Civic Intelligence

Lakeshore 504

990 • Fiscal year 2014 • EIN 38-2677941

Oct 01, 2013 to Sep 30, 2014 • Filed on Feb 18, 2015

Organization ProfileLAKESHORE504.ORG
272 East 8th StreetHolland, MI 49423

(616) 392-2389

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

91st percentile

0.54x

Higher debt load relative to assets than 91% of similar nonprofits.

2014 filings • 501(c)4 • <$500k nonprofits • Source year 2014

Liabilities / Revenue

81st percentile

0.17x

Higher debt load relative to revenue than 81% of similar nonprofits.

2014 filings • 501(c)4 • <$500k nonprofits • Source year 2014

Net Margin

42nd percentile

0.0%

Higher net margin than 42% of similar nonprofits.

2014 filings • 501(c)4 • <$500k nonprofits • Source year 2014

Top Officer Pay

85th percentile

$0

Higher top officer pay than 85% of similar nonprofits.

Top officer pay equals 0.0% of source-year revenue.

2014 filings • 501(c)4 • <$500k nonprofits • Source year 2014

Asset Growth

11th percentile

-29%

Faster asset growth than 11% of similar nonprofits.

2014 filings • 501(c)4 • <$500k nonprofits • Annualized from 2013 to 2014

Revenue Growth

12th percentile

-29%

Faster revenue growth than 12% of similar nonprofits.

2014 filings • 501(c)4 • <$500k nonprofits • Annualized from 2013 to 2014

Balance Sheet
Liabilities / Assets91st percentile

Assets

Down

$108,603

Down $45,112 (-29%) from 2013

Net Assets

Up

$50,000

Up $50 (+0.1%) from 2013

Liabilities

Down

$58,603

Down $45,162 (-44%) from 2013

Revenue And Expenses
Liabilities / Revenue81st percentileNet Margin42nd percentile

Revenue

Down

$349,984

Down $142,777 (-29%) from 2013

Expenses

Down

$349,934

Down $137,827 (-28%) from 2013

Net Income

Down

$50

Down $4,950 (-99%) from 2013

Historical Trend

Balance Sheet Trend

Asset Growth11th percentile

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$200K$150K$100K$50K$0Assets 2010: $124,994Liabilities 2010: $89,760Net Assets 2010: $35,2342010Assets 2011: $128,500Liabilities 2011: $88,661Net Assets 2011: $39,8392011Assets 2012: $180,591Liabilities 2012: $135,641Net Assets 2012: $44,9502012Assets 2013: $153,715Liabilities 2013: $103,765Net Assets 2013: $49,9502013Assets 2014: $108,603Liabilities 2014: $58,603Net Assets 2014: $50,0002014Assets 2015: $135,841Liabilities 2015: $80,841Net Assets 2015: $55,0002015Assets 2016: $111,957Liabilities 2016: $51,957Net Assets 2016: $60,0002016Assets 2017: $0Liabilities 2017: $0Net Assets 2017: $02017

Highlighted filing

2014

Assets$108,603
Liabilities$58,603
Net Assets$50,000
Open 2014 Filing

Operations Trend

Revenue Growth12th percentile

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$600K$400K$200K$0-$200KRevenue 2010: $350,490Expenses 2010: $350,256Net Income 2010: $2342010Revenue 2011: $407,768Expenses 2011: $403,163Net Income 2011: $4,6052011Revenue 2012: $399,561Expenses 2012: $394,450Net Income 2012: $5,1112012Revenue 2013: $492,761Expenses 2013: $487,761Net Income 2013: $5,0002013Revenue 2014: $349,984Expenses 2014: $349,934Net Income 2014: $502014Revenue 2015: $444,656Expenses 2015: $439,656Net Income 2015: $5,0002015Revenue 2016: $364,339Expenses 2016: $359,339Net Income 2016: $5,0002016Revenue 2017: $321,752Expenses 2017: $381,752Net Income 2017: -$60,0002017

