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Nonprofiteer
← LINCOLN ELECTRIC COOPERATIVE INC

Form 990 for tax year 2022

Filed by LINCOLN ELECTRIC COOPERATIVE INC.

Totals

Total revenue
$14,792,877
Total expenses
$13,616,655
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$13,016,735
Investment income
$135,380
Other revenue
$1,640,762
Total assets, end of year
$35,721,236
Total liabilities, end of year
$22,139,638
Net assets or fund balances, end of year
$13,581,598
Program services expenses (Part IX)
$0
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
not reported

Program services were 0.0% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

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: Electricity sales

    total $12,957,800 · related or exempt $12,957,800

  • 2b · Program service revenue: Other electric revenue

    total $58,935 · related or exempt $58,935

  • 3 · Investment income

    total $132,720 · related or exempt $111,785 · unrelated business $592 · excluded $20,343

  • 4 · Income from investment of tax-exempt bond proceeds

    total $0

  • 5 · Royalties

    total $0

  • 6a · Gross rents

    personal property $772

  • 6c · Rental income or loss

    personal property $772

  • 6d · Net rental income or loss

    total $772 · excluded $772

  • 7a · Gross sales of assets other than inventory

    other assets $2,660

  • 7c · Gain or loss

    other assets $2,660

  • 7d · Net gain or loss

    total $2,660 · unrelated business $2,660

  • 8c · Net income from fundraising events

    total $0

  • 9c · Net income from gaming

    total $0

  • 10a · Gross sales of inventory

    $3,295,502

  • 10b · Cost of goods sold

    $1,664,758

  • 10c · Net income from sales of inventory

    total $1,630,744 · unrelated business $1,630,744

  • 11a · Other revenue: Other non-operating, net

    total $9,246 · related or exempt $9,246

  • 11e · Other revenue, total

    $9,246

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $0

  • 2 · Grants to domestic individuals

    total $0

  • 3 · Grants to foreign organizations and individuals

    total $0

  • 4 · Benefits paid to or for members

    total $390,335

  • 5 · Compensation of officers, directors and key employees

    total $487,714

  • 6 · Compensation of disqualified persons

    total $0

  • 7 · Other salaries and wages

    total $2,676,560

  • 8 · Pension plan contributions

    total $481,535

  • 9 · Other employee benefits

    total $436,746

  • 10 · Payroll taxes

    total $243,460

  • 11a · Fees: management

    total $0

  • 11b · Fees: legal

    total $6,828

  • 11c · Fees: accounting

    total $14,300

  • 11d · Fees: lobbying

    total $0

  • 11e · Fees: professional fundraising services

    total $0

  • 11f · Fees: investment management

    total $0

  • 11g · Fees: other

    total $0

  • 12 · Advertising and promotion

    total $3,583

  • 13 · Office expenses

    total $211,298

  • 14 · Information technology

    total $77,232

  • 15 · Royalties

    total $0

  • 16 · Occupancy

    total $4,588

  • 17 · Travel

    total $47,149

  • 18 · Travel or entertainment for public officials

    total $0

  • 19 · Conferences, conventions and meetings

    total $130,325

  • 20 · Interest

    total $691,002

  • 21 · Payments to affiliates

    total $0

  • 22 · Depreciation, depletion and amortization

    total $1,131,036

  • 23 · Insurance

    total $87,695

  • 24a · Other expenses: Cost of power

    total $6,083,491

  • 24b · Other expenses: Distribution - operations

    total $1,465,546

  • 24c · Other expenses: Other admin and general

    total $1,123,784

  • 24d · Other expenses: Distribution - maintenance

    total $696,705

  • 24e · All other expenses

    total -$2,874,257

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $238,870 · end of year $163,545

