Civic Intelligence

Cooperative Light and Power Association of Lake County

990 • Fiscal year 2021 • EIN 41-0203975

Jan 01, 2021 to Dec 31, 2021 • Filed on Jun 13, 2022

Organization ProfileWWW.CLPOWER.COM
1554 Highway 2Two Harbors, MN 55616

(218) 834-2226

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

59th percentile

0.53x

Higher debt load relative to assets than 59% of similar nonprofits.

2021 filings • 501(c)12 • $25M-$50M nonprofits • Source year 2021

Liabilities / Revenue

40th percentile

1.23x

Higher debt load relative to revenue than 40% of similar nonprofits.

2021 filings • 501(c)12 • $25M-$50M nonprofits • Source year 2021

Net Margin

5th percentile

-3.3%

Higher net margin than 5% of similar nonprofits.

2021 filings • 501(c)12 • $25M-$50M nonprofits • Source year 2021

Top Officer Pay

60th percentile

$232,164

Higher top officer pay than 60% of similar nonprofits.

Top officer pay equals 1.7% of source-year revenue.

2021 filings • 501(c)12 • $25M-$50M nonprofits • Source year 2021

Asset Growth

40th percentile

2.1%

Faster asset growth than 40% of similar nonprofits.

2021 filings • 501(c)12 • $25M-$50M nonprofits • Annualized from 2020 to 2021

Revenue Growth

42nd percentile

0.8%

Faster revenue growth than 42% of similar nonprofits.

2021 filings • 501(c)12 • $25M-$50M nonprofits • Annualized from 2020 to 2021

Balance Sheet
Liabilities / Assets59th percentile

Assets

Up

$32,161,097

Up $667,625 (+2.1%) from 2020

Net Assets

Down

$15,184,202

Down $418,901 (-2.7%) from 2020

Liabilities

Up

$16,976,895

Up $1,086,526 (+6.8%) from 2020

Revenue And Expenses
Liabilities / Revenue40th percentileNet Margin5th percentile

Revenue

Up

$13,814,099

Up $107,650 (+0.8%) from 2020

Expenses

Up

$14,265,949

Up $787,759 (+5.8%) from 2020

Net Income

Down

-$451,850

Down $680,109 (-298%) from 2020

Historical Trend

Balance Sheet Trend

Asset Growth40th percentile

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$40M$30M$20M$10M$0Assets 2011: $25,507,142Liabilities 2011: $12,445,682Net Assets 2011: $13,061,4602011Assets 2012: $27,000,698Liabilities 2012: $13,203,483Net Assets 2012: $13,797,2152012Assets 2013: $28,196,519Liabilities 2013: $13,889,006Net Assets 2013: $14,307,5132013Assets 2014: $29,889,794Liabilities 2014: $15,188,788Net Assets 2014: $14,701,0062014Assets 2015: $29,780,252Liabilities 2015: $15,077,530Net Assets 2015: $14,702,7222015Assets 2016: $30,692,905Liabilities 2016: $16,022,052Net Assets 2016: $14,670,8532016Assets 2017: $31,326,966Liabilities 2017: $16,446,225Net Assets 2017: $14,880,7412017Assets 2018: $31,191,674Liabilities 2018: $16,003,906Net Assets 2018: $15,187,7682018Assets 2019: $30,855,710Liabilities 2019: $15,512,154Net Assets 2019: $15,343,5562019Assets 2020: $31,493,472Liabilities 2020: $15,890,369Net Assets 2020: $15,603,1032020Assets 2021: $32,161,097Liabilities 2021: $16,976,895Net Assets 2021: $15,184,2022021Assets 2022: $32,952,450Liabilities 2022: $17,531,148Net Assets 2022: $15,421,3022022Assets 2023: $34,755,470Liabilities 2023: $18,941,150Net Assets 2023: $15,814,3202023Assets 2024: $36,554,621Liabilities 2024: $20,763,972Net Assets 2024: $15,790,6492024