Highlighted filing

2014

Revenue$349,984
Expenses$349,934
Net Income$50
Open 2014 Filing
Jump To
Filing Snapshot
Filing Period
Oct 1, 2013 to Sep 30, 2014
Signed
Feb 18, 2015
Return Version
2013v4.0
Gross Receipts
$349,984
Mission and Program 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.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$135,705$86,443▼ $49,262
Prepaid Expenses and Deferred Charges$5,671$12,046▲ $6,375
Accounts Receivable$11,694$9,631▼ $2,063
Land, Buildings, and Equipment, Net$645$483▼ $162
Total Assets$153,715$108,603▼ $45,112
Liabilities
Accounts Payable and Accrued Expenses$79,991$29,560▼ $50,431
Other Liabilities$23,774$29,043▲ $5,269
Total Liabilities$103,765$58,603▼ $45,162
Net Assets / Fund Balance
Unrestricted Net Assets$49,950$50,000▲ $50
Total Net Assets Fund Balance$49,950$50,000▲ $50
Total Liabilities and Net Assets / Fund Balance$153,715$108,603▼ $45,112

Asset Categories

AssetBook ValueDepreciationBasis
Other Land Buildings$483$11,510$11,993
Compensation and Service Providers
Top Officer Pay85th percentile

Board Members and Trustees

NameTitle
Matt HoeksemaPresident
Cerise SemrinecDirector
Douglas RotmanDirector
Gina BrownDirector
Greg VaughnDirector
James BishopDirector
Janet WyllieDirector
Jill BlandDirector
Lyda WilcoxDirector
Mark WilsonDirector
Stacey StephensDirector
Steve WilsonDirector
Thomas PostmaDirector
Tom Den HerderSecretary
Gary CorsbieTreasurer
Bret DocterVice Preside
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$343,602
Investment Income
$6,382
Other Revenue
$0
Change in Net Assets
$50

Audited Revenue Reconciliation

Revenue per Audited Statements
$349,984
Total Revenue per Audited Statements
$349,984
Total Revenue per Form 990
$349,984
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$349,934
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
All Other Expenses$39,356--$39,356
Other Expenses$17,305$3,250-$17,305
Conferences and Meetings$10,651$565-$11,216
Fees for Services Accounting-$4,810-$4,810
Fees for Services Legal-$4,100-$4,100
Advertising$3,999--$3,999
Insurance-$2,188-$2,188
Office Expenses$378--$378
Depreciation Depletion$161--$161
Total Functional Expenses$335,021$14,913$0$349,934

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$349,934
Total Expenses per Audited Statements$349,934
Total Expenses per Form 990$349,934
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Deposits Held$29,043
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
No
Other officer compensation reviewed
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Page 6, Part VI, Line 11B

“The form 990 is reviewed by management prior to filing.”

Form 990, Page 6, Part VI, Line 12C

“Prior to voting, directors are asked to indicate if they have a conflict of interest or not. If a director has a conflict, they must abstain from voting.”

Form 990, Page 6, Part VI, Line 19

“The form 990 is available to the public on the internet at www.guidestar.org. Governing documents are made available to the public upon request.”

Filing and Contact Details

Filer

EIN
38-2677941
Phone
6163922389

Signing Officer

Name
Matt Hoeksema
Title
President
Phone
6163922389
Signed
2015-02-18
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Matt Hoeksema
Formed
1983
Legal Domicile
Mi
Voting Board Members
58
Independent Board Members
58
Employees
0

Preparer

Preparer
Debra Clark-miller
Phone
6163960500
Supplemental Narrative

Additional Explanations

FORM 990 - ORGANIZATION'S 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.”

Form 990, Part IX, Line 24E

“Loan closing mwccc 13,000 0 0 loan processing ghcc 10,180 0 0 loan closing ghcc 9,500 0 0 membership fees 3,000 0 0 bad debt 1,926 0 0 software maintenance 1,750 0 0”

