Civic Intelligence

Lake Summit Foundation Inc

990 • Fiscal year 2020 • EIN 58-1727959

Jan 01, 2020 to Dec 31, 2020 • Filed on Jun 25, 2021

Organization ProfileLAKESUMMITONLINE.COM
15 Westminster CourtHendersonville, NC 28739

(828) 694-5149

Siviq Scores

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

Liabilities / Assets

27th percentile

0.00x

Tied with the lowest-debt nonprofits in its peer group.

2020 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2020

Liabilities / Revenue

27th percentile

0.00x

Tied with the lowest-debt nonprofits in its peer group.

2020 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2020

Net Margin

66th percentile

16%

Higher net margin than 66% of similar nonprofits.

2020 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2020

Top Officer Pay

60th percentile

$31,741

Higher top officer pay than 60% of similar nonprofits.

Top officer pay equals 25.0% of source-year revenue.

2020 filings • 501(c)3 • $500k-$1M nonprofits • Source year 2020

Asset Growth

86th percentile

67%

Faster asset growth than 86% of similar nonprofits.

2020 filings • 501(c)3 • $500k-$1M nonprofits • Annualized from 2019 to 2020

Revenue Growth

80th percentile

32%

Faster revenue growth than 80% of similar nonprofits.

2020 filings • 501(c)3 • $500k-$1M nonprofits • Annualized from 2019 to 2020

Balance Sheet
Liabilities / Assets27th percentile

Assets

Up

$919,706

Up $369,590 (+67%) from 2019

Net Assets

Up

$919,706

Up $369,590 (+67%) from 2019

Liabilities

Flat

$0

Flat from 2019

Revenue And Expenses
Liabilities / Revenue27th percentileNet Margin66th percentile

Revenue

Up

$127,073

Up $30,653 (+32%) from 2019

Expenses

Down

$106,119

Down $449,142 (-81%) from 2019

Net Income

Up

$20,954

Up $479,795 (+105%) from 2019

Historical Trend

Balance Sheet Trend

Asset Growth86th percentile

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

$3.0M$2.0M$1.0M$0Assets 2010: $410,010Net Assets 2010: $410,0102010Assets 2011: $438,883Net Assets 2011: $438,8832011Assets 2012: $463,005Net Assets 2012: $463,0052012Assets 2013: $786,370Liabilities 2013: $0Net Assets 2013: $786,3702013Assets 2014: $833,172Liabilities 2014: $0Net Assets 2014: $833,1722014Assets 2015: $826,817Liabilities 2015: $0Net Assets 2015: $826,8172015Assets 2016: $874,087Liabilities 2016: $0Net Assets 2016: $874,0872016Assets 2017: $984,817Liabilities 2017: $0Net Assets 2017: $984,8172017Assets 2018: $939,226Liabilities 2018: $0Net Assets 2018: $939,2262018Assets 2019: $550,116Liabilities 2019: $0Net Assets 2019: $550,1162019Assets 2020: $919,706Liabilities 2020: $0Net Assets 2020: $919,7062020Assets 2021: $1,873,874Liabilities 2021: $0Net Assets 2021: $1,873,8742021Assets 2022: $2,029,291Liabilities 2022: $0Net Assets 2022: $2,029,2912022Assets 2023: $2,160,950Liabilities 2023: $0Net Assets 2023: $2,160,9502023Assets 2024: $2,368,148Liabilities 2024: $0Net Assets 2024: $2,368,1482024

Highlighted filing

2020

Assets$919,706
Liabilities$0
Net Assets$919,706
Open 2020 Filing

Operations Trend

Revenue Growth80th percentile

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

$1.0M$500K$0-$500KRevenue 2010: $66,519Expenses 2010: $32,952Net Income 2010: $33,5672010Revenue 2011: $50,682Expenses 2011: $21,809Net Income 2011: $28,8732011Revenue 2012: $47,262Expenses 2012: $23,140Net Income 2012: $24,1222012Revenue 2013: $74,413Expenses 2013: $35,508Net Income 2013: $38,9052013Revenue 2014: $80,535Expenses 2014: $39,139Net Income 2014: $41,3962014Revenue 2015: $77,072Expenses 2015: $63,829Net Income 2015: $13,2432015Revenue 2016: $66,717Expenses 2016: $39,147Net Income 2016: $27,5702016Revenue 2017: $86,966Expenses 2017: $40,059Net Income 2017: $46,9072017Revenue 2018: $59,670Expenses 2018: $67,573Net Income 2018: -$7,9032018Revenue 2019: $96,420Expenses 2019: $555,261Net Income 2019: -$458,8412019Revenue 2020: $127,073Expenses 2020: $106,119Net Income 2020: $20,9542020Revenue 2021: $957,445Expenses 2021: $80,932Net Income 2021: $876,5132021Revenue 2022: $351,179Expenses 2022: $89,301Net Income 2022: $261,8782022Revenue 2023: $172,160Expenses 2023: $103,992Net Income 2023: $68,1682023Revenue 2024: $139,329Expenses 2024: $129,523Net Income 2024: $9,8062024

