Totals
- Total revenue
- $125,678,377
- Total expenses
- $125,678,377
- Contributions and grants received
- $0
- Grants paid
- $46,660
- Program service revenue
- $118,566,803
- Investment income
- $300,758
- Other revenue
- $6,810,816
- Total assets, end of year
- $433,822,248
- Total liabilities, end of year
- $282,869,099
- Net assets or fund balances, end of year
- $150,953,149
- 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 $91,057,044 · related or exempt $91,057,044
-
2b · Program service revenue: COMMERCIAL SALES
total $19,473,876 · related or exempt $19,473,876
-
2c · Program service revenue: INDUSTRIAL SALES
total $6,987,342 · related or exempt $6,987,342
-
2d · Program service revenue: FORFEITED DISC/PENALTIES
total $355,762 · related or exempt $355,762
-
2e · Program service revenue: MISC SERVICE REVENUES
total $225,621 · related or exempt $225,621
-
2f · All other program service revenue
total $467,158 · related or exempt $467,158
-
3 · Investment income
total $335,302 · excluded $335,302
-
7a · Gross sales of assets other than inventory
other assets $164,646
-
7b · Less cost or other basis and sales expenses
other assets $199,190
-
7c · Gain or loss
other assets -$34,544
-
7d · Net gain or loss
total -$34,544 · excluded -$34,544
-
10a · Gross sales of inventory
$444,589
-
10b · Cost of goods sold
$519,590
-
10c · Net income from sales of inventory
total -$75,001 · related or exempt -$75,001
-
11a · Other revenue: CAPITAL CREDITS
total $6,877,283 · related or exempt $6,877,283
-
11b · Other revenue: OTHER NON-OPERATING INCOME
total $8,534 · related or exempt $8,534
-
11e · Other revenue, total
$6,885,817
Functional expenses
Part IX, the statement of functional expenses.
-
1 · Grants to domestic organizations and governments
total $46,660
-
4 · Benefits paid to or for members
total $12,365,736
-
5 · Compensation of officers, directors and key employees
total $1,250,712
-
11b · Fees: legal
total $18,607
-
20 · Interest
total $8,295,564
-
22 · Depreciation, depletion and amortization
total $12,566,642
-
24a · Other expenses: COST OF POWER
total $60,716,189
-
24b · Other expenses: DIST EXP - MAINTENANCE
total $12,497,151
-
24c · Other expenses: DIST EXP - OPERATIONS
total $7,394,869
-
24d · Other expenses: ADMIN & GENERAL EXPENSE
total $6,671,298
-
24e · All other expenses
total $3,854,949
Balance sheet
Part X, book values.
-
1 · Cash, non-interest-bearing
beginning of year $14,630,333 · end of year $13,812,589
-
4 · Accounts receivable
beginning of year $13,135,216 · end of year $14,976,876
-
8 · Inventories for sale or use
beginning of year $7,233,862 · end of year $7,903,935
-
9 · Prepaid expenses and deferred charges
beginning of year $415,959 · end of year $426,370
-
10a · Land, buildings and equipment: cost or other basis
$479,395,807
-
10b · Land, buildings and equipment: accumulated depreciation
$150,439,185
-
10c · Land, buildings and equipment, net
beginning of year $314,613,984 · end of year $328,956,622
-
12 · Investments: other securities
beginning of year $11,356,050 · end of year $11,718,487
-
13 · Investments: program-related
beginning of year $50,998,221 · end of year $56,027,369
-
17 · Accounts payable and accrued expenses
beginning of year $17,599,359 · end of year $19,404,310
-
19 · Deferred revenue
beginning of year $5,009,953 · end of year $4,205,564
-
21 · Escrow or custodial account liability
beginning of year $17,530 · end of year $17,743
-
23 · Secured mortgages and notes payable
beginning of year $247,210,803 · end of year $258,318,402
-
25 · Other liabilities
beginning of year $849,425 · end of year $923,080
-
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 $141,696,555 · end of year $150,953,149
Mission and programs · 2025
Mission
TO ENHANCE OUR COMMUNITIES BY PROVIDING SAFE, RELIABLE, AND AFFORDABLE ENERGY SERVICES TO OUR MEMBERS.
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 44,489 MEMBERS.
As filed on the 2025 return.
