Overview
What is Lakeshore Park Conservancy?
Lakeshore Park Conservancy is a nonprofit organization based in Knoxville, Tennessee, with a PO Box address (10244). Their primary mission is to plan, develop, construct, and administer park facilities, as part of their commitment to providing public recreation areas for the community. In fiscal year 2023, they incurred additional expenses of $18.5 million towards park development projects. These costs are capitalized as construction costs on their balance sheet until project completion. Upon finishing each project, it is transferred to the City of Knoxville and recognized as program expenses. The organization had nine employees in the given year and focused on the development, construction, and operation of parks, including the construction of necessary facilities.
Official website here: www.lakeshoreparkknoxville.org
What are the reviews and ratings of this charity?
Charity Navigator Rating: 90% (Four-Star out of Four Star rating)
Lakeshore Park Conservancy has received a high rating of 90% from Charity Navigator, indicating a strong performance in accountability and financial health. The organization boasts a fully independent board, an excellent financial oversight structure, and demonstrates effective use of its funds with a program expense ratio of over 92%. These factors contribute to the organization's credibility and reliability as a nonprofit.
Despite its strengths, some areas for improvement were noted, particularly the absence of certain policies including a conflict of interest policy, whistleblower policy, and a document retention and destruction policy. While these omissions do not significantly detract from the overall evaluation, they suggest room for better governance practices.
Overall, Lakeshore Park Conservancy appears to be a well-managed organization with efficient financial practices, making it a trustworthy choice for donors. However, addressing the noted policy gaps could further enhance its operational framework and transparency.
This AI summary has been generated from information found on Charity Navigator.
Is Lakeshore Park Conservancy legitimate?
Lakeshore Park Conservancy is a legitimate nonprofit organization registered as a 501(c)(3) entity. Lakeshore Park Conservancy 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: $287,168
For more financial information, click here
Official website here: www.lakeshoreparkknoxville.org
What is the mission statement of Lakeshore Park Conservancy?
The Lakeshore Park Conservancy is dedicated to the development, construction, and operation of a park, with a focus on providing public recreation facilities. The organization's mission is to plan, manage, and construct facilities in alignment with its community objective of promoting public recreation. In fiscal year 2023, the conservancy incurred 18.5 million dollars in project expenditures for park development. These costs are accounted for as capitalized program construction costs until projects are completed. Despite these significant investments, no projects were finished during that fiscal year. Upon completion, each project is transferred to the city and recognized as program expenses.
Official website here: www.lakeshoreparkknoxville.org
What is the revenue of Lakeshore Park Conservancy?
Lakeshore Park Conservancy's revenue in 2024 was $16,208,242.
Official website here: www.lakeshoreparkknoxville.org
Who are the executives of Lakeshore Park Conservancy and what are their salaries?
The average compensation at Lakeshore Park Conservancy during 2024 was $47,861. There are 6 employees and 30 volunteers at Lakeshore Park Conservancy.
Here are 8 key members and their salaries:
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Official website here: www.lakeshoreparkknoxville.org
Where can I find the form 990 for Lakeshore Park Conservancy?
Lakeshore Park Conservancy's most recent form 990 was submitted in 2024 and can be accessed here.
Official website here: www.lakeshoreparkknoxville.org
Learn more at the official website: www.lakeshoreparkknoxville.org
Mission Statement of Lakeshore Park Conservancy
Lakeshore Park Conservancy, a dedicated organization, works tirelessly towards the development, construction, and operation of public recreation facilities. In alignment with its community objective, the Conservancy meticulously plans, develops, constructs, and administers park facilities. In fiscal year 2023, the organization invested an additional $18.5 million in project expenditures related to the development of the park. These expenses, classified as program construction costs on the balance sheet, are capitalized until the completion of each project. Once a project is finished, it is conveyed to the City of Knoxville and recognized as program expenses. However, no projects were completed during fiscal year 2023. The Lakeshore Park Conservancy's unwavering commitment to its mission ensures that it continues to improve and expand public recreation facilities, providing ample opportunities for community members to enjoy and engage in various activities.
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Impact
October, 2024
Lakeshore Park Conservancy plays a vital role in developing, constructing, and operating parks that enrich the community’s access to recreation facilities. Through its comprehensive planning and administration, the organization focuses on creating spaces that foster outdoor activities and community engagement.
In fiscal year 2023, the Conservancy invested significantly in project expenditures to advance these objectives, totaling over $18.5 million for park development. Although no projects were completed during this period, the ongoing investment signifies a robust commitment to enhancing public recreation amenities for Knoxville residents.
The facilities created by the Conservancy are ultimately transferred to the city, ensuring that the benefits are integrated into the public realm, promoting not only recreation but also community well-being and environmental stewardship. The impact of the Conservancy can be seen in the improved quality of life for the community, providing access to recreational spaces that facilitate health and connection among individuals and families.
This information is meant to be a general summary of Lakeshore Park Conservancy. 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 2024.
- Investment Income: $18,719
- Gross Receipts: $18,280,822
Assets and Liabilities:
- Total Assets: $34,544,110
- Total Liabilities: $3,077,860
- Net Assets: $31,466,250
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Organization Details
Founding Year
1996
Principal Officer
Thomas N Mcadams
NTEE Category
Code: N32 - Recreation
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