Lakestate Industries

Analysis

Lakestate Industries is a registered charity in United States, based in Escanaba, MI. It received its IRS tax-exemption ruling in September 1973, 53 years ago. Its declared purposes cover employment, which this site groups under community and economic development. The IRS classifies it as a publicly supported organisation (gross receipts test) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending September 2023, Lakestate Industries reported income of $2.9m and spending of $2.8m, spending 94% of its income. Across the 5 years on record, from September 2019 to September 2023, income grew from $2.6m to $2.9m (+11%), an average of +2.6% a year. Over the whole period it spent 91% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Lakestate Industries sits at the 88th percentile: it is larger than about 88% of them. Against every charity in United States with reported income it ranks in the 89th percentile, and in the 89th percentile within MI. Charities of a similar size with the same main cause include Step One Foundation Inc ($2.9m), Cincinnati Reds Community Fund ($2.9m) and Central Arkansas Planning and Development District Inc ($2.9m).

On its Form 990 for the period ending September 2023, revenue came from contributions and grants 0.9% and program service revenue 86% of the total. Compensation of current officers, directors and key employees was $111k (4.0% of expenses). Other salaries and wages came to $2.0m. At year end it held assets of $2.2m against liabilities of $124k, net assets of $2.0m. It reported 288 employees.