LAKE NORMAN COMMUNITY DEVELOPMENT CORPORATION

EIN: 882751895 501(c)(3) Community Improvement

CORNELIUS, NC

Total Revenue
$498,609
Total Expenses
$113,659
Total Assets
$414,302
Net Assets
$414,302
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Financial Vulnerability Assessment (Tuckman-Chang)

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Financial Trends

Organization Details

Formation Year
2022
Legal Domicile
NC
Principal Officer
MICHELLE HOVERSON
Phone
7048962870
Tax Period
2023-07-01 to 2024-06-30

LAKE NORMAN COMMUNITY DEVELOPMENT CORPORATION, founded in 2022, is a small nonprofit in the Community Improvement sector that reported $499K in total revenue in fiscal year 2023. Revenue surged 571% from the prior year, signaling strong growth momentum. The organization ran a surplus of $385K, a strong 77% operating margin.

Mission

A NON-PROFIT FOCUSED ON CHANGING PEOPLE'S LIVES THROUGH ADVANCING ATTAINABLE AFFORDABLE HOUSING IN THE LAKE NORMAN REGION.

Program Service Accomplishments

Program 1
Expenses: $208,797

FY24 WAS THE SECOND YEAR OF OUR ORGANIZATION. WE DEVELOPED THE GUIDELINES FOR OUR RENTAL BRIDGE, SENIOR AND HOME PRESERVATION PROGRAMS; BUILT OUR BOARD OF DIRECTORS, DEVELOPED POLICIES AND PROCEDURES...

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FY24 WAS THE SECOND YEAR OF OUR ORGANIZATION. WE DEVELOPED THE GUIDELINES FOR OUR RENTAL BRIDGE, SENIOR AND HOME PRESERVATION PROGRAMS; BUILT OUR BOARD OF DIRECTORS, DEVELOPED POLICIES AND PROCEDURES ; COMMUNICATING WITH OUR COMMUNITY THE AVAILABILITY OF PROGRAMS; WORKING WITH MUNICIPALITIES TO ADVANCE NEW INITIATIVES AND APPLIED FOR FUNDING GRANTS. SENIOR RENT RELIEF AND RENTAL BRIDGE PROGRAMS WERE FULLY OPERATIONAL WITH 52 PERSONS RECEIVING ASSISTANCE. OUR HOME PRESERVATION FUND BECAME OPERATIONAL AND 2 HOMES RECEIVED CRITICAL HOME REPAIRS TO KEEP THE HOMES IN THE AFFORDABLE HOUSING INVENTORY.

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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 (2023)

Revenue Breakdown

Contributions & Grants $498,609
Program Service Revenue $0
Investment Income $0
Other Revenue $0
TOTAL REVENUE $498,609

Expense Breakdown

Grants Paid $0
Salaries & Benefits $42,483
Fundraising Expenses $1,866
Program Expenses $208,797
Other Expenses $71,176
TOTAL EXPENSES $113,659

Year-over-Year Comparison

2023 2022 Change
Revenue $498,609 $74,311 +5.7%
Expenses $113,659 $44,959 +1.5%
Net Income $384,950 $29,352 +12.1%
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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Governance

Voting Members
9
Independent Members
9
Employees
1
Volunteers
9

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
4
$46,500
Total Directors
9
$46,500
Key Employees
0
$0
Highest Compensated
0
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
MICHELLE HOVERSON EXECUTIVE DI 20.00
Officer Director
$46,500 $0 $46,500
MICHAEL CARTER DIRECTOR 4.00
Officer Director
$0 $0 $0
WAYNE HERON DIRECTOR 1.00
Director
$0 $0 $0
ZSUZI KADAR DIRECTOR 0.50
Director
$0 $0 $0
JOE LABOIVITZ DIRECTOR 1.00
Director
$0 $0 $0
MIKE MILTICH DIRECTOR 1.00
Officer Director
$0 $0 $0
JOE ROY DIRECTOR 1.00
Director
$0 $0 $0
GEORGE SEARLE DIRECTOR 4.00
Officer Director
$0 $0 $0
NANCY LONGWORTH THOMAS 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 No data No data No data No data
2024 $498,609 $113,659 $414,302 $384,950
2023 $74,311 $44,959 $76,666 $29,352
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