Lakeside Partners of Wilmington Inc

Nonprofit profile at a glance

EIN
472014889
IRS 990 coverage
2014–2025
Forms available
Form 990 2025
Location
Wilmington, NC, USA
Phone
9107634424
Rating
67
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Housing Development, Construction, Management

Reported finances

Revenue
$3,130,483
Expenses
$765,620
Assets
$18,143,405
Liabilities
$5,940,701

Source: IRS Form 990. Selected filing: tax year 2025. Amounts in USD.

Leadership & pay

8 people listed

Executive titles in this filing

  • MATT THOMPSON (PRESIDENT)
  • KATRINA KNIGHT (EXECUTIVE DIRECTOR)

Highest reported compensation

  • KATRINA KNIGHT (EXECUTIVE DIRECTOR): $184,881 total reported compensation
  • LAUREN HENDERSON (CHIEF FINANCE & OPERATIONS): $173,936 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2025. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

Lakeside Partners of Wilmington, Inc. is a North Carolina corporation formed in 2010 to develop, build, and operate permanent supportive rental housing for single men and women with a history of chronic homelessness and a disability.

What it reported doing in 2025

To develop, build, and operate permanent supportive rental housing community for single men and women with a history of chronic homelessness and a disability. SECU Lakesdie Reserve provides 40 units Permanent Supportive Housing - a Best Practice housing intervention for the chronically homeless - and common spaces, including a lobby, case manager's office, communcal kitchen, TV room, and laundry facilities. Residents pay no more than 30% of their income for rent, ensuring they can still afford groceries, medications, and other household necessities. SECU the Sparrow provides an additional 32 units of Permanent Supportive Housing.

Operating model

Revenue model
Donor-supported. 81% of the money available for current operations came from contributions and gifts.
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 some filing-based governance responses are negative or unanswered.

Rating breakdown

  • Financial Efficiency: 49
  • Transparency & Controls: 74
  • Accountability: 82
  • Sustainability: 83
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 28.1%; rating input score 28
  • 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: 2 of 6 controls in place; rating input score 33
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Pass
    • Compensation survey or study: Missing
    • Board or committee approval: Pass
  • 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: 5 of 9 controls in place; rating input score 56
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • CEO compensation review process: Fail
    • Other executive compensation review process: Fail
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 75.5%; rating input score 96; 96th percentile among comparable filings
  • Total-asset coverage ratio: 23.7; rating input score 96; 96th percentile among comparable filings
  • Liabilities to assets ratio: 0.33; rating input score 25; 25th percentile among comparable filings
  • Officer compensation ratio: 4.6%; rating input score 60; 60th percentile among comparable filings

Growth

  • Program expense growth: 21.3% per year; rating input score 100; 85th percentile among comparable filings
  • Revenue growth: 10.5% per year; rating input score 100; 68th percentile among comparable filings
  • Asset growth: 16.5% per year; rating input score 100; 77th percentile among comparable filings

Details

  • Where the money goes: 28.1% of revenue deployed · 100% of spending went to programs
  • Governance: 6 of 6 board members independent · 5 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $765K in reported program spending
  • Leadership: top reported pay $185K · 8 people listed · 2 of 6 pay-setting controls reported
  • Consistency: 24 of 24 current checks pass
  • Schedules: 6 filed schedules · includes major donors and executive pay
  • Filing history: 12 filing years from 2014 to 2025
  • 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.

  • High — Financial Efficiency: Mission deployment rate scored 28/100.
  • Review — Accountability: Governance controls: 4 of 9 not reported.
  • High — Sustainability: Liabilities to assets ratio scored 25/100.