Lila Building Company
- Assets
- $36.2m
- Revenue
- $2.4m
- Investments
- $0.0
- Employees
- 0
- Location
- Forest Lake, MN
- Founding
- 03/2006
- Data as of
- 06/2021
- EIN
- 20-2511625
Organization Overview
Lila Building Company is located in Forest Lake, MN. The organization was established in 2006. According to its NTEE Classification (B11) the organization is classified as: Single Organization Support, under the broad grouping of Education and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Lila Building Company 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 06/2021, Lila Building Company generated $2.4m in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 9.4% each year. All expenses for the organization totaled $2.8m during the year ending 06/2021. While expenses have increased by 14.3% per year over the past 6 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO MANAGE SCHOOL BUILDING(S) AND PROPERTY LEASED TO LAKES INTERNATIONAL LANGUAGE ACADEMY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
MISSION: TO OWN AND MAINTAIN APPROPRIATE SCHOOL FACILITIES FOR LEASE TO LAKES INTERNATIONAL LANGUAGE ACADEMY, A PUBLIC CHARTER SCHOOL IN FOREST LAKE, MN. ONE PROGRAM SERVICE. SCHOOL LEASE: LILA BUILDING COMPANY LEASED THREE BUILDINGS TO LAKES INTERNATIONAL LANGUAGE ACADEMY: (1) THE ORIGINAL 68,000 S.F. PROPERTY AT 246 11TH AVE SE (LOWER SCHOOL), (2) 21,000 S.F. AT 121 11TH AVE SE (KINDER CENTER), AND (3) 94,185 S.F. AT 19850 FENWAY AVE N (UPPER SCHOOL), ALL IN FOREST LAKE, MN. THE LBC HAS TWO SETS OF FACILITY BONDS PAYABLE AT THIS TIME. THE 2014 SERIES BONDS REFINANCED THE 2006 BONDS AND FUNDED THE PURCHASE OF LAND AND THE CONSTRUCTION OF THE 40,000 S.F. UPPER SCHOOL. THE 2019 SERIES BONDS FUNDED THE EXPANSION OF BUILDINGS 2 AND 3 TO THEIR CURRENT SIZES. AS PART OF THE EXPANSION OF BUILDING 2, THE SINGLE FAMILY HOME AT 107 11TH AVE SE, FOREST LAKE, OWNED BY LILA BUILDING COMPANY, WAS RAZED AND THE TWO PROPERTIES COMBINED. OCCUPANCY GRANTED IN OCT 2019 FOR BUILDING 2 EXPANSION, AND IN JAN 2020 FOR BUILDING 3 EXPANSION. THE EXPANSIONS ALLOWED CAPACITY FOR THE SCHOOL TO HAVE A FULL PROGRAM FROM GRADES PRESCHOOL THROUGH 12. THE BUILDING COMPANY HAS NO PAID EMPLOYEES AND APPROXIMATELY 10 VOLUNTEERS: THOSE WHO SERVE ON ITS BOARD, HELP REVIEW THE TAX FILING, AND LILA ADMINISTRATORS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Julie Lundgren President | OfficerTrustee | 10 | $0 |
Jeffrey Schipper Treasurer | OfficerTrustee | 1 | $0 |
Jeaneen Callahan Secretary | OfficerTrustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Mcgough Construction General Contractor For Facility Expansio | 6/29/20 | $12,102,881 |
Reach Communications Inc Audio Visual Lighting For Perfoming Arts | 6/29/20 | $171,763 |
Mcgough Construction General Contractor For Facility Expansio | 6/29/20 | $12,102,881 |
Reach Communications Inc Audio Visual Lighting For Perfoming Arts | 6/29/20 | $171,763 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| 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 | $0 |
| Total Program Service Revenue | $2,307,691 |
| Investment income | $73,719 |
| 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 | $2,381,410 |
| 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 | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $8,544 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $19,500 |
| Advertising and promotion | $0 |
| Office expenses | $2,179 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $63,721 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $1,999,137 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $682,249 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $2,775,330 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $6,122,238 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $30,113,995 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $36,236,233 |
| Accounts payable and accrued expenses | $17,466 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $37,206,240 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $224,187 |
| Total liabilities | $37,447,893 |
| Net assets without donor restrictions | $0 |
| 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 | -$7,092,245 |
| Retained earnings, endowment, accumulated income, or other funds | $5,880,585 |
| Total liabilities and net assets/fund balances | $36,236,233 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
University Of Northern Iowa Foundation Cedar Falls, IA | $173,378,893 | $31,725,389 |
National Assistance Foundation Des Moines, IA | $16,519,301 | $16,875,706 |
Sioux Falls Christian Schools Association Sioux Falls, SD | $33,580,780 | $15,294,565 |
University Research Park Inc Madison, WI | $162,117,796 | $19,527,506 |
Grinnell College Medical Benefit Plan Trust Agreement Grinnell, IA | $11,174,588 | $9,791,771 |
University Of Wisconsin-Eau Claire Foundation Inc Eau Claire, WI | $103,402,476 | $22,599,486 |
Iowa State University Research Park Corp Ames, IA | $68,199,725 | $11,124,615 |
Minnesota State University Mankato Foundation Incorporated Mankato, MN | $77,015,205 | $9,285,148 |
University Gateway Corporation Minneapolis, MN | $78,655,248 | $6,023,242 |
Charles & Ellora Alliss Educational Foundation Milwaukee, WI | $87,576,345 | $9,781,011 |
Iowa High School Athleticassociation Boone, IA | $17,327,220 | $5,760,245 |
St Cloud State University Foundation Inc St Cloud, MN | $54,919,652 | $10,818,973 |