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FUNDING
Moving in a Positive Direction
Since its founding, Lake Katherine Nature Center and Botanical Gardens has enjoyed tremendous financial support from the City of Palos Heights.
In order to provide for the continued growth and expansion of Lake Katherine without placing an additional burden on the City of Palos Heights and its taxpayers, a non-profit corporation was created in 2005. The corporation assumed responsibility for the operations of Lake Katherine and a long-term strategic plan was developed. Goals included becoming self-sufficient within ten, and perhaps as few as five years.
As the trends illustrate, Lake Katherine is making significant progress. The property tax allocation has been reduced from 59% in 2005 to 48% in 2006. A new focus has been placed on enhancing revenue from other sources.
Financial Position
Lake Katherine Nature Center and Botanic Gardens ended FY 2006 with revenues of $55,134, expenses of $44,987 resulting in a net increase of cash of $10,597 (click here for annual report)
Non-Profit Budget Fiscal Year 2007
As part of the preparations for FY 2007, the Lake Katherine Board of Directors approved its first annual operating budget for the non-profit in December 2006. The non-profit budget projects operating revenue of $186,200 over expenses of $175,970, resulting in a net income of $10,230. Included in budget expenses is payment of $128,000 to the City of Palos Heights.
IRS Form 990
Form 990 is an annual reporting return that certain federally tax-exempt organizations must file with the IRS. It provides information on the filing organization's mission, programs, and finances. (Click Here to see Lake Katherine's Form 990)
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