Listed in Part VII
-
Craig OlsonCRAIG OLSON
PRESIDENT
- Total calculated
- $15,900
- From this org
- $15,900
- From related orgs
- $0
- Other
- $0
- Hours/week
- 7.87
-
Michael ForsmanMICHAEL FORSMAN
SECRETARY
- Total calculated
- $14,400
- From this org
- $14,400
- From related orgs
- $0
- Other
- $0
- Hours/week
- 7.13
-
Jason LongJASON LONG
DIRECTOR
- Total calculated
- $12,300
- From this org
- $12,300
- From related orgs
- $0
- Other
- $0
- Hours/week
- 4.46
-
Daniel KingsleyDANIEL KINGSLEY
VICE PRESIDENT
- Total calculated
- $13,250
- From this org
- $13,250
- From related orgs
- $0
- Other
- $0
- Hours/week
- 6.71
-
Robert BruckbauerROBERT BRUCKBAUER
DIRECTOR
- Total calculated
- $12,600
- From this org
- $12,600
- From related orgs
- $0
- Other
- $0
- Hours/week
- 11.75
-
Larry AndersonLARRY ANDERSON
DIRECTOR
- Total calculated
- $14,700
- From this org
- $14,700
- From related orgs
- $0
- Other
- $0
- Hours/week
- 8.6
-
Steve RaukarSTEVE RAUKAR
DIRECTOR
- Total calculated
- $13,800
- From this org
- $13,800
- From related orgs
- $0
- Other
- $0
- Hours/week
- 10.15
-
Brian NapstadBRIAN NAPSTAD
DIRECTOR
- Total calculated
- $16,500
- From this org
- $16,500
- From related orgs
- $0
- Other
- $0
- Hours/week
- 6.37
-
Jeff SheldonJEFF SHELDON
TREASURER
- Total calculated
- $14,100
- From this org
- $14,100
- From related orgs
- $0
- Other
- $0
- Hours/week
- 10.85
-
Mark BakkMARK BAKK
GENERAL MANAGER
- Total calculated
- $498,645
- From this org
- $391,334
- From related orgs
- $0
- Other
- $107,311
- Hours/week
- 50
Schedule J breakdown matched by us
- Base
- $391,334
- Bonus
- $0
- Other
- $0
- Deferred
- $98,090
- Nontaxable benefits
- $11,134
- Filer's total
- $500,558
-
Derek HoweDEREK HOWE
CHIEF OPERATING OFFICER
- Total calculated
- $351,002
- From this org
- $258,770
- From related orgs
- $0
- Other
- $92,232
- Hours/week
- 50
Schedule J breakdown matched by us
- Base
- $258,770
- Bonus
- $0
- Other
- $0
- Deferred
- $72,808
- Nontaxable benefits
- $21,334
- Filer's total
- $352,912
-
Tracy Peterson WirtanenTRACY PETERSON WIRTANEN
CHIEF FINANCIAL OFFICER
- Total calculated
- $299,344
- From this org
- $238,250
- From related orgs
- $0
- Other
- $61,094
- Hours/week
- 50
Schedule J breakdown matched by us
- Base
- $238,250
- Bonus
- $0
- Other
- $0
- Deferred
- $60,827
- Nontaxable benefits
- $2,010
- Filer's total
- $301,087
-
William BusseyWILLIAM BUSSEY
DIRECTOR OF SAFETY & RISK
- Total calculated
- $296,819
- From this org
- $205,558
- From related orgs
- $0
- Other
- $91,261
- Hours/week
- 50
Schedule J breakdown matched by us
- Base
- $205,558
- Bonus
- $0
- Other
- $0
- Deferred
- $64,383
- Nontaxable benefits
- $28,474
- Filer's total
- $298,415
-
Rebecca SeeleyREBECCA SEELEY
HUMAN RESOURCES DIRECTOR
- Total calculated
- $278,081
- From this org
- $191,822
- From related orgs
- $0
- Other
- $86,259
- Hours/week
- 50
Schedule J breakdown matched by us
- Base
- $191,822
- Bonus
- $0
- Other
- $0
- Deferred
- $59,380
- Nontaxable benefits
- $28,447
- Filer's total
- $279,649
-
Jeff ThielJEFF THIEL
CREW CHIEF
- Total calculated
- $207,314
- From this org
- $180,436
- From related orgs
- $0
- Other
- $26,878
- Hours/week
- 51.25
Schedule J breakdown matched by us
- Base
- $180,436
- Bonus
- $0
- Other
- $0
- Deferred
- $0
- Nontaxable benefits
- $27,903
- Filer's total
- $208,339
-
Craig SistadCRAIG SISTAD
CREW CHIEF
- Total calculated
- $208,345
- From this org
- $169,536
- From related orgs
- $0
- Other
- $38,809
- Hours/week
- 50.35
Schedule J breakdown matched by us
- Base
- $169,536
- Bonus
- $0
- Other
- $0
- Deferred
- $11,931
- Nontaxable benefits
- $27,903
- Filer's total
- $209,370
-
Wade GouldWADE GOULD
AREA SUPERVISOR
- Total calculated
- $231,106
- From this org
- $168,891
- From related orgs
- $0
- Other
- $62,215
- Hours/week
- 50
Schedule J breakdown matched by us
- Base
- $168,891
- Bonus
- $0
- Other
- $0
- Deferred
- $41,215
- Nontaxable benefits
- $22,403
- Filer's total
- $232,509
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: $91,090 DEREK HOWE: $67,591 TRACY PETERSON WIRTANEN: $51,800 WILLIAM BUSSEY: $60,332 REBECCA SEELEY: $55,563 WADE GOULD: $37,927 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: $90,160 DEREK HOWE: $64,121 TRACY PETERSON WIRTANEN: $24,807 WILLIAM BUSSEY: $50,253 REBECCA SEELEY: $46,916 WADE GOULD: $40,417
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
-
$8,500
MEMBERSHIP AND GOLD SPONSORSHIP WINTER DINNER
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.
-
LAKE COUNTRY POWER ELECTRIC TRUST
501(C)(3) · COMMUNITY TRUST · MN · controlled entity
Directly controlled by LAKE COUNTRY POWER
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 $411,456 · share of assets $11,720,478 · controlled entity
Directly controlled by LAKE COUNTRY POWER
-
LAKE STATES TREE SERVICE INC
C · TREE SERVICES · MN · 100% owned · share of income $87,532 · share of assets $5,793,253 · controlled entity
Directly controlled by LAKE COUNTRY POWER HOLDINGS INC
-
LAKE STATES CONSTRUCTION INC
C · CONSTRUCTION · MN · 100% owned · share of income $157,538 · share of assets $5,098,049 · controlled entity
Directly controlled by LAKE COUNTRY POWER HOLDINGS INC
Provenance
- Return type
- form_990
- Tax year
- 2025
- Filed
- 28 July 2026
- IRS schema version
- 2025v4.2
- Source object
- 202642179349301279
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