LAKE ECONOMIC DEVELOPMENT CORP

EIN: 881275204 Community Improvement

LEESBURG, FL

Total Revenue
$824,191
Total Expenses
$755,575
Total Assets
$614,570
Net Assets
$464,965
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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
2022
Legal Domicile
FL
Principal Officer
MIKE KELLY
Phone
3527644123
Tax Period
2024-10-01 to 2025-09-30

LAKE ECONOMIC DEVELOPMENT CORP, founded in 2022, is a small nonprofit in the Community Improvement sector that reported $824K in total revenue in fiscal year 2024. Revenue grew 15% year-over-year, indicating healthy expansion. Expenses of $756K left a modest 8% surplus.

Mission

THE LAKE ECONOMIC AREA DEVELOPMENT (LEAD) PARTNERSHIP IS A PUBLIC/PRIVATE ORGANIZATION CREATED AND DESIGNED TO LEAD EFFORTS IN FURTHER GROWING, DIVERSIFYING AND UNITING THE LAKE COUNTY FL REGIONAL ECONOMY.

Program Service Accomplishments

Program 1
Expenses: $274,205

BUSINESS ATTRACTION-MARKETING THE LAKE COUNTY FLORIDA'S ASSETS DIRECTORY TO COMPANY DECISION MAKERS AND KEY INFLUENCERS

Program 2
Expenses: $178,982

BUSINESS CREATION-EFFORTS TO ATTRACT, GROW AND GRADUATE EARLY STAGE COMPANIES IN BUSINESS INCUBATOR ENVIRONMENT.

Program 3
Expenses: $157,118

BUSINESS RETENTION-TO ENGAGE ALL PARTICIPANTS AND ENSURE THAT PARTNERS NEEDS ARE MET THROUGH STRUCTURED NETWORKING AND FORUMS, TALENT AND WORKFORCE DVELOPMENT AND EDUCATIONAL OPPORTUNITIES.

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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%)

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Financial Overview (2024)

Revenue Breakdown

Contributions & Grants $824,191
Program Service Revenue $0
Investment Income $0
Other Revenue $0
TOTAL REVENUE $824,191

Expense Breakdown

Grants Paid $0
Salaries & Benefits $90,000
Fundraising Expenses $0
Program Expenses $755,575
Other Expenses $665,575
TOTAL EXPENSES $755,575

Year-over-Year Comparison

2024 2023 Change
Revenue $824,191 $715,275 +0.2%
Expenses $755,575 $634,727 +0.2%
Net Income $68,616 $80,548 -0.1%
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

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Governance

Voting Members
19
Independent Members
19
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
6
$90,000
Total Directors
15
$90,000
Key Employees
0
$0
Highest Compensated
0
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
MIKE KELLY DIRECTOR 40.00
Officer Director
$0 $0 $90,000
LANCE SEWELL VICE CHAIR 0.50
Officer
$0 $0 $0
BRAD WEBER CHAIRMAN 0.50
Officer
$0 $0 $0
DAN ROBUCK SECRETARY 0.50
Officer
$0 $0 $0
CHRISTIAN MILLER TREASURER 0.50
Officer
$0 $0 $0
BEN PAULUHN PAST CHAIRMA 0.50
Officer
$0 $0 $0
AL MINNER DIRECTOR 0.50
Director
$0 $0 $0
STACEY SEWELL DIRECTOR 0.50
Director
$0 $0 $0
JEFF CAGAN DIRECTOR 0.50
Director
$0 $0 $0
MARC HOENSTINE DIRECTOR 0.50
Director
$0 $0 $0
JOE CIERI DIRECTOR 0.50
Director
$0 $0 $0
PAM RIVAS DIRECTOR 0.50
Director
$0 $0 $0
KATHY JUDKINS DIRECTOR 0.50
Director
$0 $0 $0
PHIL BRAUN DIRECTOR 0.50
Director
$0 $0 $0
DAVIS TALAMGE DIRECTOR 0.50
Director
$0 $0 $0
MIKE DUFFIELD DIRECTOR 0.50
Director
$0 $0 $0
DAN TATRO DIRECTOR 0.50
Director
$0 $0 $0
DUANNE BOOTH DIRECTOR 0.50
Director
$0 $0 $0
CHRIS CREECH DIRECTOR 0.50
Director
$0 $0 $0
WILL PARSONS DIRECTOR 0.50
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
2025 $824,191 $755,575 $614,570 $68,616
2024 $715,275 $634,727 $450,200 $80,548
2023 $641,697 $588,375 $314,086 $53,322
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