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IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt0279875
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt141227
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt222500
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt0279875
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt141227
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt222500
IRS990/ProhibitedTaxShelterTransInd0false
IRS990/PYExcessBenefitTransInd0false
IRS990/PYInvestmentIncomeAmt011601
IRS990/PYOtherExpensesAmt0487761
IRS990/PYProgramServiceRevenueAmt0481160
IRS990/PYRevenuesLessExpensesAmt05000
IRS990/PYTotalExpensesAmt0487761
IRS990/PYTotalRevenueAmt0492761
IRS990/ReconcilationRevenueExpnssAmt050
IRS990/RegularMonitoringEnfrcInd0true
IRS990/RelatedEntityInd0true
IRS990/RelatedOrganizationCtrlEntInd0false
IRS990/ReportInvestmentsOtherSecInd0false
IRS990/ReportLandBuildingEquipmentInd0true
IRS990/ReportOtherAssetsInd0false
IRS990/ReportOtherLiabilitiesInd0true
IRS990/ReportProgramRelatedInvstInd0false
IRS990/ScheduleBRequiredInd0false
IRS990ScheduleD/ExpensesSubtotalAmt0349934
IRS990ScheduleD/OtherLandBuildingsGrp/BookValueAmt0483
IRS990ScheduleD/OtherLandBuildingsGrp/DepreciationAmt011510
IRS990ScheduleD/OtherLandBuildingsGrp/OtherCostOrOtherBasisAmt011993
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt029043
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0DEPOSITS HELD
IRS990ScheduleD/RevenueSubtotalAmt0349984
IRS990ScheduleD/TotalBookValueLandBuildingsAmt0483
IRS990ScheduleD/TotalExpensesPerForm990Amt0349934
IRS990ScheduleD/TotalLiabilityAmt029043
IRS990ScheduleD/TotalRevenuePerForm990Amt0349984
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt0349984
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt0349934
IRS990/ScheduleJRequiredInd0false
IRS990/ScheduleORequiredInd0true
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0LAKESHORE 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.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE FORM 990 IS REVIEWED BY MANAGEMENT PRIOR TO FILING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2PRIOR TO VOTING, DIRECTORS ARE ASKED TO INDICATE IF THEY HAVE A CONFLICT OF INTEREST OR NOT. IF A DIRECTOR HAS A CONFLICT, THEY MUST ABSTAIN FROM VOTING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3THE FORM 990 IS AVAILABLE TO THE PUBLIC ON THE INTERNET AT WWW.GUIDESTAR.ORG. GOVERNING DOCUMENTS ARE MADE AVAILABLE TO THE PUBLIC UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4LOAN CLOSING MWCCC 13,000 0 0 LOAN PROCESSING GHCC 10,180 0 0 LOAN CLOSING GHCC 9,500 0 0 MEMBERSHIP FEES 3,000 0 0 BAD DEBT 1,926 0 0 SOFTWARE MAINTENANCE 1,750 0 0
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990 - ORGANIZATION'S MISSION
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PAGE 6, PART VI, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PAGE 6, PART VI, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PAGE 6, PART VI, LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PART IX, LINE 24E
IRS990ScheduleR/AssetExchangeInd0false
IRS990ScheduleR/AssetPurchaseFromOtherOrgInd0false
IRS990ScheduleR/AssetSaleToOtherOrgInd0false
IRS990ScheduleR/DivRelatedOrganizationInd0false
IRS990ScheduleR/GiftGrntCapContriFromOthOrgInd0false
IRS990ScheduleR/GiftGrntOrCapContriToOthOrgInd0false
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ControlledOrganizationInd0false
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DirectControllingNACd0N/A
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DisregardedEntityName/BusinessNameLine10MI WEST COAST CHAMBER OF COMMERCE
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/EIN0380655230
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ExemptCodeSectionTxt0501C6
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/LegalDomicileStateCd0MI
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PrimaryActivitiesTxt0ECONOMIC
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/AddressLine10272 EAST 8TH STREET
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/City0HOLLAND
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/State0MI
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/ZIPCode049423
IRS990ScheduleR/LoansOrGuaranteesFromOthOrgInd0false
IRS990ScheduleR/LoansOrGuaranteesToOtherOrgInd0false
IRS990ScheduleR/PaidEmployeesSharingInd0false
