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Lake Area Development Corporation FY2020 filing

Tax-deductible

Geneva, NY501(c)(3)Housing EIN 16-1492087Revenue $531K in FY2020

On file with the IRSPo Box 153, 14456-0153 · Geneva, NYTax-exempt since May 1996Publicly supported charity — 170(b)(1)(A)(vi)

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Low-income housing.

501(c)(3) charity; gifts are tax-deductible.
72¢ of each $1 spent went to programs.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX

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FY2020 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
501(c)(3)
not on the IRS revocation list
Looks good: listed by the IRS and not on the revocation list.
IRS BMF · Auto-Revocation List
Tax-deductible gifts
Yes
Donations are tax-deductible
Looks good: the IRS lists gifts to it as deductible.
IRS Pub. 78 · IRS BMF
Latest return
FY2023
latest Form 990
Fine: the latest return is for FY2023, 3 tax years back; within 3 tax years.
IRS e-file · Filing history
Surplus or deficit
2 of 4
filings with a surplus
Average surplus $276K a year · 36% of revenue · last 4 filings
Worth a look: a surplus in 2 of the last 4 filings.
Pt I · Ln 19 · 4 filings
Spent on programs
72%
of spending
Fine: 72% of spending went to programs; 65% to 75%.
Pt IX · Ln 25 · col B
Cash reserves
2 mo
of spending, in cash
Fine: 1.7 months of spending in cash; 1 to 3.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$2.1M
127% of total assets
Concern: liabilities are 127% of assets; over 80%.
Pt X · Ln 26
Independent board members
4
of 4 voting members
Looks good: 4 of 4 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$531K
Spent
$567K
To programs
72%
Net assets
−$437K
By yearFY2020–FY2023
Revenue
$531K
FY2020
Tap a bar for its year
Revenue by fiscal year
FY2020$531K
FY2021$526K
FY2022$606K
FY2023$1.4M
Expenses
$567K
FY2020
Tap a bar for its year
Expenses by fiscal year
FY2020$567K
FY2021$577K
FY2022$569K
FY2023$263K
Net assets
−$437K
FY2020
Tap a bar for its year
Net assets by fiscal year
FY2020−$437K
FY2021−$488K
FY2022−$450K
FY2023$702K

From the FY2020 Form 990 · figures checked against the IRS filing · see the original

990 PDF Claim
You’re viewing the FY2020 filing — not the latest on file. See the latest (FY2023) →

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2023. IRS ruling in May 1996.

IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File

Where the money goes

72 cents of each dollar spent went to programs.

Program services 72% · $406K Management & general 28% · $162K

Form 990 Part IX, line 25, columns B–D. Every line is in By the numbers.

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Who runs it and what they're paid

5 people listed on the 990.

Part VII, Section A · reportable compensation
$0Pt VII · Sec A
Phil Beckley
Vice President
$0Pt VII · Sec A
$0Pt VII · Sec A
Jim Vedora
Treasurer
$0Pt VII · Sec A
$0Pt VII · Sec A
See Lake Area Development Corporation executive salaries →

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Questions the 990 asks

The form asks each of these directly. These are the filed answers.

  • Family or business ties among officersPt VI · Ln 2No
  • Top official's pay set by an independent reviewPt VI · Ln 15aNo

Programs and updates

Lake Area Development Corporation is a housing nonprofit based in Geneva, NY.

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Provided by the organization

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1 program · $406K · in their own filed words · FY2020
01

The organization develops and operates low-income housing for the benefit of low and moderate income elderly and handicapped tenants in a 51-UNIT apartment complex in geneva, new york.

$406Kprogram expense

By the numbers

The FY2020 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$531K
Ln 12
Fees for servicesLn 2g$454K
Other incomeLn 4–11$77K
Investment incomeLn 3$33
Money outPt IX
$567K
Ln 25
Programscol B$406K
Managementcol C$162K
Owns and owesPt X
−$437K
net assets · Ln 32
Cash and savingsLn 1–2$81K
Total assetsLn 16$1.6M
LiabilitiesLn 26$2.1M
PeoplePt VI, VII
5
listed · VII A
PaidVII A0
Voting boardVI 1a4
IndependentVI 1b4
2In more detail
Revenue in detailPt VIII
Fees for servicesLn 2g$454K
Investment incomeLn 3$33
Other incomeLn 4–11$77K
Total revenueLn 12$531K
Assets in detailPt X, end of year
CashLn 1$81K
Cash and savings togetherLn 1–2$81K
Land, buildings, equipmentLn 10c$1.4M
Other assetsLn 15$118K
Total assetsLn 16$1.6M
LiabilitiesLn 26$2.1M
Net assetsLn 32−$437K
OperationsPt I, VI
EmployeesI 50
VolunteersI 60
Fiscal year endsHeaderDecember
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13No
Records policyVI 14Yes
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY20End FY20
Cash and savingsLn 1–2$125K$81K
Land, buildings, equipmentLn 10c$1.4M$1.4M
Total assetsLn 16$1.7M$1.6M
LiabilitiesLn 26$2.1M$2.1M
Net assetsLn 32−$401K−$437K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Other salaries and wagesLn 7$146K$66K$80K
Management feesLn 11a$36K$36K
Legal feesLn 11b$1K$1K
Accounting feesLn 11c$8K$8K
Other fees for servicesLn 11g$46K$36K$10K
Office expensesLn 13$15K$15K
Information technologyLn 14$2K$2K
OccupancyLn 16$35K$35K
InterestLn 20$32K$32K
Depreciation, depletion and amortizationLn 22$109K$109K
InsuranceLn 23$25K$25K
Other expenses (24a–d)Ln 24$98K$98K
All other expensesLn 24e$16K$6K$10K
Total functional expensesLn 25$567K$406K$162K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2023 Latest $1.4M$263K$1.2M$702K 990 PDF
FY2022 $606K$569K$38K−$450K 990 PDF
FY2021 $526K$577K−$51K−$488K 990 PDF
FY2020 Viewing $531K$567K−$36K−$437K 990 PDF

