Civic Intelligence

Lake Norman Community Development

990 • Fiscal year 2023 • EIN 88-2751895

Jul 01, 2022 to Jun 30, 2023 • Filed on Nov 13, 2023

Organization ProfileWWW.LAKENORMANCDC.ORG
19837 S Main StreetCornelius, NC 28031

(704) 896-2870

Siviq Scores

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

Liabilities / Assets

90th percentile

0.62x

Higher debt load relative to assets than 90% of similar nonprofits.

2023 filings • NTEE S • <$500k nonprofits • Source year 2023

Liabilities / Revenue

92nd percentile

0.64x

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

2023 filings • NTEE S • <$500k nonprofits • Source year 2023

Net Margin

80th percentile

39%

Higher net margin than 80% of similar nonprofits.

2023 filings • NTEE S • <$500k nonprofits • Source year 2023

Top Officer Pay

89th percentile

$30,266

Higher top officer pay than 89% of similar nonprofits.

Top officer pay equals 40.7% of source-year revenue.

2023 filings • NTEE S • <$500k nonprofits • Source year 2023

Asset Growth

Score unavailable

No value available

No earlier valid filing was available within the previous three public years.

Source year 2023

Revenue Growth

Score unavailable

No value available

No earlier valid filing was available within the previous three public years.

Source year 2023

Balance Sheet
Liabilities / Assets90th percentile

Assets

$76,666

No earlier filing loaded for comparison.

Net Assets

$29,352

No earlier filing loaded for comparison.

Liabilities

$47,314

No earlier filing loaded for comparison.

Revenue And Expenses
Liabilities / Revenue92nd percentileNet Margin80th percentile

Revenue

$74,311

No earlier filing loaded for comparison.

Expenses

$44,959

No earlier filing loaded for comparison.

Net Income

$29,352

No earlier filing loaded for comparison.

Historical Trend

Balance Sheet Trend

Asset GrowthScore unavailable

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

$600K$400K$200K$0Assets 2023: $76,666Liabilities 2023: $47,314Net Assets 2023: $29,3522023Assets 2024: $414,302Liabilities 2024: $0Net Assets 2024: $414,3022024

Highlighted filing

2023

Assets$76,666
Liabilities$47,314
Net Assets$29,352
Open 2023 Filing

Operations Trend

Revenue GrowthScore unavailable

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

$600K$400K$200K$0Revenue 2023: $74,311Expenses 2023: $44,959Net Income 2023: $29,3522023Revenue 2024: $498,609Expenses 2024: $113,659Net Income 2024: $384,9502024

Highlighted filing

2023

Revenue$74,311
Expenses$44,959
Net Income$29,352
Open 2023 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2022 to Jun 30, 2023
Signed
Nov 13, 2023
Return Version
2022v5.0
Gross Receipts
$74,311
Mission and Program Overview

Mission

The cornelius community development corporation creates diverse affordable housing opportunities that are attainable for moderate income households in the cornelius/lake norman region. We are commiteed to changing lives and strengthening our community through safe, service-enriched affordable housing programs.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts-$76,666-
Total Assets$0$76,666▲ $76,666
Liabilities
Other Liabilities-$47,314-
Total Liabilities$0$47,314▲ $47,314
Net Assets / Fund Balance
Net Assets Without Donor Restrictions-$29,352-
Total Net Assets Fund Balance$0$29,352▲ $29,352
Total Liabilities and Net Assets / Fund Balance$0$76,666▲ $76,666
Compensation and Service Providers
Top Officer Pay89th percentile

Employees

NameTitleFull / Part TimeBaseTotal
Michelle HoversonExecutive DiPT$30,266$30,266

Board Members and Trustees

NameTitle
George SearleDirector
Joy RoyDirector
Julie MillerDirector
Michael CarterDirector
Mike MiltichDirector
Nancy Longworth ThomasDirector
Sharon LovelaceDirector
Wayne HeronDirector
Zsuzi KadarDirector
Revenue and Support

Revenue Composition

Contributions and Grants
$74,311
Program Service Revenue
$0
Investment Income
$0
Other Revenue
$0
All Other Contributions
$1,525
Change in Net Assets
$29,352

Audited Revenue Reconciliation

Revenue per Audited Statements
$74,311
Total Revenue per Audited Statements
$74,311
Total Revenue per Form 990
$74,311
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$32,706
Other Expenses$12,253
Total Fundraising Expense$209
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$10,089$20,177-$30,266
Fees for Services Other-$3,876-$3,876
Payroll Taxes$813$1,627-$2,440
Insurance-$1,899-$1,899
Office Expenses-$1,515-$1,515
Other Expenses$1,186--$1,186
Occupancy$330$660-$990
Fees for Services Accounting-$866-$866
Information Technology-$212-$212
Advertising--$209$209
Total Functional Expenses$13,918$30,832$209$44,959

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$44,959
Total Expenses per Audited Statements$44,959
Total Expenses per Form 990$44,959
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
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Refundable Advance$47,314
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
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 executive director reviews form 990 with all officers prior to filing.”

