LAKE NORMAN COMMUNITY DEVELOPMENT CORPORATION (EIN 882751895) - Form 990 Financial Analysis & Trantor Score

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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

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.

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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 $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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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

$46,500

Total Directors

$46,500

Key Employees

Highest Compensated

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
2024	$498,609	$113,659	$414,302	$384,950
2023	$74,311	$44,959	$76,666	$29,352

LAKE NORMAN COMMUNITY DEVELOPMENT CORPORATION