Lake Area Development Corporation

Analysis

Lake Area Development Corporation is a registered charity in United States, based in Geneva, NY. It received its IRS tax-exemption ruling in May 1996, 30 years ago. Its declared purposes cover housing and shelter, which this site groups under housing and shelter. The IRS classifies it as a publicly supported organisation (donations from the general public) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending December 2023, Lake Area Development Corporation reported income of $1.4m and spending of $263k, leaving 81% of income unspent that year. Across the 5 years on record, from December 2019 to December 2023, income grew from $516k to $1.4m (+174%), an average of +29% a year. The sharpest change came in the year to December 2023, when income rose by 133%. Over the whole period it spent 72% of the income it received.

Among 15,864 United States charities whose main cause is housing and shelter and that reported income, Lake Area Development Corporation sits at the 77th percentile: it is larger than about 77% of them. Against every charity in United States with reported income it ranks in the 83rd percentile, and in the 79th percentile within NY. Charities of a similar size with the same main cause include Three Rivers Housing Development Corporation ($1.4m), Sixty Six Washington Street Inc ($1.4m) and Casa Community Association ($1.4m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 0.6% and program service revenue 15% of the total. Other salaries and wages came to $63k. At year end it held assets of $2.6m against liabilities of $1.9m, net assets of $702k.