IRS990ScheduleR/PerformOfServicesByOtherOrgInd0true
IRS990ScheduleR/PerformOfServicesForOthOrgInd0false
IRS990ScheduleR/ReceiptOfIntAnntsRntsRyltsInd0false
IRS990ScheduleR/ReimbursementPaidByOtherOrgInd0false
IRS990ScheduleR/ReimbursementPaidToOtherOrgInd0true
IRS990ScheduleR/RentalOfFacilitiesToOthOrgInd0false
IRS990ScheduleR/RentalOfFcltsFromOthOrgInd0false
IRS990ScheduleR/SharingOfFacilitiesInd0true
IRS990ScheduleR/TransactionsRelatedOrgGrp/InvolvedAmt065000
IRS990ScheduleR/TransactionsRelatedOrgGrp/InvolvedAmt165000
IRS990ScheduleR/TransactionsRelatedOrgGrp/MethodOfAmountDeterminationTxt0ACCOUNTING RECORDS
IRS990ScheduleR/TransactionsRelatedOrgGrp/MethodOfAmountDeterminationTxt1ACCOUNTING RECORDS
IRS990ScheduleR/TransactionsRelatedOrgGrp/MethodOfAmountDeterminationTxt2ACCOUNTING RECORDS
IRS990ScheduleR/TransactionsRelatedOrgGrp/OtherOrganizationName/BusinessNameLine10MI WEST COAST CHAMBER OF COMMERCE
IRS990ScheduleR/TransactionsRelatedOrgGrp/OtherOrganizationName/BusinessNameLine11MI WEST COAST CHAMBER OF COMMERCE
IRS990ScheduleR/TransactionsRelatedOrgGrp/OtherOrganizationName/BusinessNameLine12MI WEST COAST CHAMBER OF COMMERCE
IRS990ScheduleR/TransactionsRelatedOrgGrp/TransactionTypeTxt0N
IRS990ScheduleR/TransactionsRelatedOrgGrp/TransactionTypeTxt1M
IRS990ScheduleR/TransactionsRelatedOrgGrp/TransactionTypeTxt2P
IRS990ScheduleR/TransferFromOtherOrgInd0false
IRS990ScheduleR/TransferToOtherOrgInd0false
IRS990/SchoolOperatingInd0false
IRS990/SignificantChangeInd0false
IRS990/SignificantNewProgramSrvcInd0false
IRS990/SubjectToProxyTaxInd0false
IRS990/TaxablePartyNotificationInd0false
IRS990/TaxExemptBondsInd0false
IRS990/TempOrPermanentEndowmentsInd0false
IRS990/TerminateOperationsInd0false
IRS990/TotalAssetsBOYAmt0153715
IRS990/TotalAssetsEOYAmt0108603
IRS990/TotalAssetsGrp/BOYAmt0153715
IRS990/TotalAssetsGrp/EOYAmt0108603
IRS990/TotalCompGreaterThan150KInd0false
IRS990/TotalEmployeeCnt00
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt014913
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt0335021
IRS990/TotalFunctionalExpensesGrp/TotalAmt0349934
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt0103765
IRS990/TotalLiabilitiesEOYAmt058603
IRS990/TotalLiabilitiesGrp/BOYAmt0103765
IRS990/TotalLiabilitiesGrp/EOYAmt058603
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt049950
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt050000
IRS990/TotalProgramServiceExpensesAmt0335021
IRS990/TotalProgramServiceRevenueAmt0343602
IRS990/TotalRevenueGrp/ExclusionAmt06382
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt0343602
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt0349984
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt0153715
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt0108603
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd0false
IRS990/UnrestrictedNetAssetsGrp/BOYAmt049950
IRS990/UnrestrictedNetAssetsGrp/EOYAmt050000
IRS990/UponRequestInd0X
IRS990/VotingMembersGoverningBodyCnt058
IRS990/VotingMembersIndependentCnt058
IRS990/WebsiteAddressTxt0LAKESHORE504.ORG
IRS990/WhistleblowerPolicyInd0false
ReturnHeader/BuildTS02016-02-25 16:41:14Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0true
ReturnHeader/BusinessOfficerGrp/PersonNm0MATT HOEKSEMA
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0PRESIDENT
ReturnHeader/BusinessOfficerGrp/PhoneNum06163922389
ReturnHeader/BusinessOfficerGrp/SignatureDt02015-02-18

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

2014 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$108,603
Liabilities
$58,603
Net assets
$50,000
Revenue
$349,984
Expenses
$349,934
Net income
$50
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2017Detailed filing. Detailed filing data is available for this year.$0.00$0.00$0.00$3.22$3.82$0.60
2016XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1.12$0.52$0.60$3.64$3.59$0.05
2015XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1.36$0.81$0.55$4.45$4.40$0.05
2014Detailed filing. Detailed filing data is available for this year.$1.09$0.59$0.50$3.50$3.50$0.00
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.54$1.04$0.50$4.93$4.88$0.05
2012Summary only. Only limited summary data is available for this year.$1.81$1.36$0.45$4.00$3.94$0.05
2011Summary only. Only limited summary data is available for this year.$1.29$0.89$0.40$4.08$4.03$0.05
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.25$0.90$0.35$3.50$3.50$0.00