Nonprofit · EIN 41-0363020
LAKE REGION ELECTRIC COOPERATIVE
Tax-exempt · PEL RAPIDS, MN 56572
Financials
| Year ended | Form | Revenue | Expenses | Net income | Total assets | Liabilities | Net assets |
|---|---|---|---|---|---|---|---|
| December 31, 2024 | 990 | $59,514,606 | $57,663,270 | $1,851,336 | $155,620,345 | $84,602,902 | $71,017,443 |
| December 31, 2023 | 990 | $57,227,491 | $56,773,094 | $454,397 | $151,594,900 | $82,436,267 | $69,158,633 |
Financial details: 990 for the year ended December 31, 2024
Revenue
- Contributions, gifts and grants
- $0
- Program service revenue
- $57,324,175
- Investment income
- $701,571
- Net gain from sales of assets
- $58,110
- Net income from sales of inventory
- $81,264
- Other revenue
- $1,488,860
Expenses
- Grants and similar amounts paid
- $126,846
- Benefits paid to members
- $1,657,214
- Compensation of officers, directors and key employees
- $1,026,678
- Salaries, compensation and benefits (total)
- $1,026,678
- Professional fundraising fees
- $0
- Depreciation
- $4,958,918
Balance sheet and other
- Total assets, start of year
- $151,594,900
- Total assets, end of year
- $155,620,345
- Total liabilities, end of year
- $84,602,902
- Net assets, end of year
- $71,017,443
- Land, buildings and equipment
- $105,805,775
- Gross unrelated business income
- $81,264
- Gross receipts
- $60,346,199
- Employees
- 84
- Volunteers
- 0
- Year formed
- 1937
- State of legal domicile
- MN
From the e-filed returns the IRS publishes as XML (latest three processing years; amended returns replace the original). PDF copies at the IRS.
Officers, directors and key employees
As listed on the 990 for the year ended December 31, 2024, highest compensation first.
| Name | Title | Hours / week | Compensation | Other / benefits |
|---|---|---|---|---|
| TIM THOMPSON | CEO Officer | 45 | $345,442 | $165,915 |
| AL FAZIO | VICE PRESIDENT OF ENGINEERING/OPERATINGS Key employee | 45 | $174,327 | $93,825 |
| DONALD HANSON | LEAD JOURNEYMAN LINEWORKER Highest-paid employee | 48 | $140,764 | $61,396 |
| DYLAN AAFEDT | VICE PRESIDENT OF BUSINESS SOLUTIONS Highest-paid employee | 45 | $165,539 | $27,987 |
| AMANDA FULLER | VICE PRESIDENT OF FINANCE/CFO Officer | 45 | $161,241 | $27,609 |
| PHILLIP BOLLINGBERG | JOURNEYMAN LINEWORKER Highest-paid employee | 50.2 | $141,002 | $45,194 |
| ERIK OLSON | JOURNEYMAN LINEWORKER Highest-paid employee | 49.8 | $138,720 | $44,014 |
| KYLE JENSEN | LEAD JOURNEYMAN LINEWORKER Highest-paid employee | 47.1 | $138,079 | $43,116 |
| KURT KRUEGER | VICE CHAIR Trustee or director, Officer | 3.4 | $15,640 | $0 |
| THOMAS JENNEN | CHAIRMAN Trustee or director, Officer | 2.2 | $14,700 | $0 |
| CECIL HENSEL | SECRETARY/TREASURER Trustee or director, Officer | 2.9 | $14,280 | $0 |
| JIM GRONBECK | DIRECTOR Trustee or director | 3.8 | $13,760 | $0 |
| CHARLIE BLIXT | DIRECTOR Trustee or director | 2.8 | $12,120 | $0 |
| GARY OLSON | DIRECTOR Trustee or director | 2.5 | $11,080 | $0 |
