Lake Placid Chamber Of Commerce Inc

Lake Placid Chamber Of Commerce reports fluctuating revenues and recent operating deficit with no disclosed officer compensation.

EIN: 141354120 · Lake Placid, NY · Updated: 2026-03-28

$6.4MRevenue

$3.4MAssets

50/100Mission Score (Fair)

About Lake Placid Chamber Of Commerce Inc

Lake Placid Chamber Of Commerce Inc (EIN: 141354120) is a nonprofit organization based in Lake Placid, NY. The organization reported total revenue of $6.4M and total assets of $3.4M according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of Lake Placid Chamber Of Commerce Inc's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.

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.

Mission Effectiveness Score

NonprofitSpending's AI analysis rates Lake Placid Chamber Of Commerce Inc with a Mission Score of 50 out of 100 (Fair). This score reflects the organization's overall financial transparency, program spending efficiency, and governance indicators derived from IRS 990 public filings.

Spending Breakdown

admin: 0%
programs: 0%
fundraising: 0%

According to IRS 990 filings, Lake Placid Chamber Of Commerce Inc allocates its expenses as follows: admin: 0%, programs: 0%, fundraising: 0%.

Executive Compensation Analysis

The organization consistently reports 0% officer compensation across all available filings, which could indicate that executive compensation is not reported under this specific category on the 990, or that the organization operates with entirely volunteer leadership, which is unusual for an organization of this revenue 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 Placid Chamber Of Commerce Inc's IRS 990 filings:

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

The following positive indicators were identified for Lake Placid Chamber Of Commerce Inc:

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.

Frequently Asked Questions about Lake Placid Chamber Of Commerce Inc

What is the breakdown of program, administrative, and fundraising expenses for Lake Placid Chamber Of Commerce Inc.?

Based on the provided IRS 990 data, a detailed breakdown of program, administrative, and fundraising expenses is not available, making it impossible to calculate spending efficiency ratios.

Why did the organization experience an operating deficit in the 202312 period?

In the 202312 period, the organization's expenses ($5,826,820) exceeded its revenues ($5,236,462), resulting in an operating deficit. The specific reasons for this deficit are not detailed in the provided summary data.

How does Lake Placid Chamber Of Commerce Inc. compensate its executives if officer compensation is consistently reported as 0%?

The consistent reporting of 0% for officer compensation across all filings suggests that either executive compensation is not categorized as 'officer compensation' on their 990s, or the organization operates with volunteer leadership. Further investigation into their full 990 forms would be needed to clarify this.

What caused the significant decrease in assets from $5,409,263 in 202212 to $3,372,824 in 202312?

The provided data shows a substantial decrease in assets by over $2 million between the 202212 and 202312 periods. The specific reasons for this decline are not detailed in the summary, but could be due to asset sales, depreciation, or significant expenditures.

Filing History

IRS 990 filing history for Lake Placid Chamber Of Commerce Inc showing financial trends over 13 years of public records:

Over 13 years of IRS 990 filings (2011–2023), Lake Placid Chamber Of Commerce Inc's revenue has grown by 153.5%, moving from $2.1M to $5.2M. Total assets increased by 575.5% over the same period, from $499K to $3.4M. Total functional expenses rose by 187.4%, from $2.0M to $5.8M. In its most recent filing year (2023), Lake Placid Chamber Of Commerce Inc reported a deficit of $590K, with expenses exceeding revenue. The organization holds $807K in liabilities against $3.4M in assets (debt-to-asset ratio: 23.9%), resulting in net assets of $2.6M.

Year	Revenue	Expenses	Assets	Liabilities	Officer Comp.	PDF
2023	$5.2M	$5.8M	$3.4M	$807K	—	—
2022	$7.7M	$7.1M	$5.4M	$2.3M	—	View 990
2021	$6.9M	$5.8M	$4.9M	$2.3M	—	View 990
2020	$4.6M	$3.7M	$3.1M	$1.6M	—	View 990
2019	$4.9M	$5.0M	$1.1M	$430K	—	—
2018	$4.8M	$4.8M	$985K	$260K	—	View 990
2017	$4.8M	$4.8M	$1.4M	$694K	—	View 990
2016	$3.8M	$3.7M	$1.4M	$730K	—	View 990
2015	$3.0M	$3.0M	$804K	$243K	—	View 990
2014	$2.7M	$2.6M	$960K	$360K	—	View 990
2013	$2.2M	$2.1M	$717K	$212K	—	View 990
2012	$2.1M	$2.0M	$538K	$172K	—	View 990
2011	$2.1M	$2.0M	$499K	$228K	—	View 990

Year-by-Year Financial Summary

2023: Revenue of $5.2M, expenses of $5.8M, and assets of $3.4M (revenue -31.7% year-over-year).
2022: Revenue of $7.7M, expenses of $7.1M, and assets of $5.4M (revenue +10.4% year-over-year).
2021: Revenue of $6.9M, expenses of $5.8M, and assets of $4.9M (revenue +52.2% year-over-year).
2020: Revenue of $4.6M, expenses of $3.7M, and assets of $3.1M (revenue -7.4% year-over-year).
2019: Revenue of $4.9M, expenses of $5.0M, and assets of $1.1M (revenue +2.0% year-over-year).
2018: Revenue of $4.8M, expenses of $4.8M, and assets of $985K (revenue -0.5% year-over-year).
2017: Revenue of $4.8M, expenses of $4.8M, and assets of $1.4M (revenue +28.8% year-over-year).
2016: Revenue of $3.8M, expenses of $3.7M, and assets of $1.4M (revenue +26.7% year-over-year).
2015: Revenue of $3.0M, expenses of $3.0M, and assets of $804K (revenue +11.9% year-over-year).
2014: Revenue of $2.7M, expenses of $2.6M, and assets of $960K (revenue +18.1% year-over-year).
2013: Revenue of $2.2M, expenses of $2.1M, and assets of $717K (revenue +8.4% year-over-year).
2012: Revenue of $2.1M, expenses of $2.0M, and assets of $538K (revenue +0.4% year-over-year).
2011: Revenue of $2.1M, expenses of $2.0M, and assets of $499K.

Data Sources and Methodology

This transparency report for Lake Placid Chamber Of Commerce Inc 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.