Civic Intelligence

Lakeshore 504

990 • Fiscal year 2015 • EIN 38-2677941

Oct 01, 2014 to Sep 30, 2015 • Filed on Mar 11, 2016

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

92nd percentile

0.60x

Higher debt load relative to assets than 92% of similar nonprofits.

2015 filings • 501(c)4 • <$500k nonprofits • Source year 2015

Liabilities / Revenue

82nd percentile

0.18x

Higher debt load relative to revenue than 82% of similar nonprofits.

2015 filings • 501(c)4 • <$500k nonprofits • Source year 2015

Net Margin

45th percentile

1.1%

Higher net margin than 45% of similar nonprofits.

2015 filings • 501(c)4 • <$500k nonprofits • Source year 2015

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.

2015 filings • 501(c)4 • <$500k nonprofits • Source year 2015

Asset Growth

83rd percentile

25%

Faster asset growth than 83% of similar nonprofits.

2015 filings • 501(c)4 • <$500k nonprofits • Annualized from 2014 to 2015

Revenue Growth

84th percentile

27%

Faster revenue growth than 84% of similar nonprofits.

2015 filings • 501(c)4 • <$500k nonprofits • Annualized from 2014 to 2015

Balance Sheet
Liabilities / Assets92nd percentile

Assets

Up

$135,841

Up $27,238 (+25%) from 2014

Net Assets

Up

$55,000

Up $5,000 (+10%) from 2014

Liabilities

Up

$80,841

Up $22,238 (+38%) from 2014

Revenue And Expenses
Liabilities / Revenue82nd percentileNet Margin45th percentile

Revenue

Up

$444,656

Up $94,672 (+27%) from 2014

Expenses

Up

$439,656

Up $89,722 (+26%) from 2014

Net Income

Up

$5,000

Up $4,950 (+9900%) from 2014

Historical Trend

Balance Sheet Trend

Asset Growth83rd 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

2015

Assets$135,841
Liabilities$80,841
Net Assets$55,000
Open 2015 Filing

Operations Trend

Revenue Growth84th 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

2015

Revenue$444,656
Expenses$439,656
Net Income$5,000
Open 2015 Filing
Jump To
Filing Snapshot
Filing Period
Oct 1, 2014 to Sep 30, 2015
Signed
Mar 11, 2016
Return Version
2014v6.0
Gross Receipts
$444,656
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$86,443$111,043▲ $24,600
Accounts Receivable$9,631$12,730▲ $3,099
Prepaid Expenses and Deferred Charges$12,046$8,546▼ $3,500
Land, Buildings, and Equipment, Net$483$3,522▲ $3,039
Total Assets$108,603$135,841▲ $27,238
Liabilities
Accounts Payable and Accrued Expenses$29,560$64,649▲ $35,089
Other Liabilities$29,043$16,192▼ $12,851
Total Liabilities$58,603$80,841▲ $22,238
Net Assets / Fund Balance
Unrestricted Net Assets$50,000$55,000▲ $5,000
Total Net Assets Fund Balance$50,000$55,000▲ $5,000
Total Liabilities and Net Assets / Fund Balance$108,603$135,841▲ $27,238

Asset Categories

AssetBook ValueDepreciationBasis
Other Land Buildings$3,522$7,431$10,953
Compensation and Service Providers
Top Officer Pay85th percentile

Board Members and Trustees

NameTitle
Bret DocterPresident
Jim LillyPresident
Cerise SemrinecDirector
Craig OosterhouseDirector
Ed GarnerDirector
Gary CorsbieDirector
Janet WyllieDirector
Jill BlandDirector
Ken RizzioDirector
Mark KleistDirector
Mark WilsonDirector
Rick WieringaDirector
Stacey StephensDirector
Steve WilsonDirector
Thomas PostmaDirector
Tom Den HerderSecretary
Douglas RotmanTreasurer
James BishopVice Preside
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$433,227
Investment Income
$11,429
Other Revenue
$0
Change in Net Assets
$5,000

Audited Revenue Reconciliation

Revenue per Audited Statements
$444,656
Total Revenue per Audited Statements
$444,656
Total Revenue per Form 990
$444,656
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$439,656
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$70,101$5,796-$75,897
Other Expenses$53,422$3,250-$53,422
Conferences and Meetings$9,348$614-$9,962
Fees for Services Legal-$6,900-$6,900
Fees for Services Accounting-$4,850-$4,850
Advertising$2,433--$2,433
Insurance-$2,188-$2,188
Office Expenses$775--$775
Depreciation Depletion$161--$161
Fees for Services Other-$150-$150
Total Functional Expenses$415,908$23,748$0$439,656

