Civic Intelligence

Lake Area Improvement Corporation

EIN 51-0183368 • 501(c)3 • Madison, SD

Profile

To enhance the quality of life for all citizens of the lake county area and to facilitate the development and retention of quality jobs that are environmentally and economically compatible for the county.

PO Box 32Madison, SD 57042

www.madisonworks.com

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

78th percentile

0.55x

Higher debt load relative to assets than 78% of similar nonprofits.

501(c)3 • $10M-$25M nonprofits • Source year 2024

Liabilities / Revenue

86th percentile

1.60x

Higher debt load relative to revenue than 86% of similar nonprofits.

501(c)3 • $10M-$25M nonprofits • Source year 2024

Net Margin

85th percentile

40%

Higher net margin than 85% of similar nonprofits.

501(c)3 • $10M-$25M nonprofits • Source year 2024

Top Officer Pay

50th percentile

$186,946

Higher top officer pay than 50% of similar nonprofits.

Top officer pay equals 2.7% of source-year revenue.

501(c)3 • $10M-$25M nonprofits • Source year 2024

Asset Growth

88th percentile

30%

Faster asset growth than 88% of similar nonprofits.

501(c)3 • $10M-$25M nonprofits • Annualized from 2023 to 2024

Revenue Growth

98th percentile

494%

Faster revenue growth than 98% of similar nonprofits.

501(c)3 • $10M-$25M nonprofits • Annualized from 2023 to 2024

Balance Sheet
Liabilities / Assets78th percentile

Assets

Up

$19,954,823

Up $4,564,443 (+30%) from 2023

Liabilities

Up

$10,963,946

Up $1,838,510 (+20%) from 2023

Net Assets

Up

$8,990,877

Up $2,725,933 (+44%) from 2023

Operations
Liabilities / Revenue86th percentileNet Margin85th percentile

Revenue

Up

$6,862,934

Up $5,707,889 (+494%) from 2023

Expenses

Up

$4,137,001

Up $3,645,426 (+742%) from 2023

Net Income

Up

$2,725,933

Up $2,062,463 (+311%) from 2023

Trend Graphs

Balance Sheet Trend

Asset Growth88th percentile

Grouped bars show assets, liabilities, and net assets across loaded filings.

$20M$15M$10M$5.0M$0Assets 2010: $5,830,895Liabilities 2010: $3,140,002Net Assets 2010: $2,690,8932010Assets 2011: $4,989,233Liabilities 2011: $2,934,202Net Assets 2011: $2,055,0312011Assets 2012: $6,133,304Liabilities 2012: $2,901,000Net Assets 2012: $3,232,3042012Assets 2013: $6,004,474Liabilities 2013: $2,672,363Net Assets 2013: $3,332,1112013Assets 2014: $5,716,975Liabilities 2014: $2,406,885Net Assets 2014: $3,310,0902014Assets 2015: $6,132,796Liabilities 2015: $2,719,565Net Assets 2015: $3,413,2312015Assets 2016: $5,469,649Liabilities 2016: $1,546,573Net Assets 2016: $3,923,0762016Assets 2017: $5,711,086Liabilities 2017: $1,694,948Net Assets 2017: $4,016,1382017Assets 2018: $11,355,267Liabilities 2018: $7,818,964Net Assets 2018: $3,536,3032018Assets 2019: $11,557,104Liabilities 2019: $7,801,369Net Assets 2019: $3,755,7352019Assets 2020: $11,324,797Liabilities 2020: $7,417,038Net Assets 2020: $3,907,7592020Assets 2021: $11,953,132Liabilities 2021: $7,388,522Net Assets 2021: $4,564,6102021Assets 2022: $13,919,557Liabilities 2022: $8,297,059Net Assets 2022: $5,622,4982022Assets 2023: $15,390,380Liabilities 2023: $9,125,436Net Assets 2023: $6,264,9442023Assets 2024: $19,954,823Liabilities 2024: $10,963,946Net Assets 2024: $8,990,8772024

Highlighted filing

2024

Assets$19,954,823
Liabilities$10,963,946
Net Assets$8,990,877
Open 2024 Filing

Operations Trend

Revenue Growth98th percentile

Revenue, expenses, and net income by year, with the latest filing highlighted.

