Lake Area Improvement Corporation
- Assets
- $11.3m
- Revenue
- $482.3k
- Investments
- $0.0
- Employees
- 2
- Location
- Madison, SD
- Founding
- 10/1992
- Data as of
- 12/2020
- EIN
- 51-0183368
Organization Overview
Lake Area Improvement Corporation is located in Madison, SD. The organization was established in 1992. 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 12/2020, Lake Area Improvement Corporation employed 2 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Lake Area Improvement 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 12/2020, Lake Area Improvement Corporation generated $482.3k in total revenue. The organization has seen a slow decline revenue. Over the past 6 years, revenues have fallen by an average of (2.3%) each year. All expenses for the organization totaled $330.3k during the year ending 12/2020. As we would expect to see with falling revenues, expenses have declined by (5.1%) per year over the past 6 years. 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
2020
Describe the Organization's Mission:
Part 3 - Line 1
TO ENHANCE THE QUALITY OF LIFE FOR ALL CITIZENS OF THE LAKE COUNTY AREA AND TO FACILITATE THE DEVELOPMENT AND RETENTION OF QUALITY JOBS THAT ARE ENVIRONMENTALLY AND ECONOMICALLY COMPATIBLE FOR LAKE COUNTY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
FORWARD MADISON 3 IS THE MAIN FUNDING SOURCE OF THE LAIC. THE COMPONENTS OF THE INITIATIVE ARE: 1.) INDUSTRIAL PARK GROWTH 2.) RECRUITMENT OF TECHNOLOGY BUSINESSES 3.) WORKFORCE DEVELOPMENT 4.) ENTREPRENEURSHIP 5.) AG DEVELOPMENT 6.) DOWNTOWN BUSINESS ATTRACTION
THE LAND OWNED BY THE LAIC IS TO HELP WITH BUSINESS RETENTION AND EXPANSION AND JOB CREATION IN THE AREA. THE RELENDING PROGRAM CONTINUES TO PROVIDE ASSISTANCE TO BUSINESSES WITH ONE NEW LENDING IN 2020.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Eric Fosheim Executive Di | Officer | 40 | $95,042 |
Mike Malone President | OfficerTrustee | 1 | $0 |
Floyd Rummel Sec/treasure | OfficerTrustee | 1 | $0 |
Paul Schultz Past Preside | OfficerTrustee | 1 | $0 |
Terry Schultz President El | OfficerTrustee | 1 | $0 |
Eric Sinclair Vice Preside | OfficerTrustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $322,300 |
| All other contributions, gifts, grants, and similar amounts not included above | $16,000 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $338,300 |
| Total Program Service Revenue | $188,167 |
| Investment income | $8,235 |
| 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 | -$52,399 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $482,303 |
| 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. | $95,042 |
| Compensation of current officers, directors, key employees. | $19,008 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $48,850 |
| Pension plan accruals and contributions | $6,818 |
| Other employee benefits | $4,297 |
| Payroll taxes | $11,387 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $12,187 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $1,742 |
| Advertising and promotion | $8,722 |
| Office expenses | $23,260 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $26,500 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $9,957 |
| Interest | $30,869 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $3,952 |
| Insurance | $7,048 |
| All other expenses | $0 |
| Total functional expenses | $330,279 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $1,534,169 |
| Pledges and grants receivable | $275,847 |
| Accounts receivable, net | $8,290 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $7,360,575 |
| Inventories for sale or use | $2,122,689 |
| Prepaid expenses and deferred charges | $9,829 |
| Net Land, buildings, and equipment | $13,398 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $11,324,797 |
| Accounts payable and accrued expenses | $8,282 |
| 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 | $1,378,756 |
| Unsecured mortgages and notes payable | $530,000 |
| Other liabilities | $5,500,000 |
| Total liabilities | $7,417,038 |
| Net assets without donor restrictions | $3,575,069 |
| Net assets with donor restrictions | $332,690 |
| 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 | $11,324,797 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Lake Area Improvement Corporation has recieved totaling $10,000.
| Awarding Organization | Amount |
|---|---|
East River Electric Power Cooperative Inc Madison, SD PURPOSE: ECONOMIC DEVELOPMENT | $10,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Metropolitan Entertainment & Omaha, NE | $158,635,208 | $95,451,675 |
Southern Minnesota Initiative Foundation Owatonna, MN | $74,043,196 | $20,001,758 |
Vocational Development Center Inc Council Bluffs, IA | $12,984,673 | $16,204,305 |
Southern Iowa Economic Development Association Ottumwa, IA | $4,848,905 | $15,262,424 |
Metropolitan Economic Development Association Minneapolis, MN | $45,113,584 | $12,064,856 |
Great Plains Institute For Sustainable Development Minneapolis, MN | $9,896,004 | $8,891,636 |
Minneapolis - St Paul Regional Economic Development Partnership Saint Paul, MN | $5,371,081 | $6,502,146 |
Omaha Economic Development Corp Omaha, NE | $18,549,776 | $6,962,293 |
Center For Economic Inclusion Saint Paul, MN | $9,315,769 | $9,776,985 |
Nextstage Bloomington, MN | $2,654,997 | $4,431,008 |
Grow South Dakota Sisseton, SD | $70,205,734 | $6,159,440 |
Wolf Run Village Inc Watford City, ND | $13,751,715 | $5,775,669 |