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$439,656
Total Expenses per Audited Statements$439,656
Total Expenses per Form 990$439,656
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$16,192
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
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

Filer Name
Lakeshore 504
EIN
38-2677941
Phone
6163922389
Address
272 EAST 8TH STREET, HOLLAND, MI 49423

Signing Officer

Name
Matt Hoeksema
Title
President
Phone
6163922389
Signed
2016-03-11
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Matt Hoeksema
Formed
1983
Legal Domicile
Mi
Voting Board Members
18
Independent Board Members
18
Employees
0

Preparer

Firm
Delong & Brower Pc
Address
238 HOOVER BLVD SUITE 10, HOLLAND, MI 49423
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 34,000 0 0 loan closing ghcc 16,500 0 0 loan processing ghcc 14,671 0 0 independent loan risk rev 0 5,796 0 membership fees 3,000 0 0 software maintenance 1,930 0 0”

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IRS990/NondeductibleContributionsInd0false
IRS990/OfficeExpensesGrp/ProgramServicesAmt0775
IRS990/OfficeExpensesGrp/TotalAmt0775
IRS990/OfficerMailingAddressInd0false
IRS990/OperateHospitalInd0false
IRS990/Organization501cInd0X
IRS990/OrganizationFollowsSFAS117Ind0X
IRS990/OtherExpensesGrp/Desc0DEBENTURE SERV - MWCCC
IRS990/OtherExpensesGrp/Desc1ADMINISTRATIVE & MGMT SER
IRS990/OtherExpensesGrp/Desc2LOAN PROCESSING MWCCC
IRS990/OtherExpensesGrp/Desc3DEBENTURE SERV -GHCC
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt03250
IRS990/OtherExpensesGrp/ProgramServicesAmt0161246
IRS990/OtherExpensesGrp/ProgramServicesAmt161750
IRS990/OtherExpensesGrp/ProgramServicesAmt256672
IRS990/OtherExpensesGrp/ProgramServicesAmt353422
IRS990/OtherExpensesGrp/TotalAmt0161246
IRS990/OtherExpensesGrp/TotalAmt165000
IRS990/OtherExpensesGrp/TotalAmt256672
IRS990/OtherExpensesGrp/TotalAmt353422
IRS990/OtherLiabilitiesGrp/BOYAmt029043
IRS990/OtherLiabilitiesGrp/EOYAmt016192
IRS990/OtherWebsiteInd0X
IRS990/PartialLiquidationInd0false
IRS990/PoliticalCampaignActyInd0false
IRS990/PrepaidExpensesDefrdChargesGrp/BOYAmt012046
IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt08546
IRS990/PrincipalOfficerNm0MATT HOEKSEMA
IRS990/ProfessionalFundraisingInd0false
IRS990/ProgramServiceRevenueGrp/Desc0MONTHLY LOAN SERVICE FEES
IRS990/ProgramServiceRevenueGrp/Desc1LOAN CLOSING PROCESSING FEES
IRS990/ProgramServiceRevenueGrp/Desc2LOAN CLOSING INCOME
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt0275712
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt1107015
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt250500
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt0275712
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt1107015
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt250500
IRS990/ProhibitedTaxShelterTransInd0false
IRS990/PYExcessBenefitTransInd0false
IRS990/PYInvestmentIncomeAmt06382
IRS990/PYOtherExpensesAmt0349934
IRS990/PYProgramServiceRevenueAmt0343602
IRS990/PYRevenuesLessExpensesAmt050
IRS990/PYTotalExpensesAmt0349934
IRS990/PYTotalRevenueAmt0349984
IRS990/ReconcilationRevenueExpnssAmt05000
IRS990/RegularMonitoringEnfrcInd0true
IRS990/RelatedEntityInd0true
IRS990/RelatedOrganizationCtrlEntInd0false
IRS990/ReportInvestmentsOtherSecInd0false
IRS990/ReportLandBuildingEquipmentInd0true
IRS990/ReportOtherAssetsInd0false
IRS990/ReportOtherLiabilitiesInd0true
IRS990/ReportProgramRelatedInvstInd0false
IRS990/ScheduleBRequiredInd0false
IRS990ScheduleD/ExpensesSubtotalAmt0439656
IRS990ScheduleD/OtherLandBuildingsGrp/BookValueAmt03522
IRS990ScheduleD/OtherLandBuildingsGrp/DepreciationAmt07431
IRS990ScheduleD/OtherLandBuildingsGrp/OtherCostOrOtherBasisAmt010953
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt016192
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0DEPOSITS HELD
IRS990ScheduleD/RevenueSubtotalAmt0444656
IRS990ScheduleD/TotalBookValueLandBuildingsAmt03522
IRS990ScheduleD/TotalExpensesPerForm990Amt0439656
IRS990ScheduleD/TotalLiabilityAmt016192
IRS990ScheduleD/TotalRevenuePerForm990Amt0444656
