The Lakewood Foundation
Nonprofit profile at a glance
- EIN
- 311529669
- IRS 990 coverage
- 2010–2024
- Forms available
- Form 990 2024
- Location
- Lakewood, OH, USA
- Phone
- 2165211515
- Rating
- 82
- Verdict
- STRONG
- Rating confidence
- Moderate
- Sector
- Single Organization Support
Reported finances
- Revenue
- $640,766
- Expenses
- $428,380
- Assets
- $3,192,802
- Liabilities
- $50,000
Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.
Leadership & pay
10 people listed
Executive titles in this filing
- KAREN LEE (PRESIDENT)
People named in this filing
- KAREN LEE (PRESIDENT)
- LINDSEY GRDINA (VICE PRESIDE)
- CYNTHIA COSTELLO (TREASURER)
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 2024. Names and roles reflect this filing, not necessarily current officeholders.
Overview
Mission
The lakewood foundation is a private, not-for-profit, community-based organization. The lakewood foundation enhances the lives of lakewood residents by serving as the fiscal agent for service groups and city departments. The trustees of the lakewood foundation assist and support special projects they believe will further the well being of the lakewood community.
What it reported doing in 2024
The lakewood foundation was created in 1996 as a 501(c)(3) to support programs and activities that enhance the lives of lakewood residents by enabling them to live more productively and with dignity. To accomplish this goal, the lakewood foundation will act as the fiscal agent for non- profit organizations located in lakewood or formed for the benefit of the residents of lakewood as approved by the lakewood foundation board of trustees. In addition, the lakewood foundation will also provide advocacy and fiscal management of programs, grants and charitable contributions to the city of lakewood, department of human services. The lakewood foundation has assisted various groups within the city of lakewood with fundraising efforts by serving as the fiscal agent for their projects. Over the past several years, the lakewood foundation has worked vigorously to support and assist all of the programs of the department of human services. Current programming include: the family room, h2o, family to family play a day, lakewood commission on aging and the aging nutrition site. The lakewood foundation is comprised of voting members-at-large representing the general community. The lakewood foundation is governed by our bylaws and investment policy, copies available upon request. A portion of our funds are invested with the cleveland foundation, first federal of lakewood and raymond james.
Operating model
- Revenue model
- Mixed. Its operating money came from several sources; no one source provided a clear majority.
- Distribution model
- Hybrid. The nonprofit split its reported program spending across 74% for direct work, and 26% for grants.
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.
Rating breakdown
- Financial Efficiency: 74
- Transparency & Controls: 94
- Accountability: 76
- Sustainability: 84
- Growth: 100
Detailed rating inputs
Financial Efficiency
- Mission deployment rate: 76.5%; rating input score 77
- Program expense ratio: 93.3%; rating input score 93
- 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: 100%; rating input score 100; 76th percentile among comparable filings
- 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: 3 of 7 controls in place; rating input score 43
- Conflict-of-interest policy: Fail
- 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: Missing
- Independent financial-statement audit: Fail
Sustainability
- Operating margin: 33.1%; rating input score 86; 86th percentile among comparable filings
- Total-asset coverage ratio: 7.45; rating input score 89; 89th percentile among comparable filings
- Liabilities to assets ratio: 0.02; rating input score 65; 65th percentile among comparable filings
- Officer compensation ratio: 0%; rating input score 81; 81st percentile among comparable filings
Growth
- Program expense growth: 9.4% per year; rating input score 100; 61st percentile among comparable filings
- Revenue growth: 10.7% per year; rating input score 100; 68th percentile among comparable filings
- Asset growth: 18.2% per year; rating input score 100; 79th percentile among comparable filings
Details
- Where the money goes: 76.5% of revenue deployed · 93.3% of spending went to programs
- Governance: 10 of 10 board members independent · 3 of 7 filing controls reported
- Programs: 1 filed program accomplishment · $400K in reported program spending
- Leadership: top reported pay $0 · 10 people listed
- Consistency: 21 of 21 current checks pass
- Schedules: 6 filed schedules · includes major donors and grants
- Filing history: 14 filing years from 2010 to 2024
- Contacts: How to reach this organization
- Money network: 2 filed money-flow records
- 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.
- Moderate — Accountability: Governance controls: 3 of 6 not reported.