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Nonprofiteer
← LYON-LINCOLN ELECTRIC COOPERATIVE INC

Form 990 for tax year 2024

Filed by LYON-LINCOLN ELECTRIC COOPERATIVE INC.

Totals

Total revenue
$11,963,751
Total expenses
$11,963,751
Contributions and grants received
$0
Grants paid
$6,677
Program service revenue
$11,800,719
Investment income
$161,928
Other revenue
$1,104
Total assets, end of year
$43,497,391
Total liabilities, end of year
$26,025,022
Net assets or fund balances, end of year
$17,472,369
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 $11,225,498 · related or exempt $11,225,498

  • 2b · Program service revenue: CAPITAL CREDITS

    total $575,221 · related or exempt $575,221

  • 3 · Investment income

    total $161,928 · excluded $161,928

  • 10a · Gross sales of inventory

    $5,030

  • 10b · Cost of goods sold

    $3,926

  • 10c · Net income from sales of inventory

    total $1,104 · excluded $1,104

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $6,677

  • 4 · Benefits paid to or for members

    total $841,175

  • 5 · Compensation of officers, directors and key employees

    total $512,285

  • 7 · Other salaries and wages

    total $1,221,411

  • 8 · Pension plan contributions

    total $302,721

  • 10 · Payroll taxes

    total $116,211

  • 20 · Interest

    total $747,583

  • 22 · Depreciation, depletion and amortization

    total $1,194,588

  • 24a · Other expenses: COST OF POWER

    total $6,428,384

  • 24b · Other expenses: DISTRIBUTION-MAINTENANC

    total $730,005

  • 24c · Other expenses: DISTRIBUTIONS-OPERATION

    total $393,797

  • 24d · Other expenses: CUSTOMER ACCOUNTS

    total $155,621

  • 24e · All other expenses

    total -$686,707

Balance sheet

Part X, book values.

  • 2 · Savings and temporary cash investments

    beginning of year $3,886,957 · end of year $2,451,719

  • 4 · Accounts receivable

    beginning of year $781,054 · end of year $1,048,760

  • 7 · Other notes and loans receivable

    beginning of year $43,690 · end of year $36,282

  • 8 · Inventories for sale or use

    beginning of year $861,706 · end of year $915,423

  • 9 · Prepaid expenses and deferred charges

    beginning of year $217,081 · end of year $222,491

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

    $42,711,730

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

    $13,119,778

  • 10c · Land, buildings and equipment, net

    beginning of year $28,018,216 · end of year $29,591,952

  • 12 · Investments: other securities

    beginning of year $80,505 · end of year $80,809

  • 13 · Investments: program-related

    beginning of year $8,959,475 · end of year $9,144,867

  • 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 $1,181,512 · end of year $1,462,811

  • 23 · Secured mortgages and notes payable

    beginning of year $23,736,865 · end of year $23,858,503

  • 25 · Other liabilities

    beginning of year $690,336 · end of year $703,708

  • 29 · Capital stock, trust principal or current funds

    beginning of year $19,855 · end of year $19,885

  • 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 $17,225,204 · end of year $17,452,484

Mission and programs · 2024

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 3,955 METERS WITH 1,670 MILES OF LINE SERVICED, 37.15 MILES ADDED, AND 38.21 MILES REMOVED.

As filed on the 2024 return.

Listed in Part VII

  • Dale Fier

    PRESIDENT

    Total calculated
    $7,500
    From this org
    $7,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Mike Longtin

    VICE PRESIDENT

    Total calculated
    $8,575
    From this org
    $8,575
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Kathleen Schreurs

    SECRETARY & TREASURER

    Total calculated
    $10,175
    From this org
    $10,175
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Jared Dritz

    DIRECTOR

    Total calculated
    $4,225
    From this org
    $4,225
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Galen Grant

    DIRECTOR

    Total calculated
    $9,250
    From this org
    $9,250
    From related orgs
    $0
    Other
    $0
    Hours/week
    6

  • Mary Gunnink

    DIRECTOR

    Total calculated
    $8,250
    From this org
    $8,250
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • Scott Johnson

    DIRECTOR

    Total calculated
    $5,025
    From this org
    $5,025
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • James A Rokeh

    DIRECTOR

    Total calculated
    $9,875
    From this org
    $9,875
    From related orgs
    $0
    Other
    $0
    Hours/week
    8

  • Joel Buyck

    DIRECTOR

    Total calculated
    $9,575
    From this org
    $9,575
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Timothy O'Leary

    GENERAL MANAGER

    Total calculated
    $300,304
    From this org
    $196,218
    From related orgs
    $0
    Other
    $104,086
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $194,960
    Bonus
    $254
    Other
    $1,004
    Deferred
    $84,773
    Nontaxable benefits
    $23,125
    Filer's total
    $304,116

  • Kristi Jensen

    FINANCE MANAGER

    Total calculated
    $136,045
    From this org
    $123,858
    From related orgs
    $0
    Other
    $12,187
    Hours/week
    40

  • Lyle Lamote

    LINE SUPERINTENDENT

    Total calculated
    $141,452
    From this org
    $114,351
    From related orgs
    $0
    Other
    $27,101
    Hours/week
    40

  • Wade Thooft

    OPERATIONS ASSISTANT

    Total calculated
    $166,787
    From this org
    $105,586
    From related orgs
    $0
    Other
    $61,201
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $105,102
    Bonus
    $271
    Other
    $213
    Deferred
    $41,670
    Nontaxable benefits
    $21,655
    Filer's total
    $168,911

  • Trent Skjefte

    JOURNEYMAN LINEMAN

    Total calculated
    $114,021
    From this org
    $102,572
    From related orgs
    $0
    Other
    $11,449
    Hours/week
    40

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 THE CHANGE IN ACTUARIAL VALUE OF THE DEFINED BENEFIT PLAN: - TIMOTHY O'LEARY $50,733 - WADE THOOFT $37,125 THE ACTUAL COOPERATIVE CONTRIBUTIONS TO THE DEFINED BENEFIT PLAN: - TIMOTHY O'LEARY $76,501 - WADE THOOFT $28,282

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
2024
Filed
5 August 2025
IRS schema version
2024v5.2
Source object
202512189349301901

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