The Lakewood Victim Assistance Compensation Board provides compensation to victims through an established process of application and review. It also monitors the Victim Assistance Fund and ensures that funds are utilized in accordance with the ordinance.

Ordinance O-92-33 established the Lakewood Victim Assistance Compensation Board in 1992.

The Board consists of five members. Two members are residents of Lakewood and are appointed at-large; one member is an employee of the Lakewood Police Department; one member is an employee of the Lakewood Municipal Court; and one member is from a Victim Assistance program. Terms are three years in length and Board members may serve two terms. The Lakewood Victim Assistance Compensation Board terms expire on September 30th.