Lake Superior Community Development Corp
- Assets
- $3.3m
- Revenue
- $677.8k
- Investments
- $22.5k
- Employees
- 5
- Location
- LAnse, MI
- Founding
- 11/2008
- Data as of
- 09/2022
- EIN
- 36-4616294
Organization Overview
Lake Superior Community Development Corp is located in LAnse, MI. The organization was established in 2008. According to its NTEE Classification (P50) the organization is classified as: Personal Social Services, under the broad grouping of Human Services and related organizations. As of 09/2022, Lake Superior Community Development Corp employed 5 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Lake Superior Community Development Corp 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 09/2022, Lake Superior Community Development Corp generated $677.8k in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 30.2% each year . All expenses for the organization totaled $301.7k during the year ending 09/2022. While expenses have increased by 6.1% per year over the past 8 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
COMMUNITY DEVELOPMENT ACTIVITIES IMPROVING THE SOCIAL AND ECONOMIC CONDITIONS OF ECONOMICALLY DISADVANTAGED PERSONS AND RESIDENTS OF DISTRESSED COMMUNITIES. ACTIVITIES INCLUDE THE PROVISION FINANCIAL PRODUCTS, DEVELOPMENT SERVICES, AND/OR FINANCING PROGRAMS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE ORGANIZATION'S LOW-INTEREST REVOLVING LOAN FUND PROGRAM ORIGINATED 26 LOANS TO COMMUNITY MEMBERS AND SERVICED 95 COMMUNITY MEMBERS' LOANS. THE LOANS ENABLED COMMUNITY MEMBERS TO REPAIR THEIR HOMES, TO START OR EXPAND LOCAL SMALL BUSINESSES, TO BUILD AND REPAIR THEIR CREDIT AND TO PURCHASE HOMES.
THE ORGANIZATION BROKERED 2 HOME LOANS AND ORIGINATED 8 OTHERS.
THE ORGANIZATION'S FINANCIAL AND ASSETS TRAINING AND TECHINAL ASSISTANCE PROGRAM HAS TRAINED/ASSISTED 800 COMMUNITY MEMBERS AND OTHER ORGANIZATIONS NATIONWIDE IN THE TOPIC AREAS OF BUDGETING, BANKING, CREDIT, INSURANCE, HOME BUYING, COVID-19 GRANTS TO BUSINESSES, HOME OWNING, BUSINESS PLANS AND TECHINAL ASSISTANCE WITH HOUSING, ACCOUNTING AND TAX SERVICES. 1 SUBGRANT WAS MADE TO A BUSINESS AND 9 SUBGRANTS TO HOMEOWNERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
William Jondreau Chairman | OfficerTrustee | 1 | $200 |
Kevin Perrault Director | OfficerTrustee | 1 | $200 |
Bruce Lapointe Director | Trustee | 1 | $100 |
Robert D Curtis Director | Trustee | 1 | $150 |
Gretchen Emery Director | OfficerTrustee | 1 | $200 |
Edward Edwards Excutive Director | Officer | 39 | $81,055 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $438,691 |
| Investment income | $281 |
| 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 | $677,815 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic individuals. | $73 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $168,169 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $21,144 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $6,820 |
| Payroll taxes | $14,363 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $3,850 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $3,394 |
| Office expenses | $16,879 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $10,606 |
| Travel | $11,133 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $383 |
| Interest | $9,645 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $5,133 |
| All other expenses | $0 |
| Total functional expenses | $301,653 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,563 |
| Savings and temporary cash investments | $310,420 |
| Pledges and grants receivable | $2,421 |
| Accounts receivable, net | $15,601 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $2,943,227 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $731 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $22,500 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $700 |
| Total assets | $3,297,163 |
| Accounts payable and accrued expenses | $87,414 |
| Grants payable | $56,751 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $9,336 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $938,365 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $1,091,866 |
| Net assets without donor restrictions | $192,854 |
| Net assets with donor restrictions | $2,012,443 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Total liabilities and net assets/fund balances | $2,205,297 |