    $0
    Other
    $0
    Deferred
    $10,393
    Nontaxable benefits
    $21,081
    Filer's total
    $200,683

  • William Koschak

    CREW CHIEF

    Total calculated
    $180,719
    From this org
    $163,348
    From related orgs
    $0
    Other
    $17,371
    Hours/week
    52.38

    Schedule J breakdown matched by us

    Base
    $163,348
    Bonus
    $0
    Other
    $0
    Deferred
    $10,346
    Nontaxable benefits
    $8,195
    Filer's total
    $181,889

  • Mark Pohto

    CREW CHIEF

    Total calculated
    $192,029
    From this org
    $172,328
    From related orgs
    $0
    Other
    $19,701
    Hours/week
    54.04

    Schedule J breakdown matched by us

    Base
    $172,328
    Bonus
    $0
    Other
    $0
    Deferred
    $4,703
    Nontaxable benefits
    $16,168
    Filer's total
    $193,199

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 · Compensation committee
  • 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

The filer's explanations (Part III)

FORM 990, SCHEDULE J, PART II, COLUMN (C)
INCLUDED IN SCHEDULE J, PART II, COLUMN "C", DEFERRED COMPENSATION, IS THE ESTIMATED ANNUAL INCREASE IN THE ACTUARIAL VALUE OF THE DEFINED BENEFIT PLAN. FOR THE FOLLOWING INDIVIDUALS, THE ESTIMATED INCREASE IS: MARK BAKK: $107,920 DEREK HOWE: $86,037 TRACY PETERSON WIRTANEN: $42,059 WILLIAM BUSSEY: $69,101 MARK POHTO: $2,657 CRAIG SISTAD: $0 BRIAN GRONDAHL: $41,773 WILLIAM KOSCHAK: $0 THESE AMOUNTS ARE ESTIMATES IN THE INCREASE OF THE VALUE OF THE PLAN AND ARE NOT CURRENT YEAR EXPENSES OF THE COOPERATIVE. CURRENT YEAR CONTRIBUTIONS INTO THE DEFINED BENEFIT PLAN WERE: MARK BAKK: $75,488 DEREK HOWE: $55,408 TRACY PETERSON WIRTANEN: $20,349 WILLIAM BUSSEY: $43,424 MARK POHTO: $24,438 CRAIG SISTAD: $0 BRIAN GRONDAHL: $24,438 WILLIAM KOSCHAK: $0

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

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.

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.

  • LAKE COUNTRY POWER HOLDINGS INC

    C · HOLDING COMPANY · MN · 100% owned · share of income $10,927,206 · share of assets $16,839,836 · controlled entity

    Directly controlled by LAKE COUNTRY POWER

  • LAKE STATES TREE SERVICE INC

    C · TREE TRIMMING · MN · 100% owned · share of income $5,521,767 · share of assets $7,276,095 · controlled entity

    Directly controlled by LAKE COUNTRY POWER HOLDINGS INC

  • LAKE STATES CONSTRUCTION INC

    C · CONSTRUCTION OF ELECTRICAL SYSTEMS · MN · 100% owned · share of income $5,249,439 · share of assets $5,708,877 · controlled entity

    Directly controlled by LAKE COUNTRY POWER HOLDINGS INC

Provenance

Return type
form_990
Tax year
2022
Filed
31 October 2023
IRS schema version
2022v5.0
Source object
202303059349300710

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