Lake Country Power
501(c)(12)
Only null% goes to programs Strong reserves Growing revenue
Lake Country Power is a 501(c)(12) organization based in Mountain Iron, Minnesota, registered in 1998, with $110,408,177 in FY2023 revenue. CharityIndex grades it A.
8535 Park Ridge Dr, Mountain Iron, MN, 55768 EIN 41-1857633 Since 1998
Revenue (FY2023)
$110.4M
▼ 0.4% vs prior year
Expenses (FY2023)
$110.4M
Net assets
$134.1M
Employees
153
CharityIndex rating
One independent A+ to F grade from four published criteria, each scored separately from IRS filings and combined by weight.
A
—Program efficiency40% of the ratingNo expense breakdown in filings
Measures how much of every dollar spent actually reaches programs, plus what it costs to raise $100 of donations. The worse of the two measures sets the letter (85%+ to programs is an A; under $15 to raise $100 is an A), averaged over the three most recent filings. Not scored for Lake Country Power— this filing type doesn't report it, and the rating simply skips it (never counts it against the organization). See the exact thresholds →
AFinancial health25% of the rating15 mo reserves · +0% margin
Measures whether the organization is built to last: how many months its reserves would cover expenses (3+ months earns an A-range score, but hoarding 5+ years of budget is capped) and whether it runs a surplus or a deficit. For Lake Country Power: 15 mo reserves · +0% margin earns a A on this criterion. See the exact thresholds →
A+Governance25% of the rating6 of 6 checks met
Checks how the organization is run, from its own Form 990: an independent board majority, a board of five or more, conflict-of-interest, whistleblower and document-retention policies, and independently audited financials. The share of disclosed checks that pass sets the letter. For Lake Country Power: 6 of 6 checks met earns a A+ on this criterion. See the exact thresholds →
BTransparency10% of the rating3 of 5 disclosure signals
Counts five disclosure signals: a recent filing, a mission statement, program descriptions, a listed website, and the full expense breakdown. More disclosure, better letter. For Lake Country Power: 3 of 5 disclosure signals earns a B on this criterion. See the exact thresholds →
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Mission
To provide electricity and other services to the cooperative's members.
Contact & location
- Address
- 8535 Park Ridge Dr, Mountain Iron, MN, 55768
- City
- Mountain Iron
- State
- Minnesota
- Category
- —
- Subcategory
- —
- Phone
- …
- Website
- …
Financial trends
Revenue grew from $83.8M (FY2013) to $110.4M (FY2023) across 11 reported years.
Financial snapshot
Financial health & position (FY2023)
Liabilities $259.9MNet assets $134.1M
Operating margin
0.0%
Revenue exceeded expenses in the latest fiscal year.
Total assets
$394.0M
Total liabilities
$259.9M
Net assets
$134.1M
Salaries & benefits
$1.1M
1% of expenses
Board members
9
7 independent
Financials by year
| Fiscal year | Revenue | Expenses | Net assets | Total assets | Form |
|---|---|---|---|---|---|
| 2023 | $110,408,177▼0.4% | $110,408,177▼0.4% | $134,081,281▲7.8% | $393,961,504▲6.6% | 990 |
| 2022 | $110,864,875▲11.2% | $110,871,573▲11.2% | $124,414,803▲6.5% | $369,734,330▲2.5% | 990 |
| 2021 | $99,712,243▲7.8% | $99,742,340▲7.8% | $116,776,134▲4.2% | $360,562,297▲5.1% | 990 |
| 2020 | $92,478,659▼0.4% | $92,524,413▼0.4% | $112,037,327▲1.1% | $343,138,601▲4.8% | 990 |
| 2019 | $92,858,618▼1.3% | $92,867,610▼1.3% | $110,840,595▼0.3% | $327,288,686▲3.9% | 990 |
| 2018 | $94,052,463▲0.5% | $94,050,937▲0.6% | $111,137,817▲3.6% | $315,105,128▲6.4% | 990 |
| 2017 | $93,558,356▲3.2% | $93,525,190▲3.2% | $107,260,127▲4.3% | $296,269,702▲2.8% | 990 |
| 2016 | $90,699,359▲6.6% | $90,665,393▲6.6% | $102,879,087▲2.6% | $288,299,517▲4.6% | 990 |
| 2015 | $85,108,395▼8.3% | $85,082,993▼8.3% | $100,287,369▼0.6% | $275,710,902▲1.0% | 990 |
| 2014 | $92,811,590▲10.8% | $92,781,176▲10.7% | $100,941,005▲4.8% | $273,068,348▲2.2% | 990 |
| 2013 | $83,783,050 | $83,786,074▲5.5% | $96,331,797▲3.7% | $267,295,228▲3.2% | 990 |
| 2012 | — | $79,385,291▲5.0% | $92,934,916▲6.0% | $258,938,102▲5.3% | 990 |
| 2011 | — | $75,614,891▲9.8% | $87,689,345▲3.0% | $245,831,003▲3.0% | 990 |
| 2010 | — | $68,896,696 | $85,101,496 | $238,635,340 | 990 |
Original Form 990 PDFs (the Form column) are served by ProPublica Nonprofit Explorer, as filed with the IRS. Create a free account to download the CSV report.