Highlighted filing

2020

Revenue$127,073
Expenses$106,119
Net Income$20,954
Open 2020 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2020 to Dec 31, 2020
Signed
Jun 25, 2021
Return Version
2020v4.0
Gross Receipts
$141,785
Mission and Program Overview

Mission

Contributions for education and conservation, operate public park.

Contributions for education and conservation and support the administration and operation of a public park.

Balance Sheet Detail
LineBeginningEndChange
Assets
Savings and Temporary Cash Investments$455,491$502,954▲ $47,463
Land, Buildings, and Equipment, Net-$282,901-
Cash and Non-Interest-Bearing Accounts$94,625$133,851▲ $39,226
Total Assets$550,116$919,706▲ $369,590
Liabilities
Total Liabilities$0$0→ $0
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$550,116$919,706▲ $369,590
Total Net Assets Fund Balance$550,116$919,706▲ $369,590
Total Liabilities and Net Assets / Fund Balance$550,116$919,706▲ $369,590

Asset Categories

AssetBook ValueDepreciationBasis
Land$281,562-$281,562
Other Land Buildings$1,339$2,232$3,571
Compensation and Service Providers
Top Officer Pay60th percentile

Employees

NameTitleFull / Part TimeBaseTotal
Joyce BiddixSecretaryPT$31,741$31,741

Board Members and Trustees

NameTitle
Bill CokerPresident
Cam BoydDirector
Diane TriplittDirector
Joy OatesDirector
KIM O'NEALLDirector
Kitsy BabbDirector
Sandra CannonDirector
Frank D Bell JrLifetime Mem
Katie Miller-grantLifetime Mem
Walter Montgomery JrLifetime Mem
Lark ElliottLspoa Presid
Ted GageTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$107,934
Program Service Revenue
$0
Investment Income
$5,926
Other Revenue
$13,213
All Other Contributions
$56,040
Change in Net Assets
$20,954
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$63,876
Other Expenses$42,243
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$26,973$31,741-$58,714
Occupancy$15,000--$15,000
Insurance$5,233--$5,233
Payroll Taxes$2,440$2,722-$5,162
Fees for Service Investment Mgmnt Fees-$4,445-$4,445
Fees for Services Accounting-$3,500-$3,500
Depreciation Depletion$1,786--$1,786
Other Expenses$1,478$4,000-$1,478
Office Expenses$1,211--$1,211
All Other Expenses-$387-$387
Total Functional Expenses$59,324$46,795$0$106,119
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Direct Expenses$2,925
Fundraising Gross Income$2,925
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Business relationship with 35% controlled entity
No
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
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

“A copy of form 990 is made available to all members of the board of directors for review and approval prior to filing.”

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

“Only the secretary is compensated. All compensation is subject to the review and approval of the board of directors.”

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

“All compensation is subject to the review and approval of the board of directors.”

Form 990, Page 6, Part VI, Line 19

“Governing documents are available to the public by appointment with the secretary/treasurer.”

Filing and Contact Details

Filer

Filer Name
Lake Summit Foundation Inc
EIN
58-1727959
Phone
8286945149
Address
15 WESTMINSTER COURT, HENDERSONVILLE, NC 28739

Signing Officer

Name
Joyce Biddix
Title
Secretary
Phone
8286945149
Signed
2021-06-25
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Joyce Biddix
Formed
2008
Legal Domicile
Nc
Voting Board Members
13
Independent Board Members
13
Employees
7
Volunteers
5

Preparer

Firm
Carland & Andersen Inc
Address
PO BOX 179, HENDERSONVILLE, NC 28793
Preparer
Ronald G Carland CPA
Phone
8286922583
Supplemental Narrative

Additional Explanations

Form 990, Part XI, Line 9

“Unrealized gains on investments 45,982 net assets of disregared entity 302,654 total 348,636”

