Lake Area Improvement Corporation

Organization Overview

Lake Area Improvement Corporation is located in Madison, SD. The organization was established in 1992. 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 12/2020, Lake Area Improvement Corporation employed 2 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Lake Area Improvement 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 12/2020, Lake Area Improvement Corporation generated $482.3k in total revenue. The organization has seen a slow decline revenue. Over the past 6 years, revenues have fallen by an average of (2.3%) each year. All expenses for the organization totaled $330.3k during the year ending 12/2020. As we would expect to see with falling revenues, expenses have declined by (5.1%) per year over the past 6 years. You can explore the organizations financials more deeply in the financial statements section below.

Mission & Program ActivityExcerpts From the 990 Filing

TAX YEAR

2020

Describe the Organization's Mission:

Part 3 - Line 1

TO ENHANCE THE QUALITY OF LIFE FOR ALL CITIZENS OF THE LAKE COUNTY AREA AND TO FACILITATE THE DEVELOPMENT AND RETENTION OF QUALITY JOBS THAT ARE ENVIRONMENTALLY AND ECONOMICALLY COMPATIBLE FOR LAKE COUNTY.

Describe the Organization's Program Activity:

Part 3 - Line 4a

FORWARD MADISON 3 IS THE MAIN FUNDING SOURCE OF THE LAIC. THE COMPONENTS OF THE INITIATIVE ARE: 1.) INDUSTRIAL PARK GROWTH 2.) RECRUITMENT OF TECHNOLOGY BUSINESSES 3.) WORKFORCE DEVELOPMENT 4.) ENTREPRENEURSHIP 5.) AG DEVELOPMENT 6.) DOWNTOWN BUSINESS ATTRACTION


THE LAND OWNED BY THE LAIC IS TO HELP WITH BUSINESS RETENTION AND EXPANSION AND JOB CREATION IN THE AREA. THE RELENDING PROGRAM CONTINUES TO PROVIDE ASSISTANCE TO BUSINESSES WITH ONE NEW LENDING IN 2020.


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Board, Officers & Key Employees

Name (title)Compensation
Eric Fosheim
Executive Di
$95,042
Mike Malone
President
$0
Floyd Rummel
Sec/treasure
$0
Paul Schultz
Past Preside
$0
Terry Schultz
President El
$0
Eric Sinclair
Vice Preside
$0

Financial Statements

Statement of Revenue
Federated campaigns$0
Membership dues$0
Fundraising events$0
Related organizations$0
Government grants $322,300
All other contributions, gifts, grants, and similar amounts not included above$16,000
Noncash contributions included in lines 1a–1f $0
Total Revenue from Contributions, Gifts, Grants & Similar$338,300
Total Program Service Revenue$188,167
Investment income $8,235
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 -$52,399
Miscellaneous Revenue$0
Total Revenue $482,303

Grants Recieved

Over the last fiscal year, we have identified 1 grants that Lake Area Improvement Corporation has recieved totaling $10,000.

Awarding OrganizationAmount
East River Electric Power Cooperative Inc

Madison, SD

PURPOSE: ECONOMIC DEVELOPMENT

$10,000
View Grant Recipient Profile

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