EIN 51-0183368

Lake Area Improvement Corporation

Name: Lake Area Improvement Corporation financials for 2023
Creator: Cause IQ
License: https://creativecommons.org/licenses/by-nc-nd/4.0/

IRS 501(c) type

501(c)(3)

Num. employees

City

Madison

State

South Dakota

Year formed

2003

Most recent tax filings

2023-12-01

NTEE code, primary

S31: Urban, Community Economic Development

Description

Lake Area Improvement Corporation enhances the quality of life for citizens in Lake County by facilitating environmentally and economically compatible job development and retention. Its main funding source is Forward Madison 4, which supports initiatives such as industrial park growth, technology business recruitment, workforce development, entrepreneurship, ag development, and downtown business attraction. LAIC owns land to aid in business expansion and job creation while its relending program continues to support businesses.

Total revenues

$1,155,045

2023

Total expenses

$491,575

2023

Total assets

$15,390,380

2023

Num. employees

2023

Program areas at Lake Area Improvement Corporation

Forward madison 4 is the main funding source of the laic. The components of the initiative are: 1.) Industrial park growth 2.) Recruitment of technology businesses 3.) Workforce development 4.) Entrepreneurship 5.) Ag development 6.) Downtown business attraction 7.) Housing development

The land owned by the laic is to help with business retention and expansion and job creation in the Area. The relending program continues to provide assistance to businesses.

Who funds Lake Area Improvement Corporation

Grants from foundations and other nonprofits

Grantmaker	Grantmaker tax period	Description	Amount
Madison Regional Health System	2023-06	General Support	$12,500
East River Electric Power Cooperative	2023-12	Economic Development	$10,000

Personnel at Lake Area Improvement Corporation

Name	Title	Compensation	Date of data
Brooke Rollag	Executive Director	$132,000	2024-11-22

Financials for Lake Area Improvement Corporation

Revenues	FYE 12/2023	FYE 12/2022	% Change
Total grants, contributions, etc.	$571,543	$1,169,104	-51.1%
Program services	$315,284	$233,332	35.1%
Investment income and dividends	$19,878	$12,056	64.9%
Tax-exempt bond proceeds	$0	$0	-
Royalty revenue	$0	$0	-
Net rental income	$0	$0	-
Net gain from sale of non-inventory assets	$0	$0	-
Net income from fundraising events	$0	$0	-
Net income from gaming activities	$0	$0	-
Net income from sales of inventory	$233,924	$-5,714	4193.9%
Miscellaneous revenues	$14,416	$6,830	111.1%
Total revenues	$1,155,045	$1,415,608	-18.4%

Form 990s for Lake Area Improvement Corporation

Fiscal year ending	Date received by IRS	Form	PDF link
2023-12	2024-08-30	990	View PDF
2022-12	2023-10-02	990	View PDF
2021-12	2022-09-12	990	View PDF
2020-12	2021-08-05	990	View PDF
2019-12	2021-01-21	990	View PDF
...and 10 more Form 990s

Organizations like Lake Area Improvement Corporation

Organization	Type	Location	Revenue
District 2 Community Enhancement Corporation	501(c)(3)	New Orleans, LA	$299,563
Southeast Idaho Council of Government	501(c)(3)	Pocatello, ID	$5,348,209
North Central Massachusetts Development Corporation	501(c)(3)	Fitchburg, MA	$1,614,235
Cumberland Empowerment Zone Corpora	501(c)(3)	Millville, NJ	$553,521
Special Improvement District Borough of Red Bank Inc Red Bank RiverCenter	501(c)(3)	Red Bank, NJ	$1,051,896
Community Reuse Organization of East Tennessee (CROET)	501(c)(3)	Oak Ridge, TN	$519,165
Park Heights Renaissance	501(c)(3)	Baltimore, MD	$4,253,902
Washington Harbor District All	501(c)(3)	Washington, NC	$291,743
Arch Development Corporation	501(c)(3)	Washington, DC	$601,664
Ocean City Development Corporation	501(c)(3)	Ocean City, MD	$622,836

Data update history

December 24, 2024

Received grants

Identified 1 new grant, including a grant for $10,000 from East River Electric Power Cooperative

October 20, 2024

Posted financials

Added Form 990 for fiscal year 2023

August 24, 2024

Posted financials

Added Form 990 for fiscal year 2021

May 18, 2024

Received grants

Identified 2 new grant, including a grant for $12,500 from Madison Regional Health System

November 28, 2023

Updated personnel

Identified 2 new personnel

Nonprofit Types

Public sector nonprofitsBusiness and community development organizationsCharities

Issues

Community improvementEconomic development

Characteristics

State / local levelReceives government fundingTax deductible donationsAccepts online donations

General information

Address: PO Box 32; Madison, SD 57042
Metro area: Sioux Falls, SD
County: Lake County, SD
Website URL: madisonworks.com/default.aspx
Phone: (605) 256-0797

IRS details

EIN: 51-0183368
Fiscal year end: December
Taxreturn type: Form 990
Year formed: 2003
Eligible to receive tax-deductible contributions (Pub 78): Yes

Categorization

NTEE code, primary: S31: Urban, Community Economic Development
NAICS code, primary: 926110: Economic Development Corporations and Economic Program Organizations
Parent/child status: Independent

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Lake Area Improvement Corporation

Program areas at Lake Area Improvement Corporation

Who funds Lake Area Improvement Corporation

Personnel at Lake Area Improvement Corporation

Financials for Lake Area Improvement Corporation

Form 990s for Lake Area Improvement Corporation

Organizations like Lake Area Improvement Corporation

Nonprofits

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