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IRS990/PayrollTaxesGrp/ProgramServicesAmt02440
IRS990/PayrollTaxesGrp/TotalAmt05162
IRS990/PoliticalCampaignActyInd0false
IRS990/PrincipalOfficerNm0JOYCE BIDDIX
IRS990/ProfessionalFundraisingInd0false
IRS990/ProhibitedTaxShelterTransInd0false
IRS990/PYContributionsGrantsAmt055542
IRS990/PYExcessBenefitTransInd0false
IRS990/PYGrantsAndSimilarPaidAmt0524616
IRS990/PYInvestmentIncomeAmt07694
IRS990/PYOtherExpensesAmt030645
IRS990/PYOtherRevenueAmt033184
IRS990/PYRevenuesLessExpensesAmt0-458841
IRS990/PYTotalExpensesAmt0555261
IRS990/PYTotalRevenueAmt096420
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IRS990/RcvFndsToPayPrsnlBnftCntrctInd0false
IRS990/ReconcilationRevenueExpnssAmt020954
IRS990/RegularMonitoringEnfrcInd0false
IRS990/RelatedEntityInd0false
IRS990/RelatedOrganizationCtrlEntInd0false
IRS990/RelatedOrganizationsAmt051894
IRS990/ReportInvestmentsOtherSecInd0false
IRS990/ReportLandBuildingEquipmentInd0true
IRS990/ReportOtherAssetsInd0false
IRS990/ReportOtherLiabilitiesInd0false
IRS990/ReportProgramRelatedInvstInd0false
IRS990/SavingsAndTempCashInvstGrp/BOYAmt0455491
IRS990/SavingsAndTempCashInvstGrp/EOYAmt0502954
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearAmt0107934
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus1YearAmt055542
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus2YearsAmt050055
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus3YearsAmt051385
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus4YearsAmt058443
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/TotalAmt0323359
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearAmt05926
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus1YearAmt07694
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus2YearsAmt08912
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus3YearsAmt08123
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus4YearsAmt07633
IRS990ScheduleA/GrossInvestmentIncome170Grp/TotalAmt038288
IRS990ScheduleA/GrossReceiptsRltdActivitiesAmt0122780
IRS990ScheduleA/PublicOrganization170Ind0X
IRS990ScheduleA/PublicSupportCY170Pct00.89410
IRS990ScheduleA/PublicSupportPY170Pct00.86600
IRS990ScheduleA/PublicSupportTotal170Amt0323359
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IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearAmt0107934
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus1YearAmt055542
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IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus3YearsAmt051385
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus4YearsAmt058443
IRS990ScheduleA/TotalCalendarYear170Grp/TotalAmt0323359
IRS990ScheduleA/TotalSupportAmt0361647
IRS990/ScheduleBRequiredInd0false
IRS990ScheduleD/LandGrp/BookValueAmt0281562
IRS990ScheduleD/LandGrp/OtherCostOrOtherBasisAmt0281562
IRS990ScheduleD/OtherLandBuildingsGrp/BookValueAmt01339
IRS990ScheduleD/OtherLandBuildingsGrp/DepreciationAmt02232
IRS990ScheduleD/OtherLandBuildingsGrp/OtherCostOrOtherBasisAmt03571
IRS990ScheduleD/TotalBookValueLandBuildingsAmt0282901
IRS990/ScheduleJRequiredInd0false
IRS990/ScheduleORequiredInd0true
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0A COPY OF FORM 990 IS MADE AVAILABLE TO ALL MEMBERS OF THE BOARD OF DIRECTORS FOR REVIEW AND APPROVAL PRIOR TO FILING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1ONLY THE SECRETARY IS COMPENSATED. ALL COMPENSATION IS SUBJECT TO THE REVIEW AND APPROVAL OF THE BOARD OF DIRECTORS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2ALL COMPENSATION IS SUBJECT TO THE REVIEW AND APPROVAL OF THE BOARD OF DIRECTORS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3GOVERNING DOCUMENTS ARE AVAILABLE TO THE PUBLIC BY APPOINTMENT WITH THE SECRETARY/TREASURER.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4UNREALIZED GAINS ON INVESTMENTS 45,982 NET ASSETS OF DISREGARED ENTITY 302,654 TOTAL 348,636
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PAGE 6, PART VI, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PAGE 6, PART VI, LINE 15A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PAGE 6, PART VI, LINE 15B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PAGE 6, PART VI, LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PART XI, LINE 9
IRS990/SchoolOperatingInd0false
IRS990/SignificantChangeInd0false
IRS990/SignificantNewProgramSrvcInd0false
IRS990/SubjectToExcsTaxNetInvstIncInd0false
IRS990/SubjectToProxyTaxInd0false
IRS990/SubjToTaxRmnrtnExPrchtPymtInd0false
IRS990/TaxablePartyNotificationInd0false
IRS990/TaxExemptBondsInd0false
IRS990/TerminateOperationsInd0false
IRS990/TotalAssetsBOYAmt0550116
IRS990/TotalAssetsEOYAmt0919706
IRS990/TotalAssetsGrp/BOYAmt0550116
IRS990/TotalAssetsGrp/EOYAmt0919706
IRS990/TotalCompGreaterThan150KInd0false
IRS990/TotalContributionsAmt0107934
IRS990/TotalEmployeeCnt07
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt046795
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt059324
IRS990/TotalFunctionalExpensesGrp/TotalAmt0106119
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesEOYAmt00
IRS990/TotalLiabilitiesGrp/BOYAmt00
IRS990/TotalLiabilitiesGrp/EOYAmt00
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt0550116
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt0919706
IRS990/TotalProgramServiceExpensesAmt059324
IRS990/TotalReportableCompFromOrgAmt031741
IRS990/TotalRevenueGrp/ExclusionAmt05926
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt013213
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt0127073
IRS990/TotalVolunteersCnt05
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt0550116
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt0919706
IRS990/TrnsfrExmptNonChrtblRltdOrgInd0false
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd0false
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt015 WESTMINSTER COURT
IRS990/USAddress/CityNm0HENDERSONVILLE
IRS990/USAddress/StateAbbreviationCd0NC
IRS990/USAddress/ZIPCd028739
IRS990/VotingMembersGoverningBodyCnt013
IRS990/VotingMembersIndependentCnt013
IRS990/WebsiteAddressTxt0LAKESUMMITONLINE.COM
IRS990/WhistleblowerPolicyInd0false
ReturnHeader/BuildTS02022-09-23 18:48:47Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0true
ReturnHeader/BusinessOfficerGrp/PersonNm0JOYCE BIDDIX
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0SECRETARY
ReturnHeader/BusinessOfficerGrp/PhoneNum08286945149
ReturnHeader/BusinessOfficerGrp/SignatureDt02021-06-25
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0LAKE SUMMIT FOUNDATION INC
ReturnHeader/Filer/BusinessNameControlTxt0LAKE
ReturnHeader/Filer/EIN0581727959
ReturnHeader/Filer/PhoneNum08286945149
ReturnHeader/Filer/USAddress/AddressLine1Txt015 WESTMINSTER COURT
ReturnHeader/Filer/USAddress/CityNm0HENDERSONVILLE
ReturnHeader/Filer/USAddress/StateAbbreviationCd0NC
ReturnHeader/Filer/USAddress/ZIPCd028739
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0043729830
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0CARLAND & ANDERSEN INC
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt0PO BOX 179
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0HENDERSONVILLE
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0NC
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd028793
ReturnHeader/PreparerPersonGrp/PhoneNum08286922583
ReturnHeader/PreparerPersonGrp/PreparationDt02021-06-25
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0RONALD G CARLAND CPA
ReturnHeader/ReturnTs02021-07-06T15:58:17-05:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonFirstNm0JOYCE
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonLastNm0BIDDIX

