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Nonprofiteer
← IOWA LAKES ELECTRIC COOPERATIVE

Form 990 for tax year 2022

Filed by IOWA LAKES ELECTRIC COOPERATIVE.

Totals

Total revenue
$73,260,940
Total expenses
$67,916,375
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$65,402,557
Investment income
$293,557
Other revenue
$7,564,826
Total assets, end of year
$175,789,673
Total liabilities, end of year
$57,022,851
Net assets or fund balances, end of year
$118,766,822
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 $61,259,959 · related or exempt $61,259,959

  • 2b · Program service revenue: SALE OF POWER - WIND GENERATION

    total $4,142,598 · related or exempt $4,142,598

  • 3 · Investment income

    total $269,045 · excluded $269,045

  • 7a · Gross sales of assets other than inventory

    other assets $45,012

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

    other assets $20,500

  • 7c · Gain or loss

    other assets $24,512

  • 7d · Net gain or loss

    total $24,512 · excluded $24,512

  • 10a · Gross sales of inventory

    $524,561

  • 10b · Cost of goods sold

    $507,255

  • 10c · Net income from sales of inventory

    total $17,306 · excluded $17,306

  • 11a · Other revenue: CAPITAL CREDITS

    total $7,446,773 · related or exempt $7,446,773

  • 11b · Other revenue: IOWA LAKES DEVELOPMENT CORP

    total $77,546 · excluded $77,546

  • 11c · Other revenue: EARNINGS REPORTED ON SCHEDULE K-1

    total $21,362 · unrelated business $21,362

  • 11d · All other revenue

    total $1,839 · related or exempt $1,839

  • 11e · Other revenue, total

    $7,547,520

Functional expenses

Part IX, the statement of functional expenses.

  • 4 · Benefits paid to or for members

    total $4,582,040

  • 5 · Compensation of officers, directors and key employees

    total $1,724,050

  • 20 · Interest

    total $1,262,125

  • 22 · Depreciation, depletion and amortization

    total $7,518,788

  • 24a · Other expenses: COST OF POWER

    total $42,548,798

  • 24b · Other expenses: DIST EXP - OPERATION

    total $3,454,061

  • 24c · Other expenses: DIST EXP - MAINTENANCE

    total $2,261,655

  • 24d · Other expenses: CONSUMER ACCOUNT EXPENS

    total $1,792,660

  • 24e · All other expenses

    total $2,772,198

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year -$50,358 · end of year $506,895

  • 2 · Savings and temporary cash investments

    beginning of year $6,510,319 · end of year $6,384,709

  • 4 · Accounts receivable

    beginning of year $6,723,912 · end of year $7,146,760

  • 8 · Inventories for sale or use

    beginning of year $1,880,141 · end of year $3,209,094

  • 9 · Prepaid expenses and deferred charges

    beginning of year $890,731 · end of year $587,413

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

    $194,430,645

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

    $90,075,840

  • 10c · Land, buildings and equipment, net

    beginning of year $103,265,153 · end of year $104,354,805

  • 12 · Investments: other securities

    beginning of year $606,992 · end of year $727,523

  • 13 · Investments: program-related

    beginning of year $47,616,235 · end of year $52,872,474

  • 17 · Accounts payable and accrued expenses

    beginning of year $7,631,832 · end of year $8,737,412

  • 23 · Secured mortgages and notes payable

    beginning of year $39,337,873 · end of year $37,958,491

  • 25 · Other liabilities

    beginning of year $8,419,238 · end of year $10,326,948

  • 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 $112,054,182 · end of year $118,766,822

Mission and programs · 2022

Mission

TO PROVIDE ELECTRIC UTILITY SERVICES TO MEMBERS OF THE COOPERATIVE.

  • RURAL ELECTRIC COOPERATIVE - SALES OF ELECTRICITY TO MEMBERS.

As filed on the 2022 return.

Listed in Part VII

  • Jerry Beck

    CHAIRMAN

    Total calculated
    $8,600
    From this org
    $8,600
    From related orgs
    $0
    Other
    $0
    Hours/week
    7

  • Gary Rouse

    VICE CHAIRMAN

    Total calculated
    $8,250
    From this org
    $8,250
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Trent Will

    SECRETARY

    Total calculated
    $5,450
    From this org
    $5,450
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • Daniel Winterhof

    TREASURER

    Total calculated
    $9,650
    From this org
    $9,650
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • Bruce Amundson

    DIRECTOR

    Total calculated
    $8,400
    From this org
    $8,400
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Chad Boysen

    DIRECTOR

    Total calculated
    $7,000
    From this org
    $7,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • Craig Deim

    DIRECTOR

    Total calculated
    $8,050
    From this org
    $8,050
    From related orgs
    $0
    Other
    $0
    Hours/week
    6

  • David Friedrich

    DIRECTOR

    Total calculated
    $6,650
    From this org
    $6,650
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Neal Heldt

    DIRECTOR

    Total calculated
    $7,700
    From this org
    $7,700
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • Alan Madden

    DIRECTOR

    Total calculated
    $6,300
    From this org
    $6,300
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • Crystal Pluth

    DIRECTOR

    Total calculated
    $8,050
    From this org
    $8,050
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Marc Rush

    DIRECTOR

    Total calculated
    $7,350
    From this org
    $7,350
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Mark Tuttle

    DIRECTOR

    Total calculated
    $8,050
    From this org
    $8,050
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Roger Williamson

    DIRECTOR

    Total calculated
    $7,350
    From this org
    $7,350
    From related orgs
    $0
    Other
    $0
    Hours/week
    8

