Lakes Area Kids Enrichment Foundation
- Assets
- $7.6m
- Revenue
- $503.2k
- Investments
- $0.0
- Employees
- 0
- Location
- Crosslake, MN
- Founding
- 03/2017
- Data as of
- 06/2021
- EIN
- 81-2149088
Organization Overview
Lakes Area Kids Enrichment Foundation is located in Crosslake, MN. The organization was established in 2017. According to its NTEE Classification (B99) the organization is classified as: Education N.E.C., under the broad grouping of Education and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Lakes Area Kids Enrichment 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 06/2021, Lakes Area Kids Enrichment Foundation generated $503.2k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 5 years, the organization has seen revenues fall by an average of (20.7%) each year. All expenses for the organization totaled $452.5k during the year ending 06/2021. 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
CONSTRUCT AND MAINTAIN A BUILDING FOR THE USE OF CROSSLAKE COMMUNITY SCHOOL.
Describe the Organization's Program Activity:
Part 3 - Line 4a
DURING 2018, THE LAKE FOUNDATION COMPLETED CONSTRUCTION OF A NEW SCHOOL BUILDING FOR CROSSLAKE COMMUNITY SCHOOL. FOR THE 2020-2021 SCHOOL YEAR, STUDENT ENROLLMENT IN GRADES K-8 AND THE ONLINE HIGH SCHOOL WAS 348 STUDENTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Christine Davis President | OfficerTrustee | 15 | $0 |
J Michael O'connell Secretary | OfficerTrustee | 12 | $0 |
Richard Eide Vice-President | OfficerTrustee | 12 | $0 |
Jennifer Max Treasurer | OfficerTrustee | 12 | $0 |
John Sesin Director | Trustee | 8 | $0 |
Michael Stone Director | Trustee | 8 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $14,700 |
| Investment income | $0 |
| 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 | $503,216 |
| Statement of Expenses | |
|---|---|
| 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 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 | $11,292 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $239 |
| Office expenses | $436 |
| 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 | $186,053 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $232,442 |
| Insurance | $12,354 |
| All other expenses | $0 |
| Total functional expenses | $452,524 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $60,886 |
| Savings and temporary cash investments | $788 |
| Pledges and grants receivable | $24,334 |
| Accounts receivable, net | $0 |
| 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 | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $7,576,081 |
| 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 | $5,893,689 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $7,590 |
| Total liabilities | $5,901,279 |
| 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 |
| Total liabilities and net assets/fund balances | $1,674,802 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Lakes Area Kids Enrichment Foundation has recieved totaling $40,000.
| Awarding Organization | Amount |
|---|---|
Schwab Charitable Fund San Francisco, CA PURPOSE: EDUCATION | $40,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Minnesota Transitions Chartered School Minneapolis, MN | $28,235,035 | $63,864,968 |
Four Lakes Education Inc Mcfarland, WI | $19,510,761 | $31,025,737 |
College Possible Saint Paul, MN | $23,283,310 | $31,201,183 |
Midwest Dairy Association Saint Paul, MN | $7,228,337 | $23,101,295 |
Und Sports Facilities Inc Grand Forks, ND | $57,543,376 | $14,333,337 |
Lac Courte Oreilles Ojibwe School Hayward, WI | $14,755,136 | $9,679,407 |
St Paul City School St Paul, MN | $6,285,490 | $9,442,026 |
Iowa Association For The Education Of Young Children Inc Urbandale, IA | $815,186 | $7,200,490 |
East Dakota Educational Cooperative Sioux Falls, SD | $5,426,642 | $6,544,285 |
Wisconsin Center For Manufacturing And Productivity Inc Madison, WI | $1,793,408 | $5,861,220 |
Heritage Christian Schools Inc New Berlin, WI | $9,766,972 | $6,403,349 |
Minnesota Society Of Certified Public Accountants Bloomington, MN | $11,208,207 | $6,449,608 |