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Nonprofiteer
← LAKE AREA IMPROVEMENT CORPORATION

Form 990 for tax year 2025

Filed by LAKE AREA IMPROVEMENT CORPORATION.

Totals

Total revenue
$1,881,427
Total expenses
$7,990,274
Contributions and grants received
$1,593,202
Grants paid
$0
Program service revenue
$88,451
Investment income
$199,774
Other revenue
$0
Total assets, end of year
$16,642,067
Total liabilities, end of year
$13,760,037
Net assets or fund balances, end of year
$2,882,030
Program services expenses (Part IX)
$491,911
Management and general expenses
$7,486,108
Fundraising expenses
$12,255
Program service expenses (Part III)
$491,911

Program services were 6.2% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 1e · Government grants (contributions)

    $1,444,907

  • 1f · All other contributions, gifts and grants

    $148,295

  • 2a · Program service revenue: INCOME & FEES - LOANS

    total $57,464 · related or exempt $57,464

  • 2b · Program service revenue: LAND LEASE

    total $17,462 · related or exempt $17,462

  • 2c · Program service revenue: FUNDRAISER

    total $13,500 · related or exempt $13,500

  • 2d · Program service revenue: MISCELLANEOUS

    total $25 · related or exempt $25

  • 3 · Investment income

    total $199,774 · excluded $199,774

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $168,057 · program services $134,446 · management and general $33,611

  • 7 · Other salaries and wages

    total $65,000 · program services $52,000 · management and general $13,000

  • 8 · Pension plan contributions

    total $3,500 · program services $2,800 · management and general $700

  • 9 · Other employee benefits

    total $7,401 · program services $5,555 · management and general $1,846

  • 10 · Payroll taxes

    total $16,186 · program services $12,949 · management and general $3,237

  • 11b · Fees: legal

    total $1,924 · management and general $1,924

  • 11c · Fees: accounting

    total $29,592 · management and general $29,592

  • 11g · Fees: other

    total $3,000 · program services $3,000

  • 12 · Advertising and promotion

    total $14,210 · program services $14,010 · management and general $200

  • 13 · Office expenses

    total $18,462 · management and general $18,462

  • 14 · Information technology

    total $14,229 · program services $7,672 · management and general $6,557

  • 16 · Occupancy

    total $34,473 · program services $11,802 · management and general $10,416 · fundraising $12,255

  • 19 · Conferences, conventions and meetings

    total $26,303 · program services $24,888 · management and general $1,415

  • 20 · Interest

    total $248,641 · program services $176,640 · management and general $72,001

  • 23 · Insurance

    total $14,636 · program services $5,866 · management and general $8,770

  • 24a · Other expenses: BAD DEBT EXPENSE-LOANS

    total $7,281,793 · management and general $7,281,793

  • 24b · Other expenses: PROJECT EXPENSES

    total $34,762 · program services $34,762

  • 24c · Other expenses: GRANT EXPENSE

    total $22,500 · program services $22,500

  • 24d · Other expenses: BAD DEBT RECOVERY-IRP

    total $13,400 · program services $13,400

  • 24e · All other expenses

    total -$27,795 · program services -$30,379 · management and general $2,584

Balance sheet

Part X, book values.

  • 2 · Savings and temporary cash investments

    beginning of year $3,420,204 · end of year $5,550,128

  • 3 · Pledges and grants receivable

    beginning of year $2,399,217 · end of year $2,086,300

  • 7 · Other notes and loans receivable

    beginning of year $8,253,886 · end of year $1,369,267

  • 8 · Inventories for sale or use

    beginning of year $4,160,786 · end of year $3,524,504

  • 9 · Prepaid expenses and deferred charges

    beginning of year $10,694 · end of year $6,227

  • 10a · Land, buildings and equipment: cost or other basis

    $64,649

  • 10b · Land, buildings and equipment: accumulated depreciation

    $64,649

  • 15 · Other assets

    beginning of year $1,710,036 · end of year $4,105,641

  • 17 · Accounts payable and accrued expenses

    beginning of year $113,878 · end of year $447,354

  • 23 · Secured mortgages and notes payable

    beginning of year $2,820,068 · end of year $5,132,543

  • 24 · Unsecured notes and loans payable

    beginning of year $2,530,000 · end of year $2,680,140

  • 25 · Other liabilities

    beginning of year $5,500,000 · end of year $5,500,000

  • 27 · Net assets without donor restrictions

    beginning of year $8,581,718 · end of year $2,440,158

  • 28 · Net assets with donor restrictions

    beginning of year $409,159 · end of year $441,872

Mission and programs · 2025

Mission

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.

