Lake Region Corporation
- Assets
- $4.7m
- Revenue
- $9.5m
- Investments
- $0.0
- Employees
- 176
- Location
- Devils Lake, ND
- Founding
- 03/1985
- Data as of
- 06/2022
- EIN
- 45-0383900
Organization Overview
Lake Region Corporation is located in Devils Lake, ND. The organization was established in 1985. According to its NTEE Classification (B28) the organization is classified as: Special Education, under the broad grouping of Education and related organizations. As of 06/2022, Lake Region Corporation employed 176 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Lake Region Corporation 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 06/2022, Lake Region Corporation generated $9.5m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 11.9% each year . All expenses for the organization totaled $8.1m during the year ending 06/2022. While expenses have increased by 9.5% 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
PROVIDING SUPPORT FOR PEOPLE IN ACHIEVING SUCCESS IN THEIR LIFE AND THEIR COMMUNITY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
LAKE REGION CORPORATION PROVIDES RESIDENTIAL SUPPORT TO 24 CONSUMERS AND DAY SUPPORT TO 51 CONSUMERS. WE CONTINUE TO MAINTAIN AND UPDATE FOUR GROUP HOMES (2 ICF AND 2 MSLA) AND A DAY SUPPORT PROGRAM. WE ARE TITLE XIX CERTIFIED AT OUR ICF/IID GROUP HOME AND HAVE A 4 YEAR CERTIFICATION WITH THE COUNCIL ON QUALITY AND LEADERSHIP. WE ALSO SUPPORT 27 PEOPLE WHO RESIDE IN AN APARTMENT SETTING AND WE SUPPORT 13 PEOPLE WHO ARE EMPLOYED IN THE COMMUNITY. WE ARE PROUD OF OUR RENEWED CONTRACT WITH THE CITY OF DEVILS LAKE FOR RECYCLING.
THE ORGANIZATION HAS A DAYCARE THAT WE PROVIDE FOR DEVILS LAKE AREA RESIDENTS THAT HAS 35 CHILDREN ENROLLED IN IT.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jeffry Jacobson CEO | Officer | 40 | $129,526 |
Sandra Svedberg CFO | Officer | 40 | $82,989 |
Allison Ternes Board Member | Trustee | 1 | $525 |
Peggy Peters Board Member Jul Feb)/secretary/treasurer(feb-Jun) | OfficerTrustee | 1 | $450 |
David Oehlke Vice President | OfficerTrustee | 1 | $450 |
Anne Dumont Secretary/treasurer (june - February) | OfficerTrustee | 1 | $375 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $1,159,013 |
| All other contributions, gifts, grants, and similar amounts not included above | $4,736 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,163,749 |
| Total Program Service Revenue | $8,341,280 |
| Investment income | $1,428 |
| 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 | $9,506,457 |
| 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. | $261,274 |
| Compensation of current officers, directors, key employees. | $261,274 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $5,207,567 |
| Pension plan accruals and contributions | $157,312 |
| Other employee benefits | $1,049,601 |
| Payroll taxes | $425,697 |
| Fees for services: Management | $12,456 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $12,600 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $36,613 |
| Advertising and promotion | $4,370 |
| Office expenses | $283,804 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $136,133 |
| Travel | $39,566 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $7,132 |
| Interest | $3,655 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $93,292 |
| Insurance | $71,916 |
| All other expenses | $1,327 |
| Total functional expenses | $8,078,857 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $2,946,144 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $776,002 |
| 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 | $16,304 |
| Net Land, buildings, and equipment | $921,330 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $4,659,780 |
| Accounts payable and accrued expenses | $656,240 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $113,687 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $522,733 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $1,292,660 |
| Net assets without donor restrictions | $3,367,120 |
| 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 | $4,659,780 |
Grants Recieved
Over the last fiscal year, we have identified 2 grants that Lake Region Corporation has recieved totaling $15,352.
| Awarding Organization | Amount |
|---|---|
National Association For The Exchange Of Industrial Resources I Galesburg, IL PURPOSE: CARE OF ILL, NEEDY, OR MINOR | $7,852 |
Sourceamerica Vienna, VA PURPOSE: ERS GRANT | $7,500 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Summit Academy Oic Minneapolis, MN | $17,542,372 | $16,544,974 |
Groves Academy St Louis Park, MN | $27,486,120 | $17,504,895 |
Northeast Residence Inc White Bear Lake, MN | $10,561,990 | $9,409,360 |
Metro Deaf School Inc Saint Paul, MN | $5,404,852 | $8,171,369 |
Lake Region Corporation Devils Lake, ND | $4,659,780 | $9,506,457 |
New Century School St Paul, MN | $4,915,885 | $6,864,275 |
Phoenix Alternatives Inc White Bear Lake, MN | $5,941,141 | $7,421,750 |
Laura Baker School Association Northfield, MN | $5,414,331 | $5,578,294 |
A Chance To Grow Inc Minneapolis, MN | $4,925,101 | $6,534,279 |
Saint Paul Conservatory For Performing Artists St Paul, MN | $5,443,462 | $5,631,783 |
Hav-It Services Harvey, ND | $2,696,399 | $4,348,354 |
Friends Of San Lucas Eagan, MN | $2,180,030 | $2,916,305 |