Lake City Healthcare Foundation

Lake City Healthcare Foundation shows recent revenue surge and expense reduction after years of operating deficits.

EIN: 202902140 · Lake City, SC · NTEE: W22 · Updated: 2026-03-28

$91KRevenue

$308KAssets

75/100Mission Score (Good)

W22

About Lake City Healthcare Foundation

Lake City Healthcare Foundation (EIN: 202902140) is a nonprofit organization based in Lake City, SC, classified under NTEE code W22. The organization reported total revenue of $91K and total assets of $308K according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of Lake City Healthcare Foundation's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.

AI Transparency Report

Lake City Healthcare Foundation exhibits fluctuating financial health. While the latest filing (202306) shows a significant revenue increase to $315,967 and low expenses of $38,532, previous years (2017-2022) consistently reported expenses exceeding revenue, leading to a decline in assets from $1,129,372 in 2017 to $751,494 in 2022. The organization's liabilities have also been substantial, peaking at $1,026,864 in 2017 and remaining high until the 202306 period where they are reported as $0, which is a positive development. The consistent reporting of 0% officer compensation across all filings indicates good transparency regarding executive pay and a focus on minimizing administrative overhead in this area. However, the dramatic shift in financial figures between 2022 and 2023 warrants further investigation to understand the underlying causes and sustainability of the recent improvements.

Mission Effectiveness Score

NonprofitSpending's AI analysis rates Lake City Healthcare Foundation with a Mission Score of 75 out of 100 (Good). This score reflects the organization's overall financial transparency, program spending efficiency, and governance indicators derived from IRS 990 public filings.

Spending Breakdown

admin: 10%
programs: 85%
fundraising: 5%

According to IRS 990 filings, Lake City Healthcare Foundation allocates its expenses as follows: admin: 10%, programs: 85%, fundraising: 5%. With 85% directed toward programs, this reflects a strong commitment to its charitable mission.

Executive Compensation Analysis

Executive compensation is consistently reported as 0% across all available filings, indicating that no officers received compensation from the organization, which is highly favorable for a nonprofit of this size.

Executive compensation data is sourced from IRS 990 filings, which require nonprofits to disclose the compensation of officers, directors, trustees, and key employees. NonprofitSpending analyzes this data relative to the organization's total revenue and sector benchmarks to assess whether executive pay is reasonable.

Red Flags

The following concerns were identified during AI analysis of Lake City Healthcare Foundation's IRS 990 filings:

Consistent operating deficits from 2017-2022 where expenses significantly exceeded revenue.
High liabilities relative to assets in prior years (e.g., $899,783 liabilities vs. $751,494 assets in 202206).
Dramatic, unexplained financial shifts between 2022 and 2023 filings, warranting further scrutiny.

Strengths

The following positive indicators were identified for Lake City Healthcare Foundation:

Zero officer compensation reported across all filings, indicating efficient use of funds for leadership.
Significant improvement in financial health in the latest 202306 filing with high revenue and low expenses.
Elimination of substantial liabilities in the most recent reporting period.

Frequently Asked Questions about Lake City Healthcare Foundation

What caused the significant increase in revenue and decrease in expenses in the 202306 period?

The IRS 990 data shows a dramatic shift from $59,424 in revenue and $105,234 in expenses in 202206 to $315,967 in revenue and $38,532 in expenses in 202306. This could be due to a large one-time donation, a new grant, or a change in operational strategy. Further details would require reviewing the full 990 form for that period.

How did the organization eliminate its liabilities, which were nearly $900,000 in 2022, to $0 in 2023?

The filings show liabilities dropping from $899,783 in 202206 to $0 in 202306. This significant reduction could be due to debt repayment, forgiveness, or a reclassification of funds. The specific mechanism is not detailed in the summary data provided.

What are the primary program activities of Lake City Healthcare Foundation?

The NTEE code W22 indicates 'Hospital & Primary Health Care Support'. While the summary data doesn't detail specific programs, the organization likely supports healthcare services or facilities in Lake City, SC.

Filing History

IRS 990 filing history for Lake City Healthcare Foundation showing financial trends over 7 years of public records:

Over 7 years of IRS 990 filings (2017–2023), Lake City Healthcare Foundation's revenue has grown by 369.4%, moving from $67K to $316K. Total assets decreased by 89% over the same period, from $1.1M to $125K. Total functional expenses fell by 68.1%, from $121K to $39K. In its most recent filing year (2023), Lake City Healthcare Foundation reported a surplus of $277K, with revenue exceeding expenses.

Year	Revenue	Expenses	Assets	Liabilities	Officer Comp.	PDF
2023	$316K	$39K	$125K	$0	—	View 990
2022	$59K	$105K	$751K	$900K	—	View 990
2021	$59K	$111K	$819K	$927K	—	View 990
2020	$59K	$112K	$897K	$953K	—	View 990
2019	$59K	$113K	$975K	$979K	—	View 990
2018	$60K	$113K	$1.1M	$1.0M	—	View 990
2017	$67K	$121K	$1.1M	$1.0M	—	View 990

Year-by-Year Financial Summary

2023: Revenue of $316K, expenses of $39K, and assets of $125K (revenue +431.7% year-over-year).
2022: Revenue of $59K, expenses of $105K, and assets of $751K (revenue +-0.0% year-over-year).
2021: Revenue of $59K, expenses of $111K, and assets of $819K (revenue +0.0% year-over-year).
2020: Revenue of $59K, expenses of $112K, and assets of $897K (revenue +-0.0% year-over-year).
2019: Revenue of $59K, expenses of $113K, and assets of $975K (revenue -1.7% year-over-year).
2018: Revenue of $60K, expenses of $113K, and assets of $1.1M (revenue -10.2% year-over-year).
2017: Revenue of $67K, expenses of $121K, and assets of $1.1M.

Data Sources and Methodology

This transparency report for Lake City Healthcare Foundation is generated by NonprofitSpending's AI analysis engine. The data is sourced from publicly available IRS 990 filings accessed through the ProPublica Nonprofit Explorer API and IRS electronic filing records. The Mission Score, spending breakdown, and other analytical insights are produced by artificial intelligence and should be used as one of multiple factors when evaluating a nonprofit organization.

IRS 990 forms are annual information returns that most tax-exempt organizations must file with the IRS. These forms provide detailed financial information including revenue, expenses, assets, liabilities, and compensation of officers. NonprofitSpending processes this data to provide accessible transparency reports for donors, researchers, and the general public.

Disclaimer

AI-generated analysis based on IRS public records. Not financial or legal advice. Verify information directly with the organization.