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Schedules filed Part IV

III · Programs R · Related orgs G · Fundraising L · Interested persons I · Grants A · Public support O · Explanations
See the full FY2020 990 (6 parts)
Part I · Summary $530,988 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $0$0
I-9 Program service revenuePrior year $446,907$453,530
I-10 Investment incomePrior year $30$33
I-11 Other revenuePrior year $68,896$77,425
I-12 Total revenuePrior year $515,833$530,988
I-13 Grants and similar amounts paidPrior year $0$0
I-14 Benefits paid to membersPrior year $0$0
I-15 Salaries and benefitsPrior year $134,336$146,210
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $466,098$420,939
I-18 Total expensesPrior year $600,434$567,149
I-19 Revenue less expensesPrior year −$84,601−$36,161
Part VI · Governance 4 of 4 board members independent, 2 to look at
VI-1a Voting members of the governing body4
VI-1b Independent voting members4
VI-13 Written whistleblower policyNo
VI-15a Process for setting top official's payNo
VI-2 Family or business relationship among officers or directorsNo
VI-12a Written conflict of interest policyYes
VI-14 Document retention and destruction policyYes
Part VIII · Statement of revenue $530,988 across 5 lines filed
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $453,530$453,530
VIII-3 Investment incomeExcluded from tax $33$33
VIII-6 Net rental income or lossExcluded from tax $48,408$48,408
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Related to mission $21,742 · Excluded from tax $7,275$29,017
VIII-12 Total revenueRelated to mission $475,272 · Unrelated business $0 · Excluded from tax $55,716$530,988
Part IX · Statement of functional expenses $567,149 across 13 lines filed
IX-7 Other salaries and wagesPrograms $65,931 · Management $80,279$146,210
IX-11a Management feesManagement $36,173$36,173
IX-11b Legal feesManagement $1,498$1,498
IX-11c Accounting feesManagement $7,614$7,614
IX-11g Other fees for servicesPrograms $36,016 · Management $9,625$45,641
IX-13 Office expensesManagement $14,827$14,827
IX-14 Information technologyManagement $1,644$1,644
IX-16 OccupancyPrograms $34,776$34,776
IX-20 InterestPrograms $31,668$31,668
IX-22 Depreciation, depletion and amortizationPrograms $108,689$108,689
IX-23 InsurancePrograms $24,766$24,766
IX-24 Other expenses (24a–d)Programs $98,139$98,139
IX-24e All other expensesPrograms $5,575 · Management $9,929$15,504
IX-25 Total functional expensesPrograms $405,560 · Management $161,589 · Fundraising $0$567,149
Part X · Balance sheet $1,623,222 assets, 13 lines filed
X-1 Cash, non-interest-bearingStart of year $124,955$81,119
X-3 Pledges and grants receivableStart of year $11,087$29,157
X-8 Inventories for sale or useStart of year $1,745$1,745
X-9 Prepaid expenses and deferred chargesStart of year $4,460$4,628
X-10c Land, buildings and equipment, netStart of year $1,447,848$1,388,769
X-15 Other assetsStart of year $138,341$117,804
X-16 Total assetsStart of year $1,737,553$1,623,222
X-17 Accounts payable and accrued expensesStart of year $49,123$28,329
X-25 Other liabilitiesStart of year $14,299$12,462
X-26 Total liabilitiesStart of year $2,138,171$2,060,001
X-27 Net assets without donor restrictionsStart of year −$400,618−$436,779
X-32 Total net assets or fund balancesStart of year −$400,618−$436,779
X-33 Total liabilities and net assetsStart of year $1,737,553$1,623,222
Part XI · Reconciliation of net assets −$436,779 net assets at year end
XI-1 Total revenue$530,988
XI-2 Total expenses$567,149
XI-3 Revenue less expenses−$36,161
XI-4 Net assets at start of year−$400,618
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year−$436,779

Form 990 e-file (XML) FY2020 from the IRS · Classification, formation year and address from the IRS Business Master File

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