LAKE AREA IMPROVEMENT CORPORATION

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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

2003

Legal Domicile

Principal Officer

BROOKE ROLLAG

Phone

6052560797

Tax Period

2024-01-01 to 2024-12-31

LAKE AREA IMPROVEMENT CORPORATION, founded in 2003, is a community nonprofit in the Community Improvement sector that reported $6.9M in total revenue in fiscal year 2024. Revenue surged 494% from the prior year, signaling strong growth momentum. The organization ran a surplus of $2.7M, a strong 40% operating margin.

Mission

TO ENHANCE THE QUALITY OF LIFE FOR ALL CITIZENS OF THE LAKE COUNTY AREA AND TO FACILITATE THE DEVELOPMENT AND RETENTION OF QUALITY JOBS THAT ARE ENVIRONMENTALLY AND ECONOMICALLY COMPATIBLE FOR LAKE COUNTY.

Program Service Accomplishments

Program 1

Expenses: $3,943,911 Revenue: $307,887

IN 2024, THE LAKE AREA IMPROVEMENT CORPORATION (LAIC) MADE MAJOR STRIDES IN ADVANCING ECONOMIC DEVELOPMENT ACROSS MADISON AND LAKE COUNTY. A KEY ACHIEVEMENT WAS BREAKING GROUND ON THE 4.5 MILLION...

IN 2024, THE LAKE AREA IMPROVEMENT CORPORATION (LAIC) MADE MAJOR STRIDES IN ADVANCING ECONOMIC DEVELOPMENT ACROSS MADISON AND LAKE COUNTY. A KEY ACHIEVEMENT WAS BREAKING GROUND ON THE 4.5 MILLION MADISON EARLY LEARNING CENTER IN PARTNERSHIP WITH EMBE. THIS TRANSFORMATIVE PROJECT AIMS TO ADDRESS THE REGION'S CRITICAL CHILDCARE SHORTAGE AND WAS MADE POSSIBLE THROUGH A MIX OF GIFTS, GRANTS, AND BUSINESS PLEDGES. LAIC ALSO SPEARHEADED THE EXPANSION OF THE LAKEVIEW INDUSTRIAL PARK BY 50 ACRES, INITIATING NEW STREET CONSTRUCTION AND INFRASTRUCTURE IMPROVEMENTS TO SUPPORT FUTURE COMMERCIAL GROWTH. THROUGHOUT THE YEAR, LAIC REMAINED COMMITTED TO SUPPORTING LOCAL BUSINESSES THROUGH FINANCING TOOLS, RETENTION EFFORTS, AND DEVELOPMENT PLANNING. THE RELENDING PROGRAM CONTINUES TO PROVIDE ASSISTANCE TO BUSINESSES.

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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 $6,768,678

Program Service Revenue $307,887

Investment Income $85,694

Other Revenue $-299,325

TOTAL REVENUE $6,862,934

Expense Breakdown

Grants Paid $0

Salaries & Benefits $274,265

Fundraising Expenses $0

Program Expenses $3,943,911

Other Expenses $3,862,736

TOTAL EXPENSES $4,137,001

Year-over-Year Comparison

	2024	2023	Change
Revenue	$6,862,934	$1,155,045	+4.9%
Expenses	$4,137,001	$491,575	+7.4%
Net Income	$2,725,933	$663,470	+3.1%

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

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

$186,946

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
BROOKE ROLLAG	EXECUTIVE DI	40.00	Officer	$174,458	$12,488	$186,946
JEFF BLOOM	DIRECTOR	1.00	Director	$0	$0	$0
ED FIEGEN	DIRECTOR	1.00	Director	$0	$0	$0
DR JOSE-MARIE GRIFFITHS	DIRECTOR	1.00	Director	$0	$0	$0
MIKE JASPERS	PRESIDENT EL	1.00	Officer Director	$0	$0	$0
MIKE MALONE	SEC/TREASURE	1.00	Officer Director	$0	$0	$0
TAMMY MILLER	DIRECTOR	1.00	Director	$0	$0	$0
DELON MORK	DIRECTOR	1.00	Director	$0	$0	$0
DAN ROEMEN	DIRECTOR	1.00	Director	$0	$0	$0
FLOYD RUMMEL	VICE PRESIDE	1.00	Officer Director	$0	$0	$0
PAUL SCHULTZ	DIRECTOR	1.00	Director	$0	$0	$0
TERRY SCHULTZ	PAST PRESIDE	1.00	Officer Director	$0	$0	$0
ERIC SINCLAIR	PRESIDENT	1.00	Officer Director	$0	$0	$0
DENNIS SLAUGHTER	DIRECTOR	1.00	Director	$0	$0	$0
DUSTIN WILLIAMS	DIRECTOR	1.00	Director	$0	$0	$0
JERAE WIRE	DIRECTOR	1.00	Director	$0	$0	$0

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	$6,862,934	$4,137,001	$19,954,823	$2,725,933
2023	$1,155,045	$491,575	$15,390,380	$663,470
2022	$1,415,608	$419,270	$13,919,557	$996,338
2021	$1,027,116	$400,585	$11,953,132	$626,531
2020	$482,303	$330,279	$11,324,797	$152,024
2019	$470,287	$243,524	$11,557,104	$226,763
2018	$-145,438	$334,397	$11,355,267	$-479,835