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Nonprofiteer
← LAKE REGION ELECTRIC COOPERATIVE

Form 990 for tax year 2022

Filed by LAKE REGION ELECTRIC COOPERATIVE.

Totals

Total revenue
$56,475,666
Total expenses
$56,200,321
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$54,799,770
Investment income
$322,844
Other revenue
$1,353,052
Total assets, end of year
$146,470,686
Total liabilities, end of year
$79,061,674
Net assets or fund balances, end of year
$67,409,012
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 $54,799,770 · related or exempt $54,799,770

  • 3 · Investment income

    total $189,902 · excluded $189,902

  • 7a · Gross sales of assets other than inventory

    other assets $188,447

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

    other assets $55,505

  • 7c · Gain or loss

    other assets $132,942

  • 7d · Net gain or loss

    total $132,942 · excluded $132,942

  • 10a · Gross sales of inventory

    $793,889

  • 10b · Cost of goods sold

    $679,983

  • 10c · Net income from sales of inventory

    total $113,906 · unrelated business $4,777 · excluded $109,129

  • 11a · Other revenue: CAPITAL CREDITS

    total $923,073 · related or exempt $923,073

  • 11b · Other revenue: MISCELLANEOUS

    total $316,073 · related or exempt $316,073

  • 11e · Other revenue, total

    $1,239,146

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $3,050,784

  • 5 · Compensation of officers, directors and key employees

    total $615,525

  • 20 · Interest

    total $1,955,677

  • 22 · Depreciation, depletion and amortization

    total $4,565,528

  • 24a · Other expenses: COST OF POWER

    total $34,120,319

  • 24b · Other expenses: DISTRIBUTION EXPENSE

    total $7,024,168

  • 24c · Other expenses: ADMIN & GENERAL EXPENSE

    total $2,340,679

  • 24d · Other expenses: CONSUMER ACCT EXPENSE

    total $2,198,935

  • 24e · All other expenses

    total $328,706

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $1,252,477 · end of year $2,005,489

  • 2 · Savings and temporary cash investments

    beginning of year $1,521,105 · end of year $1,427,170

  • 4 · Accounts receivable

    beginning of year $5,458,649 · end of year $5,961,300

  • 8 · Inventories for sale or use

    beginning of year $1,808,186 · end of year $2,392,484

  • 9 · Prepaid expenses and deferred charges

    beginning of year $1,999,963 · end of year $1,857,573

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

    $153,742,999

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

    $57,761,139

  • 10c · Land, buildings and equipment, net

    beginning of year $94,363,252 · end of year $95,981,860

  • 11 · Investments: publicly traded securities

    beginning of year $701,074 · end of year $701,635

  • 13 · Investments: program-related

    beginning of year $34,638,514 · end of year $35,167,308

  • 14 · Intangible assets

    beginning of year $2,107 · end of year $2,107

  • 15 · Other assets

    beginning of year $2,536,785 · end of year $973,760

  • 17 · Accounts payable and accrued expenses

    beginning of year $7,864,170 · end of year $6,998,839

  • 19 · Deferred revenue

    beginning of year $1,860,173 · end of year $3,806,028

  • 23 · Secured mortgages and notes payable

    beginning of year $67,903,694 · end of year $67,780,317

  • 25 · Other liabilities

    beginning of year $499,157 · end of year $476,490

  • 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 $66,154,918 · end of year $67,409,012

Mission and programs · 2022

Mission

TO PROVIDE OUR MEMBERS WITH SAFE, RELIABLE, AFFORDABLE ELECTRICITY, AND LEAD BY OFFERING INNOVATIVE ENERGY SERVICES TO GROW THE COOPERATIVE.

  • ELECTRICITY DISTRIBUTION - DISTRIBUTES ELECTRICITY TO 29,685 MEMBERS IN ITS 5,862 MILES OF LINES WITHIN THE SERVICE TERRITORY.

  • ETS HEATING (STEFFES)/WATER HEATERS/GENERATORS - MEMBERS ABLE TO PURCHASE STEFFES ETS HEATERS/WATER HEATERS AND GENERATORS THROUGH AN EASY PAY PURCHASE PROGRAM, THEN BILLED EACH MONTH ON ELECTRIC BILL. ADDED IN 2022 WERE GOWEST SOLAR SYSTEMS AND EASY PAY OPTION FOR MEMBERS.

As filed on the 2022 return.

