Form 990 for tax year 2022
Filed by LAKE AREA IMPROVEMENT CORPORATION.
Totals
- Total revenue
- $1,415,608
- Total expenses
- $419,270
- Contributions and grants received
- $1,169,104
- Grants paid
- $22,500
- Program service revenue
- $233,332
- Investment income
- $12,056
- Other revenue
- $1,116
- Total assets, end of year
- $13,919,557
- Total liabilities, end of year
- $8,297,059
- Net assets or fund balances, end of year
- $5,622,498
- Program services expenses (Part IX)
- $310,619
- Management and general expenses
- $108,651
- Fundraising expenses
- $0
- Program service expenses (Part III)
- $310,619
Program services were 74.1% 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)
$285,304
-
1f · All other contributions, gifts and grants
$883,800
-
1g · Noncash contributions included above
$360,000
-
2a · Program service revenue: INCOME & FEES - LOANS
total $161,044 · related or exempt $161,044
-
2b · Program service revenue: LAND LEASE
total $67,288 · related or exempt $67,288
-
2c · Program service revenue: OTHER REVENUE
total $5,000 · related or exempt $5,000
-
3 · Investment income
total $12,056 · excluded $12,056
-
10b · Cost of goods sold
$5,714
-
10c · Net income from sales of inventory
total -$5,714 · related or exempt -$5,714
-
11a · Other revenue: INSURANCE PROCEEDS
total $6,830 · related or exempt $6,830
-
11e · Other revenue, total
$6,830
Functional expenses
Part IX, the statement of functional expenses.
-
1 · Grants to domestic organizations and governments
total $22,500 · program services $22,500
-
5 · Compensation of officers, directors and key employees
total $135,380 · program services $108,304 · management and general $27,076
-
7 · Other salaries and wages
total $51,516 · program services $41,213 · management and general $10,303
-
8 · Pension plan contributions
total $2,457 · program services $1,966 · management and general $491
-
9 · Other employee benefits
total $2,946 · program services $2,357 · management and general $589
-
10 · Payroll taxes
total $11,790 · program services $9,432 · management and general $2,358
-
11b · Fees: legal
total $515 · management and general $515
-
11c · Fees: accounting
total $14,103 · management and general $14,103
-
11g · Fees: other
total $1,330 · program services $1,330
-
12 · Advertising and promotion
total $12,817 · program services $12,697 · management and general $120
-
13 · Office expenses
total $20,212 · management and general $20,212
-
14 · Information technology
total $6,170 · management and general $6,170
-
16 · Occupancy
total $44,863 · program services $38,512 · management and general $6,351
-
17 · Travel
total $77 · management and general $77
-
19 · Conferences, conventions and meetings
total $24,987 · program services $24,687 · management and general $300
-
20 · Interest
total $23,117 · program services $19,610 · management and general $3,507
-
22 · Depreciation, depletion and amortization
total $3,952 · program services $3,877 · management and general $75
-
23 · Insurance
total $4,797 · management and general $4,797
-
24a · Other expenses: DOWNTOWN FACADE PROGRAM
total $24,134 · program services $24,134
-
24b · Other expenses: LOAN ALLOWANCE RECOVERY
total $11,607 · management and general $11,607
Balance sheet
Part X, book values.
-
2 · Savings and temporary cash investments
beginning of year $2,117,541 · end of year $1,101,510
-
3 · Pledges and grants receivable
beginning of year $519,257 · end of year $868,382
-
4 · Accounts receivable
beginning of year $4,588 · end of year $10,209
-
7 · Other notes and loans receivable
beginning of year $7,329,339 · end of year $7,701,022
-
8 · Inventories for sale or use
beginning of year $1,968,576 · end of year $4,194,322
-
9 · Prepaid expenses and deferred charges
beginning of year $4,384 · end of year $12,617
-
10a · Land, buildings and equipment: cost or other basis
$70,899
-
10b · Land, buildings and equipment: accumulated depreciation
$63,404
-
10c · Land, buildings and equipment, net
beginning of year $9,447 · end of year $7,495
-
15 · Other assets
beginning of year $24,000 · end of year $24,000
-
17 · Accounts payable and accrued expenses
beginning of year $7,816 · end of year $15,184
-
23 · Secured mortgages and notes payable
beginning of year $1,350,706 · end of year $1,322,375
-
24 · Unsecured notes and loans payable
beginning of year $530,000 · end of year $1,459,500
-
25 · Other liabilities
beginning of year $5,500,000 · end of year $5,500,000
-
27 · Net assets without donor restrictions
beginning of year $4,228,650 · end of year $5,281,133
-
28 · Net assets with donor restrictions
beginning of year $359,960 · end of year $341,365
Mission and programs · 2022
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.
-
FORWARD MADISON 4 IS THE MAIN FUNDING SOURCE OF THE LAIC. THE COMPONENTS OF THE INITIATIVE ARE: 1.) INDUSTRIAL PARK GROWTH 2.) RECRUITMENT OF TECHNOLOGY BUSINESSES 3.) WORKFORCE DEVELOPMENT 4.) ENTREPRENEURSHIP 5.) AG DEVELOPMENT 6.) DOWNTOWN BUSINESS ATTRACTION 7.) HOUSING DEVELOPMENT
Expenses $203,470 · Grants $22,500 · Revenue $166,044
-
THE LAND OWNED BY THE LAIC IS TO HELP WITH BUSINESS RETENTION AND EXPANSION AND JOB CREATION IN THE AREA. THE RELENDING PROGRAM CONTINUES TO PROVIDE ASSISTANCE TO BUSINESSES.
Expenses $107,149 · Revenue $67,288
As filed on the 2022 return.
Listed in Part VII
-
Brooke RollagBROOKE ROLLAG
EXECUTIVE DI
- Total calculated
- $135,380
- From this org
- $125,000
- From related orgs
- $0
- Other
- $10,380
- Hours/week
- 40
-
Jeff BloomJEFF BLOOM
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Dr Jose-Marie GriffithsDR JOSE-MARIE GRIFFITHS
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Mike JaspersMIKE JASPERS
VICE PRESIDE
- Total calculated
- $0
- Hours/week
- 1
-
Mike KaneMIKE KANE
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Mike MaloneMIKE MALONE
PAST PRESIDE
- Total calculated
- $0
- Hours/week
- 1
-
Tammy MillerTAMMY MILLER
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Delon MorkDELON MORK
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Dan RoemenDAN ROEMEN
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Floyd RummelFLOYD RUMMEL
SEC/TREASURE
- Total calculated
- $0
- Hours/week
- 1
-
Paul SchultzPAUL SCHULTZ
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Terry SchultzTERRY SCHULTZ
PRESIDENT
- Total calculated
- $0
- Hours/week
- 1
-
Eric SinclairERIC SINCLAIR
PRESIDENT EL
- Total calculated
- $0
- Hours/week
- 1
-
Dennis SlaughterDENNIS SLAUGHTER
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Dustin WilliamsDUSTIN WILLIAMS
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
Jerae WireJERAE 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.
Grants on this return
-
DAKOTA STATE UNIVERSITY
$22,500
SUPPORT PROGRAMS
Provenance
- Return type
- form_990
- Tax year
- 2022
- Filed
- 15 July 2023
- IRS schema version
- 2022v5.0
- Source object
- 202312759349300326
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