Lake County Economic Development Corporation
- Assets
- $617.3k
- Revenue
- $137.3k
- Investments
- $0.0
- Employees
- 0
- Location
- Lincolnshire, IL
- Founding
- 04/1985
- Data as of
- 12/2021
- EIN
- 36-3241612
Organization Overview
Lake County Economic Development Corporation is located in Lincolnshire, IL. The organization was established in 1985. According to its NTEE Classification (S43) the organization is classified as: Small Business Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Lake County Economic Development Corporation is a 501(c)(6) and as such, is described as a "Business League, Chambers of Commerce, or Real Estate Board" by the IRS.
For the year ending 12/2021, Lake County Economic Development Corporation generated $137.3k in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 25.3% each year . All expenses for the organization totaled $115.5k during the year ending 12/2021. While expenses have increased by 10.3% 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO BRING TOGETHER STATE AND LOCAL ELECTED LEADERS, ALONG WITH BUSINESS REPRESENTATIVES, AND OTHER TRANSPORTATION STAKEHOLDERS TO BUILD CONSENSUS AROUND TRANSPORTATION GOALS AND TO WORK TOGETHER TO DEVELOP A STRATEGIC APPROACH TO PLANNING FOR OUR TRANSPORTATION FUTURE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
LEVERAGING LOCAL, COUNTY, STATE, FEDERAL AND PRIVATERECOURCES TO MITIGATE TRAFFIC CONGESTION IMPACTING LAKECOUNTY ILLINIOS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Linda Soto Executive Director | Trustee | 5 | $14,400 |
Peter Manhard President | OfficerTrustee | 1 | $0 |
Steve Henley Vice President | OfficerTrustee | 1 | $0 |
Kent Street Treasurer | OfficerTrustee | 1 | $0 |
Amanda Orenchuk Director | Trustee | 1 | $0 |
Kathleen O'connor Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $53,582 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $83,666 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $137,248 |
| Total Program Service Revenue | $0 |
| Investment income | $15 |
| 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 | $137,263 |
| 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. | $14,400 |
| 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 | $12,000 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $970 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $504 |
| Office expenses | $1,625 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $889 |
| All other expenses | $0 |
| Total functional expenses | $115,479 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $617,276 |
| Savings and temporary cash investments | $0 |
| 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 | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $617,276 |
| Accounts payable and accrued expenses | $0 |
| 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 | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $551,334 |
| Total liabilities | $551,334 |
| 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 | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $65,942 |
| Total liabilities and net assets/fund balances | $617,276 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Womens Business Development Center Chicago, IL | $6,715,757 | $38,492,133 |
Wisconsin Womens Business Initiative Corporation Milwaukee, WI | $42,014,379 | $10,583,804 |
Allies For Community Business Inc Chicago, IL | $54,726,016 | $12,452,578 |
Small Business Aid Inc Shipshewana, IN | $1,429,380 | $3,351,237 |
Bunker Labs Nfp Inc Chicago, IL | $3,938,287 | $4,312,612 |
Technology Entrepreneur Center Inc St Louis, MO | $14,793,185 | $1,740,629 |
Bioconnect Iowa Des Moines, IA | $1,127,931 | $1,803,790 |
Premier Capital Corporation Indianapolis, IN | $2,695,127 | $1,528,792 |
Startingblock Madison Inc Madison, WI | $3,788,993 | $962,585 |
South Central Ozark Council Of Governments Pomona, MO | $2,561,241 | $1,014,983 |
Growth Alliance For Greater Evansville Inc Evansville, IN | $3,067,417 | $736,027 |
Regional Development Company Valparaiso, IN | $1,015,697 | $931,106 |