LAKE REGION ELECTRIC ASSOCIATION INC

EIN: 460156581

WEBSTER, SD

Total Revenue
$20,491,287
Total Expenses
$20,349,970
Total Assets
$56,134,138
Net Assets
$20,897,424
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Financial Vulnerability Assessment (Tuckman-Chang)

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Financial Trends

Organization Details

Formation Year
1941
Legal Domicile
SD
Principal Officer
JEREMY T LINDEMANN
Phone
6053453379
Tax Period
2025-01-01 to 2025-12-31

LAKE REGION ELECTRIC ASSOCIATION INC, founded in 1941, is a mid-sized nonprofit that reported $20.5M in total revenue in fiscal year 2025.

Mission

TO PROVIDE THE HIGHEST QUALITY OF SERVICES AND PRODUCTS TO ITS MEMBERS WHILE MAINTAINING COMPETITIVE RATES.

Program Service Accomplishments

Program 1

PROVIDED ELECTRIC SERVICE TO APPROXIMATELY 2,606 MEMBERS ALONG 1,673 MILES OF ELECTRIC LINE.

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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%)

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Financial Overview (2025)

Revenue Breakdown

Contributions & Grants $0
Program Service Revenue $20,459,270
Investment Income $87,891
Other Revenue $-55,874
TOTAL REVENUE $20,491,287

Expense Breakdown

Grants Paid $27,896
Salaries & Benefits $2,877,460
Fundraising Expenses $0
Other Expenses $16,160,330
TOTAL EXPENSES $20,349,970

Year-over-Year Comparison

2025 2024 Change
Revenue $20,491,287 $21,153,524 0.0%
Expenses $20,349,970 $20,960,091 0.0%
Net Income $141,317 $193,433 -0.3%
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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Governance

Voting Members
7
Independent Members
7
Employees
24
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
5
$329,603
Total Directors
7
$44,100
Key Employees
0
$0
Highest Compensated
5
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
KERMIT PEARSON PRESIDENT 10.00
Officer Director
$3,900 $0 $3,900
RODNEY TOBIN VICE PRESIDENT 8.00
Officer Director
$6,900 $0 $6,900
THOMAS LEE STEINER SECRETARY 8.00
Officer Director
$6,600 $0 $6,600
ANDREA KILKER TREASURER 8.00
Officer Director
$5,700 $0 $5,700
AMY KUECKER DIRECTOR 8.00
Director
$6,600 $0 $6,600
MARK WISMER DIRECTOR 8.00
Director
$6,000 $0 $6,000
CODY PASZEK DIRECTOR 8.00
Director
$8,400 $0 $8,400
JEREMY T LINDEMANN GENERAL MANAGER/CEO 40.00
Officer
$162,474 $144,029 $306,503
JAMES GRIMES MANAGER OF OPERATIONS - LEFT 08/25 40.00
Highest
$147,023 $19,469 $166,492
BRETT KWASNIEWSKI MANAGER OF MEMBER SERVICES 40.00
Highest
$115,838 $56,927 $172,765
DONNA SATTLER DIRECTOR OF FINANCE/OFFICE 40.00
Highest
$114,830 $115,511 $230,341
TIMOTHY GAIKOWSKI MANAGER OF TECHNOLOGY SERV 40.00
Highest
$115,720 $72,031 $187,751
DANIEL WILLIAMS LINE FOREMAN 40.00
Highest
$107,463 $90,418 $197,881
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
2025 $20,491,287 $20,349,970 $56,134,138 $141,317
2024 $21,153,524 $20,960,091 $53,701,411 $193,433
2023 $19,878,233 $19,703,998 $49,986,705 $174,235
2022 $19,790,370 $19,719,627 $46,911,496 $70,743
2021 $19,860,340 $19,706,183 $46,798,980 $154,157
2020 $17,807,086 $17,713,223 $46,193,920 $93,863
2019 $19,141,078 $18,935,695 $42,890,819 $205,383
2018 $21,034,517 $19,034,347 $40,164,127 $2,000,170
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