Overview
What is Lake Superior Community Development Corp?
Lake Superior Community Development Corp is a nonprofit organization situated in L'Anse, Michigan. Their primary focus is on community development, aiming to enhance the social and economic conditions of economically disadvantaged individuals and residents in distressed communities. They accomplish this mission through various methods, such as providing financial products, development services, and financing programs. One of their key initiatives is a low-interest revolving loan fund program that has assisted 26 community members in repairing their homes, starting or expanding local small businesses, building and repairing credit, and purchasing homes. The organization also serves 95 community members through loan servicing. With a small team of five dedicated employees, Lake Superior Community Development Corp plays a vital role in strengthening its local community.
Official website here: www.lakesuperiorcdc@gmail.com
What are the reviews and ratings of this charity?
Charity Navigator Rating: 88% (Three-Star out of Four Star rating)
Lake Superior Community Development Corp has received a commendable rating of 88% from Charity Navigator, indicating strong accountability and financial health. The organization boasts a fully independent board and excellent oversight practices, underscored by high scores in areas such as financial statements and program expense ratio, with 92.74% of its expenses directed towards programs.
While the organization exhibits many strengths, it has notable areas for improvement. Specifically, the absence of a whistleblower policy and a document retention and destruction policy are highlighted shortcomings. Additionally, the organization has not posted its tax forms on its website, which is a transparency concern.
Overall, Lake Superior Community Development Corp demonstrates strong financial management and governance practices, but addressing its policy gaps could further enhance its accountability and public trust.
This AI summary has been generated from information found on Charity Navigator.
Is Lake Superior Community Development Corp legitimate?
Lake Superior Community Development Corp is a legitimate nonprofit organization registered as a 501(c)(3) entity. Lake Superior Community Development Corp 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: $168,169
Professional Fundraising Fees: $0
Other Salaries and Wages: $21,144
For more financial information, click here
Official website here: www.lakesuperiorcdc@gmail.com
What is the mission statement of Lake Superior Community Development Corp?
Lake Superior Community Development Corp's mission is centered around enhancing the socio-economic conditions of economically disadvantaged individuals and communities facing distress. The organization achieves this by providing various financial services, developmental aid, and financing programs. Their activities aim to improve living conditions, support local entrepreneurs, help repair homes, expand businesses, and boost credit scores. The corporation's low-interest revolving loan fund program has successfully aided 26 community members in repairing their homes, starting or expanding businesses, and purchasing properties. Additionally, they have assisted 95 community members in repairing their credit through their loan servicing.
Official website here: www.lakesuperiorcdc@gmail.com
Who is the CEO of Lake Superior Community Development Corp?
William Jondreau is the Chairman of Lake Superior Community Development Corp.
Official website here: www.lakesuperiorcdc@gmail.com
What is the revenue of Lake Superior Community Development Corp?
Lake Superior Community Development Corp's revenue in 2022 was $677,815.
Official website here: www.lakesuperiorcdc@gmail.com
Who are the executives of Lake Superior Community Development Corp and what are their salaries?
The average compensation at Lake Superior Community Development Corp during 2022 was $37,863. There are 5 employees at Lake Superior Community Development Corp.
Here are 8 key members and their salaries:
- Compensation: $200
- Related: $0
- Other: $0
- Compensation: $200
- Related: $0
- Other: $0
- Compensation: $100
- Related: $0
- Other: $0
- Compensation: $150
- Related: $0
- Other: $0
- Compensation: $200
- Related: $0
- Other: $0
- Compensation: $81,055
- Related: $0
- Other: $0
- Compensation: $67,237
- Related: $0
- Other: $0
- Compensation: $19,027
- Related: $0
- Other: $0
Official website here: www.lakesuperiorcdc@gmail.com
Where can I find the form 990 for Lake Superior Community Development Corp?
Lake Superior Community Development Corp's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.lakesuperiorcdc@gmail.com
Learn more at the official website: www.lakesuperiorcdc@gmail.com
Mission Statement of Lake Superior Community Development Corp
Lake Superior Community Development Corp is dedicated to enhancing the social and economic conditions of economically disadvantaged individuals and residents living in distressed communities. To achieve this mission, the organization provides a variety of services, including financial products, development assistance, and financing programs. By offering these resources, Lake Superior Community Development Corp aims to empower its community members, enabling them to repair their homes, launch or expand local businesses, rebuild their credit, and purchase properties. The organization's low-interest revolving loan fund program is a significant part of its efforts, having originated 26 loans for community members and serviced 95 loans, thereby supporting the financial well-being of local residents.
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Impact
July, 2024
Lake Superior Community Development Corp is making a tangible impact on economically disadvantaged persons and distressed communities in Lanses, MI. Through their low-interest revolving loan fund program, they have issued 26 loans to community members for various purposes such as home repairs, starting or expanding small businesses, building credit, and purchasing homes. Additionally, they have serviced 95 loans, providing crucial financial assistance to those in need. This kind of support is crucial in helping individuals and families improve their quality of life and contribute to the overall well-being of the community.
This information is meant to be a general summary of Lake Superior Community Development Corp. 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: $281
- Program Service Revenue: $238,843
- Gross Receipts: $677,815
Assets and Liabilities:
- Total Assets: $3,297,163
- Total Liabilities: $1,091,866
- Net Assets: $2,205,297
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
Interest on Loans
Revenue
$89,929
Techinal Assist-Acctg & Grants
Revenue
$126,290
Origination & Other Loan Fees
Revenue
$22,624
Organization Details
Founding Year
2008
Phone
(906) 524-5445Principal Officer
William Jondreau
Main Address
1 N Front Street, LAnse, MI, 49946
NTEE Category
Code: P50 - Human services
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