Maine State Chamber Of Commerce
- Assets
- $1.6m
- Revenue
- $2.3m
- Investments
- $0.0
- Employees
- 18
- Location
- Augusta, ME
- Founding
- 10/1921
- Data as of
- 06/2023
- EIN
- 01-0021545
Organization Overview
Maine State Chamber Of Commerce is located in Augusta, ME. The organization was established in 1921. According to its NTEE Classification (S41) the organization is classified as: Chambers of Commerce & Business Leagues, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 06/2023, Maine State Chamber Of Commerce employed 18 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Maine State Chamber Of Commerce is a 501(c)(6) and as such, is described as a "Business League, Chambers of Commerce, or Real Estate Board" by the IRS.
For the year ending 06/2023, Maine State Chamber Of Commerce generated $2.3m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 4.9% each year. All expenses for the organization totaled $2.2m during the year ending 06/2023. While expenses have increased by 4.6% per year over the past 8 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
SUPPORT AND STRENGTHEN MAINE BUSINESS
Describe the Organization's Program Activity:
Part 3 - Line 4a
ENHANCE THE BUSINESS CLIMATE, THE QUALITY OF LIFE, AND ECONOMIC WELLBEING OF THE BUSINESSES AND PEOPLE OF MAINE
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Luann Ballesteros Board Chair | OfficerTrustee | 2 | $0 |
Clifton Greim Immediate Past Chair | OfficerTrustee | 2 | $0 |
Bob Montgomery-Rice Vice Chair | OfficerTrustee | 2 | $0 |
Ann Robinson Second Vice Chair | OfficerTrustee | 2 | $0 |
David Austin Director | Trustee | 2 | $0 |
David Barber Director | Trustee | 2 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Fob Thinking Llc Services | 6/29/23 | $120,000 |
Holiday Inn By The Bay Hotel Services | 6/29/23 | $115,829 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $967,659 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $196,559 |
| All other contributions, gifts, grants, and similar amounts not included above | $116,609 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,280,827 |
| Total Program Service Revenue | $849,663 |
| Investment income | $1,203 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$2,212 |
| Net Income from Fundraising Events | $37,006 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $2,270,959 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $199,220 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $764,525 |
| Pension plan accruals and contributions | $51,334 |
| Other employee benefits | $64,527 |
| Payroll taxes | $76,054 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $204,842 |
| Advertising and promotion | $420 |
| Office expenses | $57,335 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $76,094 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $397 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $16,507 |
| Insurance | $27,751 |
| All other expenses | $78,207 |
| Total functional expenses | $2,195,949 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $281,943 |
| Savings and temporary cash investments | $213,876 |
| Pledges and grants receivable | $90,000 |
| Accounts receivable, net | $303,523 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $27,363 |
| Net Land, buildings, and equipment | $3,980 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $727,847 |
| Total assets | $1,648,532 |
| Accounts payable and accrued expenses | $199,613 |
| Grants payable | $0 |
| Deferred revenue | $545,555 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $6,903 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $727,611 |
| Total liabilities | $1,479,682 |
| Net assets without donor restrictions | $58,841 |
| Net assets with donor restrictions | $110,009 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $1,648,532 |