Lake Summit Foundation
- Assets
- $2.0m
- Revenue
- $351.2k
- Investments
- $0.0
- Employees
- 0
- Location
- Hendersonville, NC
- Founding
- 09/1987
- Data as of
- 12/2022
- EIN
- 58-1727959
Organization Overview
Lake Summit Foundation is located in Hendersonville, NC. The organization was established in 1987. According to its NTEE Classification (T20) the organization is classified as: Private Grantmaking Foundations, under the broad grouping of Philanthropy, Voluntarism & Grantmaking Foundations and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Lake Summit Foundation 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 12/2022, Lake Summit Foundation generated $351.2k in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 26.8% each year . All expenses for the organization totaled $89.3k during the year ending 12/2022. While expenses have increased by 12.5% per year over the past 7 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
CONTRIBUTIONS FOR EDUCATION AND CONSERVATION AND SUPPORT THE ADMINISTRATION AND OPERATION OF A PUBLIC PARK.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO PROMOTE AND SUPPORT THE PRESERVATION AND CONSERVATION OF NATURAL RESOURCES, WILDLIFE, AND AREAS OF NATURAL BEAUTY,PARTICULARLY IN THE REGION OF LAKE SUMMIT, NORTH CAROLINA AND THE ADMINISTRATION AND OPERATION OF A PUBLIC PARK, BEACH, AND PARKING AREA SERVING LAKE SUMMIT, NORTH CAROLINA AND RESIDENTS OF THE GREEN RIVER FIRE DISTRICT.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Diane Triplitt President | OfficerTrustee | 2 | $0 |
Ted Gage Treasurer | OfficerTrustee | 2 | $0 |
Joyce Biddix Secretary | OfficerTrustee | 4 | $22,674 |
Frank D Bell Jr Lifetime Mem | Trustee | 1 | $0 |
Katie Miller-Grant Lifetime Mem | Trustee | 1 | $0 |
Walter Montgomery Jr Lifetime Mem | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $26,089 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $285,038 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $311,127 |
| Total Program Service Revenue | $0 |
| Investment income | $40,899 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $1,687 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | -$2,534 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $351,179 |
| 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 | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $3,102 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $20,753 |
| Fees for services: Other | $39,728 |
| Advertising and promotion | $0 |
| Office expenses | $695 |
| 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 | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $7,325 |
| All other expenses | $292 |
| Total functional expenses | $89,301 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $74,845 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $75 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $500 |
| Net Land, buildings, and equipment | $281,562 |
| Investments—publicly traded securities | $1,672,309 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $2,029,291 |
| 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 | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $0 |
| Net assets without donor restrictions | $2,029,291 |
| 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 | $2,029,291 |
Grants Awarded
Over the last fiscal year, Lake Summit Foundation has awarded $524,616 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
BISSELL PARK LLC PURPOSE: PARK OPERATING UNIT | $325,132 |
LAKE SUMMIT POA INC PURPOSE: AGREEMENT RIGHTS | $199,484 |