Lake Country Development Corporation
- Assets
- $3.7m
- Revenue
- $18.5k
- Investments
- $0.0
- Employees
- 0
- Location
- South Hill, VA
- Founding
- 05/1982
- Data as of
- 06/2022
- EIN
- 52-1227832
Organization Overview
Lake Country Development Corporation is located in South Hill, VA. The organization was established in 1982. According to its NTEE Classification (S32) the organization is classified as: Rural Economic 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 Country 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 06/2022, Lake Country Development Corporation generated $18.5k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (6.6%) each year. All expenses for the organization totaled $31.6k during the year ending 06/2022. 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
TO ADMINISTER ECONOMIC DEVELOPMENT LOANS
Describe the Organization's Program Activity:
Part 3 - Line 4a
ADMINISTRATION OF EDA AND RURAL DEVELOPMENT IRP/IDG LOAN PROGRAMS. IN THE CURRENT YEAR LCDC ISSUED COVID RECOVERY LOANS TO TEN LOCAL SMALL BUSINESSES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Leslie Weddington Vice President | OfficerTrustee | 1 | $0 |
Kim Callis Treasurer | OfficerTrustee | 1 | $0 |
David Brankley President | OfficerTrustee | 1 | $0 |
Deborah Gosney Secretary | OfficerTrustee | 1 | $0 |
Sandra Garner-Colman Director | Trustee | 1 | $0 |
Andrew Nash Director | Trustee | 1 | $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 | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $17,800 |
| Investment income | $730 |
| 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 | $18,530 |
| 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. | $0 |
| 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 | $10,763 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $5,050 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $49 |
| Office expenses | $0 |
| 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 | $359 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $12,875 |
| Insurance | $275 |
| All other expenses | $0 |
| Total functional expenses | $31,589 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $3,190,731 |
| 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 | $462,434 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $79,743 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $3,732,908 |
| 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 | $24,242 |
| Unsecured mortgages and notes payable | $2,954,651 |
| Other liabilities | $150,161 |
| Total liabilities | $3,129,054 |
| Net assets without donor restrictions | $603,854 |
| 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 | $0 |
| Total liabilities and net assets/fund balances | $3,732,908 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Rural Economic Development Center Inc Raleigh, NC | $223,566,149 | $11,378,133 |
Pride Community Services Inc Logan, WV | $3,436,459 | $7,199,401 |
Kentucky River Area Development District Inc Hazard, KY | $5,857,667 | $4,838,342 |
Mountain Association For Community Economic Development Inc Berea, KY | $33,227,736 | $8,576,709 |
West Virginia Community Action Partnerships Inc Charleston, WV | $514,969 | $3,682,058 |
Southeast Kentucky Economic Development Corporation Inc Somerset, KY | $28,123,081 | $3,726,346 |
Kurdistan Regional Government -Liaison Office - Usa Washington, DC | $3,506,355 | $1,816,720 |
Virginia Coalfield Coalition Inc Lebanon, VA | $15,855,826 | $1,388,700 |
Appalachian Community Action & Development Agency Inc Gate City, VA | $1,460,417 | $1,629,556 |
W A M Y Community Action Inc Boone, NC | $1,852,412 | $1,596,975 |
Kentucky Mountain Housing Development Corporation Inc Manchester, KY | $13,287,100 | $769,226 |
Community Farm Alliance Inc Berea, KY | $513,201 | $891,813 |