Lapeer Development Corporation

Analysis

Lapeer Development Corporation is a registered charity in United States, based in Lapeer, MI. It received its IRS tax-exemption ruling in January 2008, 18 years ago. Its declared purposes cover community improvement and capacity building, which this site groups under community and economic development. 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 June 2023, Lapeer Development Corporation reported income of $178k and spending of $233k, spending 131% of what it took in. Across the 4 years on record, from June 2020 to June 2023, income fell from $223k to $178k (-20%), an average of -7.1% a year. The sharpest change came in the year to June 2022, when income dropped by 26%. Over the whole period it spent 106% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Lapeer Development Corporation sits at the 48th percentile: it is larger than about 48% of them. Against every charity in United States with reported income it ranks in the 51st percentile, and in the 51st percentile within MI. Charities of a similar size with the same main cause include Envision Greater Green Bay Inc ($178k), The San Carlos Parks & Recreation Foundation Inc ($178k) and Linn-San Manuel Community Improvement Corporation ($178k).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 21% and program service revenue 76% of the total. Compensation of current officers, directors and key employees was $123k (53% of expenses). Other salaries and wages came to $40k. At year end it held assets of $715k against liabilities of $18k, net assets of $697k. It reported 3 employees.