Civic Intelligence

Lake Norman Community Development

990 • Fiscal year 2024 • EIN 88-2751895

Jul 01, 2023 to Jun 30, 2024 • Filed on Mar 18, 2025

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

(704) 896-2870

Siviq Scores

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

Liabilities / Assets

56th percentile

0.00x

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

2024 filings • NTEE S • <$500k nonprofits • Source year 2024

Liabilities / Revenue

57th percentile

0.00x

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

2024 filings • NTEE S • <$500k nonprofits • Source year 2024

Net Margin

94th percentile

77%

Higher net margin than 94% of similar nonprofits.

2024 filings • NTEE S • <$500k nonprofits • Source year 2024

Top Officer Pay

92nd percentile

$46,500

Higher top officer pay than 92% of similar nonprofits.

Top officer pay equals 9.3% of source-year revenue.

2024 filings • NTEE S • <$500k nonprofits • Source year 2024

Asset Growth

97th percentile

440%

Faster asset growth than 97% of similar nonprofits.

2024 filings • NTEE S • <$500k nonprofits • Annualized from 2023 to 2024

Revenue Growth

98th percentile

571%

Faster revenue growth than 98% of similar nonprofits.

2024 filings • NTEE S • <$500k nonprofits • Annualized from 2023 to 2024

Balance Sheet
Liabilities / Assets56th percentile

Assets

Up

$414,302

Up $337,636 (+440%) from 2023

Net Assets

Up

$414,302

Up $384,950 (+1311%) from 2023

Liabilities

Down

$0

Down $47,314 (-100%) from 2023

Revenue And Expenses
Liabilities / Revenue57th percentileNet Margin94th percentile

Revenue

Up

$498,609

Up $424,298 (+571%) from 2023

Expenses

Up

$113,659

Up $68,700 (+153%) from 2023

Net Income

Up

$384,950

Up $355,598 (+1211%) from 2023

Historical Trend

Balance Sheet Trend

Asset Growth97th percentile

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

2024

Assets$414,302
Liabilities$0
Net Assets$414,302
Open 2024 Filing

Operations Trend

Revenue Growth98th percentile

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

2024

Revenue$498,609
Expenses$113,659
Net Income$384,950
Open 2024 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2023 to Jun 30, 2024
Signed
Mar 18, 2025
Return Version
2023v6.0
Gross Receipts
$498,609
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.

A non-profit focused on changing people's lives through advancing attainable affordable housing in the lake norman region.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$76,666$414,302▲ $337,636
Total Assets$76,666$414,302▲ $337,636
Liabilities
Other Liabilities$47,314--
Total Liabilities$47,314$0▼ $47,314
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$29,352$299,146▲ $269,794
Net Assets With Donor Restrictions-$115,156-
Total Net Assets Fund Balance$29,352$414,302▲ $384,950
Total Liabilities and Net Assets / Fund Balance$76,666$414,302▲ $337,636
Compensation and Service Providers
Top Officer Pay92nd percentile

Employees

NameTitleFull / Part TimeBaseTotal
Michelle HoversonExecutive DiPT$46,500$46,500

Board Members and Trustees

NameTitle
George SearleDirector
Joe LaboivitzDirector
Joe RoyDirector
Michael CarterDirector
Mike MiltichDirector
Nancy Longworth ThomasDirector
Wayne HeronDirector
Zsuzi KadarDirector
Revenue and Support

Revenue Composition

Contributions and Grants
$498,609
Program Service Revenue
$0
Investment Income
$0
Other Revenue
$0
All Other Contributions
$428,609
Change in Net Assets
$384,950

Audited Revenue Reconciliation

Revenue per Audited Statements
$498,609
Total Revenue per Audited Statements
$498,609
Total Revenue per Form 990
$498,609
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$71,176
Salaries, Compensation, and Employee Benefits$42,483
Total Fundraising Expense$1,866
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$15,680$22,736$784$39,200
Fees for Services Other$4,517$7,453-$11,970
Other Expenses$8,059--$8,059
Payroll Taxes$1,313$1,904$66$3,283
Occupancy$799$1,159$40$1,998
Insurance-$1,972-$1,972
Office Expenses-$1,754-$1,754
Fees for Services Accounting-$1,018-$1,018
Advertising--$976$976
Total Functional Expenses$73,797$37,996$1,866$113,659

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$113,659
Total Expenses per Audited Statements$113,659
Total Expenses per Form 990$113,659
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
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
Lake Norman Community Development
EIN
88-2751895
Phone
7048962870
Address
19837 S MAIN ST, CORNELIUS, NC 28031

Signing Officer

Name
Michelle Hoverson
Title
Executive Director
Phone
7048962870
Signed
2025-03-18
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, Part IX, Line 11G

“Website expense 3,253 0 0 professional fees 1,264 7,453 0 total 4,517 7,453 0”

Raw XML Appendix340 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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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THE EXECUTIVE DIRECTOR REVIEWS FORM 990 WITH ALL OFFICERS PRIOR TO FILING.
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2YEAR-END FINANCIAL STATEMENTS AND FORM 990 POSTED TO WEBSITE, GUIDESTAR AND AVAILABLE UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3OTHER GOVERNING DOCUMENTS ARE MADE AVAILABLE UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4WEBSITE EXPENSE 3,253 0 0 PROFESSIONAL FEES 1,264 7,453 0 TOTAL 4,517 7,453 0
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IRS990/TotalRevenueGrp/TotalRevenueColumnAmt0498609
IRS990/TotalVolunteersCnt09
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt076666
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt0414302
IRS990/TrnsfrExmptNonChrtblRltdOrgInd0false
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd0false
IRS990/USAddress/AddressLine1Txt019837 S MAIN ST
IRS990/USAddress/CityNm0CORNELIUS
IRS990/USAddress/StateAbbreviationCd0NC
IRS990/USAddress/ZIPCd028031
IRS990/VotingMembersGoverningBodyCnt09
IRS990/VotingMembersIndependentCnt09
IRS990/WebsiteAddressTxt0WWW.LAKENORMANCDC.ORG
IRS990/WhistleblowerPolicyInd0false
ReturnHeader/BuildTS02025-03-06 01:10:19Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0true
ReturnHeader/BusinessOfficerGrp/PersonNm0MICHELLE HOVERSON
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0EXECUTIVE DIRECTOR
ReturnHeader/BusinessOfficerGrp/PhoneNum07048962870
ReturnHeader/BusinessOfficerGrp/SignatureDt02025-03-18
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0LAKE NORMAN COMMUNITY DEVELOPMENT
ReturnHeader/Filer/BusinessName/BusinessNameLine2Txt0CORPORATION
ReturnHeader/Filer/BusinessNameControlTxt0LAKE
ReturnHeader/Filer/EIN0882751895
ReturnHeader/Filer/PhoneNum07048962870
ReturnHeader/Filer/USAddress/AddressLine1Txt019837 S MAIN ST
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/PreparationDt02025-03-18
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0DONNA MOFFETT
ReturnHeader/ReturnTs02025-03-31T08:53:28-04:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02023-07-01
ReturnHeader/TaxPeriodEndDt02024-06-30
ReturnHeader/TaxYr02023

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

2024 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$414,302
Liabilities
$0
Net assets
$414,302
Revenue
$498,609
Expenses
$113,659
Net income
$384,950
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