Lapeer Development Corporation

Nonprofit profile at a glance

EIN
382380236
IRS 990 coverage
2011–2024
Forms available
Form 990 2024
Location
Lapeer, MI, USA
Phone
8106670080
Rating
80
Verdict
STRONG
Rating confidence
Moderate
Sector
Economic Development

Official website

Reported finances

Revenue
$447,578
Expenses
$337,041
Assets
$946,899
Liabilities
$90,535

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

Leadership & pay

16 people listed

Highest reported compensation

  • SAM MOORE (EXECUTIVE DI): $139,400 total reported compensation

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

Overview

Mission

To lead and coordinate economic development throughout lapeer county and to provide a link between federal, state and local governments and businesses interested in locating or expanding in lapeer county Michigan. The lapeer development corporation will act as a liason between public and private sectors to obtain the necessary assistance for a project.

What it reported doing in 2024

Economic club activities promoting interaction of members with a concentration on providing top quality speakers to address economic issues and trends.

Operating model

Revenue model
Other-operating. 70% 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

STRONG - The filed numbers largely add up and a large share of available resources goes toward mission work. Some filing-based governance responses are negative or unanswered and reported officer compensation is a large share of total spending, which may reflect staffing concentration.

Rating breakdown

  • Financial Efficiency: 63
  • Transparency & Controls: 92
  • Accountability: 95
  • Sustainability: 60
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 63.8%; rating input score 64
  • Program expense ratio: 81.1%; rating input score 81
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 64th 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: 7 of 8 controls in place; rating input score 88
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • 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: Fail

Sustainability

  • Operating margin: 24.7%; rating input score 78; 78th percentile among comparable filings
  • Total-asset coverage ratio: 2.81; rating input score 67; 67th percentile among comparable filings
  • Liabilities to assets ratio: 0.1; rating input score 27; 27th percentile among comparable filings
  • Officer compensation ratio: 41.4%; rating input score 6; 6th percentile among comparable filings

Growth

  • Program expense growth: 1.8% per year; rating input score 100; 38th percentile among comparable filings
  • Revenue growth: 5.8% per year; rating input score 100; 56th percentile among comparable filings
  • Asset growth: 0.2% per year; rating input score 100; 25th percentile among comparable filings

Details

  • Where the money goes: 63.8% of revenue deployed · 81.1% of spending went to programs
  • Governance: 15 of 15 board members independent · 7 of 8 filing controls reported
  • Programs: 2 filed program accomplishments · $273K in reported program spending
  • Leadership: top reported pay $139K · 16 people listed
  • Consistency: 26 of 26 current checks pass
  • Schedules: 4 filed schedules · includes major donors
  • Filing history: 14 filing years from 2011 to 2024
  • Contacts: How to reach this organization
  • Money network: 1 filed money-flow record
  • 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: Independent financial-statement audit not reported.
  • High — Sustainability: Officer compensation ratio scored 6/100.
  • High — Sustainability: Liabilities to assets ratio scored 27/100.