Skip to content
Nonprofiteer
← LAKE SUPERIOR COMMUNITY DEVELOPMENT CORP

Form 990 for tax year 2023

Filed by LAKE SUPERIOR COMMUNITY DEVELOPMENT CORP.

Totals

Total revenue
$906,454
Total expenses
$581,956
Contributions and grants received
$677,698
Grants paid
$0
Program service revenue
$223,010
Investment income
$5,746
Other revenue
$0
Total assets, end of year
$4,378,062
Total liabilities, end of year
$1,293,776
Net assets or fund balances, end of year
$3,084,286
Program services expenses (Part IX)
$526,992
Management and general expenses
$54,964
Fundraising expenses
$0
Program service expenses (Part III)
$526,992

Program services were 90.6% 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)

    $677,698

  • 2a · Program service revenue: INTEREST ON LOANS

    total $216,831 · related or exempt $216,831

  • 2b · Program service revenue: LOAN ORIGINATION FEES

    total $4,000 · related or exempt $4,000

  • 2c · Program service revenue: LATE PAYMENT FEES

    total $2,179 · related or exempt $2,179

  • 3 · Investment income

    total $5,746 · related or exempt $5,746

Functional expenses

Part IX, the statement of functional expenses.

  • 7 · Other salaries and wages

    total $158,946 · program services $142,804 · management and general $16,142

  • 9 · Other employee benefits

    total $8,020 · management and general $8,020

  • 10 · Payroll taxes

    total $12,018 · program services $10,783 · management and general $1,235

  • 11a · Fees: management

    total $2,200 · management and general $2,200

  • 11b · Fees: legal

    total $104 · program services $104

  • 11c · Fees: accounting

    total $33,267 · program services $33,267

  • 12 · Advertising and promotion

    total $886 · program services $886

  • 13 · Office expenses

    total $12,065 · program services $7,773 · management and general $4,292

  • 14 · Information technology

    total $2,869 · program services $2,700 · management and general $169

  • 16 · Occupancy

    total $6,900 · management and general $6,900

  • 17 · Travel

    total $7,378 · program services $7,320 · management and general $58

  • 20 · Interest

    total $36,985 · program services $36,985

  • 23 · Insurance

    total $5,345 · management and general $5,345

  • 24a · Other expenses: FEES

    total $16,193 · program services $11,958 · management and general $4,235

  • 24b · Other expenses: UTILITIES

    total $2,864 · management and general $2,864

  • 24c · Other expenses: NMLS DUES

    total $1,650 · program services $1,650

  • 24d · Other expenses: BANK CHARGES

    total $1,190 · management and general $1,190

  • 24e · All other expenses

    total $273,076 · program services $270,762 · management and general $2,314

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $5,388

  • 2 · Savings and temporary cash investments

    beginning of year $632,858 · end of year $358,378

  • 4 · Accounts receivable

    beginning of year $31,496 · end of year $44,725

  • 6 · Loans and receivables from disqualified persons

    end of year $129,494

  • 7 · Other notes and loans receivable

    beginning of year $3,942,351 · end of year $3,769,465

  • 9 · Prepaid expenses and deferred charges

    beginning of year $1,069 · end of year $900

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

    $42,900

  • 10c · Land, buildings and equipment, net

    end of year $42,900

  • 12 · Investments: other securities

    beginning of year $32,200 · end of year $32,200

  • 17 · Accounts payable and accrued expenses

    beginning of year $33,485 · end of year $10,561

  • 18 · Grants payable

    beginning of year $56,599

  • 19 · Deferred revenue

    beginning of year $536,098 · end of year $94,473

  • 21 · Escrow or custodial account liability

    beginning of year $21,665 · end of year $25,032

  • 23 · Secured mortgages and notes payable

    beginning of year $1,084,832 · end of year $1,163,710

  • 27 · Net assets without donor restrictions

    beginning of year $2,912,683 · end of year $3,084,286

Mission and programs · 2023

Mission

COMMUNITY DEVELOPMENT ACTIVITIES IMPROVING THE SOCIAL AND ECONOMIC CONDITIONS OF ECONOMICALLY DISADVANTAGED PERSONS AND RESIDENTS OF DISTRESSED COMMUNITIES. ACTIVITIES INCLUDE THE PROVISION OF FINANCIAL PRODUCTS, DEVELOPMENT SERVICES, AND/OR FINANCIAL PROGRAMS.

  • THE ORGANIZATION BROKERED 4 HOME LOANS and 3 HOME IMPROVEMENT LOANS. THE ORGANIZATION PROVIDES ASSET TRAINING AND TECHNICAL ASSISTANCE PROGRAMS TO BETTER EQUIP CLIENTS WITH LOW CREDIT OR NO CREDIT HISTORY ON THE NEEDS OF BUDGETING, BANKING, INSURANCE, AND HOME BUYING.

    Expenses $334,418 · Grants $143,369 · Revenue $348,444

  • THE ORGANIZATIONS PARTNERSHIP WITH THE FEDERAL HOME LOAN BANK OF INDIANAPOLIS ALLOWED FOR THE PASS-THROUGH OF 15 NEIGHBORHOOD IMPACT PROGRAM GRANTS TO LOW-INCOME RECIPIENTS. THESE GRANTS ASSISTED WITH HOME MAINTENANCE AND REPAIR FINANCING ESSENTIAL IN LOW INCOME COMMUNITIES PRONE TO WEATHER DAMAGE.

    Expenses $192,574 · Grants $192,574 · Revenue $182,121

  • THE ORGANIZATION ISSUED 13 CREDIT BUILDER LOANS, 4 SMALL BUSINESS LOANS ,AND PROVIDED 1 SMALL BUSINESS PASS-THROUGH GRANT. THE ORGANIZATION ASSISTS CLIENTS THROUGH TECHNICAL ASSISTANCE PROGRAMS WITH EMPHASIS IN BUDGETING AND CREDIT.

    Revenue $24,567

As filed on the 2023 return.

Listed in Part VII

  • Edward Edwards

    EXECUTIVE DIRECTOR

    Total calculated
    $82,384
    From this org
    $82,384
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

  • Sam Loonsfoot

    PROGRAMS COORDINATOR

    Total calculated
    $38,168
    From this org
    $38,168
    From related orgs
    $0
    Other
    $0
    Hours/week
    30

  • Brittany Perrigo

    FINANCE COORDINATOR

    Total calculated
    $26,360
    From this org
    $26,360
    From related orgs
    $0
    Other
    $0
    Hours/week
    35

  • Sarah Smith

    DIRECTOR

    Total calculated
    $500
    From this org
    $500
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Kevin Perrault

    DIRECTOR

    Total calculated
    $400
    From this org
    $400
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Robert Curtis

    CHAIRMAN

    Total calculated
    $350
    From this org
    $350
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Gretchen Emery

    DIRECTOR

    Total calculated
    $350
    From this org
    $350
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Lily Marcotte

    DIRECTOR

    Total calculated
    $250
    From this org
    $250
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Keith Rolof

    DIRECTOR

    Total calculated
    $250
    From this org
    $250
    From related orgs
    $0
    Other
    $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.

Grants on this return

No itemized grants to organizations on this return.

Provenance

Return type
form_990
Tax year
2023
Filed
2 February 2025
IRS schema version
2023v6.0
Source object
202532169349301048

Check it against the return as filed: the GivingTuesday Data Lake hosts a public copy of the original XML.

The source document this was parsed from is served over the API, which is where bulk and document access live.