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Nonprofiteer
← L C IND INC

Form 990 for tax year 2023

Filed by L C IND INC.

Totals

Total revenue
$359,199,757
Total expenses
$342,681,093
Contributions and grants received
$112,248
Grants paid
$1,756,422
Program service revenue
$347,867,051
Investment income
$6,264,029
Other revenue
$4,956,429
Total assets, end of year
$237,338,924
Total liabilities, end of year
$40,864,032
Net assets or fund balances, end of year
$196,474,892
Program services expenses (Part IX)
$323,141,980
Management and general expenses
$19,539,113
Fundraising expenses
$0
Program service expenses (Part III)
$323,141,980

Program services were 94.3% 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.

  • 1d · Related organizations

    $112,248

  • 1g · Noncash contributions included above

    $112,248

  • 2a · Program service revenue: Sales Revenue

    total $347,867,051 · related or exempt $347,867,051

  • 2f · All other program service revenue

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 3 · Investment income

    total $2,861,517 · excluded $2,861,517

  • 6a · Gross rents

    real property $39,768

  • 6b · Less rental expenses

    real property $0

  • 6c · Rental income or loss

    real property $39,768 · personal property $0

  • 6d · Net rental income or loss

    total $39,768 · excluded $39,768

  • 7a · Gross sales of assets other than inventory

    securities $37,973,836

  • 7b · Less cost or other basis and sales expenses

    securities $34,571,324

  • 7c · Gain or loss

    securities $3,402,512 · other assets $0

  • 7d · Net gain or loss

    total $3,402,512 · excluded $3,402,512

  • 11a · Other revenue: MANAGEMENT FEE INCOME

    total $2,946,786 · related or exempt $2,946,786

  • 11b · Other revenue: SERVICE INCOME

    total $1,753,663 · related or exempt $1,753,663

  • 11c · Other revenue: COMMISSIONS

    total $216,212 · related or exempt $216,212

  • 11d · All other revenue

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 11e · Other revenue, total

    $4,916,661

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $1,756,422 · program services $1,756,422

  • 5 · Compensation of officers, directors and key employees

    total $2,252,024 · management and general $2,252,024

  • 7 · Other salaries and wages

    total $35,137,599 · program services $27,471,669 · management and general $7,665,930

  • 8 · Pension plan contributions

    total $4,155,289 · program services $3,553,159 · management and general $602,130

  • 9 · Other employee benefits

    total $5,814,881 · program services $4,827,781 · management and general $987,100

  • 10 · Payroll taxes

    total $2,734,581 · program services $2,112,971 · management and general $621,610

  • 11b · Fees: legal

    total $63,273 · program services $3,800 · management and general $59,473

  • 11c · Fees: accounting

    total $73,070 · management and general $73,070

  • 11g · Fees: other

    total $6,556,278 · program services $3,668,238 · management and general $2,888,040 · fundraising $0

  • 12 · Advertising and promotion

    total $224,984 · program services $35,816 · management and general $189,168

  • 13 · Office expenses

    total $10,273,178 · program services $9,883,140 · management and general $390,038

  • 14 · Information technology

    total $173,587 · program services $34,773 · management and general $138,814

  • 16 · Occupancy

    total $3,447,994 · program services $3,375,785 · management and general $72,209

  • 17 · Travel

    total $590,420 · program services $244,064 · management and general $346,356

  • 19 · Conferences, conventions and meetings

    total $371,924 · program services $53,642 · management and general $318,282

  • 22 · Depreciation, depletion and amortization

    total $4,240,459 · program services $3,691,200 · management and general $549,259

  • 23 · Insurance

    total $1,648,241 · program services $1,215,478 · management and general $432,763

  • 24a · Other expenses: COGS

    total $264,919,354 · program services $264,919,354

  • 24b · Other expenses: REPAIRS & MAINTENANCE

    total $4,926,582 · program services $3,767,914 · management and general $1,158,668

  • 24c · Other expenses: COMMISSIONS

    total $3,781,032 · program services $3,545,375 · management and general $235,657

  • 24d · Other expenses: BAD DEBT EXPENSE

    total $558,522 · management and general $558,522

  • 24e · All other expenses

    total -$11,018,601 · program services -$11,018,601 · management and general $0 · fundraising $0

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $11,052,445 · end of year $34,017,029