Leadership & compensation (FY2023)
Highest-paid: Mark Bakk — $337,315 (0.31% of total expenses)
| Name | Title | Hours/week | Compensation |
|---|---|---|---|
| Mark Bakk | General Manager | 50 | $337,315 |
| Derek Howe | Chief Operating Officer | 50 | $236,308 |
| Tracy Peterson Wirtanen | Chief Financial Officer | 50 | $209,396 |
| William Bussey | Director of Safety & Risk Management | 50 | $191,960 |
| Jeff Thiel | Crew Chief | 53.29 | $171,726 |
| Rebecca Seeley | Human Resources Director | 50 | $166,654 |
| Wade Gould | Area Supervisor | 50 | $156,879 |
| Zachary Diiorio | Crew Chief | 48.77 | $149,054 |
| Craig Olson | President | 9.65 | $18,000 |
| Larry Anderson | Director | 8.84 | $16,200 |
| Daniel Kingsley | Vice President | 8.01 | $14,400 |
| Michael Forsman | Secretary | 9.1 | $14,400 |
| Jason Long | Treasurer | 7.06 | $12,900 |
| Steve Raukar | Director | 8.93 | $12,900 |
| Brian Napstad | Director | 8.1 | $12,883 |
| Robert Bruckbauer | Director | 8.35 | $11,100 |
| Jeff Sheldon | Director | 9.92 | $9,883 |
Top vendors & contractors (FY2023)
| Contractor | Services | Paid |
|---|---|---|
| Zielie's Tree Service Inc | Right of Way Clearing | $5,606,100 |
| Lake States Construction LLC | Construction of Electrical Dist. Lines | $3,464,833 |
| National Information Solutions Cooperati | Software Support | $732,946 |
| Ulland Brothers Inc | Construction of Substation | $565,872 |
| Lamb Construction | Construction of Electrical Dist. Lines | $155,701 |
Grants made · $6,100 in FY2023
1 grant totaling $6,100 in FY2023. All grants made by Lake Country Power →
| Recipient | Purpose | Amount |
|---|---|---|
| Better In Our Back Yard | Membership and gold sponsorship winter dinner | $6,100 |
Frequently asked questions
- Is Lake Country Power a legitimate nonprofit?
- Yes. Lake Country Power is a 501(c)(12) organization registered with the U.S. Internal Revenue Service under EIN 41-1857633, based in Mountain Iron, Minnesota.
- What is Lake Country Power's EIN?
- Lake Country Power's Employer Identification Number (EIN) is 41-1857633.
- How much revenue does Lake Country Power report?
- Lake Country Power reported $110,408,177 in total revenue on its fiscal year 2023 IRS Form 990 filing.
- What financial grade does Lake Country Power have?
- CharityIndex grades Lake Country Power A, based on financial health (reserves and operating margin).
- How much does Lake Country Power's highest-paid employee make?
- The highest reported compensation on Lake Country Power's latest Form 990 is $337,315, paid to Mark Bakk (General Manager).
More nonprofits in Mountain Iron
Explore more
Data for Lake Country Power (EIN 41-1857633) comes from the IRS Business Master File and e-filed Form 990 returns, via CharityIndex. Figures reflect what the organization reported to the IRS for each fiscal year.