Overview
What is Lake Area Improvement Corporation?
Lake Area Improvement Corporation is a nonprofit organization situated in Madison, South Dakota, with a primary mission to enhance the quality of life for the community residing in Lake County. Their key initiatives include fostering industrial park growth, attracting technology businesses, promoting workforce development, encouraging entrepreneurship, boosting agriculture, attracting downtown businesses, and facilitating housing development. By doing so, their ultimate goal is to create and retain environmentally and economically viable job opportunities within Lake County. The organization's efforts aim to positively impact the community and contribute to its overall growth and prosperity.
Official website here: www.madisonworks.com
What are the reviews and ratings of this charity?
Charity Navigator Rating: 89%, Three-Star out of Four Star Rating
The Lake Area Improvement Corporation has received a favorable rating of 89%, indicating a solid level of accountability and financial health. This rating reflects the organization’s commitment to maintaining a majority independent board and robust financial oversight practices, which are crucial for donor confidence and effective governance.
One of the strengths highlighted in the evaluation is the organization's complete independence in board membership, along with comprehensive oversight regarding financial statements. Additionally, they have implemented key policies such as conflict of interest and whistleblower protections, which contribute to a transparent operational framework. The program expense ratio is notably strong at 73.14%, suggesting that a significant portion of their expenditures directly supports their mission-related activities.
However, the organization has a liabilities to assets ratio of 59.60%, which may raise some concerns regarding their financial leverage and long-term sustainability. While this is not critical, it is a factor potential donors might consider when assessing the overall financial health of the organization. Overall, the Lake Area Improvement Corporation displays commendable practices in governance and financial management, though attention to their liabilities may be prudent moving forward.
This AI summary has been generated from information found on Charity Navigator.
Is Lake Area Improvement Corporation legitimate?
Lake Area Improvement Corporation is a legitimate nonprofit organization registered as a 501(c)(3) entity. Lake Area Improvement 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: $135,380
Professional Fundraising Fees: $0
Other Salaries and Wages: $51,516
For more financial information, click here
Official website here: www.madisonworks.com
What is the mission statement of Lake Area Improvement Corporation?
The Lake Area Improvement Corporation's mission is to enhance the quality of life for all citizens in the specified region and facilitate the development and retention of environmentally and economically compatible jobs. The corporation aims to achieve this by fostering growth in industries, recruiting technology businesses, promoting workforce development, encouraging entrepreneurship, supporting agricultural development, attracting downtown businesses, and stimulating housing development. The primary funding source for these initiatives is Forward Madison 4.
Official website here: www.madisonworks.com
Who is the CEO of Lake Area Improvement Corporation?
Brooke Rollag is the Executive Di of Lake Area Improvement Corporation.
Official website here: www.madisonworks.com
What is the revenue of Lake Area Improvement Corporation?
Lake Area Improvement Corporation's revenue in 2022 was $1,415,608.
Official website here: www.madisonworks.com
Who are the executives of Lake Area Improvement Corporation and what are their salaries?
The average compensation at Lake Area Improvement Corporation during 2022 was $93,448. There are 2 employees and 15 volunteers at Lake Area Improvement Corporation.
Here are 16 key members and their salaries:
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Official website here: www.madisonworks.com
Where can I find the form 990 for Lake Area Improvement Corporation?
Lake Area Improvement Corporation's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.madisonworks.com
Learn more at the official website: www.madisonworks.com
Mission Statement of Lake Area Improvement Corporation
Lake Area Improvement Corporation, abbreviated as LAIC, is committed to improving the overall quality of life for residents in the Lake County area. Their mission is twofold: firstly, they aim to foster the development and retention of high-quality, environmentally and economically compatible jobs within the county. Secondly, LAIC strives to facilitate this growth in a way that enhances the living standards of all citizens in the region. This approach ensures a balanced development that benefits both the community and the local economy. The organization's activities are diverse, encompassing various sectors such as industrial park expansion, technology business recruitment, workforce development, entrepreneurship, agriculture development, downtown business attraction, and housing development. These initiatives collectively contribute to creating a prosperous and sustainable community in Lake County.
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Impact
July, 2024
Lake Area Improvement Corporation's impact is significant in enhancing the quality of life for all citizens of the Lake County area and facilitating the development and retention of quality jobs that are environmentally and economically compatible for Lake County. The organization's main funding source, Forward Madison 4, drives initiatives focused on industrial park growth, recruitment of technology businesses, workforce development, entrepreneurship, agricultural development, downtown business attraction, and housing development in Madison, SD. Through these efforts, Lake Area Improvement Corporation plays a vital role in advancing community improvement and economic prosperity in the region.
This information is meant to be a general summary of Lake Area Improvement 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 2022.
- Investment Income: $12,056
- Program Service Revenue: $233,332
- Gross Receipts: $1,421,322
Assets and Liabilities:
- Total Assets: $13,919,557
- Total Liabilities: $8,297,059
- Net Assets: $5,622,498
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
INCOME & FEES - LOANS
Revenue
$161,044
LAND LEASE
Revenue
$67,288
OTHER REVENUE
Revenue
$5,000
Organization Details
Founding Year
2003
Principal Officer
Brooke Rollag
Main Address
PO BOX 32, MADISON, SD, 57042
Website
www.madisonworks.comNTEE Category
Code: S30Z - Community improvement
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