Portland Regional Chamber
- Assets
- $2.3m
- Revenue
- $1.1m
- Investments
- $0.0
- Employees
- 8
- Location
- Portland, ME
- Founding
- 01/1952
- Data as of
- 06/2023
- EIN
- 01-0043280
Organization Overview
Portland Regional Chamber is located in Portland, ME. The organization was established in 1952. According to its NTEE Classification (S01) the organization is classified as: Alliances & Advocacy, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 06/2023, Portland Regional Chamber employed 8 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Portland Regional Chamber 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, Portland Regional Chamber generated $1.1m in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 0.7% each year. All expenses for the organization totaled $1.1m during the year ending 06/2023. 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
ADVANCING COMMUNITIES AND THE REGION THROUGH BUSINESS PROSPERITY AND MEMBER ENGAGEMENT.
Describe the Organization's Program Activity:
Part 3 - Line 4a
COMMUNICATIONS-RESEARCH AND PUBLICATION OF SURVEYS, NEWSLETTERS, BROCHURES, GUIDES & DIRECTORIES AVAILABLE TO THE GENERAL PUBLIC.
OTHER PROGRAMS - ECONOMIC DEVELOPMENT PROGRAMS, ENCOURAGE CRUISE SHIP VISITATIONS, SEMINARS AND OTHER EVENTS TO PROMOTE BUSINESSES IN THE GREATER PORTLAND REGION.
MEMBER SERVICES - ANNUAL MEMBERSHIP MEETING, BUSINESS AFTER HOURS AND OTHER EVENTS TO ENCOURAGE INTERACTION AMONG MEMBERS AND TO PROMOTE THE GREATER PORTLAND REGION.
EGGS & ISSUES - BREAKFAST MEETINGS OF LOCAL PROFESSIONALS WHICH ADDRESS VARIOUS TOPICS OF INTEREST IN THE GREATER PORTLAND REGION.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Bill Whitmore Director | Trustee | 1 | $0 |
Guy Bertsch Director | Trustee | 1 | $0 |
Dennis Meehan Director | Trustee | 1 | $0 |
James Erwin Director | Trustee | 1 | $0 |
Glenn Cummings President | Trustee | 1 | $0 |
Asha Echeverria Chair | OfficerTrustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $567,949 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $567,949 |
| Total Program Service Revenue | $458,164 |
| Investment income | $22,767 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$28,140 |
| Net Income from Fundraising Events | $94,449 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,115,189 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $15,000 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $186,252 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $350,574 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $30,521 |
| Payroll taxes | $42,035 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $266 |
| Fees for services: Accounting | $28,600 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $4,500 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $25,828 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $82,262 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $8,178 |
| Insurance | $8,962 |
| All other expenses | $76,891 |
| Total functional expenses | $1,078,297 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $482,897 |
| Savings and temporary cash investments | $144,650 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $105,307 |
| 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 | $0 |
| Net Land, buildings, and equipment | $69,220 |
| Investments—publicly traded securities | $623,758 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $881,843 |
| Total assets | $2,307,675 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $0 |
| Deferred revenue | $288,024 |
| 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 | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $885,812 |
| Total liabilities | $1,173,836 |
| Net assets without donor restrictions | $977,339 |
| Net assets with donor restrictions | $156,500 |
| 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 | $2,307,675 |