LAKE REGION ELECTRIC COOPERATIVE (EIN 410363020) - Form 990 Financial Analysis & Trantor Score

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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

1937

Legal Domicile

Principal Officer

JOEL JANORSCHKE

Phone

2188631171

Tax Period

2024-01-01 to 2024-12-31

LAKE REGION ELECTRIC COOPERATIVE, founded in 1937, is a mid-sized nonprofit that reported $59.5M in total revenue in fiscal year 2024. Expenses of $57.7M left a modest 3% surplus.

Mission

TO PROVIDE OUR MEMBERS WITH SAFE, RELIABLE, AFFORDABLE ELECTRICITY, AND LEAD BY OFFERING INNOVATIVE ENERGY SERVICES TO GROW THE COOPERATIVE.

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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 (2024)

Revenue Breakdown

Contributions & Grants $0

Program Service Revenue $57,324,175

Investment Income $701,571

Other Revenue $1,488,860

TOTAL REVENUE $59,514,606

Expense Breakdown

Grants Paid $126,846

Salaries & Benefits $1,026,678

Fundraising Expenses $0

Other Expenses $54,852,532

TOTAL EXPENSES $57,663,270

Year-over-Year Comparison

	2024	2023	Change
Revenue	$59,514,606	$57,227,491	+0.0%
Expenses	$57,663,270	$56,773,094	+0.0%
Net Income	$1,851,336	$454,397	+3.1%

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

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

$744,827

Total Directors

$115,660

Key Employees

$268,152

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
CHARLIE BLIXT	DIRECTOR	2.80	Director	$12,120	$0	$12,120
MICHAEL BRASEL	DIRECTOR	1.70	Director	$9,580	$0	$9,580
JIM GRONBECK	DIRECTOR	3.80	Director	$13,760	$0	$13,760
CECIL HENSEL	SECRETARY/TREASURER	2.90	Officer Director	$14,280	$0	$14,280
THOMAS JENNEN	CHAIRMAN	2.20	Officer Director	$14,700	$0	$14,700
KURT KRUEGER	VICE CHAIR	3.40	Officer Director	$15,640	$0	$15,640
PATRICK MEYERS	DIRECTOR	2.10	Director	$9,540	$0	$9,540
GARY OLSON	DIRECTOR	2.50	Director	$11,080	$0	$11,080
EARL RYDELL	DIRECTOR (TERMED 4/25/24)	2.20	Director	$4,130	$0	$4,130
LEE MINDEMANN	DIRECTOR (JOINED 4/25/24)	5.00	Director	$10,830	$0	$10,830
TIM THOMPSON	CEO	45.00	Officer	$345,442	$165,915	$511,357
AMANDA FULLER	VICE PRESIDENT OF FINANCE/CFO	45.00	Officer	$161,241	$27,609	$188,850
AL FAZIO	VICE PRESIDENT OF ENGINEERING/OPERATINGS	45.00	Key Emp	$174,327	$93,825	$268,152
DYLAN AAFEDT	VICE PRESIDENT OF BUSINESS SOLUTIONS	45.00	Highest	$165,539	$27,987	$193,526
PHILLIP BOLLINGBERG	JOURNEYMAN LINEWORKER	50.20	Highest	$141,002	$45,194	$186,196
DONALD HANSON	LEAD JOURNEYMAN LINEWORKER	48.00	Highest	$140,764	$61,396	$202,160
ERIK OLSON	JOURNEYMAN LINEWORKER	49.80	Highest	$138,720	$44,014	$182,734
KYLE JENSEN	LEAD JOURNEYMAN LINEWORKER	47.10	Highest	$138,079	$43,116	$181,195

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	$59,514,606	$57,663,270	$155,620,345	$1,851,336
2023	$57,227,491	$56,773,094	$151,594,900	$454,397
2022	$56,475,666	$56,200,321	$146,470,686	$275,345
2021	$56,997,078	$55,395,963	$144,282,112	$1,601,115
2020	$56,807,518	$53,918,082	$143,775,953	$2,889,436
2019	$54,521,367	$52,690,971	$134,080,879	$1,830,396
2018	$53,098,198	$52,227,006	$127,452,066	$871,192

LAKE REGION ELECTRIC COOPERATIVE