Highlighted filing

2021

Assets$32,161,097
Liabilities$16,976,895
Net Assets$15,184,202
Open 2021 Filing

Operations Trend

Revenue Growth42nd percentile

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$20M$15M$10M$5.0M$0-$5.0MRevenue 2011: $10,978,732Expenses 2011: $10,074,109Net Income 2011: $904,6232011Expenses 2012: $10,824,3232012Revenue 2013: $12,097,541Expenses 2013: $11,636,450Net Income 2013: $461,0912013Revenue 2014: $12,975,062Expenses 2014: $12,600,407Net Income 2014: $374,6552014Revenue 2015: $12,131,768Expenses 2015: $12,163,063Net Income 2015: -$31,2952015Revenue 2016: $12,623,950Expenses 2016: $12,720,929Net Income 2016: -$96,9792016Revenue 2017: $13,201,902Expenses 2017: $13,024,749Net Income 2017: $177,1532017Revenue 2018: $13,507,898Expenses 2018: $13,221,933Net Income 2018: $285,9652018Revenue 2019: $13,524,405Expenses 2019: $13,393,618Net Income 2019: $130,7872019Revenue 2020: $13,706,449Expenses 2020: $13,478,190Net Income 2020: $228,2592020Revenue 2021: $13,814,099Expenses 2021: $14,265,949Net Income 2021: -$451,8502021Revenue 2022: $14,384,512Expenses 2022: $14,180,360Net Income 2022: $204,1522022Revenue 2023: $14,718,706Expenses 2023: $14,344,542Net Income 2023: $374,1642023Revenue 2024: $15,266,668Expenses 2024: $15,300,746Net Income 2024: -$34,0782024

Highlighted filing

2021

Revenue$13,814,099
Expenses$14,265,949
Net Income-$451,850
Open 2021 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2021 to Dec 31, 2021
Signed
Jun 13, 2022
Return Version
2021v4.0
Gross Receipts
$13,814,099
Mission and Program Overview

Mission

Electric energy distribution

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$19,229,707$19,746,822▲ $517,115
Rtn Earn Endowment Incm Other Fnds$15,603,103$15,184,202▼ $418,901
Investments Other Securities$6,837,759$7,533,609▲ $695,850
Savings and Temporary Cash Investments$2,073,633$1,787,869▼ $285,764
Accounts Receivable$1,792,919$1,698,925▼ $93,994
Prepaid Expenses and Deferred Charges$889,362$813,902▼ $75,460
Inventories for Sale or Use$318,482$376,159▲ $57,677
Cash and Non-Interest-Bearing Accounts$193,657$55,718▼ $137,939
Total Assets$31,493,472$32,161,097▲ $667,625
Other Assets Total$157,953$148,093▼ $9,860
Liabilities
Mortgage Notes Payable Secured by Investment Property$13,186,090$14,122,773▲ $936,683
Accounts Payable and Accrued Expenses$2,457,132$2,647,084▲ $189,952
Deferred Revenue$186,831$144,241▼ $42,590
Other Liabilities$60,316$62,797▲ $2,481
Total Liabilities$15,890,369$16,976,895▲ $1,086,526
Net Assets / Fund Balance
Total Net Assets Fund Balance$15,603,103$15,184,202▼ $418,901
Total Liabilities and Net Assets / Fund Balance$31,493,472$32,161,097▲ $667,625

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$16,820,999$19,059,804$35,880,803
Buildings$1,224,852$1,032,372$2,257,224
Other Land Buildings$1,319,943-$1,319,943
Land$381,028-$381,028
Other Securities$37--
Compensation and Service Providers
Top Officer Pay60th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Hal HalpernCEO/generalFT$173,733$58,431$232,164
Hal HalpernCEO/general Manager-$173,733$58,431$232,164
Larry SandretskyLinemenFT$144,408$67,509$211,917
Michael JohnsonGeneral ForeFT$126,631$64,773$191,404
Michael JohnsonGeneral Foreman-$126,631$64,773$191,404
Brian BentlerLead LinemanFT$122,567$66,002$188,569
Vince UdenbergLinemanFT$123,531$60,025$183,556
Chase PetersonLinemenFT$128,087$49,690$177,777
Susan SchmitzOffice ManagFT$91,203$56,086$147,289
Shannon HaveriOffice ManagFT$10,404-$10,404
Patricia SchmiederVice PresidePT$6,150-$6,150
Scott VeitenheimerPresidentPT$5,950-$5,950
Greg LienDirectorPT$4,670-$4,670
Alis StevensDirectorPT$4,238-$4,238
Steve JosephsonDirectorPT$3,010-$3,010
Kyle WeidemanTreasurerPT$2,360-$2,360
Roger PetersonSecretaryPT$1,720-$1,720

Highest Paid Contractors

ContractorServicesLocationCompensation
Lake States Construction INCLine Work25172 COMMERICAL DRIVE, PO BOX 279, Grand Rapids, MN 55744$495,180
Central Applicators INCLine Clearing3190 HWY 25 NE, Foley, MN 56329$275,599
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$13,177,532
Investment Income
$64,560
Other Revenue
$572,007
Change in Net Assets
$-451,850

