LAKESTATE INDUSTRIES

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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

1973

Legal Domicile

Principal Officer

CHERYL OHMAN

Phone

9067869212

Tax Period

2023-10-01 to 2024-09-30

LAKESTATE INDUSTRIES, founded in 1973, is a community nonprofit in the Employment sector that reported $3.2M in total revenue in fiscal year 2023. Revenue grew 10% year-over-year, indicating healthy expansion.

Mission

TO HELP PEOPLE RECOGNIZE AND MAXIMIZE THEIR ABILITIES, OVERCOME BARRIERS, AND SUPPORT THEM IN REACHING THEIR HIGHEST LEVEL OF EMPLOYMENT AND COMMUNITY INCLUSION.

Program Service Accomplishments

Program 1

Expenses: $1,588,796 Revenue: $826,882

VOCATIONAL REHABILITATION - PROVIDED SERVICES TO INDIVIDUALS WITH VARYING ABILITIES, FOCUSING ON DEVELOPMENT OF SKILLS SUCH AS DEPENDABILITY, WORK INDEPENDENCE, WORK PERFORMANCE, ATTITUDE, BEHAVIOR, SOCIAL AND SELF-HELP SKILLS, AS WELL AS JOB SEEKING AND RETENTION SKILLS. OPERATED PRODUCTION, WOOD AND FURNITURE ASSEMBLY SHOPS, MANAGED THE DELTA COUNTY RECYCLING CENTER AND PROVIDED JANITORIAL AND OTHER COMMUNITY SERVICES.

Program 2

Expenses: $932,606 Revenue: $1,323,441

SIP HOMES - PROVIDED THE 24 HOURS PER DAY/7 DAYS PER WEEK STAFFING OF FIVE SEMI INDEPENDENT PLACEMENT HOMES IN MARQUETTE. THE HOMES HOUSE A TOTAL OF NINE INDIVIDUALS.

Program 3

Expenses: $416,556 Revenue: $563,587

RESPITE/CLS - PROVIDED RESPITE CARE AND COMMUNITY LIVING SUPPORT SERVICES.

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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 $32,206

Program Service Revenue $2,823,314

Investment Income $42,326

Other Revenue $330,748

TOTAL REVENUE $3,228,594

Expense Breakdown

Grants Paid $0

Salaries & Benefits $2,713,805

Fundraising Expenses $0

Program Expenses $2,937,958

Other Expenses $491,251

TOTAL EXPENSES $3,205,056

Year-over-Year Comparison

	2023	2022	Change
Revenue	$3,228,594	$2,933,679	+0.1%
Expenses	$3,205,056	$2,767,929	+0.2%
Net Income	$23,538	$165,750	-0.9%

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

296

Volunteers

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

$94,297

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
CHRIS HOLMES	SECRETARY	0.50	Officer Director	$0	$0	$0
TODD SALO	PRESIDENT	0.50	Officer Director	$0	$0	$0
SCOTT KWARCIANY	TREASURER	0.50	Officer Director	$0	$0	$0
KARL DOLLHOPF	VICE PRESIDE	0.50	Officer Director	$0	$0	$0
PAM ESCHELWECK	DIRECTOR	0.50	Director	$0	$0	$0
WILL CARNE	DIRECTOR	0.50	Director	$0	$0	$0
JAMES HANSEN	DIRECTOR	0.50	Director	$0	$0	$0
TOM HARRIS	DIRECTOR	0.50	Director	$0	$0	$0
CHERYL OHMAN	EXECUTIVE DI	40.00	Officer	$83,111	$11,186	$94,297

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	$3,228,594	$3,205,056	$2,282,529	$23,538
2023	$2,933,679	$2,767,929	$2,160,700	$165,750
2022	$2,752,479	$2,755,543	$1,976,237	$-3,064
2021	$2,888,223	$2,623,197	$2,357,112	$265,026
2020	$2,633,712	$2,198,426	$2,198,691	$435,286
2019	$2,643,311	$2,221,789	$1,695,057	$421,522
2018	$2,387,181	$2,426,686	$1,228,211	$-39,505