$8.0M$6.0M$4.0M$2.0M$0-$2.0MExpenses 2010: $678,3272010Expenses 2011: $757,7272011Expenses 2012: $557,0812012Revenue 2013: $838,900Expenses 2013: $747,093Net Income 2013: $91,8072013Revenue 2014: $538,186Expenses 2014: $560,207Net Income 2014: -$22,0212014Revenue 2015: $554,692Expenses 2015: $451,551Net Income 2015: $103,1412015Revenue 2016: $1,283,569Expenses 2016: $782,426Net Income 2016: $501,1432016Revenue 2017: $600,742Expenses 2017: $546,622Net Income 2017: $54,1202017Revenue 2018: -$145,438Expenses 2018: $334,397Net Income 2018: -$479,8352018Revenue 2019: $470,287Expenses 2019: $243,524Net Income 2019: $226,7632019Revenue 2020: $482,303Expenses 2020: $330,279Net Income 2020: $152,0242020Revenue 2021: $1,027,116Expenses 2021: $400,585Net Income 2021: $626,5312021Revenue 2022: $1,415,608Expenses 2022: $419,270Net Income 2022: $996,3382022Revenue 2023: $1,155,045Expenses 2023: $491,575Net Income 2023: $663,4702023Revenue 2024: $6,862,934Expenses 2024: $4,137,001Net Income 2024: $2,725,9332024

Highlighted filing

2024

Revenue$6,862,934
Expenses$4,137,001
Net Income$2,725,933
Open 2024 Filing

Filings

Most recent year

2024 • Form 990Facts available. Structured filing facts are available, but richer extracted sections are limited.

Open filing
Assets
$19,954,823
Liabilities
$10,963,946
Net assets
$8,990,877
Revenue
$6,862,934
Expenses
$4,137,001
Net income
$2,725,933
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$20.0$11.0$8.99$6.86$4.14$2.73
2023Summary only. Only limited summary data is available for this year.$15.4$9.13$6.26$1.16$0.49$0.66
2022Summary only. Only limited summary data is available for this year.$13.9$8.30$5.62$1.42$0.42$1.00
2021Summary only. Only limited summary data is available for this year.$12.0$7.39$4.56$1.03$0.40$0.63
2020XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$11.3$7.42$3.91$0.48$0.33$0.15
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$11.6$7.80$3.76$0.47$0.24$0.23
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$11.4$7.82$3.54$0.15$0.33$0.48
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$5.71$1.69$4.02$0.60$0.55$0.05
2016Facts available. Structured filing facts are available, but richer extracted sections are limited.$5.47$1.55$3.92$1.28$0.78$0.50
2015Summary only. Only limited summary data is available for this year.$6.13$2.72$3.41$0.55$0.45$0.10
2014Detailed filing. Detailed filing data is available for this year.$5.72$2.41$3.31$0.54$0.56$0.02
2013Detailed filing. Detailed filing data is available for this year.$6.00$2.67$3.33$0.84$0.75$0.09
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$6.13$2.90$3.23$0.56
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$4.99$2.93$2.06$0.76
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$5.83$3.14$2.69$0.68
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jan 1, 2024 to Dec 31, 2024
Signed
Aug 31, 2025
Return Version
2024v5.0
Gross Receipts
$7,630,392
Mission and Program Overview

Mission

To enhance the quality of life for all citizens of the lake county area and to facilitate the development and retention of quality jobs that are environmentally and economically compatible for lake county.

Balance Sheet Detail
LineBeginningEndChange
Assets
Other Notes and Loans Receivable, Net$8,232,289$8,253,886▲ $21,597
Inventories for Sale or Use$4,622,551$4,160,786▼ $461,765
Savings and Temporary Cash Investments$1,840,017$3,420,204▲ $1,580,187
Pledges and Grants Receivable$621,650$2,399,217▲ $1,777,567
Accounts Receivable$57,362--
Prepaid Expenses and Deferred Charges$12,200$10,694▼ $1,506
Land, Buildings, and Equipment, Net$4,311--
Total Assets$15,390,380$19,954,823▲ $4,564,443
Other Assets Total-$1,710,036-
Liabilities
Other Liabilities$5,500,000$5,500,000→ $0
Mortgage Notes Payable Secured by Investment Property$976,363$2,820,068▲ $1,843,705
Unsecured Notes Loans Payable$2,530,000$2,530,000→ $0
Accounts Payable and Accrued Expenses$119,073$113,878▼ $5,195
Total Liabilities$9,125,436$10,963,946▲ $1,838,510
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$5,898,078$8,581,718▲ $2,683,640
Net Assets With Donor Restrictions$366,866$409,159▲ $42,293
Total Net Assets Fund Balance$6,264,944$8,990,877▲ $2,725,933
Total Liabilities and Net Assets / Fund Balance$15,390,380$19,954,823▲ $4,564,443

Asset Categories

AssetBook ValueDepreciationBasis
Equipment-$71,399$71,399
Other Assets Org$19,242--
Compensation and Service Providers
Top Officer Pay50th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Brooke RollagExecutive DiFT$174,458$12,488$186,946
Brooke RollagExecutive Director-$174,458$12,488$186,946

Board Members and Trustees

NameTitle
Eric SinclairPresident
Mike JaspersPresident El
Dan RoemenDirector
Delon MorkDirector
Dennis SlaughterDirector
Dr Jose-marie GriffithsDirector
Dustin WilliamsDirector
Ed FiegenDirector
Jeff BloomDirector
Jerae WireDirector
Paul SchultzDirector
Tammy MillerDirector
Terry SchultzPast Preside
Mike MaloneSec/treasure
Floyd RummelVice Preside
Revenue and Support

