Lake Katherine, IL - About Us

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 nearly 60% in 2005 to 44% in 2006. A new focus has been placed on enhancing revenue from other sources, while holding the line on expenses to the overall benefit and future success of Lake Katherine.

Financial Position

Lake Katherine ended FY 2007 with revenues of $213,486 expenses of $184,268 resulting in a net income of $29,218.

Non-Profit Budget Fiscal Year 2008

As part of the preparations for FY 2008, the Lake Katherine Board of Directors approved a conservative operating budget for the non-profit in December 2007. The Lake Katherine Nature Center and Botanic Gardens FY 2008 budget projects revenue of $212,300 over expenses of $210,783, projecting a net income of $1,517. Included in expenses is payment of $158,293 to the City of Palos Heights.

Annual Report

In an effort to better educate our community Lake Katherine publishes an annual report that is distributed to all reseidents of the City of Palos Heights and other supporters.

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)

Funding