Lake Region Corporation

Analysis

Lake Region Corporation is a registered charity in United States, based in Devils Lake, ND. It received its IRS tax-exemption ruling in March 1985, 41 years ago. 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 June 2023, Lake Region Corporation reported income of $9.2m and spending of $8.9m, spending 97% of its income. Across the 5 years on record, from June 2019 to June 2023, income grew from $6.1m to $9.2m (+50%), an average of +11% a year. The sharpest change came in the year to June 2022, when income rose by 27%. Over the whole period it spent 91% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, Lake Region Corporation sits at the 95th percentile: it is larger than about 95% of them. Against every charity in United States with reported income it ranks in the 95th percentile, and in the 94th percentile within ND. Charities of a similar size with the same main cause include Wayside House Inc ($9.2m), Chambliss Center for Children ($9.2m) and Mental Health for Children Inc ($9.2m).

On its Form 990 for the period ending June 2023, revenue came from contributions and grants 0.9% and program service revenue 99% of the total. Compensation of current officers, directors and key employees was $278k (3.1% of expenses). Other salaries and wages came to $5.6m. At year end it held assets of $5.2m against liabilities of $1.5m, net assets of $3.7m. It reported 165 employees.