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Nonprofiteer
← LAKE COUNTRY POWER

Form 990 for tax year 2023

Filed by LAKE COUNTRY POWER.

Totals

Total revenue
$110,408,177
Total expenses
$110,408,177
Contributions and grants received
$0
Grants paid
$29,234
Program service revenue
$106,284,324
Investment income
$184,232
Other revenue
$3,939,621
Total assets, end of year
$393,961,504
Total liabilities, end of year
$259,880,223
Net assets or fund balances, end of year
$134,081,281
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 $80,152,695 · related or exempt $80,152,695

  • 2b · Program service revenue: COMMERCIAL SALES

    total $16,844,463 · related or exempt $16,844,463

  • 2c · Program service revenue: INDUSTRIAL SALES

    total $8,375,463 · related or exempt $8,375,463

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

    total $325,712 · related or exempt $325,712

  • 2e · Program service revenue: MISC SERVICE REVENUES

    total $215,044 · related or exempt $215,044

  • 2f · All other program service revenue

    total $370,947 · related or exempt $370,947

  • 3 · Investment income

    total $150,512 · excluded $150,512

  • 7a · Gross sales of assets other than inventory

    other assets $68,969

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

    other assets $35,249

  • 7c · Gain or loss

    other assets $33,720

  • 7d · Net gain or loss

    total $33,720 · excluded $33,720

  • 10a · Gross sales of inventory

    $492,255

  • 10b · Cost of goods sold

    $640,902

  • 10c · Net income from sales of inventory

    total -$148,647 · related or exempt -$148,647

  • 11a · Other revenue: CAPITAL CREDITS

    total $4,083,961 · related or exempt $4,083,961

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

    total $4,307 · related or exempt $4,307

  • 11e · Other revenue, total

    $4,088,268

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $29,234

  • 4 · Benefits paid to or for members

    total $11,772,255

  • 5 · Compensation of officers, directors and key employees

    total $1,118,664

  • 11b · Fees: legal

    total $23,089

  • 20 · Interest

    total $7,447,774

  • 22 · Depreciation, depletion and amortization

    total $11,427,491

  • 24a · Other expenses: COST OF POWER

    total $53,159,972

  • 24b · Other expenses: DIST EXP - MAINTENANCE

    total $9,579,475

  • 24c · Other expenses: ADMIN & GENERAL EXPENSE

    total $6,091,719

  • 24d · Other expenses: DIST EXP - OPERATIONS

    total $5,525,925

  • 24e · All other expenses

    total $4,232,579

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $6,290,810 · end of year $10,295,730

  • 4 · Accounts receivable

    beginning of year $12,242,836 · end of year $13,481,226

  • 8 · Inventories for sale or use

    beginning of year $8,158,096 · end of year $8,316,916

  • 9 · Prepaid expenses and deferred charges

    beginning of year $519,292 · end of year $362,236

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

    $435,033,146

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

    $134,416,544

  • 10c · Land, buildings and equipment, net

    beginning of year $283,624,477 · end of year $300,616,602

  • 12 · Investments: other securities

    beginning of year $10,465,835 · end of year $10,791,098

  • 13 · Investments: program-related

    beginning of year $48,432,984 · end of year $50,097,696

  • 17 · Accounts payable and accrued expenses

    beginning of year $24,874,943 · end of year $17,962,522

  • 19 · Deferred revenue

    beginning of year $11,072 · end of year $5,013,773

  • 21 · Escrow or custodial account liability

    beginning of year $18,054 · end of year $16,765

  • 23 · Secured mortgages and notes payable

    beginning of year $219,676,846 · end of year $236,106,803

  • 25 · Other liabilities

    beginning of year $738,612 · end of year $780,360

  • 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 $124,414,803 · end of year $134,081,281

Mission and programs · 2023

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 44,148 MEMBERS.

As filed on the 2023 return.

Listed in Part VII

  • Craig Olson

    PRESIDENT

    Total calculated
    $18,000
    From this org
    $18,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    9.65

  • Larry Anderson

    DIRECTOR

    Total calculated
    $16,200
    From this org
    $16,200
    From related orgs
    $0
    Other
    $0
    Hours/week
    8.84

  • Daniel Kingsley

    VICE PRESIDENT

    Total calculated
    $14,400
    From this org
    $14,400
    From related orgs
    $0
    Other
    $0
    Hours/week
    8.01

  • Michael Forsman

    SECRETARY

    Total calculated
    $14,400
    From this org
    $14,400
    From related orgs
    $0
    Other
    $0
    Hours/week
    9.1

  • Steve Raukar

    DIRECTOR

    Total calculated
    $12,900
    From this org
    $12,900
    From related orgs
    $0
    Other
    $0
    Hours/week
    8.93

  • Jason Long

    TREASURER

    Total calculated
    $12,900
    From this org
    $12,900
    From related orgs
    $0
    Other
    $0
    Hours/week
    7.06

