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Nonprofiteer
← LYON-LINCOLN ELECTRIC COOPERATIVE INC

Form 990 for tax year 2023

Filed by LYON-LINCOLN ELECTRIC COOPERATIVE INC.

Totals

Total revenue
$11,756,903
Total expenses
$11,756,903
Contributions and grants received
$0
Grants paid
$6,794
Program service revenue
$11,631,290
Investment income
$125,790
Other revenue
-$177
Total assets, end of year
$42,853,772
Total liabilities, end of year
$25,608,713
Net assets or fund balances, end of year
$17,245,059
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 $10,955,728 · related or exempt $10,955,728

  • 2b · Program service revenue: CAPITAL CREDITS

    total $675,562 · related or exempt $675,562

  • 3 · Investment income

    total $125,790 · excluded $125,790

  • 10a · Gross sales of inventory

    $1,573

  • 10b · Cost of goods sold

    $1,750

  • 10c · Net income from sales of inventory

    total -$177 · excluded -$177

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $6,794

  • 4 · Benefits paid to or for members

    total $1,146,682

  • 5 · Compensation of officers, directors and key employees

    total $453,574

  • 7 · Other salaries and wages

    total $1,198,181

  • 8 · Pension plan contributions

    total $270,031

  • 10 · Payroll taxes

    total $112,986

  • 20 · Interest

    total $655,588

  • 22 · Depreciation, depletion and amortization

    total $1,130,473

  • 24a · Other expenses: COST OF POWER

    total $6,179,764

  • 24b · Other expenses: DISTRIBUTION-MAINTENANC

    total $805,682

  • 24c · Other expenses: DISTRIBUTIONS-OPERATION

    total $314,509

  • 24d · Other expenses: CUSTOMER SERVICE

    total $235,945

  • 24e · All other expenses

    total -$753,306

Balance sheet

Part X, book values.

  • 2 · Savings and temporary cash investments

    beginning of year $1,951,308 · end of year $3,886,957

  • 4 · Accounts receivable

    beginning of year $869,786 · end of year $781,054

  • 7 · Other notes and loans receivable

    beginning of year $41,660 · end of year $43,690

  • 8 · Inventories for sale or use

    beginning of year $1,043,732 · end of year $861,706

  • 9 · Prepaid expenses and deferred charges

    beginning of year $212,869 · end of year $217,081

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

    $40,974,375

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

    $12,956,159

  • 10c · Land, buildings and equipment, net

    beginning of year $26,331,643 · end of year $28,018,216

  • 12 · Investments: other securities

    beginning of year $80,366 · end of year $80,505

  • 13 · Investments: program-related

    beginning of year $8,423,343 · end of year $8,959,475

  • 14 · Intangible assets

    beginning of year $498 · end of year $498

  • 15 · Other assets

    beginning of year $4,590 · end of year $4,590

  • 17 · Accounts payable and accrued expenses

    beginning of year $1,243,203 · end of year $1,181,512

  • 23 · Secured mortgages and notes payable

    beginning of year $20,305,828 · end of year $23,736,865

  • 25 · Other liabilities

    beginning of year $677,595 · end of year $690,336

  • 29 · Capital stock, trust principal or current funds

    beginning of year $19,730 · end of year $19,855

  • 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 $16,713,439 · end of year $17,225,204

Mission and programs · 2023

Mission

TO PROVIDE RELIABLE ELECTRICITY AND OTHER NEEDED SERVICES TO ENHANCE THE QUALITY OF LIFE IN OUR RURAL COMMUNITIES.

Activities or mission (Part I)

TO PROVIDE ELECTRICITY TO RURAL AREAS.

  • PROVIDED ELECTRIC SERVICE TO APPROXIMATELY 3,956 METERS WITH 1,671 MILES OF LINE SERVICED, 22.84 MILES ADDED, AND 21.78 MILES REMOVED.

As filed on the 2023 return.