  • Rick Olesen

    PRESIDENT/CEO- PART YEAR

    Total calculated
    $215,505
    From this org
    $198,593
    From related orgs
    $0
    Other
    $16,912
    Hours/week
    55

    Schedule J breakdown matched by us

    Base
    $43,653
    Bonus
    $1,462
    Other
    $153,478
    Deferred
    $12,781
    Nontaxable benefits
    $4,131
    Filer's total
    $215,505

  • September Dau

    SR VP OF FINANCE

    Total calculated
    $264,521
    From this org
    $206,100
    From related orgs
    $0
    Other
    $58,421
    Hours/week
    48

    Schedule J breakdown matched by us

    Base
    $194,838
    Bonus
    $3,553
    Other
    $7,709
    Deferred
    $56,590
    Nontaxable benefits
    $1,831
    Filer's total
    $264,521

  • Aaron Ruschy

    VP OF OPERATIONS & ENGINEERING

    Total calculated
    $289,183
    From this org
    $175,927
    From related orgs
    $0
    Other
    $113,256
    Hours/week
    48

    Schedule J breakdown matched by us

    Base
    $167,133
    Bonus
    $3,249
    Other
    $5,545
    Deferred
    $84,609
    Nontaxable benefits
    $28,647
    Filer's total
    $289,183

  • Pam Caboth

    VP OF ADMINISTRATIVE SERVI

    Total calculated
    $201,569
    From this org
    $141,231
    From related orgs
    $0
    Other
    $60,338
    Hours/week
    48

    Schedule J breakdown matched by us

    Base
    $129,671
    Bonus
    $5,414
    Other
    $6,146
    Deferred
    $39,295
    Nontaxable benefits
    $21,043
    Filer's total
    $201,569

  • Jennifer Sievert

    VP OF CUSTOMER & CORP RELATIONS

    Total calculated
    $176,638
    From this org
    $133,421
    From related orgs
    $0
    Other
    $43,217
    Hours/week
    48

    Schedule J breakdown matched by us

    Base
    $124,088
    Bonus
    $3,249
    Other
    $6,084
    Deferred
    $23,314
    Nontaxable benefits
    $19,903
    Filer's total
    $176,638

  • Tim McCollough

    PRESIDENT/CEO

    Total calculated
    $275,867
    From this org
    $246,997
    From related orgs
    $0
    Other
    $28,870
    Hours/week
    55

    Schedule J breakdown matched by us

    Base
    $210,494
    Bonus
    $0
    Other
    $36,503
    Deferred
    $1,800
    Nontaxable benefits
    $27,070
    Filer's total
    $275,867

  • Shelly Tredway

    VP OF FINANCE/CFO

    Total calculated
    $193,917
    From this org
    $116,186
    From related orgs
    $0
    Other
    $77,731
    Hours/week
    48

    Schedule J breakdown matched by us

    Base
    $112,429
    Bonus
    $3,249
    Other
    $508
    Deferred
    $61,216
    Nontaxable benefits
    $16,515
    Filer's total
    $193,917

  • Doug Dau

    MANAGER OF INFORMATION TECHNOLOGY AND TECH SUPPORT

    Total calculated
    $187,402
    From this org
    $121,990
    From related orgs
    $0
    Other
    $65,412
    Hours/week
    48

    Schedule J breakdown matched by us

    Base
    $118,185
    Bonus
    $2,166
    Other
    $1,639
    Deferred
    $36,075
    Nontaxable benefits
    $29,337
    Filer's total
    $187,402

  • Brian Scott

    SUPERINTENDENT OF FIELD OPERATIONS

    Total calculated
    $189,039
    From this org
    $114,530
    From related orgs
    $0
    Other
    $74,509
    Hours/week
    48

    Schedule J breakdown matched by us

    Base
    $111,100
    Bonus
    $2,436
    Other
    $994
    Deferred
    $47,792
    Nontaxable benefits
    $26,717
    Filer's total
    $189,039

  • Jed Skogerboe

    MANAGER OF BUSINESS AND COMMUNITY DEVELOPMENT

    Total calculated
    $172,453
    From this org
    $112,051
    From related orgs
    $0
    Other
    $60,402
    Hours/week
    48

    Schedule J breakdown matched by us

    Base
    $107,387
    Bonus
    $3,357
    Other
    $1,307
    Deferred
    $55,764
    Nontaxable benefits
    $4,638
    Filer's total
    $172,453

  • Alden Zeitz

    MANAGER OF RENEWABLE ENERGY SERVICES

    Total calculated
    $183,010
    From this org
    $116,890
    From related orgs
    $0
    Other
    $66,120
    Hours/week
    48

    Schedule J breakdown matched by us

    Base
    $113,759
    Bonus
    $2,166
    Other
    $965
    Deferred
    $47,159
    Nontaxable benefits
    $18,961
    Filer's total
    $183,010

  • Kristin Hanson

    MANAGER OF HR

    Total calculated
    $160,989
    From this org
    $107,121
    From related orgs
    $0
    Other
    $53,868
    Hours/week
    48

    Schedule J breakdown matched by us

    Base
    $103,568
    Bonus
    $3,249
    Other
    $304
    Deferred
    $40,136
    Nontaxable benefits
    $13,732
    Filer's total
    $160,989

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.

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.

  • IOWA LAKES DEVELOPMENT CORP

    C · REAL ESTATE DEVELOPMENT · IA · 100% owned · share of income $77,546 · share of assets $1,291,752 · controlled entity

    Directly controlled by IOWA LAKES ELECTRIC COOPERATIVE

Provenance

Return type
form_990
Tax year
2022
Filed
24 August 2023
IRS schema version
2022v5.0
Source object
202312559349301361

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