Listed in Part VII

  • Cecil Hensel

    DIRECTOR

    Total calculated
    $14,380
    From this org
    $14,380
    From related orgs
    $0
    Other
    $0
    Hours/week
    3.31

  • Charlie Blixt

    DIRECTOR - PARTIAL YEAR

    Total calculated
    $6,700
    From this org
    $6,700
    From related orgs
    $0
    Other
    $0
    Hours/week
    4.15

  • Earl Rydell

    DIRECTOR

    Total calculated
    $12,940
    From this org
    $12,940
    From related orgs
    $0
    Other
    $0
    Hours/week
    5.62

  • Gary Olson

    DIRECTOR - PARTIAL YEAR

    Total calculated
    $9,520
    From this org
    $9,520
    From related orgs
    $0
    Other
    $0
    Hours/week
    4.08

  • Joyce Valley

    SECRETARY

    Total calculated
    $5,600
    From this org
    $5,600
    From related orgs
    $0
    Other
    $0
    Hours/week
    1.54

  • Kurt Krueger

    DIRECTOR

    Total calculated
    $15,370
    From this org
    $15,370
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Michael Brasel

    DIRECTOR

    Total calculated
    $10,720
    From this org
    $10,720
    From related orgs
    $0
    Other
    $0
    Hours/week
    2.17

  • Patrick Meyers

    DIRECTOR

    Total calculated
    $12,840
    From this org
    $12,840
    From related orgs
    $0
    Other
    $0
    Hours/week
    2.46

  • Robert Shaw

    TREASURER

    Total calculated
    $5,960
    From this org
    $5,960
    From related orgs
    $0
    Other
    $0
    Hours/week
    1.73

  • Sid Wisness

    VICE CHAIR

    Total calculated
    $14,520
    From this org
    $14,520
    From related orgs
    $0
    Other
    $0
    Hours/week
    4.31

  • Thomas Jennen

    CHAIR

    Total calculated
    $17,000
    From this org
    $17,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    2.6

  • Tim Thompson

    CEO

    Total calculated
    $489,974
    From this org
    $309,099
    From related orgs
    $0
    Other
    $180,875
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $255,282
    Bonus
    $42,361
    Other
    $11,456
    Deferred
    $149,643
    Nontaxable benefits
    $31,232
    Filer's total
    $489,974

  • Al Fazio

    VP OF OPERATIONS/ENGINEERING

    Total calculated
    $261,036
    From this org
    $159,266
    From related orgs
    $0
    Other
    $101,770
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $150,061
    Bonus
    $6,571
    Other
    $2,634
    Deferred
    $73,450
    Nontaxable benefits
    $28,320
    Filer's total
    $261,036

  • Donald J Hanson

    LEAD LINEMAN

    Total calculated
    $200,000
    From this org
    $138,473
    From related orgs
    $0
    Other
    $61,527
    Hours/week
    50.54

    Schedule J breakdown matched by us

    Base
    $135,401
    Bonus
    $700
    Other
    $2,372
    Deferred
    $33,971
    Nontaxable benefits
    $27,556
    Filer's total
    $200,000

  • Dylan Aafedt

    VP OF BUSINESS DEVELOPMENT

    Total calculated
    $168,140
    From this org
    $146,022
    From related orgs
    $0
    Other
    $22,118
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $134,943
    Bonus
    $5,524
    Other
    $5,555
    Deferred
    $12,246
    Nontaxable benefits
    $9,872
    Filer's total
    $168,140

  • Erik Olson

    JOURNEYMAN LINE WORKER

    Total calculated
    $162,489
    From this org
    $143,977
    From related orgs
    $0
    Other
    $18,512
    Hours/week
    50.3

    Schedule J breakdown matched by us

    Base
    $142,026
    Bonus
    $900
    Other
    $1,051
    Deferred
    $9,443
    Nontaxable benefits
    $9,069
    Filer's total
    $162,489

  • Jason Haman

    LEAD LINEMAN

    Total calculated
    $223,549
    From this org
    $147,105
    From related orgs
    $0
    Other
    $76,444
    Hours/week
    50.71

    Schedule J breakdown matched by us

    Base
    $144,797
    Bonus
    $700
    Other
    $1,608
    Deferred
    $50,608
    Nontaxable benefits
    $25,836
    Filer's total
    $223,549

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.

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 REGION ELECTRIC TRUST

    501(C)(3) · TO ACCUMULATE AND DISTRIBUTE FUNDS FOR CHARITABLE AND EDUCATIONAL PURPOSES · MN · controlled entity

    Directly controlled by LAKE REGION ELECTRIC COOPERATIVE

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 partnerships

Part III: related organizations taxable as a partnership, with the filer's share.

  • FEDERATED ACQUISITIONS LLC

    OWNER OF CARR'S TREE SERVICE - TREE CLEARING · MN · 11.11% owned · share of income -$62 · share of assets $871,891

Related corporations and trusts

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

  • LAKE REGION ELECTRIC HOLDING COMPANY LLC

    C · NATURAL GAS DISTRIBUTION · MN · 100% owned · share of income $195,984 · share of assets $5,998,045 · controlled entity

    Directly controlled by LAKE REGION ELECTRIC COOPERATIVE

Provenance

Return type
form_990
Tax year
2022
Filed
4 September 2023
IRS schema version
2022v5.0
Source object
202322589349301887

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