Document Assets

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Filings

Displayed year

2020 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$919,706
Liabilities
$0
Net assets
$919,706
Revenue
$127,073
Expenses
$106,119
Net income
$20,954
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$2.37$0.00$2.37$0.14$0.13$0.01
2023Detailed filing. Detailed filing data is available for this year.$2.16$0.00$2.16$0.17$0.10$0.07
2022Detailed filing. Detailed filing data is available for this year.$2.03$0.00$2.03$0.35$0.09$0.26
2021Detailed filing. Detailed filing data is available for this year.$1.87$0.00$1.87$0.96$0.08$0.88
2020Detailed filing. Detailed filing data is available for this year.$0.92$0.00$0.92$0.13$0.11$0.02
2019Detailed filing. Detailed filing data is available for this year.$0.55$0.00$0.55$0.10$0.56$0.46
2018Detailed filing. Detailed filing data is available for this year.$0.94$0.00$0.94$0.06$0.07$0.01
2017Detailed filing. Detailed filing data is available for this year.$0.98$0.00$0.98$0.09$0.04$0.05
2016Detailed filing. Detailed filing data is available for this year.$0.87$0.00$0.87$0.07$0.04$0.03
2015Detailed filing. Detailed filing data is available for this year.$0.83$0.00$0.83$0.08$0.06$0.01
2014Detailed filing. Detailed filing data is available for this year.$0.83$0.00$0.83$0.08$0.04$0.04
2013Detailed filing. Detailed filing data is available for this year.$0.79$0.00$0.79$0.07$0.04$0.04
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.46$0.46$0.05$0.02$0.02
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.44$0.44$0.05$0.02$0.03
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.41$0.41$0.07$0.03$0.03