Lake Summit Foundation

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. As of 12/2020, Lake Summit Foundation employed 7 individuals. 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 12/2020, Lake Summit Foundation generated $127.1k in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 8.7% each year. All expenses for the organization totaled $106.1k during the year ending 12/2020. While expenses have increased by 8.8% per year over the past 6 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.

Mission & Program ActivityExcerpts From the 990 Filing

TAX YEAR

2020

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)Compensation
Joyce Biddix
Secretary
$31,741
Bill Coker
President
$0
Ted Gage
Treasurer
$0
Lark Elliott
Lspoa Presid
$0
Frank D Bell Jr
Lifetime Mem
$0
Kitsy Babb
Director
$0

Financial Statements

Statement of Revenue
Federated campaigns$0
Membership dues$0
Fundraising events$0
Related organizations$51,894
Government grants $0
All other contributions, gifts, grants, and similar amounts not included above$56,040
Noncash contributions included in lines 1a–1f $0
Total Revenue from Contributions, Gifts, Grants & Similar$107,934
Total Program Service Revenue$0
Investment income $5,926
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 $13,213
Miscellaneous Revenue$0
Total Revenue $127,073

Grants Awarded

Over the last fiscal year, Lake Summit Foundation has awarded $524,616 in support to 2 organizations.

Grant RecipientAmount

BISSELL PARK LLC

PURPOSE: PARK OPERATING UNIT

$325,132

LAKE SUMMIT POA INC

PURPOSE: AGREEMENT RIGHTS

$199,484
View Grant Profile

Grants Recieved

Over the last fiscal year, we have identified 1 grants that Lake Summit Foundation has recieved totaling $2,000.

Awarding OrganizationAmount
Koonce Foundation Inc

Naples, FL

PURPOSE: GENERAL PURPOSES

$2,000
View Grant Recipient Profile

Peer Organizations

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