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Nonprofiteer
← LAKE SUPERIOR COMMUNITY DEVELOPMENT CORP

Form 990 for tax year 2022

Filed by LAKE SUPERIOR COMMUNITY DEVELOPMENT CORP.

Totals

Total revenue
$1,203,052
Total expenses
$332,711
Contributions and grants received
$942,256
Grants paid
$0
Program service revenue
$257,656
Investment income
$3,140
Other revenue
$0
Total assets, end of year
$4,798,199
Total liabilities, end of year
$1,728,428
Net assets or fund balances, end of year
$3,069,771
Program services expenses (Part IX)
$298,466
Management and general expenses
$34,245
Fundraising expenses
$0
Program service expenses (Part III)
$298,466

Program services were 89.7% 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)

    $942,256

  • 2a · Program service revenue: TECH ASSIST-ACCOUNTING

    total $83,434 · related or exempt $83,434

  • 2b · Program service revenue: INTEREST ON LOANS

    total $147,409 · related or exempt $147,409

  • 2c · Program service revenue: LOAN ORIGINATION FEES

    total $26,813 · related or exempt $26,813

  • 3 · Investment income

    total $3,140 · related or exempt $3,140

Functional expenses

Part IX, the statement of functional expenses.

  • 7 · Other salaries and wages

    total $203,952 · program services $198,647 · management and general $5,305

  • 9 · Other employee benefits

    total $10,000 · management and general $10,000

  • 10 · Payroll taxes

    total $21,149 · program services $20,453 · management and general $696

  • 11a · Fees: management

    total $1,942 · management and general $1,942

  • 11b · Fees: legal

    total $120 · management and general $120

  • 11c · Fees: accounting

    total $4,100 · management and general $4,100

  • 11g · Fees: other

    total $475 · program services $475

  • 12 · Advertising and promotion

    total $2,108 · program services $1,916 · management and general $192

  • 13 · Office expenses

    total $18,232 · program services $17,084 · management and general $1,148

  • 16 · Occupancy

    total $6,000 · management and general $6,000

  • 17 · Travel

    total $10,666 · program services $10,666

  • 20 · Interest

    total $30,381 · program services $30,381

  • 23 · Insurance

    total $5,359 · program services $5,359

  • 24a · Other expenses: FEES

    total $9,189 · program services $9,014 · management and general $175

  • 24b · Other expenses: UTILITIES

    total $3,346 · management and general $3,346

  • 24c · Other expenses: NMLS DUES

    total $750 · management and general $750

  • 24d · Other expenses: BANK CHARGES

    total $1,678 · program services $1,417 · management and general $261

  • 24e · All other expenses

    total $3,264 · program services $3,054 · management and general $210

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $1,564 · end of year $5,388

  • 2 · Savings and temporary cash investments

    beginning of year $310,420 · end of year $623,787

  • 3 · Pledges and grants receivable

    beginning of year $2,421

  • 4 · Accounts receivable

    beginning of year $15,601 · end of year $31,496

  • 7 · Other notes and loans receivable

    beginning of year $2,943,049 · end of year $4,104,259

  • 9 · Prepaid expenses and deferred charges

    beginning of year $731 · end of year $1,069

  • 12 · Investments: other securities

    beginning of year $22,500 · end of year $32,200

  • 15 · Other assets

    beginning of year $700

  • 17 · Accounts payable and accrued expenses

    beginning of year $94,859 · end of year $51,076

  • 18 · Grants payable

    beginning of year $56,751 · end of year $56,599

  • 19 · Deferred revenue

    beginning of year $2,582 · end of year $536,100

  • 23 · Secured mortgages and notes payable

    beginning of year $938,364 · end of year $1,084,653

  • 27 · Net assets without donor restrictions

    beginning of year $191,986 · end of year $3,069,771

  • 28 · Net assets with donor restrictions

    beginning of year $2,012,444

Mission and programs · 2022

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 ORGANIZATIONS LOW-INTERST REVOLVING LOAN FUND PROGRAM ORIGINATED 38 LOANS TO COMMUNITY MEMBERS AND SERVICED 164 COMMUNITY MEMBER LOANS. THE LOANS ENABLED COMMUNITY MEMBERS TO REPAIR THEIR HOMES, TO START OR EXPAND LOCAL SMALL BUSINESSES, TO BUILD AND REPAIR THEIR CREDIT AND TO PURCHASE HOMES. THE ORGANIZATION BROKERED 12 HOME LOANS AND 27 OTHERS. THE ORGANIZATIONS FINANCIAL AND ASSET TRAINING AND TECHNICAL ASSISTANCE PROGRAMS ASSISTED 651 COMMUNITY MEMBERS AND OTHER ORGANIZATIONS NATIONWIDE IN THE TOPIC AREAS OF BUDGETING, BANKING, CREDIT, INSURANCE, HOME PURCHASES, BUSINESS PLANS AND TECHNICAL ASSISTANCE WITH ACCOUNTING AND TAX SERVICES.

    Expenses $298,466 · Grants $332,711 · Revenue $83,434

As filed on the 2022 return.

Listed in Part VII

  • Sally Snyder

    ACCOUNTANT

    Total calculated
    $133,723
    From this org
    $133,723
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $133,723
    Bonus
    not reported
    Other
    not reported
    Deferred
    not reported
    Nontaxable benefits
    not reported
    Filer's total
    $133,723

  • Edward Edwards

    EXECUTIVE DIRECTOR

    Total calculated
    $97,005
    From this org
    $97,005
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

  • Kristen Wakeham

    GRANT COORDINATOR

    Total calculated
    $27,034
    From this org
    $27,034
    From related orgs
    $0
    Other
    $0
    Hours/week
    25

  • Sam Loonsfoot

    PROGRAMS COORDINATOR

    Total calculated
    $5,230
    From this org
    $5,230
    From related orgs
    $0
    Other
    $0
    Hours/week
    11

  • Nicole Gauthier

    CLERK

    Total calculated
    $4,445
    From this org
    $4,445
    From related orgs
    $0
    Other
    $0
    Hours/week
    10

    Schedule J breakdown matched by us

    Base
    $4,445
    Bonus
    not reported
    Other
    not reported
    Deferred
    not reported
    Nontaxable benefits
    not reported
    Filer's total
    $4,445

  • Robert Curtis

    CHAIRMAN

    Total calculated
    $450
    From this org
    $450
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Gretchen Emery

    DIRECTOR

    Total calculated
    $450
    From this org
    $450
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Kevin Perrault

    DIRECTOR

    Total calculated
    $450
    From this org
    $450
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Sarah Smith

    DIRECTOR

    Total calculated
    $200
    From this org
    $200
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Keith Rolof

    DIRECTOR

    Total calculated
    $150
    From this org
    $150
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Lily Marcotte

    DIRECTOR

    Total calculated
    $50
    From this org
    $50
    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. 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 · 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
2022
Filed
7 September 2024
IRS schema version
2022v5.0
Source object
202403169349301640

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