| LEE MINDEMANN | DIRECTOR (JOINED 4/25/24) Trustee or director | 5 | $10,830 | $0 |
3 more people on this return
| Name | Title | Hours / week | Compensation |
|---|---|---|---|
| MICHAEL BRASEL | DIRECTOR Trustee or director | 1.7 | $9,580 |
| PATRICK MEYERS | DIRECTOR Trustee or director | 2.1 | $9,540 |
| EARL RYDELL | DIRECTOR (TERMED 4/25/24) Trustee or director | 2.2 | $4,130 |
990 for the year ended December 31, 2023: 18 people
| Name | Title | Hours / week | Compensation | Other / benefits |
|---|---|---|---|---|
| TIM THOMPSON | CEO Officer | 45 | $322,815 | $155,079 |
| AL FAZIO | VICE PRESIDENT OF ENGINEERING/OPERATIONS Key employee | 45 | $164,880 | $85,647 |
| PAUL BERGREN | SUPERINTENDENT - PELICAN RAPIDS Highest-paid employee | 45 | $137,723 | $75,202 |
| JASON HAMAN | LEAD JOURNEYMAN LINEWORKER Highest-paid employee | 47.85 | $137,790 | $67,386 |
| DONALD HANSON | LEAD JOURNEYMAN LINEWORKER Highest-paid employee | 49.14 | $137,767 | $57,870 |
| DYLAN AAFEDT | VICE PRESIDENT OF BUSINESS SOLUTIONS Highest-paid employee | 45 | $155,965 | $26,073 |
| TIM HART | ELECTRONICS SYSTEM SUPERVISOR Highest-paid employee | 51.76 | $121,344 | $60,242 |
| AMANDA FULLER | VICE PRESIDENT OF FINANCE/CFO Officer | 45 | $116,379 | $22,317 |
| THOMAS JENNEN | CHAIRMAN Trustee or director, Officer | 2.73 | $15,840 | $0 |
| KURT KRUEGER | VICE CHAIR Trustee or director, Officer | 2.04 | $13,790 | $0 |
| EARL RYDELL | DIRECTOR Trustee or director | 5.06 | $13,490 | $0 |
| CHARLIE BLIXT | DIRECTOR Trustee or director | 3.19 | $12,090 | $0 |
| CECIL HENSEL | SECRETARY/TREASURER Trustee or director | 2.23 | $11,890 | $0 |
| GARY OLSON | DIRECTOR Trustee or director | 1.63 | $10,970 | $0 |
| PATRICK MEYERS | DIRECTOR Trustee or director | 1.75 | $10,610 | $0 |
| MICHAEL BRASEL | DIRECTOR Trustee or director | 1.92 | $10,600 | $0 |
| JIM GRONBECK | DIRECTOR (STARTED 4/25/23) Trustee or director | 3.07 | $9,170 | $0 |
| SIDNEY WISNESS | VICE CHAIR (TERMED 4/25/23) Trustee or director, Officer | 5.88 | $5,630 | $0 |
Address and contacts
- Address (IRS master file)
- 1401 S BROADWAY, PEL RAPIDS, MN 56572-4723
- Principal officer (990 for 2024)
- JOEL JANORSCHKE, PO BOX 643, PELICAN RAPIDS, MN 565720643
- Signed the 990
- JOEL JANORSCHKE, CURRENT CEO
- Phone
- (218) 863-1171
- Website
- WWW.LREC.COOP
- Return prepared by
- BRADY MARTZ & ASSOCIATES PC
Mission
TO PROVIDE OUR MEMBERS WITH SAFE, RELIABLE, AFFORDABLE ELECTRICITY, AND LEAD BY OFFERING INNOVATIVE ENERGY SERVICES TO GROW THE COOPERATIVE.
Program accomplishments
- ELECTRICITY DISTRIBUTION - DISTRIBUTES ELECTRICITY TO 30,263 SERVICE LOCATIONS ACROSS 24,348 MEMBERS IN ITS 5,891 MILES OF LINES WITHIN THE SERVICE TERRITORY.
- ETS HEATING (STEFFES)/WATER HEATERS/GENERATORS AND GOWEST SOLAR SYSTEMS - MEMBERS ABLE TO PURCHASE STEFFES ETS HEATERS/WATER HEATERS, GENERATORS, AND GOWEST SOLAR SYSTEMS THROUGH AN EASY PAY PURCHASE PROGRAM, THEN BILLED EACH MONTH ON ELECTRIC BILL.
