Lakeshore 504

Nonprofit profile at a glance

EIN
382677941
IRS 990 coverage
2010–2016
Forms available
Form 990 2016, Form 990-EZ 2009
Location
Holland, MI, USA
Phone
6163922389
Rating
76
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Economic Development

Reported finances

Revenue
$321,752
Expenses
$381,752
Assets
$0
Liabilities
$0

Source: IRS Form 990. Selected filing: tax year 2016. Amounts in USD.

Leadership & pay

17 people listed

Executive titles in this filing

  • BRET DOCTER (PRESIDENT)

People named in this filing

  • JAMES BISHOP (VICE PRESIDE)
  • TOM DEN HERDER (SECRETARY)
  • BRET DOCTER (PRESIDENT)

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 2016. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

Lakeshore 504 is a non-profit organization that contributes to economic and entrepreneurial development in west Michigan by partnering with financial institutions to provide long-term fixed rate financing, create jobs, and improve the quality of life with a level of professionalism and expertise in small business lending.

Operating model

Revenue model
Earned-program. 94% of the money available for current operations came from fees and other program 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 - 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: 77
  • Transparency & Controls: 90
  • Accountability: 88
  • Sustainability: 15
  • Growth: 0

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 90.7%; rating input score 91
  • Program expense ratio: 80.3%; rating input score 80
  • 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 7 controls in place; rating input score 71
    • 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: Fail
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: -18.6%; rating input score 14; 14th percentile among comparable filings
  • Total-asset coverage ratio: 0; rating input score 1; 1st percentile among comparable filings
  • Liabilities to assets ratio: Limited
  • Officer compensation ratio: 0%; rating input score 72; 72nd percentile among comparable filings

Growth

  • Program expense growth: -5.3% per year; rating input score 0; 25th percentile among comparable filings
  • Revenue growth: -1.3% per year; rating input score 0; 29th percentile among comparable filings
  • Asset growth: -11.5% per year; rating input score 0; 10th percentile among comparable filings

Details

  • Where the money goes: 90.7% of revenue deployed · 80.3% of spending went to programs
  • Governance: 17 of 17 board members independent · 5 of 7 filing controls reported
  • Programs: 1 filed program accomplishment · $307K in reported program spending
  • Leadership: top reported pay $0 · 17 people listed
  • Consistency: 17 of 17 current checks pass
  • Schedules: 4 filed schedules
  • Filing history: 7 filing years from 2010 to 2016
  • Contacts: How to reach this organization
  • Related organizations: 1 filed related-organization link
  • 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.
  • High — Sustainability: Operating margin scored 14/100.
  • High — Growth: Program expense growth scored 0/100.
  • High — Growth: Revenue growth scored 0/100.
  • High — Sustainability: Total-asset coverage ratio scored 1/100.
  • High — Growth: Asset growth scored 0/100.