Lapeer Development Corporation
- Assets
- $810.2k
- Revenue
- $240.1k
- Investments
- $0.0
- Employees
- 4
- Location
- Lapeer, MI
- Founding
- 01/2008
- Data as of
- 06/2021
- EIN
- 38-2380236
Organization Overview
Lapeer Development Corporation is located in Lapeer, MI. The organization was established in 2008. According to its NTEE Classification (S30) the organization is classified as: Economic Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 06/2021, Lapeer Development Corporation employed 4 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Lapeer 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 06/2021, Lapeer Development Corporation generated $240.1k in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 2.4% each year. All expenses for the organization totaled $188.2k during the year ending 06/2021. 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 LEAD AND COORDINATE ECONOMIC DEVELOPMENT THROUGHOUT LAPEER COUNTY AND TO PROVIDE A LINK BETWEEN FEDERAL, STATE AND LOCAL GOVERNMENTS AND BUSINESSES INTERESTED IN LOCATING OR EXPANDING IN LAPEER COUNTY MICHIGAN. THE LAPEER DEVELOPMENT CORPORATION WILL ACT AS A LIASON BETWEEN PUBLIC AND PRIVATE SECTORS TO OBTAIN THE NECESSARY ASSISTANCE FOR A PROJECT.
Describe the Organization's Program Activity:
Part 3 - Line 4a
LAPEER DEVELOPMENT CORPORATION REVOLVING LOAN FUND
ECONOMIC CLUB ACTIVITIES PROMOTING INTERACTION OF MEMBERS WITH A CONCENTRATION ON PROVIDING TOP QUALITY SPEAKERS TO ADDRESS ECONOMIC ISSUES AND TRENDS.
FURTHERING ECONOMIC DEVELOPMENT TO THE BENEFIT OF LAPEER COUNTY
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Paul Bowman Treasurer | Officer | 2 | $0 |
Andrew Harrington Vice Chairma | Officer | 2 | $0 |
Dale Kerbyson Secretary | Officer | 2 | $0 |
Leanne Panduren Chair | Officer | 2 | $0 |
Carolyn Bennett Board Member | Trustee | 2 | $0 |
Daniel Deshetsky Board Member | Trustee | 2 | $0 |
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 | $95,533 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $95,533 |
| Total Program Service Revenue | $143,921 |
| Investment income | $661 |
| 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 | $240,115 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $13,000 |
| 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. | $79,100 |
| Compensation of current officers, directors, key employees. | $17,007 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $29,647 |
| Pension plan accruals and contributions | $1,786 |
| Other employee benefits | $3,692 |
| Payroll taxes | $8,787 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $225 |
| Fees for services: Accounting | $10,625 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $7,531 |
| Office expenses | $10,557 |
| 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 | $784 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $286 |
| Insurance | $3,339 |
| All other expenses | $587 |
| Total functional expenses | $188,219 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $10,243 |
| Savings and temporary cash investments | $789,189 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,005 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $5,995 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $3,722 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $10 |
| Total assets | $810,164 |
| Accounts payable and accrued expenses | $5,771 |
| 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 | $0 |
| Total liabilities | $5,771 |
| Net assets without donor restrictions | $790,276 |
| Net assets with donor restrictions | $14,117 |
| 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 | $810,164 |
Grants Recieved
Over the last fiscal year, we have identified 2 grants that Lapeer Development Corporation has recieved totaling $7,500.
| Awarding Organization | Amount |
|---|---|
Dte Energy Foundation Detroit, MI PURPOSE: ECONOMIC PROGRESS | $5,000 |
Consumers Energy Foundation Jackson, MI PURPOSE: 2021 CONTRIBUTION | $2,500 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
16 Tech Community Corporation Indianapolis, IN | $90,414,871 | $43,820,376 |
Invest Detroit Foundation Detroit, MI | $154,389,743 | $12,808,930 |
Wright Brothers Institute Inc Dayton, OH | $23,307,656 | $22,085,089 |
Visit Indy Inc Indianapolis, IN | $20,981,890 | $14,589,218 |
The Convention And Visitors Bureau Of Greater Cleveland Inc Cleveland, OH | $25,296,918 | $17,425,666 |
Columbus Downtown Development Corporation Columbus, OH | $118,710,723 | $12,117,471 |
Wisconsin Dells Visitor & Convention Bureau Wisconsin Dells, WI | $26,952,168 | $17,110,395 |
Metropolitan Detroit Convention & Vistors Bureau Detroit, MI | $36,765,048 | $14,015,809 |
Detroit Economic Growth Corp Detroit, MI | $7,209,211 | $10,420,774 |
Lawrence Economic Development Corporation South Point, OH | $62,339,240 | $9,945,474 |
Wbd Inc Madison, WI | $14,868,892 | $9,399,155 |
Southwest Michigan First Corporation Kalamazoo, MI | $10,945,070 | $8,560,798 |