Lake Park Associates Inc

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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

1963

Legal Domicile

Principal Officer

Ivan Samstein

Phone

7739550200

Tax Period

2024-07-01 to 2025-06-30

Lake Park Associates Inc, founded in 1963, is a community nonprofit that reported $7.1M in total revenue in fiscal year 2024. Expenses of $11.0M exceeded revenue, resulting in a 55% operating deficit.

Mission

Lake Park Associates acquires, sells, holds, manages and leases real property for the benefit of The University of Chicago.

Program Service Accomplishments

Program 1

Program service expenses relating to the cost of managing real property for the benefit of the University of Chicago.

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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 (2024)

Revenue Breakdown

Contributions & Grants $0

Program Service Revenue $7,109,491

Investment Income $1,922

Other Revenue $0

TOTAL REVENUE $7,111,413

Expense Breakdown

Grants Paid $0

Salaries & Benefits $0

Fundraising Expenses $0

Other Expenses $11,018,569

TOTAL EXPENSES $11,018,569

Year-over-Year Comparison

	2024	2023	Change
Revenue	$7,111,413	$7,270,656	0.0%
Expenses	$11,018,569	$10,129,299	+0.1%
Net Income	$-3,907,156	$-2,858,643	+0.4%

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

N/A

Employees

N/A

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

$2,537,104

Total Directors

$3,824,053

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
MARY FRANCES MCCOURT	Former President	0.00		$0	$0	$1,500,000
Lori Berko	Director	1.00	Director	$0	$44,024	$704,264
Christian Mitchell	President	1.00	Officer Director	$0	$42,470	$682,540
Kimberly Taylor	VP&Secr-PartYr	1.00	Officer Director	$0	$55,583	$663,001
Michele Rasmussen	Director	1.00	Director	$0	$37,803	$582,685
Elizabeth Shanin	VP & Secretary	1.00	Officer Director	$0	$68,517	$455,010
Angelica Marks	VP & Treasurer	1.00	Officer Director	$0	$60,093	$420,977
Robert Rush	Asst Secretary	1.00	Officer Director	$0	$24,921	$315,576

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
2025	$7,111,413	$11,018,569	$75,788,770	$-3,907,156
2024	No data	No data	No data	No data
2023	$9,188,613	$8,698,553	$82,734,529	$490,060
2022	$8,628,490	$9,442,622	$81,064,507	$-814,132
2021	$7,736,352	$8,500,178	$84,892,237	$-763,826