Lake Area Improvement Corporation

Analysis

Lake Area Improvement Corporation is a registered charity in United States, based in Madison, SD. It received its IRS tax-exemption ruling in October 1992, 34 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 December 2023, Lake Area Improvement Corporation reported income of $1.2m and spending of $492k, leaving 57% of income unspent that year. Across the 5 years on record, from December 2019 to December 2023, income grew from $470k to $1.2m (+146%), an average of +25% a year. The sharpest change came in the year to December 2021, when income rose by 113%. Over the whole period it spent 41% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Lake Area Improvement Corporation sits at the 79th percentile: it is larger than about 79% of them. Against every charity in United States with reported income it ranks in the 81st percentile, and in the 80th percentile within SD. Charities of a similar size with the same main cause include VN Teamwork ($1.2m), Institute for Workforce Excellence Inc ($1.2m) and Escuela Del Rio ($1.2m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 49% and program service revenue 27% of the total. Compensation of current officers, directors and key employees was $143k (29% of expenses). Other salaries and wages came to $54k. At year end it held assets of $15.4m against liabilities of $9.1m, net assets of $6.3m. It reported 2 employees.