Quick charity verification for Lake Placid Chamber Of Commerce Inc (EIN: 141354120)
Verdict: Lake Placid Chamber Of Commerce Inc shows mixed signals
50/100Mission Score
$6.4MRevenue
$3.4MAssets
4Red Flags
4Strengths
Red Flags
Consistent reporting of 0% officer compensation without further explanation, raising transparency concerns regarding executive pay.
Operating deficit in the most recent filing (202312) where expenses ($5,826,820) exceeded revenues ($5,236,462).
Significant decrease in assets from $5,409,263 in 202212 to $3,372,824 in 202312 without clear explanation.
Lack of detailed expense breakdown (program, admin, fundraising) prevents assessment of spending efficiency.
Strengths
Long operational history with 13 IRS 990 filings, indicating sustained activity.
Substantial revenue generation, with latest revenue at $6,404,588 and a peak of $7,661,865 in 202212.
Significant asset base of $3,369,969, providing financial stability.
Generally positive net assets (Assets minus Liabilities) across most years, indicating financial solvency.
Spending Breakdown
How Lake Placid Chamber Of Commerce Inc allocates its funds across programs, administration, and fundraising.
0%
Program Spending
Concerning — less than half to programs
0%
Admin Costs
Reasonable — admin costs in check
0%
Fundraising
Within typical range
How to read this: Well-run charities typically spend 75% or more on programs, keep admin under 25%, and fundraising under 15%. A high program ratio means more of every dollar goes directly to the mission.
How to Interpret This Report
What Red Flags Mean
Red flags are potential warning signs identified by AI analysis of IRS 990 filings. They may indicate issues like declining revenue, high executive pay relative to program spending, lack of transparency, or governance concerns. A single red flag does not necessarily mean an organization is untrustworthy, but multiple flags warrant further investigation before donating.
What Mission Score Measures
The Mission Score (0-100) evaluates how effectively a nonprofit fulfills its stated purpose. It combines multiple factors: program spending efficiency (how much goes to programs vs. overhead), financial health and sustainability, governance quality, transparency in reporting, and consistency of operations over time. A score of 70+ indicates strong alignment with the organization’s mission.
Using This Data for Donation Decisions
Use this report as one input in your decision. Look at the overall Mission Score for a quick assessment, review red flags and strengths for specific concerns, check the spending breakdown to see where money goes, and compare executive compensation to the organization’s size. Consider viewing the full transparency report for deeper analysis, and always verify tax-exempt status with the IRS before making large donations.
Frequently Asked Questions about Lake Placid Chamber Of Commerce Inc
Is Lake Placid Chamber Of Commerce Inc a legitimate charity?
Based on AI analysis of IRS 990 filings, Lake Placid Chamber Of Commerce Inc (EIN: 141354120) shows mixed signals. Mission Score: 50/100. 4 red flags identified, 4 strengths noted.
Is Lake Placid Chamber Of Commerce Inc a good charity to donate to?
Lake Placid Chamber Of Commerce Inc has a Mission Score of 50/100. Revenue: $6.4M. Assets: $3.4M. Review the full transparency report for detailed spending breakdown and executive compensation analysis.
What is the EIN for Lake Placid Chamber Of Commerce Inc?
The Employer Identification Number (EIN) for Lake Placid Chamber Of Commerce Inc is 141354120. This is the unique tax ID assigned by the IRS.
What is a Mission Score?
The Mission Score is a 0-100 rating that measures how effectively a nonprofit fulfills its stated mission. It factors in program spending efficiency, financial transparency, governance practices, and outcome reporting. Scores above 70 indicate strong mission alignment, 40-69 suggest mixed performance, and below 40 signals potential concerns.
How does Lake Placid Chamber Of Commerce Inc spend its money?
Lake Placid Chamber Of Commerce Inc allocates 0% to programs, 0% to administration, and 0% to fundraising. Healthy nonprofits typically spend 75%+ on programs.
How can I verify Lake Placid Chamber Of Commerce Inc's tax-exempt status?
You can verify Lake Placid Chamber Of Commerce Inc's tax-exempt status using EIN 141354120 on the IRS Tax Exempt Organization Search (TEOS) at apps.irs.gov/app/eos. You can also request copies of their Form 990 directly from the organization, as they are required by law to provide them upon request.
AI Transparency Report
The Lake Placid Chamber Of Commerce Inc. demonstrates a consistent operational history with significant revenue and expense fluctuations over the past decade. In the most recent filing (202312), the organization reported revenues of $5,236,462 against expenses of $5,826,820, indicating a deficit for the period. This follows a surplus in 202212 where revenues of $7,661,865 exceeded expenses of $7,112,067. The organization's assets have shown considerable growth, from $1,055,464 in 201912 to $3,372,824 in 202312, although there was a notable decrease from $5,409,263 in 202212. Liabilities have also varied, peaking at $2,267,431 in 202212 and settling at $807,268 in 202312.
The consistent reporting of 0% officer compensation across all available filings suggests either that executive compensation is not reported in this category, or that the organization relies on volunteer leadership or compensates executives through other means not categorized as 'officer compensation' on the 990. This lack of detail on executive pay can be a point of concern for transparency. The organization's financial health appears stable given its asset base, but the recent operating deficit warrants closer examination to understand if it's a trend or an anomaly. Without a breakdown of program, administrative, and fundraising expenses, it's challenging to fully assess spending efficiency.