Lake County Partnership For Economic Development Inc
- Assets
- $1.2m
- Revenue
- $1.4m
- Investments
- $0.0
- Employees
- 5
- Location
- Lincolnshire, IL
- Founding
- 03/1999
- Data as of
- 12/2021
- EIN
- 36-4206288
Organization Overview
Lake County Partnership For Economic Development Inc is located in Lincolnshire, IL. The organization was established in 1999. According to its NTEE Classification (S30) the organization is classified as: Economic Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 12/2021, Lake County Partnership For Economic Development Inc employed 5 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Lake County Partnership For Economic Development Inc is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 12/2021, Lake County Partnership For Economic Development Inc generated $1.4m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 4.6% each year. All expenses for the organization totaled $1.2m during the year ending 12/2021. While expenses have increased by 4.1% per year over the past 7 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO MAINTAIN ECONOMIC VITALITY AND QUALITY OF LIFE IN LAKE COUNTY, ILLINOIS BY CREATING AND RETAINING JOBS, STIMULATING CAPITAL INVESTMENT, PURSUING ECONOMIC DIVERSITY AND IMPROVING THE COUNTY'S BUSINESS CLIMATE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE ORGANIZATION IMPLEMENTS AN ECONOMIC DEVELOPMENT PROGRAM THAT FOCUSES ON A) ATTRACTING, RETAINING, AND EXPANDING BUSINESSES, B) ADVOCATING FOR INFRASTRUCTURE IMPROVEMENTS, AND C) SPEARHEADING INITIATIVES THAT BOLSTER BUSINESS SUCCESS. THE ORGANIZATION ACHIEVES THIS THROUGH STRATEGIC RELATIONSHIPS WITH STATE PROGRAM ADMINISTRATORS, THE LAKE COUNTY DEVELOPMENT COMMUNITY, AND MUNICIPALITIES WITHIN LAKE COUNTY. AS A RESULT, LAKE COUNTY MAINTAINS AND CONTINUES TO IMPROVE ITS APPEAL AS A GREAT PLACE TO LIVE, WORK, AND GROW.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Kevin Considine President & CEO | OfficerTrustee | 40 | $185,800 |
Ronald Lanz Business Development Direc | 40 | $121,327 | |
Joseph Luna Past Chair | OfficerTrustee | 2 | $0 |
Richard Korengold Chair | OfficerTrustee | 2 | $0 |
Don Hansen Director | OfficerTrustee | 2 | $0 |
Marah Altenberg Director | Trustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $772,281 |
| All other contributions, gifts, grants, and similar amounts not included above | $540,000 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,312,281 |
| Total Program Service Revenue | $71,935 |
| Investment income | $235 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,384,451 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $218,543 |
| Compensation of current officers, directors, key employees. | $65,563 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $330,723 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $21,925 |
| Payroll taxes | $35,451 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $24,496 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $42,660 |
| Office expenses | $17,933 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $48,968 |
| Travel | $3,254 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $31,448 |
| Insurance | $2,549 |
| All other expenses | $5,609 |
| Total functional expenses | $1,235,006 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,103,596 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $38,314 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $18,136 |
| Net Land, buildings, and equipment | $45,818 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $1,205,864 |
| Accounts payable and accrued expenses | $44,881 |
| Grants payable | $0 |
| Deferred revenue | $2,500 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $549,616 |
| Total liabilities | $596,997 |
| Net assets without donor restrictions | $608,867 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $1,205,864 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Lake County Partnership For Economic Development Inc has recieved totaling $25,000.
| Awarding Organization | Amount |
|---|---|
Hunter Family Foundation Chicago, IL PURPOSE: GENERAL SUPPORT | $25,000 |
Endowment Analysis
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Financial Health Network Inc Chicago, IL | $19,686,455 | $18,603,239 |
Vocational Development Center Inc Council Bluffs, IA | $12,984,673 | $16,204,305 |
Southern Iowa Economic Development Association Ottumwa, IA | $4,848,905 | $15,262,424 |
St Louis Economic Development Partnership Saint Louis, MO | $27,235,860 | $13,883,018 |
Visit Indy Inc Indianapolis, IN | $20,981,890 | $14,589,218 |
Purchase Area Development District Inc Mayfield, KY | $0 | $14,269,202 |
Crosswalk Community Action Agency Inc West Frankfort, IL | $2,780,027 | $11,762,821 |
Wisconsin Dells Visitor & Convention Bureau Wisconsin Dells, WI | $26,952,168 | $17,110,395 |
Convention & Visitors Bureau Of Greater Kansas City Kansas City, MO | $12,878,337 | $11,432,355 |
Wbd Inc Madison, WI | $14,868,892 | $9,399,155 |
Brighton Park Neighborhood Council Chicago, IL | $4,048,275 | $8,262,492 |
Explore Branson Tourism Branson, MO | $1,396,845 | $7,616,014 |