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EIN 51-0183368

Lake Area Improvement Corporation

IRS 501(c) type
501(c)(3)
Num. employees
2
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
2
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
GrantmakerDescriptionAmount
Madison Regional Health SystemGeneral Support$12,500
East River Electric Power CooperativeEconomic Development$10,000

Personnel at Lake Area Improvement Corporation

NameTitleCompensation
Brooke RollagExecutive Director$125,000
Floyd RummelSecretary and Treasurer / Secretary and Treasure / Past President$0
Mike JaspersVice President / Director$0
Mike MalonePast President / Past President / Past President / Vice President / Director$0
Terry SchultzVice President / Director$0
...and 1 more key personnel

Financials for Lake Area Improvement Corporation

RevenuesFYE 12/2023
Total grants, contributions, etc.$571,543
Program services$315,284
Investment income and dividends$19,878
Tax-exempt bond proceeds$0
Royalty revenue$0
Net rental income$0
Net gain from sale of non-inventory assets$0
Net income from fundraising events$0
Net income from gaming activities$0
Net income from sales of inventory$233,924
Miscellaneous revenues$14,416
Total revenues$1,155,045

Form 990s for Lake Area Improvement Corporation

Fiscal year endingDate received by IRSFormPDF link
2023-122024-08-30990View PDF
2022-122023-10-02990View PDF
2021-122022-09-12990View PDF
2020-122021-08-05990View PDF
2019-122021-01-21990View PDF
...and 10 more Form 990s
Data update history
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
November 27, 2023
Posted financials
Added Form 990 for fiscal year 2022
May 23, 2023
Received grants
Identified 1 new grant, including a grant for $10,000 from East River Electric Power Cooperative
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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