GREAT LAKES ENERGY COOPERATIVE

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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

1998

Legal Domicile

Principal Officer

Shaun Lamp

Phone

2315826521

Tax Period

2023-01-01 to 2023-12-31

GREAT LAKES ENERGY COOPERATIVE, founded in 1998, is a major nonprofit that reported $256.3M in total revenue in fiscal year 2023.

Mission

Built and led by the communities we serve, we connect our members to innovative energy and communications programs and services.

Program Service Accomplishments

Program 1

Expenses: $256,252,080 Revenue: $256,252,080

Provide electric service to member/customers - approximately 130,000 member/customers.

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

Financial Overview (2023)

Revenue Breakdown

Contributions & Grants $0

Program Service Revenue $254,340,050

Investment Income $1,873,630

Other Revenue $38,400

TOTAL REVENUE $256,252,080

Expense Breakdown

Grants Paid $0

Salaries & Benefits $2,213,287

Fundraising Expenses $0

Program Expenses $256,252,080

Other Expenses $244,228,857

TOTAL EXPENSES $256,252,080

Year-over-Year Comparison

	2023	2022	Change
Revenue	$256,252,080	$262,446,486	0.0%
Expenses	$256,252,080	$262,446,486	0.0%
Net Income	$0	$0	N/A

Key Indicators

✗ Grants to Organizations ✗ Grants to Individuals ✗ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✗ Schedule B Required

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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

Independent Members

Employees

325

Volunteers

N/A

Governance Policies

✓ Conflict of Interest Policy

✓ Whistleblower Policy

✓ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School

✗ Operated a Hospital

✗ Provided First Class Travel

✗ Reported Conflict of Interest

✗ Reported Asset Diversion

✗ Excess Benefit Transaction

✗ Made Political Expenditures

✗ Engaged in Lobbying

✗ Operated Donor Advised Fund

✗ Maintained Art Collections

✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers

$2,099,616

Total Directors

$305,300

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
SHAUN LAMP	PRES, CHIEF EXECUTIVE OFFICER	55	Officer	$427,311	$121,100	$579,269
SHARI CULVER	CHIEF OPERATING OFFICER	44	Officer	$252,100	$124,355	$440,849
DARYL DESLOOVER	VP, INFOMATION TECHNOLOGY	57	Highest	$282,957	$130,373	$425,192
JENNIFER WILSON	CHIEF IMPACT OFFICER	48	Officer	$252,218	$102,065	$416,397
JOHN FETTIG	CHIEF FINANCIAL OFFICER	55	Officer	$279,694	$87,510	$374,950
KEVIN FORBES	DIRECTOR OF OPERATIONS	60	Highest	$217,106	$120,925	$338,031
DAVID DEPEW	MANAGER, OPERATIONS	60	Highest	$250,049	$45,752	$295,801
SCOTT BLECKE	CHIEF STRATEGY OFFICER	60	Officer	$276,868	$11,283	$288,151
GREGG CAPELIN	LINEWORKER	52	Highest	$201,985	$69,640	$271,625
ASHLEY SMITH	VP, ENGINEERING	60	Highest	$233,873	$29,565	$263,438
HOWARD BOWERSOX	DIRECTOR	8.1	Director	$45,100	$0	$50,500
JOHN LAFORGE	DIRECTOR	4.10	Director	$31,400	$0	$37,250
MARK CARSON	DIRECTOR	2.00	Director	$30,000	$0	$35,400
SHELLY SHEPHERD	DIRECTOR	4.00	Director	$33,200	$0	$33,200
RIC EVANS	DIRECTOR	5	Director	$32,100	$0	$32,100
JANET ANDERSEN	DIRECTOR	6.8	Director	$30,650	$0	$30,650
DAVID COVEYOU	DIRECTOR	2.4	Director	$30,100	$0	$30,100
PAUL BYL	DIRECTOR	5.7	Director	$29,200	$0	$29,200
DALE FARRIER	DIRECTOR	2.30	Director	$26,900	$0	$26,900

Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year	Revenue	Expenses	Assets	Net Income
2024	No data	No data	No data	No data
2023	$256,252,080	$256,252,080	$961,358,899	No data
2022	$262,446,486	$262,446,486	$877,952,006	No data
2021	$238,017,889	$238,017,889	$794,670,914	No data
2020	$222,026,091	$222,026,091	$677,695,355	No data
2019	$217,615,824	$217,615,824	$579,459,258	No data
2018	$209,724,114	$209,724,114	$523,889,867	No data