Lake Area Improvement Corporation
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.
Key facts about Lake Area Improvement Corporation
- EIN
- 51-0183368
- Latest 990 filing
- Form 990, 2025
- Total assets
- $16,642,067
Data from IRS Form 990, 2025; updated September 2026.
Financial Overview
From 2025 IRS Form 990 · View filing
Total Assets
$16.6M
-16.6% YoY
Revenue
$1.9M
-72.6% YoY
Net Investment Income
$200K
+133.1% YoY
Expenses
$8.0M
+93.1% YoY
About Lake Area Improvement Corporation
Based on IRS filings
Lake Area Improvement Corporation is a public charity focused on Community Improvement & Capacity Building, based in Madison, SD. IRS filing data is available from 2020 through 2025. As of 2025, the organization holds $16.6M in total assets. Net investment income was $200K.
Focus Areas
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Geographic Focus
Where this funder awards grants
Grant Distribution by State
States
Cities
Giving Over Time
Total grant dollars and number of grants per year
From 2021 to 2023, annual grant giving ranged from $3K (2021) to $23K (2023). In 2023 it made 1 grant totaling $23K.
Hatched bars: grants paid as reported on the IRS filing, which lists no individual grants for that year.
Grant Insights
How this funder distributes its grants
Grant Size Distribution
2 grants across all recorded years
The most common grant size was under $50K: 2 grants of 2 (100%).
Giving History
Grant recipients and amounts by year
No grants recorded for 2025.
Financial History
Multi-year comparison from IRS filings
| Metric | 2025 | 2024 | 2023 |
|---|---|---|---|
| Total Assets | $16,642,067 | $19,954,823 | $15,390,380 |
| Revenue | $1,881,427 | $6,862,934 | $1,155,045 |
| Expenses | $7,990,274 | $4,137,001 | $491,575 |
| Net Investment Income | $199,774 | $85,694 | $19,878 |
Data update history
When this profile's IRS filing data changed on Grantable
- Updated Form 990 for fiscal year 2021 (received by the IRS September 12, 2022)
- Updated Form 990 for fiscal year 2022 (received by the IRS October 2, 2023)
- Updated Form 990 for fiscal year 2023 (received by the IRS August 30, 2024)
- Added Form 990 for fiscal year 2025 (received by the IRS July 10, 2026)
Leadership & Key People
Officers and directors from IRS filings
Lake Area Improvement Corporation is led by Floyd Rummel, President El since 2025 (on filings since 2020); 1 of 15 officers listed in 2025 is compensated.
Officers on the 2025 filing
Floyd Rummel
President El
Secretary & Treasurer → Vice President, 2023
Vice President → President El, 2025
On filings since 2020
1 hr/week
No compensation reported
Mike Jaspers
President
Vice President → President El, 2023
President El → President, 2025
On filings since 2020
1 hr/week
No compensation reported
Dan Roemen
Director
On filings since 2020
1 hr/week
No compensation reported
Dennis Slaughter
Director
On filings since 2020
1 hr/week
No compensation reported
Dustin Williams
Director
On filings since 2020
1 hr/week
No compensation reported
Jeff Bloom
Director
On filings since 2020
1 hr/week
No compensation reported
Jose-Marie Griffiths
Director
On filings since 2020
1 hr/week
No compensation reported
Terry Schultz
Director
President → Past President, 2023
Past President → Director, 2025
On filings since 2020
1 hr/week
No compensation reported
Jerae Wire
Director
On filings since 2021
1 hr/week
No compensation reported
Ed Fiegen
Director
On filings since 2024
1 hr/week
No compensation reported
Rob Buchholtz
Director
New on the 2025 filing
1 hr/week
No compensation reported
Brooke Rollag
Executive Di
On filings since 2021
40 hrs/week
$35K (2021) → $155K (2025)
Delon Mork
Vice President
Director → Vice President, 2025
On filings since 2020
1 hr/week
No compensation reported
Eric Sinclair
Past President
President El → President, 2023
President → Past President, 2025
On filings since 2020
1 hr/week
No compensation reported
Mike Malone
Secretary & Treasurer
President → Past President, 2021
Past President → Secretary & Treasurer, 2023
On filings since 2020
1 hr/week
No compensation reported
Former officers (6)
- Former: Paul Schultz (2020–2024) — Director
- Former: Tammy Miller (2022–2024) — Director
- Former: Mike Kane (2022–2023) — Director
- Former: Adam Shaw (2020–2021) — Director
- Former: Eric Fosheim (2020) — Executive Di
- Former: Michael Brooke (2020) — Director
Data from IRS Form 990 filings, 2020–2025. "On filings since" is the earliest filing we hold that lists the person; hours are average hours per week as reported.
Compensation Overview
From 2025 IRS filing
The highest reported compensation on the 2025 filing was $155K, to Brooke Rollag (Executive Di).
Frequently asked questions about Lake Area Improvement Corporation
How large is Lake Area Improvement Corporation?
Lake Area Improvement Corporation reported $16.6M in total assets on its 2025 IRS Form 990. Its revenue that year was $1.9M.
What is Lake Area Improvement Corporation?
Lake Area Improvement Corporation is a public charity focused on Community Improvement & Capacity Building, based in Madison, SD. It holds $16.6M in total assets as of 2025.
Where does Lake Area Improvement Corporation operate?
Lake Area Improvement Corporation has awarded grants in South Dakota.
What is Lake Area Improvement Corporation's EIN?
Lake Area Improvement Corporation's EIN (Employer Identification Number) is 51-0183368. IRS Form 990 filing data is available on this page for 2020–2025.
Data last updated September 2026. Sourced from IRS Form 990 filings.
Here's the math on researching Lake Area Improvement Corporation by hand.
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