Overview
What is Lake Region Electric Cooperative?
Lake Region Electric Cooperative is a nonprofit organization based in Pelican Rapids, Minnesota. They serve approximately 29,000 members by distributing electricity through a network of 5,862 miles of power lines. The cooperative's mission is to ensure the delivery of safe, reliable, and affordable electricity to its members. In addition to electricity distribution, they aim to lead by introducing innovative energy services to expand the cooperative. The organization employs a workforce of 73 individuals.
Official website here: www.lrec.coop
What are the reviews and ratings of this charity?
Lake Region Electric Cooperative is not currently rated by Charity Navigator as it does not qualify under the 501(c)(3) IRS registration required for evaluation. This absence of a rating should not be interpreted as a negative or positive reflection of the organization's performance. The eligibility constraint mainly arises because of its foundation status as something other than a 501(c)(3), which similarly affects its evaluation by Accountability & Finance, Impact & Measurement, and other key beacons.
The cooperative operates independently of other organizations and is noted under IRS data, indicating at least some recognition in official registers. However, as no financial data such as revenue or expenditure is available, it's challenging to assess its fiscal health or transparency based on Charity Navigator's criteria. This classification limits the usefulness of such ratings in assessing the cooperative's operational effectiveness.
Overall, the unavailability of a formal review by Charity Navigator means that stakeholders must rely on other sources of information to gauge the cooperative's performance and community impact. Since GreatNonprofits does not have user reviews for Lake Region Electric Cooperative, there is no available feedback from the public or service users to supplement this understanding.
This AI summary has been generated from information found on Charity Navigator.
Is Lake Region Electric Cooperative legitimate?
Lake Region Electric Cooperative is a legitimate nonprofit organization registered as a 501(c)(12) entity. Lake Region Electric Cooperative submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
Executive Compensation: $615,525
Professional Fundraising Fees: $0
Other Salaries and Wages: $0
For more financial information, click here
Official website here: www.lrec.coop
What is the mission statement of Lake Region Electric Cooperative?
Lake Region Electric Cooperative is committed to delivering safe, reliable, and affordable electricity to its members. In addition to this core mission, the cooperative aims to expand its offerings by introducing innovative energy services to foster growth. Through its electrical distribution network spanning over 5,862 miles and serving 29,685 members, Lake Region Electric Cooperative ensures that its community has access to essential power resources. By prioritizing safety, reliability, and affordability, the cooperative continues to meet the evolving energy needs of its members.
Official website here: www.lrec.coop
Who is the CEO of Lake Region Electric Cooperative?
Tim Thompson is the Director of Lake Region Electric Cooperative. The CEO's salary of Lake Region Electric Cooperative is $309,099 and their total compensation is $489,974.
Official website here: www.lrec.coop
What is the revenue of Lake Region Electric Cooperative?
Lake Region Electric Cooperative's revenue in 2022 was $56,475,666.
Official website here: www.lrec.coop
Who are the executives of Lake Region Electric Cooperative and what are their salaries?
The average compensation at Lake Region Electric Cooperative during 2022 was $8,432. There are 73 employees at Lake Region Electric Cooperative.
Here are 17 key members and their salaries (Lake Region Electric Cooperative's CEO's salary is $309,099 and their total compensation is $489,974):
- Compensation: $14,380
- Related: $0
- Other: $0
- Compensation: $6,700
- Related: $0
- Other: $0
- Compensation: $12,940
- Related: $0
- Other: $0
- Compensation: $9,520
- Related: $0
- Other: $0
- Compensation: $5,600
- Related: $0
- Other: $0
- Compensation: $15,370
- Related: $0
- Other: $0
- Compensation: $10,720
- Related: $0
- Other: $0
- Compensation: $12,840
- Related: $0
- Other: $0
- Compensation: $5,960
- Related: $0
- Other: $0
- Compensation: $14,520
- Related: $0
- Other: $0
- Compensation: $17,000
- Related: $0
- Other: $0
- Compensation: $309,099
- Related: $0
- Other: $180,875
- Compensation: $159,266
- Related: $0
- Other: $101,770
- Compensation: $138,473
- Related: $0
- Other: $61,527
- Compensation: $146,022
- Related: $0
- Other: $22,118
- Compensation: $143,977
- Related: $0
- Other: $18,512
- Compensation: $147,105
- Related: $0
- Other: $76,444
Official website here: www.lrec.coop
Where can I find the form 990 for Lake Region Electric Cooperative?
Lake Region Electric Cooperative's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.lrec.coop
Learn more at the official website: www.lrec.coop
Mission Statement of Lake Region Electric Cooperative
Lake Region Electric Cooperative, a leading electricity distributor, is committed to providing its members with safe, reliable, and affordable electric services. By offering innovative energy solutions, the cooperative aims to not only meet the current needs of its 29,685 members but also expand its reach and influence within the industry.
The mission of Lake Region Electric Cooperative is multifaceted. Its primary objective is to ensure the delivery of electricity to its members spread across the vast expanse of its 5,862-mile service territory. By maintaining a robust and extensive network of power lines, the cooperative is able to keep homes and businesses illuminated, enabling progress and development in the communities it serves.
Moreover, Lake Region Electric Cooperative goes beyond the basic provision of electricity. Recognizing the importance of staying at the forefront of the energy sector, the cooperative consistently seeks to innovate and improve its offerings. This forward-thinking approach allows the cooperative to enhance its value proposition and attract new members, thereby contributing to its growth as a cooperative.
By prioritizing the well-being of its members and embracing a spirit of innovation, Lake Region Electric Cooperative sets itself apart as a trusted and reliable partner. Through its unwavering dedication to delivering safe, reliable, and affordable electricity, the cooperative continues to strengthen its connection to the communities it serves and solidify its position as a key player in the energy landscape.
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Impact
October, 2024
Lake Region Electric Cooperative significantly impacts its community by providing safe, reliable, and affordable electricity to 29,685 members across 5,862 miles of service lines in its territory. Located in Pelican Rapids, MN, the cooperative is dedicated to enhancing the quality of life for its members through innovative energy services. By ensuring consistent electricity distribution, it fosters economic growth and stability within the region, supporting both residential and commercial development. The cooperative's commitment to member needs and community engagement positions it as a vital resource for energy-related solutions, ultimately contributing to the overall welfare of the area.
This information is meant to be a general summary of Lake Region Electric Cooperative. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2022.
- Investment Income: $322,844
- Program Service Revenue: $54,799,770
- Gross Receipts: $57,211,154
Assets and Liabilities:
- Total Assets: $146,470,686
- Total Liabilities: $79,061,674
- Net Assets: $67,409,012
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
SALE OF POWER
Revenue
$54,799,770
Organization Details
Founding Year
1937
Phone
(218) 863-1171Principal Officer
Tim Thompson
Main Address
PO BOX 643, PELICAN RAPIDS, MN, 565720643
Website
www.lrec.coopNTEE Category
Code: W80 - Public benefit
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