Overview
What is Lake Area Development Corporation?
Lake Area Development Corporation is a nonprofit organization situated in Geneva, NY, dedicated to addressing the housing needs of low-income elderly and handicapped individuals. Their primary mission is to develop and manage affordable housing, with a 50-unit apartment complex specifically catering to this demographic. By providing such housing options, the corporation aims to contribute positively to the community, ensuring that vulnerable individuals have access to safe and comfortable living spaces.
What are the reviews and ratings of this charity?
Charity Navigator Rating: Needs Improvement - 73%, Two Stars
Lake Area Development Corporation has received a Two-Star out of Four Star rating from Charity Navigator, which indicates that while the organization demonstrates some strengths, it also has significant areas needing improvement. The overall score of 73% reflects solid performance in accountability and finance, with full marks for independent board members, oversight committee audits, and conflict of interest policies. However, the organization is marked down for a high liabilities-to-assets ratio and the absence of a posted tax form on its website.
Strengths highlighted include a robust program expense ratio of 68.26%, indicating that a significant portion of its budget is being directed towards its programs. The board is composed entirely of independent members, demonstrating a commitment to governance and oversight. Furthermore, the organization has established policies for document retention and meeting minutes, which adds to its accountability.
Conversely, the organization faces critical challenges, particularly in financial health, as evidenced by its liabilities exceeding its assets significantly. Additionally, the lack of a whistleblower policy and missing tax documentation on its website may raise concerns regarding transparency and accountability to stakeholders. Addressing these weaknesses could improve its overall rating and enhance trust with its supporters.
This AI summary has been generated from information found on Charity Navigator.
Is Lake Area Development Corporation legitimate?
Lake Area Development Corporation is a legitimate nonprofit organization registered as a 501(c)(3) entity. Lake Area Development Corporation submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
Executive Compensation: $0
Professional Fundraising Fees: $0
Other Salaries and Wages: $62,973
For more financial information, click here
What is the mission statement of Lake Area Development Corporation?
The Lake Area Development Corporation serves as a developer and operator of affordable housing, focusing primarily on supporting low and moderate-income elderly and handicapped individuals. Their mission is centered around providing suitable housing options for this population, with a 50-unit apartment complex specifically designed to cater to their needs. The corporation strives to make housing accessible and affordable for this vulnerable group.
What is the revenue of Lake Area Development Corporation?
Lake Area Development Corporation's revenue in 2023 was $1,415,045.
Who are the executives of Lake Area Development Corporation and what are their salaries?
Here are 5 key members and their salaries:
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- Related: $0
- Other: $0
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- Other: $0
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- Other: $0
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- Other: $0
- Compensation: $0
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- Other: $0
Where can I find the form 990 for Lake Area Development Corporation?
Lake Area Development Corporation's most recent form 990 was submitted in 2023 and can be accessed here.
Mission Statement of Lake Area Development Corporation
Lake Area Development Corporation, as a nonprofit organization, is dedicated to providing affordable housing solutions for low-income elderly and handicapped individuals. This organization serves as both a developer and operator, constructing and managing a 50-unit apartment complex tailored to meet the specific needs of this population. Their mission is centered around providing a secure and comfortable living environment for these individuals, ensuring they can maintain their independence and dignity within their community.
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Impact
July, 2024
Lake Area Development Corporation's impact can be seen in the provision of affordable housing options for low and moderate-income elderly and handicapped individuals in Geneva, NY. By operating a 50-unit apartment complex specifically designed to benefit this population, the organization is directly addressing the housing needs of vulnerable members of the community. This initiative not only helps to ensure that these individuals have a safe and stable place to call home but also contributes to fostering a sense of community and support among residents. Through their efforts, Lake Area Development Corporation is positively impacting the lives of those in need of affordable housing options in the Geneva area.
This information is meant to be a general summary of Lake Area Development Corporation. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2023.
- Investment Income: $10
- Program Service Revenue: $210,379
- Gross Receipts: $1,415,045
Assets and Liabilities:
- Total Assets: $2,717,301
- Total Liabilities: $3,167,356
- Net Assets: -$450,055
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
TENANT ASSISTANCE PAYMENTS
Revenue
$147,769
RENTAL INCOME
Revenue
$53,010
MANAGEMENT FEE
Revenue
$9,600
Organization Details
Founding Year
1995
Principal Officer
Robert P Doeblin
NTEE Category
Code: L80 - Housing
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