philanthropy.org | 990 Resource | FAQ Verify yourself
Sign in

Lakeland Economic Development FY2023 filing

Lakeland, FLUnknown exempt organizationEIN 45-4919549Revenue $1.4M in FY2023

On file with the IRSlakelandedc.com502 E Main Street · Lakeland, FL

This page gets seen. Tell your story. Claim this org.

The Lakeland Economic Development council (ledc) is a private, non-profit organization with approximately 135+ member companies. The ledc's primary role is to help create jobs and capital investment by attracting new companies as well as facilitating the expansion of existing companies in the Lakeland area.

55¢ of each $1 spent went to programs.
$976K paid to officers and key staff.
Mission: Form 990 Part I, line 1 · Programs: Part IX · Pay: Part VII

Before you give

FY2023 · Form 990Independent: from IRS data, not the org
Download 990
Latest return
FY2024
latest Form 990
Looks good: the latest return is for FY2024, 2 tax years back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
4 of 5
filings with a surplus
Average surplus $112K a year · 9% of revenue · last 5 filings
Fine: a surplus in 4 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Spent on programs
55%
of spending
Worth a look: 55% of spending went to programs; under 65%.
Pt IX · Ln 25 · col B
Pay to officers and key staff
$976K
to officers and key staff · 68% of spending
Concern: pay to officers and key staff is 68% of spending; over 30%.
Pt VII · Sec A
Cash reserves
3 mo
of spending, in cash
Looks good: 3.1 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$219K
14% of total assets
Looks good: liabilities are 14% of assets; 50% or less.
Pt X · Ln 26
Independent board members
9
of 9 voting members
Looks good: 9 of 9 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$1.4M
+9% vs prior year
Spent
$1.4M
To programs
55%
Net assets
$1.3M
By yearFY2020–FY2024
Revenue
$1.4M
FY2023▲ +9%
Tap a bar for its year
Revenue by fiscal year
FY2020$1.3M
FY2021$1.3M
FY2022$1.3M
FY2023$1.4M
FY2024$1.4M
Expenses
$1.4M
FY2023▲ +18%
Tap a bar for its year
Expenses by fiscal year
FY2020$1.1M
FY2021$1.0M
FY2022$1.2M
FY2023$1.4M
FY2024$1.2M
Net assets
$1.3M
FY2023▼ -4%
Tap a bar for its year
Net assets by fiscal year
FY2020$1.1M
FY2021$1.3M
FY2022$1.4M
FY2023$1.3M
FY2024$1.5M

From the FY2023 Form 990 · see the original

Give Claim
You’re viewing the FY2023 filing — not the latest on file. See the latest (FY2024) →

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2024.

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

Where the money goes

55 cents of each dollar spent went to programs.

Program services 55% · $795K Management & general 45% · $641K

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

Something off? The org can add a note here. Claim this org to fix it.

Who runs it and what they're paid

11 people listed on the 990; $976K paid to officers and key staff.

Part VII, Section A · reportable compensation
$689,035Pt VII · Sec A
$155,704Pt VII · Sec A
Laura Taylor
VP Operation
$131,512Pt VII · Sec A
Karen Turner
Director
$0Pt VII · Sec A
Cory Petcoff
Chairman
$0Pt VII · Sec A
$0Pt VII · Sec A
Mark Cabrera
Vice Chairma
$0Pt VII · Sec A
$0Pt VII · Sec A

Compensation history total reportable pay by year · 4 named individuals · Part VII

NameFY2024FY2023FY2022FY2021FY2020
Steven J Scruggs$426,726$689,035$372,226$372,329$373,403
Katie W Decker$165,005————
Katie Worthington Decker—$155,704$117,857——
Laura Taylor$136,550$131,512$126,050——

Total reportable compensation (Form 990 Part VII column D / Schedule J column E) by filing year, matched by name within this organization. The Schedule J base / bonus / deferred breakdown is not parsed into this dataset.

See Lakeland Economic Development executive salaries →

Are you one of these people? Claim this org to confirm your role

Something off? The org can add a note here. Claim this org to fix it.

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 15aYes

Programs and updates

Attracts companies and helps existing ones grow to create jobs and investment.

Questions for Lakeland Economic Development

Tap to ask. Lakeland Economic Development sees how many people are interested.

Your first name shows with your question. Lakeland Economic Development answers here, for everyone.

