2025-09-03T14:58:10-04:00 2024-12-31 460393458 WOHLENBERG RITZMAN & CO LLC PO BOX 1018 YANKTON SD 57078 990 2024-01-01 510183368 LAKE AREA IMPROVEMENT CORPORATION LAKE 6052560797 PO BOX 32 MADISON SD 57042 BROOKE ROLLAG EXECUTIVE DIRECTOR 6052560797 2025-08-31 true true KATHLEEN DOYLE P01322431 6056654401 2025-08-20 2024 2025-03-06 01:10:19Z BROOKE ROLLAG PO BOX 32 MADISON SD 57042 7630392 false X WWW.MADISONWORKS.COM X 2003 SD 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. 15 15 3 15 0 571543 6768678 315284 307887 19878 85694 248340 -299325 1155045 6862934 56818 0 0 217445 274265 0 0 217312 3862736 491575 4137001 663470 2725933 15390380 19954823 9125436 10963946 6264944 8990877 X 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. false false 3943911 307887 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. 3943911 true true false false false false false false false false true false false true true true true false false false false false false false false false false false false true false false false false false true false false false false false false false false false false false true 1 1 true 3 true false false false false false false false false false false false false false false X 15 15 false false false false false false false true true false false true true true true true true true true false X ORGANIZATION 6052564539 PO BOX 32 MADISON SD 57042 BROOKE ROLLAG EXECUTIVE DI 40.00 X 174458 0 12488 JEFF BLOOM DIRECTOR 1.00 X 0 0 0 ED FIEGEN DIRECTOR 1.00 X 0 0 0 DR JOSE-MARIE GRIFFITHS DIRECTOR 1.00 X 0 0 0 MIKE JASPERS PRESIDENT EL 1.00 X X 0 0 0 MIKE MALONE SEC/TREASURE 1.00 X X 0 0 0 TAMMY MILLER DIRECTOR 1.00 X 0 0 0 DELON MORK DIRECTOR 1.00 X 0 0 0 DAN ROEMEN DIRECTOR 1.00 X 0 0 0 FLOYD RUMMEL VICE PRESIDE 1.00 X X 0 0 0 PAUL SCHULTZ DIRECTOR 1.00 X 0 0 0 TERRY SCHULTZ PAST PRESIDE 1.00 X X 0 0 0 ERIC SINCLAIR PRESIDENT 1.00 X X 0 0 0 DENNIS SLAUGHTER DIRECTOR 1.00 X 0 0 0 DUSTIN WILLIAMS DIRECTOR 1.00 X 0 0 0 JERAE WIRE DIRECTOR 1.00 X 0 0 0 174458 12488 1 false true false 3527283 3241395 6768678 INCOME & FEES - LOANS 999999 183941 183941 LAND LEASE 999999 120161 120161 FUNDRAISER 999999 3690 3690 MISCELLANEOUS 999999 95 95 307887 85694 85694 468133 767458 -299325 -299325 6862934 8562 85694 X 186946 149557 37389 61402 49122 12280 3108 2487 621 4496 3796 700 18313 14650 3663 845 845 25713 25713 3407713 3407713 8106 8106 39220 21162 18058 7509 1257 6252 17102 12177 4925 809 809 20875 20875 86029 26850 59179 42 42 10918 1021 9897 LOAN ALLOWANCE 193303 189494 3809 OTHER PROGRAM COSSTS 35602 35602 LOAN CLOSING COSTS 8950 8950 4137001 3943911 193090 0 X 1840017 3420204 621650 2399217 57362 8232289 8253886 4622551 4160786 12200 10694 71399 71399 4311 1710036 15390380 19954823 119073 113878 976363 2820068 2530000 2530000 5500000 5500000 9125436 10963946 X 5898078 8581718 366866 409159 6264944 8990877 15390380 19954823 2725933 X false true X true true true X 338300 787228 1169104 571543 6768678 9634853 812585 420435 240162 782700 776020 3031902 1150885 1207663 1409266 1354243 7544698 12666755 12666755 8235 9619 12056 19878 85694 135482 8235 9619 12056 19878 85694 135482 1159120 1217282 1421322 1374121 7630392 12802237 0.98940 0.98980 0.01000 0.01000 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 71399 71399 DUE FROM OTHER GOVERNMENTS 1690794 UNAMORTIZED LOAN ISSUANCE COSTS 19242 1710036 ADVANCES 5500000 5500000 X 6862934 6862934 6862934 4137001 4137001 4137001 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. false false false false false false false false false BROOKE ROLLAG EXECUTIVE DIRECTOR 174458 8108 4380 186946 FLOYD RUMMEL BOARD MEMBER BANK EMPLOYEE false ED FIEGEN BOARD MEMBER BANK EMPLOYEE false SCHEDULE L, PART V LAIC HAS DEPOSITS WITH TWO FINANCIAL INSTITUTIONS THAT EMPLOY MEMBERS OF THE BOARD OF DIRECTORS. THE LENDING EXPERTISE OF THESE BOARD MEMBERS IS UTILIZED IN ASSESSING LAICS LOAN PORTFOLIO. AT DECEMBER 31, 2024, LAIC HAD DEPOSITS TOTALING 1,681,746 AND 1,549,451 AT THESE FINANCIAL INSTITUTIONS. 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, 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 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.