  • IN 2025, MADISON AREA DEVELOPMENT CORPORATION (FORMERLY LAKE AREA IMPROVEMENT CORPORATION) CONTINUED ITS MISSION OF ADVANCING ECONOMIC DEVELOPMENT THROUGHOUT MADISON AND THE SURROUNDING REGION. A SIGNIFICANT MILESTONE WAS THE COMPLETION OF THE MADISON EARLY LEARNING CENTER, A 4.5 MILLION COMMUNITY INVESTMENT DEVELOPED IN PARTNERSHIP WITH EMBE TO HELP ADDRESS THE AREA'S CRITICAL CHILDCARE SHORTAGE. THE CENTER WELCOMED ITS FIRST FAMILIES AND BEGAN PROVIDING HIGH-QUALITY EARLY LEARNING OPPORTUNITIES, STRENGTHENING THE LOCAL WORKFORCE AND SUPPORTING LONG-TERM ECONOMIC GROWTH. MADC ALSO COMPLETED THE EXPANSION OF THE LAKEVIEW INDUSTRIAL PARK, ADDING APPROXIMATELY 50 ACRES OF SHOVEL-READY INDUSTRIAL LAND WITH NEW STREETS AND INFRASTRUCTURE TO SUPPORT FUTURE BUSINESS INVESTMENT AND JOB CREATION. THE ORGANIZATION ALSO INTRODUCED A NEW SOCIAL TO LEARN APPROACH TO ITS ENGLISH LANGUAGE LEARNING (ELL) PROGRAM IN PARTNERSHIP WITH THE MADISON PUBLIC LIBRARY. THIS COMMUNITY-BASED MODEL CREATES OPPORTUNITIES FOR PARTICIPANTS TO BUILD ENGLISH LANGUAGE SKILLS THROUGH CONVERSATION, RELATIONSHIP-BUILDING, AND REAL-WORLD INTERACTIONS, HELPING STRENGTHEN WORKFORCE INTEGRATION AND COMMUNITY CONNECTIONS. THE RELENDING PROGRAM CONTINUES TO PROVIDE FINANCING ASSISTANCE TO BUSINESSES, SUPPORTING BUSINESS EXPANSION, RETENTION, JOB CREATION, AND LONG-TERM ECONOMIC VITALITY THROUGHOUT THE REGION.

    Expenses $491,911 · Revenue $88,451

As filed on the 2025 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Brooke Rollag

    EXECUTIVE DI

    Total calculated
    $168,057
    From this org
    $154,542
    From related orgs
    $0
    Other
    $13,515
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $154,542
    Bonus
    not reported
    Other
    not reported
    Deferred
    $9,000
    Nontaxable benefits
    $4,515
    Filer's total
    $168,057

  • Jeff Bloom

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Rob Buchholtz

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Ed Fiegen

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Dr Jose-Marie Griffiths

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Mike Jaspers

    PRESIDENT

    Total calculated
    $0
    Hours/week
    1

  • Mike Malone

    SEC/TREASURE

    Total calculated
    $0
    Hours/week
    1

  • Delon Mork

    VICE PRESIDE

    Total calculated
    $0
    Hours/week
    1

  • Dan Roemen

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Floyd Rummel

    PRESIDENT EL

    Total calculated
    $0
    Hours/week
    1

  • Terry Schultz

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Eric Sinclair

    PAST PRESIDE

    Total calculated
    $0
    Hours/week
    1

  • Dennis Slaughter

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Dustin Williams

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Jerae Wire

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

  • 3 · Compensation committee
  • 3 · Form 990 of other organizations
  • 3 · Written employment contract
  • 3 · Approval by the board or compensation committee

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

No itemized grants to organizations on this return.

Provenance

Return type
form_990
Tax year
2025
Filed
30 June 2026
IRS schema version
2025v4.0
Source object
202631919349300023

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