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

“Executive director compensation is approved by the board of directors and is supported by an executed employment contract.”

Form 990, Page 6, Part VI, Line 18

“Year-end financial statements and form 990 posted to website, guidestar and available upon request.”

Form 990, Page 6, Part VI, Line 19

“Other governing documents are made available upon request.”

Filing and Contact Details

Filer

Filer Name
Cornelius Community Development
EIN
88-2751895
Phone
7048962870
Address
19837 S MAIN STREET, CORNELIUS, NC 28031
Doing Business As
Lake Norman Community Development

Signing Officer

Name
Michelle Hoverson
Title
Executive Director
Phone
7048962870
Signed
2023-11-13
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Michelle Hoverson
Formed
2022
Legal Domicile
Nc
Voting Board Members
9
Independent Board Members
9
Employees
1
Volunteers
9

Preparer

Firm
Donna Moffett LLC
Address
PO BOX 1465, CORNELIUS, NC 28031
Preparer
Donna Moffett
Phone
7048957181
Supplemental Narrative

Additional Explanations

FORM 990 - ORGANIZATION'S MISSION

“The cornelius community development corporation creates diverse affordable housing opportunities that are attainable for moderate income households in the cornelius/lake norman region. We are commiteed to changing lives and strengthening our community through safe, service-enriched affordable housing programs.”

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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THE CORNELIUS COMMUNITY DEVELOPMENT CORPORATION CREATES DIVERSE AFFORDABLE HOUSING OPPORTUNITIES THAT ARE ATTAINABLE FOR MODERATE INCOME HOUSEHOLDS IN THE CORNELIUS/LAKE NORMAN REGION. WE ARE COMMITEED TO CHANGING LIVES AND STRENGTHENING OUR COMMUNITY THROUGH SAFE, SERVICE-ENRICHED AFFORDABLE HOUSING PROGRAMS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE EXECUTIVE DIRECTOR REVIEWS FORM 990 WITH ALL OFFICERS PRIOR TO FILING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2EXECUTIVE DIRECTOR COMPENSATION IS APPROVED BY THE BOARD OF DIRECTORS AND IS SUPPORTED BY AN EXECUTED EMPLOYMENT CONTRACT.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3YEAR-END FINANCIAL STATEMENTS AND FORM 990 POSTED TO WEBSITE, GUIDESTAR AND AVAILABLE UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4OTHER GOVERNING DOCUMENTS ARE MADE AVAILABLE UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990 - ORGANIZATION'S MISSION
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PAGE 6, PART VI, LINE 11B
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ReturnHeader/BusinessOfficerGrp/PhoneNum07048962870
ReturnHeader/BusinessOfficerGrp/SignatureDt02023-11-13
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0CORNELIUS COMMUNITY DEVELOPMENT
ReturnHeader/Filer/BusinessName/BusinessNameLine2Txt0CORPORATION
ReturnHeader/Filer/BusinessNameControlTxt0CORN
ReturnHeader/Filer/EIN0882751895
ReturnHeader/Filer/PhoneNum07048962870
ReturnHeader/Filer/USAddress/AddressLine1Txt019837 S MAIN STREET
ReturnHeader/Filer/USAddress/CityNm0CORNELIUS
ReturnHeader/Filer/USAddress/StateAbbreviationCd0NC
ReturnHeader/Filer/USAddress/ZIPCd028031
ReturnHeader/IRSResponsiblePrtyInfoCurrInd0true
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0205141765
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0DONNA MOFFETT LLC
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt0PO BOX 1465
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0CORNELIUS
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0NC
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd028031
ReturnHeader/PreparerPersonGrp/PhoneNum07048957181
ReturnHeader/PreparerPersonGrp/PreparationDt02023-11-13
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0DONNA MOFFETT
ReturnHeader/ReturnTs02023-11-15T21:55:51-05:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonFirstNm0MICHELLE
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonLastNm0HOVERSON
ReturnHeader/TaxPeriodBeginDt02022-07-01
ReturnHeader/TaxPeriodEndDt02023-06-30
ReturnHeader/TaxYr02022

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Filings

Displayed year

2023 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$76,666
Liabilities
$47,314
Net assets
$29,352
Revenue
$74,311
Expenses
$44,959
Net income
$29,352
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$4.14$0.00$4.14$4.99$1.14$3.85
2023Detailed filing. Detailed filing data is available for this year.$0.77$0.47$0.29$0.74$0.45$0.29