Overview
What is Lake Preston Development Corporation?
Lake Preston Development Corporation is a nonprofit organization situated in Lake Preston, South Dakota, with a mission to foster and boost the business and economic growth of the local area. They aim to encourage new industries, rejuvenate existing ones, and stimulate agricultural and recreational development in Lake Preston and its surroundings. The corporation also manages property, primarily for leasing, to establish a health care facility in the community. Furthermore, they provide loans to local businesses that struggle to secure financing from commercial lenders, helping to sustain the local economy.
Is Lake Preston Development Corporation legitimate?
Lake Preston Development Corporation is a legitimate nonprofit organization registered as a 501(c)(4) entity. Lake Preston 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.
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What is the mission statement of Lake Preston Development Corporation?
The Lake Preston Development Corporation's mission is to foster and enhance the business and economic growth in its surrounding area. They aim to encourage new industries, rehabilitate existing ones, and promote agricultural and recreational development. Moreover, the corporation owns and maintains property for leasing, primarily for a health care facility in the community. Additionally, they offer loans to local businesses that may not qualify for commercial financing.
Who is the CEO of Lake Preston Development Corporation?
Jake Smith is the President of Lake Preston Development Corporation.
What is the revenue of Lake Preston Development Corporation?
Lake Preston Development Corporation's revenue in 2022 was $293,316.
Who are the executives of Lake Preston Development Corporation and what are their salaries?
There 5 volunteers at Lake Preston Development Corporation.
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Where can I find the form 990 for Lake Preston Development Corporation?
Lake Preston Development Corporation's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Lake Preston Development Corporation
Lake Preston Development Corporation, a nonprofit organization, is dedicated to fostering the economic growth and prosperity of Lake Preston and its surrounding areas. Their mission involves encouraging the establishment of new industries, rehabilitating existing ones, and promoting agricultural and recreational development. In pursuit of this goal, the corporation also owns and maintains property to lease for a healthcare facility within the community. Furthermore, Lake Preston Development Corporation provides loans to local businesses that may struggle to secure financing from commercial lenders. This comprehensive approach aims to stimulate economic development and ensure a thriving community.
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Impact
October, 2024
Lake Preston Development Corporation significantly impacts the local economy and community by promoting and facilitating business growth and development in Lake Preston, South Dakota, and its surrounding areas. By encouraging new industries and supporting the rehabilitation of existing businesses, the Corporation enhances economic prosperity and fosters a more vibrant job market.
Its initiatives extend to the agricultural and recreational sectors, promoting sustainable practices that benefit local farmers and attract visitors to the area. Additionally, by owning and maintaining property for health care facilities, the Corporation ensures essential services are accessible to the community, which is vital for overall well-being.
Moreover, the organization plays a crucial role in supporting local businesses by providing loans to those that may struggle to secure funding from traditional commercial lenders. This financial assistance enables entrepreneurs to launch and grow their enterprises, contributing to a robust local economy. Overall, the Lake Preston Development Corporation serves as a catalyst for community improvement and economic development, enriching the quality of life for residents in the area.
This information is meant to be a general summary of Lake Preston 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 2022.
- Investment Income: $293,055
- Gross Receipts: $293,316
Assets and Liabilities:
- Total Assets: $444,476
- Total Liabilities: $0
- Net Assets: $444,476
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Organization Details
Founding Year
1977
Phone
(605) 847-4411Principal Officer
Jake Smith
Main Address
PO BOX 215, LAKE PRESTON, SD, 572490215
NTEE Category
Code: S31 - Community improvement
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