  • Brian Napstad

    DIRECTOR

    Total calculated
    $12,883
    From this org
    $12,883
    From related orgs
    $0
    Other
    $0
    Hours/week
    8.1

  • Robert Bruckbauer

    DIRECTOR

    Total calculated
    $11,100
    From this org
    $11,100
    From related orgs
    $0
    Other
    $0
    Hours/week
    8.35

  • Jeff Sheldon

    DIRECTOR

    Total calculated
    $9,883
    From this org
    $9,883
    From related orgs
    $0
    Other
    $0
    Hours/week
    9.92

  • Mark Bakk

    GENERAL MANAGER

    Total calculated
    $416,522
    From this org
    $337,315
    From related orgs
    $0
    Other
    $79,207
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $337,315
    Bonus
    $0
    Other
    $0
    Deferred
    $71,055
    Nontaxable benefits
    $10,658
    Filer's total
    $419,028

  • Derek Howe

    CHIEF OPERATING OFFICER

    Total calculated
    $318,554
    From this org
    $236,308
    From related orgs
    $0
    Other
    $82,246
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $236,308
    Bonus
    $0
    Other
    $0
    Deferred
    $64,766
    Nontaxable benefits
    $19,844
    Filer's total
    $320,918

  • Tracy Peterson Wirtanen

    CHIEF FINANCIAL OFFICER

    Total calculated
    $249,775
    From this org
    $209,396
    From related orgs
    $0
    Other
    $40,379
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $209,396
    Bonus
    $0
    Other
    $0
    Deferred
    $40,379
    Nontaxable benefits
    $2,129
    Filer's total
    $251,904

  • William Bussey

    DIRECTOR OF SAFETY & RISK MANAGEMENT

    Total calculated
    $264,856
    From this org
    $191,960
    From related orgs
    $0
    Other
    $72,896
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $191,960
    Bonus
    $0
    Other
    $0
    Deferred
    $49,209
    Nontaxable benefits
    $25,666
    Filer's total
    $266,835

  • Jeff Thiel

    CREW CHIEF

    Total calculated
    $195,413
    From this org
    $171,726
    From related orgs
    $0
    Other
    $23,687
    Hours/week
    53.29

    Schedule J breakdown matched by us

    Base
    $171,726
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $24,877
    Filer's total
    $196,603

  • Rebecca Seeley

    HUMAN RESOURCES DIRECTOR

    Total calculated
    $243,528
    From this org
    $166,654
    From related orgs
    $0
    Other
    $76,874
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $166,654
    Bonus
    $0
    Other
    $0
    Deferred
    $53,187
    Nontaxable benefits
    $25,602
    Filer's total
    $245,443

  • Wade Gould

    AREA SUPERVISOR

    Total calculated
    $210,989
    From this org
    $156,879
    From related orgs
    $0
    Other
    $54,110
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $156,879
    Bonus
    $0
    Other
    $0
    Deferred
    $30,423
    Nontaxable benefits
    $25,419
    Filer's total
    $212,721

  • Zachary Diiorio

    CREW CHIEF

    Total calculated
    $180,766
    From this org
    $149,054
    From related orgs
    $0
    Other
    $31,712
    Hours/week
    48.77

    Schedule J breakdown matched by us

    Base
    $149,054
    Bonus
    $0
    Other
    $0
    Deferred
    $8,025
    Nontaxable benefits
    $24,877
    Filer's total
    $181,956

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: $64,543 DEREK HOWE: $59,987 TRACY PETERSON WIRTANEN: $32,191 WILLIAM BUSSEY: $45,463 JEFF THIEL: $0 REBECCA SEELEY: $49,723 WADE GOULD: $27,411 ZACHARY DIIORIO: $3,712 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: $79,921 DEREK HOWE: $58,662 TRACY PETERSON WIRTANEN: $22,286 WILLIAM BUSSEY: $45,975 JEFF THIEL: $0 REBECCA SEELEY: $42,513 WADE GOULD: $36,976 ZACHARY DIIORIO $11,582

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 $254,530 · share of assets $13,466,765 · controlled entity

    Directly controlled by LAKE COUNTRY POWER

  • LSTS HOLDINGS INC

    C · HOLDING COMPANY · MN · 100% owned · share of income $46,144 · share of assets $5,523,696 · controlled entity

    Directly controlled by LAKE COUNTRY POWER HOLDINGS INC

  • LSC HOLDINGS INC

    C · HOLDING COMPANY · MN · 100% owned · share of income $126,730 · share of assets $5,589,872 · controlled entity

    Directly controlled by LAKE COUNTRY POWER HOLDINGS INC

Provenance

Return type
form_990
Tax year
2023
Filed
28 August 2024
IRS schema version
2023v5.1
Source object
202432549349301623

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