Lake Region Electric Cooperative

Nonprofit profile at a glance

EIN
410363020
IRS 990 coverage
2010–2024
Official website data refreshed
Sep 2026
Forms available
Form 990 2024
Location
Pelican Rapids, MN, USA
Phone
(800) 552-7658
Rating confidence
Limited

Official website

Reported finances

Revenue
$59,514,606
Expenses
$57,663,270
Assets
$155,620,345
Liabilities
$84,602,902

Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.

Leadership & pay

18 people listed

Executive titles in this filing

  • TIM THOMPSON (CEO)
  • AMANDA FULLER (VICE PRESIDENT OF FINANCE/CFO)
  • AL FAZIO (VICE PRESIDENT OF ENGINEERING/OPERATINGS)
  • DYLAN AAFEDT (VICE PRESIDENT OF BUSINESS SOLUTIONS)

Highest reported compensation

  • TIM THOMPSON (CEO): $511,357 total reported compensation
  • AL FAZIO (VICE PRESIDENT OF ENGINEERING/OPERATINGS): $268,152 total reported compensation
  • DONALD HANSON (LEAD JOURNEYMAN LINEWORKER): $202,160 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

To provide safe, reliable, and affordable electric service and energy solutions to our member-owners while enhancing the quality of life in the communities we serve.

What it reported doing in 2024

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.

Operating model

Revenue model
Earned-program. 97% of the money available for current operations came from fees and other program revenue.
Distribution model
Cannot be determined from the filing. The filing does not provide enough consistent spending detail to tell whether the nonprofit works directly or through others.

The verdict

- The available evidence is not sufficient to produce an overall rating for this filing. This is not a warning sign.

Rating breakdown

  • Financial Efficiency: NotEnoughData
  • Transparency & Controls: 87
  • Accountability: 94
  • Sustainability: 52
  • Growth: 60

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: Limited
  • Program expense ratio: Limited
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 68th percentile among comparable filings
  • Pay-setting controls: 3 of 6 controls in place; rating input score 50
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Pass
    • Compensation survey or study: Pass
    • Board or committee approval: Pass
  • Foreign activity oversight: Limited
  • Grant itemization coverage: 100%; rating input score 100; 77th percentile among comparable filings
  • Major donor itemization: Limited
  • Related-party transparency: Yes; rating input score 100

Accountability

  • Independent voting board: 88.9%; rating input score 89; 36th percentile among comparable filings
  • Governance controls: 9 of 9 controls in place; rating input score 100
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • Other executive compensation review process: Pass
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 3.1%; rating input score 48; 48th percentile among comparable filings
  • Total-asset coverage ratio: 2.7; rating input score 73; 73rd percentile among comparable filings
  • Liabilities to assets ratio: 0.54; rating input score 33; 33rd percentile among comparable filings
  • Officer compensation ratio: 3.5%; rating input score 31; 31st percentile among comparable filings

Growth

  • Program expense growth: Limited
  • Revenue growth: 2% per year; rating input score 100; 14th percentile among comparable filings
  • Asset growth: 3.9% per year; rating input score 100; 27th percentile among comparable filings

Details

  • What they do: 7 programs and campaigns described on the official site · 2 operating locations identified
  • Where the money goes: Financial trends and filed revenue, expense, asset, and liability detail
  • Governance: 8 of 9 board members independent · 9 of 9 filing controls reported
  • Programs: 2 filed program accomplishments
  • Leadership: top reported pay $511K · 18 people listed · 3 of 6 pay-setting controls reported
  • Highest-paid contractors: 5 contractors listed · $3.5M reported
  • Consistency: 12 of 12 current checks pass
  • Schedules: 6 filed schedules · includes grants, executive pay, and related organizations
  • Filing history: 15 filing years from 2010 to 2024
  • Contacts: How to reach this organization
  • Money network: 19 filed money-flow records
  • Related organizations: 4 filed related-organization links
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.
  • Staff and benefit plans: Retirement and health plans the organization files with the Department of Labor, and the people in them.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • Moderate — Sustainability: Operating margin scored 48/100.
  • Moderate — Sustainability: Officer compensation ratio scored 31/100.
  • Moderate — Sustainability: Liabilities to assets ratio scored 33/100.