  • 2 · Savings and temporary cash investments

    beginning of year $30,262,005 · end of year $30,763,907

  • 4 · Accounts receivable

    beginning of year $25,126,443 · end of year $24,148,101

  • 5 · Loans and receivables from officers and key people

    beginning of year $0 · end of year $0

  • 6 · Loans and receivables from disqualified persons

    beginning of year $0 · end of year $0

  • 8 · Inventories for sale or use

    beginning of year $71,104,105 · end of year $67,863,921

  • 9 · Prepaid expenses and deferred charges

    beginning of year $1,485,555 · end of year $4,194,609

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

    $92,495,237

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

    $59,930,337

  • 10c · Land, buildings and equipment, net

    beginning of year $34,470,077 · end of year $32,564,900

  • 11 · Investments: publicly traded securities

    beginning of year $35,626,002 · end of year $39,660,282

  • 12 · Investments: other securities

    beginning of year $0

  • 13 · Investments: program-related

    beginning of year $0

  • 14 · Intangible assets

    beginning of year $1,363,068 · end of year $987,523

  • 15 · Other assets

    beginning of year $5,997,048 · end of year $3,138,652

  • 17 · Accounts payable and accrued expenses

    beginning of year $24,317,604 · end of year $31,434,529

  • 19 · Deferred revenue

    beginning of year $2,296,768 · end of year $1,369,559

  • 22 · Loans and payables to officers and key people

    beginning of year $0 · end of year $0

  • 25 · Other liabilities

    beginning of year $9,916,148 · end of year $8,059,944

  • 27 · Net assets without donor restrictions

    beginning of year $179,956,228 · end of year $196,474,892

Mission and programs · 2023

Mission

THE ORGANIZATION'S MISSION IS TO PROVIDE MEANINGFUL EMPLOYMENT FOR those who are blind and visually impaired.

Activities or mission (Part I)

TO EMPLOY AND TEACH THE VISUALLY IMPAIRED.

  • THE ORGANIZATION EMPLOYED VISUALLY IMPAIRED INDIVIDIUALS WHO MANUFACTURED MATTRESSES, MATTRESS COVERS, FILE FOLDERS, WALLET ENVELOPES, MOPS, WATER CANS, PAPER PRODUCTS AND OTHER PLASTICS. THE ORGANIZATION ALSO OPERATED RETAIL STORES THAT SELL BLIND-MADE PRODUCTS. THE ORGANIZATION'S DIRECT BLIND WORKFORCE AT 6/30/24 CONSISTED OF 256 INDIVIDUALS.

    Expenses $323,141,980 · Grants $1,756,422 · Revenue $352,783,712

As filed on the 2023 return.

Listed in Part VII

  • Richard M Hutson

    Chair

    Total calculated
    $0
    Hours/week
    5

  • William Hudson

    Treasurer / Secretary

    Total calculated
    $485,556
    From this org
    $485,556
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

    Schedule J breakdown matched by us

    Base
    $485,556
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $485,556

  • Gene Lewis

    Board Member

    Total calculated
    $0
    Hours/week
    5

  • Jim Holmes

    Board Member

    Total calculated
    $0
    Hours/week
    5

  • Joe M Lee III

    Board Member

    Total calculated
    $0
    Hours/week
    5

  • Justin Wright

    Board Member

    Total calculated
    $0
    Hours/week
    5

  • Ted Griffin

    Board Member

    Total calculated
    $0
    Hours/week
    5

  • Thom White

    Board Member

    Total calculated
    $0
    Hours/week
    5

  • Duwayne T Gilbertson

    VP of Product Development

    Total calculated
    $302,310
    From this org
    $272,305
    From related orgs
    $0
    Other
    $30,005
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $218,048
    Bonus
    $50,000
    Other
    $4,257
    Deferred
    $7,889
    Nontaxable benefits
    $22,116
    Filer's total
    $302,310

  • Marisa O Chrismon

    CHRO

    Total calculated
    $325,599
    From this org
    $298,221
    From related orgs
    $0
    Other
    $27,378
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $237,022
    Bonus
    $50,000
    Other
    $11,199
    Deferred
    $10,437
    Nontaxable benefits
    $16,941
    Filer's total
    $325,599