Provided by the organization

Know this organization? Claim it to add your story

3 programs · $795K · in their own filed words · FY2023
01

Existing industry visits in october 2023, the vice president of development and the senior vice president kicked off what will be a two-year effort to meet with the remaining ledc members that weren't visited through our large employer 2022 existing industry visits.

$379Kprogram expense
02

Ongoing communications with members and stakeholders outside of monthly meetings to include: newsletters - ledc continued to provide a high-quality online monthly member newsletter that highlights growth and development projects, ledc meetings, etc.

$250Kprogram expense
03

Ledc staff in december 2022, prior to 2023, the ledc brought on sarah falcetti as an intern for the 2023 summer leadership program. Over the 9 months she served in that capacity, she proved an invaluable asset to the ledc. We hired her full-time after the program ended in august in the capacity of communications and program manager.

$166Kprogram expense

By the numbers

The FY2023 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$1.4M
Ln 12
Gifts and grantsLn 1h$1.3M
Investment incomeLn 3$71K
Money outPt IX
$1.4M
Ln 25
Programscol B$795K
Managementcol C$641K
Owns and owesPt X
$1.3M
net assets · Ln 32
Cash and savingsLn 1–2$367K
Total assetsLn 16$1.5M
LiabilitiesLn 26$219K
PeoplePt VI, VII
11
listed · VII A
PaidVII A3
Voting boardVI 1a9
IndependentVI 1b9
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$1.3M
Investment incomeLn 3$71K
Total revenueLn 12$1.4M
Assets in detailPt X, end of year
CashLn 1$367K
Cash and savings togetherLn 1–2$367K
InvestmentsLn 11–13$1.0M
Land, buildings, equipmentLn 10c$51K
Total assetsLn 16$1.5M
LiabilitiesLn 26$219K
Net assetsLn 32$1.3M
OperationsPt I, VI
EmployeesI 57
VolunteersI 665
Fiscal year endsHeaderDecember
Conflict-of-interest policyVI 12aNo
Whistleblower policyVI 13No
Records policyVI 14No
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY23End FY23
Cash and savingsLn 1–2$400K$367K
InvestmentsLn 11–13$1.1M$1.0M
Land, buildings, equipmentLn 10c$14K$51K
Total assetsLn 16$1.6M$1.5M
LiabilitiesLn 26$216K$219K
Net assetsLn 32$1.4M$1.3M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Other salaries and wagesLn 7$1.1M$513K$585K
Other employee benefitsLn 9$76K$61K$15K
Payroll taxesLn 10$48K$38K$10K
Legal feesLn 11b$5K$4K$1K
Advertising and promotionLn 12$35K$28K$7K
Office expensesLn 13$16K$13K$3K
OccupancyLn 16$41K$33K$8K
TravelLn 17$49K$39K$10K
Depreciation, depletion and amortizationLn 22$4K$3K$803
InsuranceLn 23$5K$4K$958
Other expenses (24a–d)Ln 24$59K$59K
Total functional expensesLn 25$1.4M$795K$641K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest $1.4M$1.2M$178K$1.5M 990 PDF
FY2023 Viewing $1.4M$1.4M−$56K$1.3M 990 PDF
FY2022 $1.3M$1.2M$45K$1.4M 990 PDF
FY2021 $1.3M$1.0M$208K$1.3M 990 PDF
FY2020 $1.3M$1.1M$184K$1.1M 990 PDF

