Overview
What is Lake County Partnership For Economic Dev?
Lake County Partnership for Economic Development is a nonprofit organization situated in Lincolnshire, Illinois. Their primary objective is to boost the economic vitality and overall quality of life in Lake County by generating and retaining high-quality jobs, encouraging capital investment, promoting economic diversity, and enhancing the county's business environment. To accomplish this, they establish strong partnerships with state program administrators, the Lake County development community, and municipalities within Lake County. By doing so, the organization plays a crucial role in maintaining and enhancing Lake County's appeal as an attractive location for living, working, and growing businesses.
Official website here: www.lakecountypartners.com
What are the reviews and ratings of this charity?
Charity Navigator Rating: 89% (Three-Star out of Four Stars)
Lake County Partnership For Economic Development has received a solid Three-Star rating, reflecting a strong commitment to accountability and finance with an overall score of 89%. The organization boasts a high percentage of independent board members, contributing to transparency and governance, and it effectively manages its program expenses, with 76.48% of its costs directed toward programs.
However, the nonprofit faces some limitations, notably the absence of a whistleblower policy and the failure to post its tax form on its website, which impacted its overall score in those areas. Despite these shortcomings, it has demonstrated effective oversight through its audit and oversight committee and maintains a low material diversion of assets, ensuring that funds are used appropriately for its intended purpose.
Overall, the Lake County Partnership For Economic Development has established a reputation for reliability and financial integrity, although improving its policies regarding whistleblowing and public financial transparency could further enhance its standing and accountability to stakeholders.
This AI summary has been generated from information found on Charity Navigator.
Is Lake County Partnership For Economic Dev legitimate?
Lake County Partnership For Economic Dev is a legitimate nonprofit organization registered as a 501(c)(3) entity. Lake County Partnership For Economic Dev 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: $231,888
Professional Fundraising Fees: $0
Other Salaries and Wages: $337,560
For more financial information, click here
Official website here: www.lakecountypartners.com
What is the mission statement of Lake County Partnership For Economic Dev?
The Lake County Partnership for Economic Development has a mission to maintain economic vitality and enhance the quality of life in its unspecified location by creating and retaining high-quality jobs, stimulating capital investment, pursuing economic diversity, and improving the business climate. The organization achieves this through various initiatives, such as attracting, retaining, and expanding businesses, advocating for infrastructure improvements, and spearheading initiatives that support business success. By building strategic relationships with state program administrators, the local development community, and municipalities, the partnership helps enhance the area's appeal as an attractive location for living, working, and growing.
Official website here: www.lakecountypartners.com
Who is the CEO of Lake County Partnership For Economic Dev?
Richard Korengold is the Chair of Lake County Partnership For Economic Dev. The CEO's salary of Lake County Partnership For Economic Dev is $198,810 and their total compensation is $231,888.
Official website here: www.lakecountypartners.com
What is the revenue of Lake County Partnership For Economic Dev?
Lake County Partnership For Economic Dev's revenue in 2022 was $1,020,964.
Official website here: www.lakecountypartners.com
Who are the executives of Lake County Partnership For Economic Dev and what are their salaries?
The average compensation at Lake County Partnership For Economic Dev during 2022 was $113,890. There are 5 employees at Lake County Partnership For Economic Dev.
Here are 32 key members and their salaries (Lake County Partnership For Economic Dev's CEO's salary is $198,810 and their total compensation is $231,888):
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Official website here: www.lakecountypartners.com
Where can I find the form 990 for Lake County Partnership For Economic Dev?
Lake County Partnership For Economic Dev's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.lakecountypartners.com
Learn more at the official website: www.lakecountypartners.com
Mission Statement of Lake County Partnership For Economic Dev
Lake County Partnership for Economic Development, a vital organization, is committed to preserving the economic vitality and enhancing the quality of life in Lake County, Illinois. Its mission is twofold: firstly, it strives to generate and preserve high-quality employment opportunities, and secondly, it aims to stimulate capital investment while promoting economic diversity. The organization's ultimate goal is to improve Lake County's business environment, making it an appealing location for both individuals and businesses to live, work, and grow.
To achieve these objectives, Lake County Partnership for Economic Development implements an economic development program that encompasses several key areas. Initially, it focuses on attracting, retaining, and expanding businesses within the county. Secondly, it advocates for infrastructure improvements to bolster the region's competitiveness. Lastly, it spearheads initiatives that contribute to business success. The organization accomplishes these tasks through strategic relationships with state program administrators, the Lake County development community, and municipalities within Lake County. As a result, Lake County continues to evolve and thrive as a desirable location for both personal and professional growth.
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Impact
October, 2024
Lake County Partnership For Economic Dev plays a crucial role in maintaining the economic vitality and quality of life in Lake County, Illinois. By focusing on job creation and retention, the organization stimulates capital investment and fosters economic diversity, making the county an attractive place for both residents and businesses.
Its economic development program emphasizes attracting, retaining, and expanding businesses within the area. The organization also advocates for necessary infrastructure improvements and initiates projects that enhance the overall business climate. Through strategic collaborations with state program administrators, the local development community, and municipalities, Lake County Partnership works to strengthen the region's appeal as a vibrant community to live, work, and grow.
As a result of its efforts, Lake County continues to see growth in employment opportunities and capital investments, ensuring that the area remains economically robust and conducive to business success.
This information is meant to be a general summary of Lake County Partnership For Economic Dev. 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 2022.
- Investment Income: $270
- Program Service Revenue: $121,639
- Gross Receipts: $1,020,964
Assets and Liabilities:
- Total Assets: $1,165,621
- Total Liabilities: $578,426
- Net Assets: $587,195
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
CONSULTING AND OTHER I
Revenue
$121,639
Organization Details
Founding Year
1998
Phone
(847) 597-1220Principal Officer
Richard Korengold
Main Address
1 OVERLOOK POINT SUITE 280 280, LINCOLNSHIRE, IL, 60069
Website
www.lakecountypartners.comNTEE Category
Code: S30 - Community improvement
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