Lake Area Development Corporation
- Assets
- $2.7m
- Revenue
- $606.4k
- Investments
- $0.0
- Employees
- 0
- Location
- Geneva, NY
- Founding
- 05/1996
- Data as of
- 12/2022
- EIN
- 16-1492087
Organization Overview
Lake Area Development Corporation is located in Geneva, NY. The organization was established in 1996. According to its NTEE Classification (L80) the organization is classified as: Housing Support, under the broad grouping of Housing & Shelter and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Lake Area Development Corporation is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 12/2022, Lake Area Development Corporation generated $606.4k in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 1.8% each year. All expenses for the organization totaled $568.8k during the year ending 12/2022. While expenses have increased by 1.1% per year over the past 7 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
LOW-INCOME HOUSING.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE ORGANIZATION DEVELOPS AND OPERATES LOW-INCOME HOUSING FOR THE BENEFIT OF LOW AND MODERATE INCOME ELDERLY AND HANDICAPPED TENANTS IN A 50-UNIT APARTMENT COMPLEX IN GENEVA, NEW YORK.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Dominick Vedora President | OfficerTrustee | 2 | $0 |
Phil Beckley Vice President | OfficerTrustee | 2 | $0 |
John Parrott Jr Secretary | OfficerTrustee | 2 | $0 |
Jim Vedora Treasurer | OfficerTrustee | 2 | $0 |
Andrew R Tyman C.e.o. (thru Sept '22) | Officer | 2 | $0 |
Robert P Doeblin C.e.o. (beg Oct '22) | Officer | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $57,617 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $57,617 |
| Total Program Service Revenue | $484,605 |
| Investment income | $21 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $606,368 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $149,082 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $37,761 |
| Fees for services: Legal | $4,979 |
| Fees for services: Accounting | $6,720 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $34,092 |
| Advertising and promotion | $0 |
| Office expenses | $15,223 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $50,977 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $29,683 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $118,191 |
| Insurance | $22,840 |
| All other expenses | $24,245 |
| Total functional expenses | $568,823 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $110,036 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $15,419 |
| Accounts receivable, net | $31,000 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $1,745 |
| Prepaid expenses and deferred charges | $4,327 |
| Net Land, buildings, and equipment | $1,334,648 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,220,126 |
| Total assets | $2,717,301 |
| Accounts payable and accrued expenses | $42,540 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $1,994,076 |
| Unsecured mortgages and notes payable | $1,115,059 |
| Other liabilities | $15,681 |
| Total liabilities | $3,167,356 |
| Net assets without donor restrictions | -$450,055 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $2,717,301 |