Lake Panorama Association
- Assets
- $18.0m
- Revenue
- $6.7m
- Investments
- $0.0
- Employees
- 108
- Location
- Panora, IA
- Founding
- 10/1971
- Data as of
- 12/2023
- EIN
- 42-6139366
Organization Overview
Lake Panorama Association is located in Panora, IA. The organization was established in 1971. According to its NTEE Classification (N60) the organization is classified as: Amateur Sports, under the broad grouping of Recreation & Sports and related organizations. As of 12/2023, Lake Panorama Association employed 108 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Lake Panorama Association is a 501(c)(4) and as such, is described as a "Civic League, Social Welfare Organization, and Local Association of Employees" by the IRS.
For the year ending 12/2023, Lake Panorama Association generated $6.7m in total revenue. This represents relatively stable growth, over the past 5 years the organization has increased revenue by an average of 4.1% each year. All expenses for the organization totaled $6.8m during the year ending 12/2023. While expenses have increased by 5.2% per year over the past 5 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
SEE SCHEDULE O.TO CONTROL THE DEVELOPMENT, USE, AND MAINTANANCE OF ALL LAKE PANORAMA RESIDENTIAL, RECREATIONAL, AND COMMON SERVICE AREAS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
OVERSEE AND ADMINISTER THE OPERATIONS OF THE LAKE PANORAMA NATIONAL RESORT AND CONFERENCE CENTER. THE LAKE PANORAMA NATIONAL RESORT INCLUDES A 18 HOLE GOLF COURSE, FULL SERVICE RESTAURANT, BANQUET AND MEETING ROOM FACILITIES, PRO SHOP AND LODGING.
RESPONSIBLE FOR SILT REMOVAL FOR THE PURPOSE OF THE IMPROVEMENT OF LAKE AND WATER QUALITY. THE CONTRACT WITH THE LAKE PANORAMA RURAL IMPROVEMENT ZONE (A TAX-INCREMENT FINANCING DISTRICT) WAS FOR APPROXIMATELY 150,000 CUBIC YARDS OF SILT. OVER 200 SQUARE MILES OF LAND DRAINS INTO THE LAKE, BRINGING SILT ALONG WITH IT.SECURITY - PROVIDE A SAFE AND SECURE ENVIRONMENTDAM - CONTROL OPERATIONSRECREATIONAL FACILITIES
OVERSEE THE CARE OF THE STREETS, ROADWAYS, GROUNDS, BEACHES AND BUILDINGS AND EQUIPMENT OWNED BY THE ASSOCIATION. THE 6,000 ACRE DEVELOPMENT INCLUDES OVER 43 MILES OF STREETS AND 3 BEACHES.
WATER - SUPPLY MEMBERS WITH QUALITY WATER SERVICE. OVERSEE THE DAY TO DAY OPERATIONS OF THE WATER PURIFICATION PLANTS, WELLS, AND WATER MAINS WHICH SUPPLY WATER TO THE ASSOCIATION MEMBERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Dirk Westercamp Director | Trustee | 0.8 | $1,500 |
David Finneseth Secretary | OfficerTrustee | 0.8 | $1,300 |
Emily Donovan President | OfficerTrustee | 2 | $2,900 |
Richard Schumacher Director | Trustee | 0.8 | $2,500 |
Mary Jane Carothers Director | Trustee | 0.8 | $900 |
Dennis Flanery Treasurer | OfficerTrustee | 0.8 | $1,200 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Sta-bilt Construction Llc Seal Coat Roads | 12/30/23 | $211,758 |
Sargent Drilling Well Repair | 12/30/23 | $181,364 |
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 | $5,746,457 |
| Investment income | $67,213 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $118,184 |
| 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 | -$62,308 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $6,714,134 |
| 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. | $499,492 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,705,567 |
| Pension plan accruals and contributions | $61,720 |
| Other employee benefits | $173,810 |
| Payroll taxes | $180,447 |
| Fees for services: Management | $38,250 |
| Fees for services: Legal | $101,241 |
| Fees for services: Accounting | $26,020 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $8,146 |
| Office expenses | $89,553 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $403,168 |
| Travel | $25,662 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $163,885 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,186,749 |
| Insurance | $444,215 |
| All other expenses | $487,012 |
| Total functional expenses | $6,770,276 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $1,016,330 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $48,003 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $429,583 |
| Prepaid expenses and deferred charges | $524,465 |
| Net Land, buildings, and equipment | $15,490,418 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $502,079 |
| Total assets | $18,010,878 |
| Accounts payable and accrued expenses | $845,243 |
| Grants payable | $0 |
| Deferred revenue | $307,784 |
| 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 | $6,478,020 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $7,631,047 |
| 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 | $10,379,831 |
| Total liabilities and net assets/fund balances | $18,010,878 |