Lake Area Development Corporation

Nonprofit profile at a glance

EIN
161492087
IRS 990 coverage
2011–2023
Forms available
Form 990 2023
Location
Geneva, NY, USA
Phone
3157898010
Rating
62
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Housing Support

Reported finances

Revenue
$1,415,045
Expenses
$262,543
Assets
$2,621,654
Liabilities
$1,919,207

Source: IRS Form 990. Selected filing: tax year 2023. Amounts in USD.

Leadership & pay

5 people listed

Executive titles in this filing

  • DOMINICK VEDORA (PRESIDENT)
  • PHIL BECKLEY (VICE PRESIDENT)

People named in this filing

  • DOMINICK VEDORA (PRESIDENT)
  • PHIL BECKLEY (VICE PRESIDENT)
  • JOHN PARROTT JR (SECRETARY)

Selected names, not a complete roster or a statement of current roles. Open leadership details for the complete filed list.

Source: IRS Form 990. Selected filing: tax year 2023. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

Low-income housing

What it reported doing in 2023

The organization develops and operates low-income housing for the benefit of low and moderate income elderly and handicapped tenants in a 50-unit apartment complex in geneva, New York.

Operating model

Revenue model
Other-operating. 84% of the money available for current operations came from other operating revenue.
Distribution model
Direct operator. The filing allocates 100% of reported program-service expenses outside its grant, affiliate-payment, and member-benefit lines. This expense classification does not rule out separately announced grant awards.

The verdict

SUPPORTED - The filed numbers largely add up and most voting board members are independent. A relatively small share of available resources goes toward mission work and a relatively small share of total spending goes to programs.

Rating breakdown

  • Financial Efficiency: 23
  • Transparency & Controls: 92
  • Accountability: 94
  • Sustainability: 84
  • Growth: 40

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 9.6%; rating input score 10
  • Program expense ratio: 51.8%; rating input score 52
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
  • Governance controls: 6 of 7 controls in place; rating input score 86
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Fail
    • Document-retention policy: Pass
    • CEO compensation review process: NotApplicable
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 81.4%; rating input score 98; 98th percentile among comparable filings
  • Total-asset coverage ratio: 9.99; rating input score 92; 92nd percentile among comparable filings
  • Liabilities to assets ratio: 0.73; rating input score 10; 10th percentile among comparable filings
  • Officer compensation ratio: 0%; rating input score 81; 81st percentile among comparable filings

Growth

  • Program expense growth: -2.9% per year; rating input score 0; 12th percentile among comparable filings
  • Revenue growth: 5% per year; rating input score 100; 46th percentile among comparable filings
  • Asset growth: -0.9% per year; rating input score 0; 15th percentile among comparable filings

Details

  • Where the money goes: 9.6% of revenue deployed · 51.8% of spending went to programs
  • Governance: 4 of 4 board members independent · 6 of 7 filing controls reported
  • Programs: 1 filed program accomplishment · $136K in reported program spending
  • Leadership: top reported pay $0 · 5 people listed
  • Consistency: 27 of 27 current checks pass
  • Schedules: 5 filed schedules · includes major donors
  • Filing history: 13 filing years from 2011 to 2023
  • Contacts: How to reach this organization
  • Related organizations: 2 filed related-organization links
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

Grant-readiness screening is separate from the live rating, not a measure of program quality. Review the source records before making a grant decision.

  • High — Financial Efficiency: Mission deployment rate scored 10/100.
  • Review — Financial Efficiency: Program expense ratio scored 52/100.
  • High — Growth: Program expense growth scored 0/100.
  • Review — Accountability: Governance controls: Whistleblower policy not reported.
  • High — Growth: Asset growth scored 0/100.
  • High — Sustainability: Liabilities to assets ratio scored 10/100.
  • High — Grant Readiness: Federal audit findings: this organization reported findings in its latest federal Single Audit.