Audited Revenue Reconciliation

Revenue per Audited Statements
$13,814,099
Total Revenue per Audited Statements
$13,814,099
Total Revenue per Form 990
$13,814,099
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$13,301,556
Salaries, Compensation, and Employee Benefits$417,955
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Depreciation Depletion---$1,175,629
All Other Expenses---$574,712
Benefits to Members---$546,438
Current Officers, Directors, Trustees, and Key Employees---$417,955
Other Expenses---$417,215
Interest---$350,597
Total Functional Expenses$0$0$0$14,265,949

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$14,265,949
Expenses per Audited Statements$13,719,511
Total Expenses per Audited Statements$13,719,511
Expenses Not Reported on Financial Statements$546,438
Other Expense Adjustments$546,438
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Customer Deposits$62,797
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
Yes
Business relationship with 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
Yes
Management duties delegated
No

Governance Explanations

Form 990, Page 6, Part VI, Line 6

“The organization only has one class of members.”

Form 990, Page 6, Part VI, Line 7A

“Members elect new board of directors annually based on expiring terms or open position. Votes are done by regional area ensuring that there is a director representing each area of the cooperatives service area.”

Form 990, Page 6, Part VI, Line 7B

“Certain significant decisions as outlined in the organization's bylaws are subject to member approval. All members have equal rights and are allowed one vote.”

Form 990, Page 6, Part VI, Line 11B

“Prior to filing the form 990 is reviewed and approved by the general manager and the office manager. The board reviews and approves the form at the following board meeting.”

Form 990, Page 6, Part VI, Line 12C

“Board members review and sign off on a conflict of interest policy annually. Conflicts are to be evaluated as they arise.”

Form 990, Page 6, Part VI, Line 15A

“Compensation adjustment is aided by survey results of other electrical co-ops in the state and region. Reviewed and approved by the board of directors.”

Form 990, Page 6, Part VI, Line 19

“Available at the cooperatives two harbors office upon request during normal business hours.”

Filing and Contact Details

Filer

Filer Name
Cooperative Light and Power
EIN
41-0203975
Phone
2188342226
Address
1554 HIGHWAY 2, TWO HARBORS, MN 55616

Signing Officer

Name
Stephen Shurts
Title
Acting CEO
Phone
2188342226
Signed
2022-06-13
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Stephen Shurts
Formed
1936
Legal Domicile
Mn
Voting Board Members
5
Independent Board Members
5
Employees
25

Preparer

Firm
Esterbrooks Cpas Ltd
Address
302 W SUPERIOR ST STE200, DULUTH, MN 55802
Preparer
Michael a Pederson
Phone
2187276846
Supplemental Narrative

Additional Explanations

Form 990, Part XI, Line 9

“Gain on retirement of capital credits 32,949”

Financial Statement Notes

Schedule D, Page 4, Part XII, Line 4B

“Book/tax difference: retirement of capital credits 546,438”

Raw XML AppendixShowing 400 of 535 raw XML fields

This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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Document Assets

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Filings

Displayed year

2021 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$32,161,097
Liabilities
$16,976,895
Net assets
$15,184,202
Revenue
$13,814,099
Expenses
$14,265,949
Net income
-$451,850
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$36.6$20.8$15.8$15.3$15.3$0.03
2023XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$34.8$18.9$15.8$14.7$14.3$0.37
2022XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$33.0$17.5$15.4$14.4$14.2$0.20
2021Detailed filing. Detailed filing data is available for this year.$32.2$17.0$15.2$13.8$14.3$0.45
2020Import issue. A filing source exists for this year, but detailed import did not complete cleanly.$31.5$15.9$15.6$13.7$13.5$0.23
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$30.9$15.5$15.3$13.5$13.4$0.13
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$31.2$16.0$15.2$13.5$13.2$0.29
2017Detailed filing. Detailed filing data is available for this year.$31.3$16.4$14.9$13.2$13.0$0.18
2016Detailed filing. Detailed filing data is available for this year.$30.7$16.0$14.7$12.6$12.7$0.10
2015Detailed filing. Detailed filing data is available for this year.$29.8$15.1$14.7$12.1$12.2$0.03
2014Import issue. A filing source exists for this year, but detailed import did not complete cleanly.$29.9$15.2$14.7$13.0$12.6$0.37
2013XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$28.2$13.9$14.3$12.1$11.6$0.46
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$27.0$13.2$13.8$10.8
2011Summary only. Only limited summary data is available for this year.$25.5$12.4$13.1$11.0$10.1$0.90