Revenue Composition

Contributions and Grants
$6,768,678
Program Service Revenue
$307,887
Investment Income
$85,694
Other Revenue
$-299,325
All Other Contributions
$3,241,395
Change in Net Assets
$2,725,933

Audited Revenue Reconciliation

Revenue per Audited Statements
$6,862,934
Total Revenue per Audited Statements
$6,862,934
Total Revenue per Form 990
$6,862,934
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$3,862,736
Salaries, Compensation, and Employee Benefits$274,265
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Fees for Services Other$3,407,713--$3,407,713
Current Officers, Directors, Trustees, and Key Employees$149,557$37,389-$186,946
Interest$26,850$59,179-$86,029
Other Salaries and Wages$49,122$12,280-$61,402
Office Expenses$21,162$18,058-$39,220
Fees for Services Accounting-$25,713-$25,713
Conferences and Meetings$20,875--$20,875
Payroll Taxes$14,650$3,663-$18,313
Occupancy$12,177$4,925-$17,102
Insurance$1,021$9,897-$10,918
Other Expenses$35,602$8,950-$8,950
Advertising$8,106--$8,106
Information Technology$1,257$6,252-$7,509
Other Employee Benefits$3,796$700-$4,496
Pension Plan Contributions$2,487$621-$3,108
Fees for Services Legal-$845-$845
Travel-$809-$809
Depreciation Depletion$42--$42
Total Functional Expenses$3,943,911$193,090$0$4,137,001

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$4,137,001
Total Expenses per Audited Statements$4,137,001
Total Expenses per Form 990$4,137,001
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
Lobbying activity
No
Subject to proxy tax
No
Insider Transactions and Loans

Interested-Person Transactions

Interested PartyRelationshipDescriptionShared RevenueAmount
Ed FiegenBoard MemberBank EmployeeNo-
Floyd RummelBoard MemberBank EmployeeNo-
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Advances$5,500,000
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
Yes
Business relationship with 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
Yes
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
Yes
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

“Board reviews with cpa who prepares 990.”

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

“ANNUAL BOARD REVIEW.”

Form 990, Page 6, Part VI, Line 15A

“Executive committee review and budget review. Board makes final approval.”

Form 990, Page 6, Part VI, Line 15B

“Executive committee review and budget review. Board makes final approval.”

Form 990, Page 6, Part VI, Line 19

“Presented at annual meeting and on request. Guidestar.com”

Filing and Contact Details

Filer

Filer Name
Lake Area Improvement Corporation
EIN
51-0183368
Phone
6052560797
Address
PO BOX 32, MADISON, SD 57042

Signing Officer

Name
Brooke Rollag
Title
Executive Director
Phone
6052560797
Signed
2025-08-31
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Brooke Rollag
Formed
2003
Legal Domicile
Sd
Voting Board Members
15
Independent Board Members
15
Employees
3
Volunteers
15

Preparer

Firm
Wohlenberg Ritzman & Co LLC
Address
PO BOX 1018, YANKTON, SD 57078
Preparer
Kathleen Doyle
Phone
6056654401
Supplemental Narrative

Additional Explanations

Form 990, Page 1, Part I, Line 6

“Board members serve without compensation.”

Form 990, Page 2, Part III, Line 4A

“In 2024, the lake area improvement corporation (laic) made major strides in advancing economic development across madison and lake county. A key achievement was breaking ground on the 4.5 million madison early learning center in partnership with embe. This transformative project aims to address the region's critical childcare shortage and was made possible through a mix of gifts, grants, and business pledges. Laic also spearheaded the expansion of the lakeview industrial park by 50 acres, initiating new street construction and infrastructure improvements to support future commercial growth. Throughout the year, laic remained committed to supporting local businesses through financing tools, retention efforts, and development planning. The relending program continues to provide assistance to businesses.”

Form 990, Part IX, Line 11G

“Esl instructors 250 0 0 engineer 3,407,463 0 0 total 3,407,713 0 0”

Form 990, Part X

“Advances in conjunction with the issuance of a convertible note receivable, laic received an advance of 5,500,000 from the state of south dakota governors office of economic development (goed). Under the agreement, laic will retain the first 500,000 of any principal paid on the convertible note receivable and all interest paid. Any principal payments received in excess of the first 500,000 will be repaid to goed. In the event of default on the convertible note receivable, laic has no obligation to return any funds to goed.”

Financial Statement Notes

Schedule D, Page 3, Part X

“Laic is exempt from federal income tax under section 501(c)(3) of the internal revenue code. However, income from certain activities not directly related to laics tax-exempt purpose is subject to taxation as unrelated business income. Laic believes that it has appropriate support for any tax positions taken and, as such, does not have any uncertain tax positions that are material to the financial statements.”

Raw XML AppendixShowing 400 of 550 raw XML fields

This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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