What it must file and when
IRS records say it files Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N. Its accounting year ends in December, so each return is due on the 15th day of the 5th month after that.
| Tax year | Year ended | Due | IRS public records |
|---|---|---|---|
| 2025 | December 31, 2025 | May 15, 2026 | Not on file |
| 2024 | December 31, 2024 | May 15, 2025 | 990 on file |
| 2023 | December 31, 2023 | May 15, 2024 | 990 on file |
IRS record
- EIN
- 41-0363020
- Tax-exempt status
- 501(c)(12): Benevolent life insurance association or mutual company
- Donations deductible
- No
- Exempt since
- 1938
- Accounting year ends
- December
- Files
- Form 990 or 990-EZ
- Assets (IRS master file)
- $155,620,345
- Income (IRS master file)
- $60,346,199
Filing history
| Form | Year ended | Revenue | Expenses | Assets | Return |
|---|---|---|---|---|---|
| 990 | December 2024 | $59,514,606 | $57,663,270 | $155,620,345 | XML |
| 990 | December 2023 | $57,227,491 | $56,773,094 | $151,594,900 | XML |
| 990 | December 2022 | $56,475,666 | $56,200,321 | $146,470,686 | IRS |
| 990 | December 2021 | – | – | – | IRS |
| 990 | December 2020 | – | – | – | IRS |
| 990 | December 2019 | – | – | – | IRS |
| 990 | December 2018 | – | – | – | IRS |
990-N: the IRS bulk file holds only the latest e-Postcard per organization; earlier years come from archived copies of that file since 2020 and can have gaps (the IRS e-Postcard search lists every one). 990, 990-EZ, 990-PF, 990-T: every e-filed return in the IRS e-file index since 2019; XML for the latest three processing years, amounts from the IRS Statistics of Income extracts before that. PDF copies and determination letters at the IRS (search EIN 41-0363020).
Questions about LAKE REGION ELECTRIC COOPERATIVE
- What is the EIN of LAKE REGION ELECTRIC COOPERATIVE?
- The employer identification number (EIN) of LAKE REGION ELECTRIC COOPERATIVE is 41-0363020.
- Is LAKE REGION ELECTRIC COOPERATIVE tax-exempt?
- Yes. The IRS lists it as tax-exempt under section 501(c)(12) since 1938.
- Are donations to LAKE REGION ELECTRIC COOPERATIVE tax-deductible?
- No. The IRS master file says contributions to it are not deductible.
- Which annual return does LAKE REGION ELECTRIC COOPERATIVE file?
- Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N.
- When is the next return of LAKE REGION ELECTRIC COOPERATIVE due?
- The return for tax year 2025 (the year ending December 31, 2025) is due May 15, 2026. Form 8868 extends it by six months; the 990-N cannot be extended.
- When did LAKE REGION ELECTRIC COOPERATIVE last file with the IRS?
- The latest return in the IRS public files is the 990 for the year ended December 2024.
- Who is the principal officer of LAKE REGION ELECTRIC COOPERATIVE?
- The 990 for the year ended December 31, 2024 names JOEL JANORSCHKE.
- Who are the officers and directors of LAKE REGION ELECTRIC COOPERATIVE?
- The 990 for the year ended December 31, 2024 lists 18 people; 18 received compensation from the organization, the highest $345,442 (TIM THOMPSON, CEO).
- How much revenue does LAKE REGION ELECTRIC COOPERATIVE have?
- On its 990 for the year ended December 31, 2024 it reported revenue of $59,514,606, expenses of $57,663,270 and total assets of $155,620,345 at year end.
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- PELICAN RAPIDS COMMUNITY FOOD SHELF INC EIN 41-1591403 · last filed 990 for 2024
- COMMUNITY & LIFE SERVICES INC EIN 36-5017139 · last filed 990 for 2025
- DAN OTTOSON MINISTRIES INC EIN 41-1397050 · last filed 990 for 2025
- PELICAN RAPIDS CHAMBER OF COMMERCE EIN 41-1299070 · last filed 990-EZ for 2025