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt0444656
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt0439656
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 34,000 0 0 LOAN CLOSING GHCC 16,500 0 0 LOAN PROCESSING GHCC 14,671 0 0 INDEPENDENT LOAN RISK REV 0 5,796 0 MEMBERSHIP FEES 3,000 0 0 SOFTWARE MAINTENANCE 1,930 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/BusinessNameLine1Txt0MI WEST COAST CHAMBER OF COMMERCE
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/EIN0380655230
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ExemptCodeSectionTxt0501C6
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/LegalDomicileStateCd0MI
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PrimaryActivitiesTxt0ECONOMIC
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/AddressLine1Txt0272 EAST 8TH STREET
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/CityNm0HOLLAND
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/StateAbbreviationCd0MI
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/ZIPCd049423
IRS990ScheduleR/LoansOrGuaranteesFromOthOrgInd0false
IRS990ScheduleR/LoansOrGuaranteesToOtherOrgInd0false
IRS990ScheduleR/PaidEmployeesSharingInd0false
IRS990ScheduleR/PerformOfServicesByOtherOrgInd0true
IRS990ScheduleR/PerformOfServicesForOthOrgInd0false
IRS990ScheduleR/ReceiptOfIntAnntsRntsRyltsInd0false
IRS990ScheduleR/ReimbursementPaidByOtherOrgInd0false
IRS990ScheduleR/ReimbursementPaidToOtherOrgInd0false
IRS990ScheduleR/RentalOfFacilitiesToOthOrgInd0false
IRS990ScheduleR/RentalOfFcltsFromOthOrgInd0false
IRS990ScheduleR/SharingOfFacilitiesInd0true
IRS990ScheduleR/TransactionsRelatedOrgGrp/InvolvedAmt065000
IRS990ScheduleR/TransactionsRelatedOrgGrp/MethodOfAmountDeterminationTxt0ACCOUNTING RECORDS
IRS990ScheduleR/TransactionsRelatedOrgGrp/MethodOfAmountDeterminationTxt1ACCOUNTING RECORDS
IRS990ScheduleR/TransactionsRelatedOrgGrp/OtherOrganizationName/BusinessNameLine1Txt0MI WEST COAST CHAMBER OF COMMERCE
IRS990ScheduleR/TransactionsRelatedOrgGrp/OtherOrganizationName/BusinessNameLine1Txt1MI WEST COAST CHAMBER OF COMMERCE
IRS990ScheduleR/TransactionsRelatedOrgGrp/TransactionTypeTxt0N
IRS990ScheduleR/TransactionsRelatedOrgGrp/TransactionTypeTxt1M
IRS990ScheduleR/TransferFromOtherOrgInd0false
IRS990ScheduleR/TransferToOtherOrgInd0false
IRS990/SchoolOperatingInd0false
IRS990/SignificantChangeInd0false
IRS990/SignificantNewProgramSrvcInd0false
IRS990/SubjectToProxyTaxInd0false
IRS990/TaxablePartyNotificationInd0false
IRS990/TaxExemptBondsInd0false
IRS990/TempOrPermanentEndowmentsInd0false
IRS990/TerminateOperationsInd0false
IRS990/TotalAssetsBOYAmt0108603
IRS990/TotalAssetsEOYAmt0135841
IRS990/TotalAssetsGrp/BOYAmt0108603
IRS990/TotalAssetsGrp/EOYAmt0135841
IRS990/TotalCompGreaterThan150KInd0false
IRS990/TotalEmployeeCnt00
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt023748
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt0415908
IRS990/TotalFunctionalExpensesGrp/TotalAmt0439656
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt058603
IRS990/TotalLiabilitiesEOYAmt080841
IRS990/TotalLiabilitiesGrp/BOYAmt058603
IRS990/TotalLiabilitiesGrp/EOYAmt080841
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt050000
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt055000
IRS990/TotalProgramServiceExpensesAmt0415908
IRS990/TotalProgramServiceRevenueAmt0433227
IRS990/TotalRevenueGrp/ExclusionAmt011429
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt0433227
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt0444656

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

2015 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$135,841
Liabilities
$80,841
Net assets
$55,000
Revenue
$444,656
Expenses
$439,656
Net income
$5,000
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
2015Detailed filing. Detailed filing data is available for this year.$1.36$0.81$0.55$4.45$4.40$0.05
2014Import issue. A filing source exists for this year, but detailed import did not complete cleanly.$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