Lake Park Associates Inc
- Assets
- $84.9m
- Revenue
- $7.7m
- Investments
- $0.0
- Employees
- 0
- Location
- Chicago, IL
- Founding
- 03/1987
- Data as of
- 06/2021
- EIN
- 36-6111317
Organization Overview
Lake Park Associates Inc is located in Chicago, IL. The organization was established in 1987. According to its NTEE Classification (N32) the organization is classified as: Parks & Playgrounds, under the broad grouping of Recreation & Sports and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Lake Park Associates Inc is a 501(c)(2) and as such, is described as a "Title Holding Corporation for an Exempt Organization" by the IRS.
For the year ending 06/2021, Lake Park Associates Inc generated $7.7m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 6 years, the organization has seen revenues fall by an average of (6.4%) each year. All expenses for the organization totaled $8.5m during the year ending 06/2021. 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
LAKE PARK ASSOCIATES ACQUIRES, SELLS, HOLDS, MANAGES AND LEASES REAL PROPERTY FOR THE BENEFIT OF THE UNIVERSITY OF CHICAGO.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROGRAM SERVICE EXPENSES RELATING TO THE COST OF MANAGING REAL PROPERTY FOR THE BENEFIT OF THE UNIVERSITY OF CHICAGO.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Derek Douglas Vice President | OfficerTrustee | 9 | $0 |
Angelica Marks Treasurer | OfficerTrustee | 3 | $0 |
Philip Gold Treas-Former | OfficerTrustee | 3 | $0 |
Kimberly Taylor Secretary | OfficerTrustee | 14 | $0 |
Robert Rush Asst Secretary | OfficerTrustee | 3 | $0 |
Ivan Samstein President | OfficerTrustee | 11 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Allied Universal Security Services Security Guard Srvcs | 6/29/21 | $155,229 |
Shapiro Associates Architectural Service Architectural Services | 6/29/21 | $111,664 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $848,979 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $848,979 |
| Total Program Service Revenue | $7,035,690 |
| Investment income | $2,028 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$150,345 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $7,736,352 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $191,342 |
| Fees for services: Legal | $66,655 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $344,036 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $4,065 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $3,229,480 |
| Insurance | $138,615 |
| All other expenses | $36,421 |
| Total functional expenses | $8,500,178 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $7,751,526 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,724,899 |
| 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 | $163,200 |
| Net Land, buildings, and equipment | $73,436,964 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,815,648 |
| Total assets | $84,892,237 |
| Accounts payable and accrued expenses | $1,647,881 |
| Grants payable | $0 |
| Deferred revenue | $293,709 |
| 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 | $2,713,481 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $102,163 |
| Total liabilities | $4,757,234 |
| Net assets without donor restrictions | $0 |
| 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 | $80,135,003 |
| Total liabilities and net assets/fund balances | $84,892,237 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Colorado Park 277 Corporation Chicago, IL | $265,380,571 | $11,072,050 |
Lake Park Associates Inc Chicago, IL | $84,892,237 | $7,736,352 |
21st Century Parks Inc Louisville, KY | $96,568,908 | $4,921,884 |
Champaign Parks Foundation Champaign, IL | $976,964 | $284,130 |
Gateway Arch Park Foundation St Louis, MO | $74,261,617 | $7,108,944 |
Grindstone Butte Mutual Canal Company Champaign, IL | $200 | $2,974,907 |
Illinois Association Of Park Districts Springfield, IL | $10,419,752 | $4,309,641 |
Millennium Park Foundation Chicago, IL | $52,901,717 | $12,169,207 |
Prospect Meadows Inc Marion, IA | $13,712,909 | $1,593,506 |
Friends Of@sauk Prairie Parks And Recreation Inc Sauk City, WI | $5,893,890 | $2,059,173 |
Little Village Environmental Justice Organization Chicago, IL | $4,634,641 | $3,681,003 |
Ice Age Trail Alliance Cross Plains, WI | $12,975,124 | $3,561,895 |