  • 2 · Savings and temporary cash investments

    beginning of year $1,532,992 · end of year $1,077,843

  • 3 · Pledges and grants receivable

    end of year $0

  • 4 · Accounts receivable

    beginning of year $1,759,270 · end of year $1,822,852

  • 5 · Loans and receivables from officers and key people

    end of year $0

  • 6 · Loans and receivables from disqualified persons

    end of year $0

  • 7 · Other notes and loans receivable

    beginning of year $254,925 · end of year $312,127

  • 8 · Inventories for sale or use

    beginning of year $2,331,673 · end of year $2,864,163

  • 9 · Prepaid expenses and deferred charges

    beginning of year $659,311 · end of year $530,389

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

    $43,183,258

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

    $15,706,537

  • 10c · Land, buildings and equipment, net

    beginning of year $25,935,000 · end of year $27,476,721

  • 11 · Investments: publicly traded securities

    end of year $0

  • 12 · Investments: other securities

    end of year $0

  • 13 · Investments: program-related

    beginning of year $1,336,876 · end of year $1,406,769

  • 14 · Intangible assets

    beginning of year $77,241 · end of year $66,827

  • 15 · Other assets

    end of year $0

  • 17 · Accounts payable and accrued expenses

    beginning of year $2,124,926 · end of year $1,961,119

  • 19 · Deferred revenue

    beginning of year $1,461,639 · end of year $1,861,071

  • 23 · Secured mortgages and notes payable

    beginning of year $16,961,026 · end of year $17,074,351

  • 24 · Unsecured notes and loans payable

    beginning of year $1,000,000 · end of year $1,085,750

  • 25 · Other liabilities

    beginning of year $171,667 · end of year $157,347

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

    beginning of year $1,025,401 · end of year $1,405,491

  • 31 · Retained earnings, endowment or other funds

    beginning of year $11,381,499 · end of year $12,176,107

Mission and programs · 2022

Mission

Rural electric cooperative established to provide electrical power and services to its members located in portions of Lincoln and Flathead counties of Montana.

Activities or mission (Part I)

Lincoln Electric Cooperative, Inc. is an electric distribution cooperative established to provide electrical power and services to over 4,600 members located in portions of Lincoln and Flathead counties of Montana.

  • Cooperative resources and activities are related to providing distribution of electrical power and services to approximately 5,100 members located in portions of Lincoln and Flathead counties of Montana.

As filed on the 2022 return.

Listed in Part VII

  • Telly Stanger

    General Manager

    Total calculated
    $239,669
    From this org
    $170,733
    From related orgs
    $0
    Other
    $68,936
    Hours/week
    42

    Schedule J breakdown matched by us

    Base
    $156,829
    Bonus
    $5,504
    Other
    $8,400
    Deferred
    $46,133
    Nontaxable benefits
    $22,803
    Filer's total
    $239,669

  • Stanley Williams

    Mgr of Ops & Engin

    Total calculated
    $195,226
    From this org
    $134,192
    From related orgs
    $0
    Other
    $61,034
    Hours/week
    42

    Schedule J breakdown matched by us

    Base
    $131,283
    Bonus
    $2,909
    Other
    not reported
    Deferred
    $38,490
    Nontaxable benefits
    $22,544
    Filer's total
    $195,226

  • Ed Sutherland

    Foreman

    Total calculated
    $178,068
    From this org
    $134,215
    From related orgs
    $0
    Other
    $43,853
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $133,373
    Bonus
    $542
    Other
    $300
    Deferred
    $31,388
    Nontaxable benefits
    $12,465
    Filer's total
    $178,068

  • Michelle Wilbur

    CFO

    Total calculated
    $170,795
    From this org
    $116,501
    From related orgs
    $0
    Other
    $54,294
    Hours/week
    42

    Schedule J breakdown matched by us

    Base
    $110,716
    Bonus
    $3,639
    Other
    $2,146
    Deferred
    $31,976
    Nontaxable benefits
    $22,318
    Filer's total
    $170,795

  • Ryan Cameron

    Lineman

    Total calculated
    $161,466
    From this org
    $120,457
    From related orgs
    $0
    Other
    $41,009
    Hours/week
    44

    Schedule J breakdown matched by us

    Base
    $119,608
    Bonus
    $549
    Other
    $300
    Deferred
    $28,645
    Nontaxable benefits
    $12,364
    Filer's total
    $161,466

  • Dawson McCully

    Lineman

    Total calculated
    $161,160
    From this org
    $120,249
    From related orgs
    $0
    Other
    $40,911
    Hours/week
    44

    Schedule J breakdown matched by us

    Base
    $119,397
    Bonus
    $552
    Other
    $300
    Deferred
    $28,547
    Nontaxable benefits
    $12,364
    Filer's total
    $161,160

  • Brendan Nichols

    Lineman

    Total calculated
    $133,597
    From this org
    $122,188
    From related orgs
    $0
    Other
    $11,409
    Hours/week
    43

  • Marianne Roose

    Trustee

    Total calculated
    $15,150
    From this org
    $15,150
    From related orgs
    $0
    Other
    $0
    Hours/week
    9

  • Tina Taurman

    President

    Total calculated
    $13,800
    From this org
    $13,800
    From related orgs
    $0
    Other
    $0
    Hours/week
    10

  • Michael Garner

    Secre/Treasurer

    Total calculated
    $10,500
    From this org
    $10,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Rebecca Evins

    Vice President

    Total calculated
    $8,850
    From this org
    $8,850
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Sandra Mason

    Trustee

    Total calculated
    $8,850
    From this org
    $8,850
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Rick Peterson

    Trustee

    Total calculated
    $7,650
    From this org
    $7,650
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Ethel White

    Trustee

    Total calculated
    $6,000
    From this org
    $6,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Joel Graves

    Trustee

    Total calculated
    $3,450
    From this org
    $3,450
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Myra Appel

    Trustee

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

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 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.

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

  • Rural Propane Services

    Sale of Propane and related services · MT · income $1,632,473 · assets $3,743,986

    Directly controlled by Lincoln Electric Cooperative

Provenance

Return type
form_990
Tax year
2022
Filed
8 November 2023
IRS schema version
2022v5.0
Source object
202323129349302717

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