Want to add your own materials alongside these filings? Claim this org

Schedules filed Part IV

III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash
See the full FY2023 990 (6 parts)
Part I · Summary $1,380,860 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $1,089,904$1,309,460
I-9 Program service revenuePrior year $260,899$0
I-10 Investment incomePrior year −$88,483$71,400
I-11 Other revenue$0
I-12 Total revenuePrior year $1,262,320$1,380,860
I-13 Grants and similar amounts paid$0
I-14 Benefits paid to members$0
I-15 Salaries and benefitsPrior year $849,309$1,222,309
I-16a Professional fundraising fees$0
I-17 Other expensesPrior year $367,801$214,149
I-18 Total expensesPrior year $1,217,110$1,436,458
I-19 Revenue less expensesPrior year $45,210−$55,598
Part VI · Governance 9 of 9 board members independent, 3 to look at
VI-1a Voting members of the governing body9
VI-1b Independent voting members9
VI-12a Written conflict of interest policyNo
VI-13 Written whistleblower policyNo
VI-14 Document retention and destruction policyNo
VI-2 Family or business relationship among officers or directorsNo
VI-15a Process for setting top official's payYes
Part VIII · Statement of revenue $1,380,860 across 5 lines filed
VIII-1b Membership dues$1,276,544
VIII-1f All other contributions, gifts and grants$32,916
VIII-1h Total contributions, gifts and grants$1,309,460
VIII-3 Investment incomeRelated to mission $71,400$71,400
VIII-12 Total revenueRelated to mission $71,400$1,380,860
Part IX · Statement of functional expenses $1,436,458 across 11 lines filed
IX-7 Other salaries and wagesPrograms $513,155 · Management $585,324$1,098,479
IX-9 Other employee benefitsPrograms $60,607 · Management $15,152$75,759
IX-10 Payroll taxesPrograms $38,456 · Management $9,615$48,071
IX-11b Legal feesPrograms $4,209 · Management $1,052$5,261
IX-12 Advertising and promotionPrograms $28,147 · Management $7,037$35,184
IX-13 Office expensesPrograms $12,566 · Management $3,141$15,707
IX-16 OccupancyPrograms $32,798 · Management $8,200$40,998
IX-17 TravelPrograms $39,062 · Management $9,766$48,828
IX-22 Depreciation, depletion and amortizationPrograms $3,211 · Management $803$4,014
IX-23 InsurancePrograms $3,831 · Management $958$4,789
IX-24 Other expenses (24a–d)Programs $59,368$59,368
IX-25 Total functional expensesPrograms $795,410 · Management $641,048 · Fundraising $0$1,436,458
Part X · Balance sheet $1,517,010 assets, 12 lines filed
X-1 Cash, non-interest-bearingStart of year $399,768$366,544
X-4 Accounts receivableStart of year $52,844$53,208
X-10c Land, buildings and equipment, netStart of year $14,436$50,959
X-11 Publicly traded securitiesStart of year $1,101,861$1,046,299
X-16 Total assetsStart of year $1,568,909$1,517,010
X-17 Accounts payable and accrued expensesStart of year $8,599$12,918
X-19 Deferred revenueStart of year $202,633$202,633
X-25 Other liabilitiesStart of year $4,450$3,830
X-26 Total liabilitiesStart of year $215,682$219,381
X-27 Net assets without donor restrictionsStart of year $1,353,227$1,297,629
X-32 Total net assets or fund balancesStart of year $1,353,227$1,297,629
X-33 Total liabilities and net assetsStart of year $1,568,909$1,517,010
Part XI · Reconciliation of net assets $1,297,629 net assets at year end
XI-1 Total revenue$1,380,860
XI-2 Total expenses$1,436,458
XI-3 Revenue less expenses−$55,598
XI-4 Net assets at start of year$1,353,227
XI-10 Net assets at end of year$1,297,629

Form 990 e-file (XML) FY2023 from the IRS · Classification, formation year and address from the IRS Business Master File

Similar organizations you could support · Compare with another nonprofit

Names, privacy, and removal requests More

The names, titles, and compensation shown on this page are reproduced from IRS Form 990 filings, which are public records.

Philanthropy.org does not alter the content of those filings. All information appears exactly as reported by the filing organization for the tax year shown.

We publish only information contained in the public IRS filing — and less than the filing contains. Our profile pages do not display street addresses, telephone numbers, personal email addresses, or other personal contact information, even where the filing includes them.

Many people share the same name. A name shown on this page reflects only what one organization reported in one IRS filing for one tax year. It should not be interpreted as identifying any other individual with the same or a similar name.

If you are no longer affiliated with the organization, your name will generally stop appearing in future IRS filings once the organization no longer reports you. Pages for tax years in which you were reported remain published because those filings remain part of the public record.

Philanthropy.org does not alter or remove IRS filing records. Removing a page from this website would not remove the underlying IRS filing, which remains publicly available from the IRS and other publishers of the same information.

If you believe the IRS filing itself is inaccurate, corrections must be made by the filing organization or the IRS directly.

If you ARE the filing organization, claim this org and add context

Made it to the end? Claim this organization

All figures are derived from public IRS Form 990 filings and are presented without evaluation of any organization. philanthropy.org does not rate, score, or rank organizations, including the pay comparisons above.