Lake Economic Development Corp

Nonprofit profile at a glance

EIN
881275204
IRS 990 coverage
2022–2024
Forms available
Form 990 2024
Location
Leesburg, FL, USA
Phone
3527644123
Rating
84
Verdict
STRONG
Rating confidence
Moderate
Sector
Chambers of Commerce & Business Leagues

Reported finances

Revenue
$824,191
Expenses
$755,575
Assets
$614,570
Liabilities
$149,605

Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.

Leadership & pay

20 people listed

Highest reported compensation

  • MIKE KELLY (DIRECTOR): $90,000 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

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.

What it reported doing in 2024

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.

Operating model

Revenue model
Grant-funded. 61% of the money available for current operations came from government grants.
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

STRONG - A large share of available resources goes toward mission work and the filed numbers largely add up. Some filing-based governance responses are negative or unanswered and expenses are high relative to revenue.

Rating breakdown

  • Financial Efficiency: 84
  • Transparency & Controls: 90
  • Accountability: 84
  • Sustainability: 41
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 91.7%; rating input score 92
  • Program expense ratio: 100%; rating input score 100
  • 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: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
  • Governance controls: 5 of 8 controls in place; rating input score 62
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: NotApplicable
    • Other executive compensation review process: Fail
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: 8.3%; rating input score 58; 58th percentile among comparable filings
  • Total-asset coverage ratio: 0.81; rating input score 36; 36th percentile among comparable filings
  • Liabilities to assets ratio: 0.24; rating input score 28; 28th percentile among comparable filings
  • Officer compensation ratio: Limited

Growth

  • Program expense growth: 73.9% per year; rating input score 100; 98th percentile among comparable filings
  • Revenue growth: 12.6% per year; rating input score 100; 73rd percentile among comparable filings
  • Asset growth: 32.7% per year; rating input score 100; 92nd percentile among comparable filings

Details

  • Where the money goes: 91.7% of revenue deployed · 100% of spending went to programs
  • Governance: 19 of 19 board members independent · 5 of 8 filing controls reported
  • Programs: 4 filed program accomplishments · $756K in reported program spending
  • Leadership: top reported pay $90K · 20 people listed
  • Consistency: 16 of 16 current checks pass
  • Schedules: 1 filed schedules
  • Filing history: 3 filing years from 2022 to 2024
  • Contacts: How to reach this organization
  • Money network: Resolved incoming and outgoing counterparties from filed money flows.
  • Related organizations: Filed and resolved organization relationships.
  • 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.

  • Review — Accountability: Governance controls: 2 of 7 not reported.
  • Review — Sustainability: Operating margin scored 58/100.
  • Moderate — Sustainability: Total-asset coverage ratio scored 36/100.
  • High — Sustainability: Liabilities to assets ratio scored 28/100.