LAKE SUPERIOR COMMUNITY DEVELOPMEN… - Form 990 Financial Data

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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

2008

Legal Domicile

Principal Officer

ROBERT CURTIS

Tax Period

2023-10-01 to 2024-09-30

LAKE SUPERIOR COMMUNITY DEVELOPMENT CORPORATION, founded in 2008, is a small nonprofit in the Human Services sector that reported $906K in total revenue in fiscal year 2023. Revenue fell 25% from the prior year — a significant decline worth monitoring. The organization ran a surplus of $324K, a strong 36% operating margin.

Mission

COMMUNITY DEVELOPMENT ACTIVITIES IMPROVING THE SOCIAL AND ECONOMIC CONDITIONS OF ECONOMICALLY DISADVANTAGED PERSONS AND RESIDENTS OF DISTRESSED COMMUNITIES. ACTIVITIES INCLUDE THE PROVISION OF FINANCIAL PRODUCTS, DEVELOPMENT SERVICES, AND/OR FINANCIAL PROGRAMS.

Program Service Accomplishments

Program 1

Expenses: $334,418 Revenue: $348,444

THE ORGANIZATION BROKERED 4 HOME LOANS and 3 HOME IMPROVEMENT LOANS. THE ORGANIZATION PROVIDES ASSET TRAINING AND TECHNICAL ASSISTANCE PROGRAMS TO BETTER EQUIP CLIENTS WITH LOW CREDIT OR NO CREDIT...

THE ORGANIZATION BROKERED 4 HOME LOANS and 3 HOME IMPROVEMENT LOANS. THE ORGANIZATION PROVIDES ASSET TRAINING AND TECHNICAL ASSISTANCE PROGRAMS TO BETTER EQUIP CLIENTS WITH LOW CREDIT OR NO CREDIT HISTORY ON THE NEEDS OF BUDGETING, BANKING, INSURANCE, AND HOME BUYING.

Program 2

Expenses: $192,574 Revenue: $182,121

THE ORGANIZATIONS PARTNERSHIP WITH THE FEDERAL HOME LOAN BANK OF INDIANAPOLIS ALLOWED FOR THE PASS-THROUGH OF 15 NEIGHBORHOOD IMPACT PROGRAM GRANTS TO LOW-INCOME RECIPIENTS. THESE GRANTS ASSISTED...

THE ORGANIZATIONS PARTNERSHIP WITH THE FEDERAL HOME LOAN BANK OF INDIANAPOLIS ALLOWED FOR THE PASS-THROUGH OF 15 NEIGHBORHOOD IMPACT PROGRAM GRANTS TO LOW-INCOME RECIPIENTS. THESE GRANTS ASSISTED WITH HOME MAINTENANCE AND REPAIR FINANCING ESSENTIAL IN LOW INCOME COMMUNITIES PRONE TO WEATHER DAMAGE.

Program 3

Revenue: $24,567

THE ORGANIZATION ISSUED 13 CREDIT BUILDER LOANS, 4 SMALL BUSINESS LOANS ,AND PROVIDED 1 SMALL BUSINESS PASS-THROUGH GRANT. THE ORGANIZATION ASSISTS CLIENTS THROUGH TECHNICAL ASSISTANCE PROGRAMS WITH...

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

Financial Overview (2023)

Revenue Breakdown

Contributions & Grants $677,698

Program Service Revenue $223,010

Investment Income $5,746

Other Revenue $0

TOTAL REVENUE $906,454

Expense Breakdown

Grants Paid $0

Salaries & Benefits $178,984

Fundraising Expenses $0

Program Expenses $526,992

Other Expenses $402,972

TOTAL EXPENSES $581,956

Year-over-Year Comparison

	2023	2022	Change
Revenue	$906,454	$1,203,052	-0.2%
Expenses	$581,956	$332,711	+0.7%
Net Income	$324,498	$870,341	-0.6%

Key Indicators

✗ Grants to Organizations ✗ Grants to Individuals ✗ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✗ Schedule B Required

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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

Independent Members

Employees

Volunteers

N/A

Governance Policies

✗ Conflict of Interest Policy

✗ Whistleblower Policy

✗ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School

✗ Operated a Hospital

✗ Provided First Class Travel

✗ Reported Conflict of Interest

✗ Reported Asset Diversion

✗ Excess Benefit Transaction

✗ Made Political Expenditures

✗ Engaged in Lobbying

✗ Operated Donor Advised Fund

✗ Maintained Art Collections

✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers

$1,100

Total Directors

$2,100

Key Employees

$146,912

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
EDWARD EDWARDS	EXECUTIVE DIRECTOR	40.00	Key Emp Highest	$82,384	$0	$82,384
SAM LOONSFOOT	PROGRAMS COORDINATOR	30.00	Key Emp	$38,168	$0	$38,168
BRITTANY PERRIGO	FINANCE COORDINATOR	35.00	Key Emp	$26,360	$0	$26,360
SARAH SMITH	DIRECTOR	1.00	Director	$500	$0	$500
KEVIN PERRAULT	DIRECTOR	1.00	Officer Director	$400	$0	$400
ROBERT CURTIS	CHAIRMAN	1.00	Officer Director	$350	$0	$350
GRETCHEN EMERY	DIRECTOR	1.00	Officer Director	$350	$0	$350
LILY MARCOTTE	DIRECTOR	1.00	Director	$250	$0	$250
KEITH ROLOF	DIRECTOR	1.00	Director	$250	$0	$250

Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year	Revenue	Expenses	Assets	Net Income
2024	$906,454	$581,956	$4,378,062	$324,498
2023	$1,203,052	$332,711	$4,798,199	$870,341
2022	$677,815	$301,653	$3,297,163	$376,162
2021	$1,157,658	$512,624	$2,505,790	$645,034
2020	$342,139	$317,062	$1,787,772	$25,077
2019	$313,441	$344,452	$1,490,834	$-31,011
2018	$346,055	$823,840	$1,462,626	$-477,785

LAKE SUPERIOR COMMUNITY DEVELOPMENT CORPORATION