  • Patrick K Lindsey

    President

    Total calculated
    $886,770
    From this org
    $868,163
    From related orgs
    $0
    Other
    $18,607
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $614,800
    Bonus
    $250,000
    Other
    $3,363
    Deferred
    $11,550
    Nontaxable benefits
    $7,057
    Filer's total
    $886,770

  • William H Blackton

    VP of Retail

    Total calculated
    $306,084
    From this org
    $281,554
    From related orgs
    $0
    Other
    $24,530
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $229,517
    Bonus
    $50,000
    Other
    $2,037
    Deferred
    $7,589
    Nontaxable benefits
    $16,941
    Filer's total
    $306,084

  • Paige H Goss

    VP of Finance

    Total calculated
    $208,341
    From this org
    $181,639
    From related orgs
    $0
    Other
    $26,702
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $151,839
    Bonus
    $25,000
    Other
    $4,800
    Deferred
    $4,586
    Nontaxable benefits
    $22,116
    Filer's total
    $208,341

  • Scott M Schrantz

    Director Distribution

    Total calculated
    $222,920
    From this org
    $199,765
    From related orgs
    $0
    Other
    $23,155
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $173,396
    Bonus
    $26,000
    Other
    $369
    Deferred
    $6,214
    Nontaxable benefits
    $16,941
    Filer's total
    $222,920

  • Andro P Czuczuk

    Director Purchasing

    Total calculated
    $206,053
    From this org
    $177,717
    From related orgs
    $0
    Other
    $28,336
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $165,717
    Bonus
    $12,000
    Other
    $0
    Deferred
    $6,220
    Nontaxable benefits
    $22,116
    Filer's total
    $206,053

  • Grace Baier-green

    Director Sales

    Total calculated
    $188,408
    From this org
    $175,219
    From related orgs
    $0
    Other
    $13,189
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $155,419
    Bonus
    $15,000
    Other
    $4,800
    Deferred
    $6,132
    Nontaxable benefits
    $7,057
    Filer's total
    $188,408

  • John G Samuel

    Director of ABLR

    Total calculated
    $147,926
    From this org
    $142,872
    From related orgs
    $0
    Other
    $5,054
    Hours/week
    40

  • Kevin P Beck

    Software Engineer

    Total calculated
    $163,287
    From this org
    $150,947
    From related orgs
    $0
    Other
    $12,340
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $147,097
    Bonus
    $3,850
    Other
    $0
    Deferred
    $5,283
    Nontaxable benefits
    $7,057
    Filer's total
    $163,287

  • Michael W Grafton

    Manager Product Development

    Total calculated
    $175,021
    From this org
    $152,735
    From related orgs
    $0
    Other
    $22,286
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $135,735
    Bonus
    $17,000
    Other
    $0
    Deferred
    $5,345
    Nontaxable benefits
    $16,941
    Filer's total
    $175,021

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
  • 5a · Pay contingent on this organization's revenues
  • 7 · Other non-fixed payments

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement
  • 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
  • 8 · Paid under the initial-contract exception

The filer's explanations (Part III)

Schedule J, Part I, Line 5a Compensation contingent on revenues of the organization
THE ANNUAL PROFITS OF THE COMPANY INDIRECTLY INFLUENCE AMOUNTS REWARDED AS ANNUAL BONUSES TO ALL EMPLOYEES INCLUDING OFFICERS. ALL BONUSES ARE APPROVED BY THE BOARD OF DIRECTORS.
Schedule J, Part I, Line 7 Non-fixed payments
THE ANNUAL PROFITS OF THE COMPANY INDIRECTLY INFLUENCE AMOUNTS REWARDED AS ANNUAL BONUSES TO ALL EMPLOYEES INCLUDING OFFICERS. ALL BONUSES ARE APPROVED BY THE BOARD OF DIRECTORS.

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

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

  • L C INDUSTRIES FOUNDATION

    501(c)(3) · TO IMPROVE THE LIVES AND WELL BEING OF PERSONS WHO ARE BLIND · NC · controlled entity

    Directly controlled by L C INDUSTRIES INC

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

  • LCI INVESTMENTS INC

    C Corporation · INVESTMENT · NC · 100% owned · share of income $0 · share of assets $0 · controlled entity

    Directly controlled by L C INDUSTRIES INC

Provenance

Return type
form_990
Tax year
2023
Filed
28 February 2025
IRS schema version
2023v6.0
Source object
202520599349300412

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