Listed in Part VII

  • Sander L Ludeman

    PRESIDENT (UNTIL 01/23)

    Total calculated
    $311
    From this org
    $311
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Dale Fier

    VICE PRESIDENT/PRESIDENT

    Total calculated
    $8,300
    From this org
    $8,300
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • Kathleen Schreurs

    SECRETARY & TREASURER

    Total calculated
    $5,300
    From this org
    $5,300
    From related orgs
    $0
    Other
    $0
    Hours/week
    2.3

  • James A Rokeh

    DIRECTOR

    Total calculated
    $11,350
    From this org
    $11,350
    From related orgs
    $0
    Other
    $0
    Hours/week
    7.8

  • Jared Dritz

    DIRECTOR

    Total calculated
    $3,900
    From this org
    $3,900
    From related orgs
    $0
    Other
    $0
    Hours/week
    2.3

  • Scott Johnson

    DIRECTOR

    Total calculated
    $6,325
    From this org
    $6,325
    From related orgs
    $0
    Other
    $0
    Hours/week
    1.7

  • Galen Grant

    DIRECTOR

    Total calculated
    $6,650
    From this org
    $6,650
    From related orgs
    $0
    Other
    $0
    Hours/week
    7.4

  • Mary Gunnink

    DIRECTOR

    Total calculated
    $6,475
    From this org
    $6,475
    From related orgs
    $0
    Other
    $0
    Hours/week
    3.3

  • Mike Longtin

    DIRECTOR/VICE PRESIDENT

    Total calculated
    $6,325
    From this org
    $6,325
    From related orgs
    $0
    Other
    $0
    Hours/week
    2.8

  • Joel Buyck

    DIRECTOR (BEG 06/23)

    Total calculated
    $4,700
    From this org
    $4,700
    From related orgs
    $0
    Other
    $0
    Hours/week
    2.3

  • Timothy O'Leary

    GENERAL MANAGER

    Total calculated
    $261,762
    From this org
    $176,230
    From related orgs
    $0
    Other
    $85,532
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $175,404
    Bonus
    $254
    Other
    $572
    Deferred
    $66,872
    Nontaxable benefits
    $18,660
    Filer's total
    $261,762

  • Kristi Jensen

    FINANCE MANAGER

    Total calculated
    $127,345
    From this org
    $115,523
    From related orgs
    $0
    Other
    $11,822
    Hours/week
    40

  • Lyle Lamote

    LINE SUPERINTENDENT

    Total calculated
    $134,110
    From this org
    $108,079
    From related orgs
    $0
    Other
    $26,031
    Hours/week
    40

  • Nathan Pavek

    JOURNEYMAN LINEMAN

    Total calculated
    $132,429
    From this org
    $101,469
    From related orgs
    $0
    Other
    $30,960
    Hours/week
    40

  • Wade Thooft

    OPERATIONS ASSISTANT

    Total calculated
    $158,401
    From this org
    $101,642
    From related orgs
    $0
    Other
    $56,759
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $101,172
    Bonus
    $271
    Other
    $199
    Deferred
    $37,881
    Nontaxable benefits
    $18,878
    Filer's total
    $158,401

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 · 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)

SCHEDULE J, PART II, COLUMN C
INCLUDED IN THE AMOUNT REPORTED IN COLUMN C IS $59,411 FOR THE CHANGE IN ACTUARIAL VALUE OF THE DEFINED BENEFIT PLAN FOR TIMOTHY O'LEARY. ACTUAL COOPERATIVE CONTRIBUTIONS TO THE PLAN WERE $44,418. INCLUDED IN THE AMOUNT REPORTED IN COLUMN C IS $33,526 FOR THE CHANGE IN ACTUARIAL VALUE OF THE DEFINED BENEFIT PLAN FOR WADE THOOFT. ACTUAL COOPERATIVE CONTRIBUTIONS TO THE PLAN WERE $26,070.

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.

  • LYON-LINCOLN ELECTRIC TRUST INC

    501(C)(3) · DISTRIBUTING CONTRIBUTIONS FROM COOPERATIVE MEMBERS TO LOCAL ORGANIZATIONS · MN · controlled entity

    Directly controlled by LYON-LINCOLN ELECTRIC COOPERATIVE

Provenance

Return type
form_990
Tax year
2023
Filed
27 August 2024
IRS schema version
2023v5.1
Source object
202412429349301231

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