Vermont Chamber Of Commerce
- Assets
- $2.2m
- Revenue
- $1.4m
- Investments
- $0.0
- Employees
- 27
- Location
- Montpelier, VT
- Founding
- 02/1954
- Data as of
- 09/2022
- EIN
- 03-0184299
Organization Overview
Vermont Chamber Of Commerce is located in Montpelier, VT. The organization was established in 1954. 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 09/2022, Vermont Chamber Of Commerce employed 27 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Vermont 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 09/2022, Vermont Chamber Of Commerce generated $1.4m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (3.2%) each year. All expenses for the organization totaled $1.6m during the year ending 09/2022. As we would expect to see with falling revenues, expenses have declined by (2.5%) per year over the past 7 years. 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO CREATE AN ECONOMIC CLIMATE CONDUCIVE TO BUSINESS GROWTH AND THE PRESERVATION OF THE VERMONT QUALITY OF LIFE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TRAVEL AND TOURISM: THE CHAMBER PUBLISHES AND DISTRIBUTES ONE TOURISM GUIDEBOOK ANNUALLY, THE VERMONT ANNUAL INSPIRATION GUIDE, AND MANAGES A STATEWIDE TOURISM BUSINESS DIRECTORY. MEMBERS AND NON-MEMBERS CAN PURCHASE ADVERTISEMENTS AND LISTINGS IN THE MAGAZINE AND DIRECTORY, WHICH ARE BOTH PRINT AND WEB-BASED. MEMBERS ARE PROVIDED A DISCOUNT AS A BENEFIT OF MEMBERSHIP, WHICH FURTHERS THE CHAMBER'S MISSION TO CREATE AN ECONOMIC CLIMATE CONDUCIVE TO BUSINESS GROWTH. EXPENSES RELATED TO TRAVEL AND TOURISM CONSIST PRIMARILY OF PRINTING AND DISTRIBUTION COSTS, AS WELL AS THE SALARIES AND BENEFITS FOR ADVERTISING SALES AND SUPPORT STAFF.
EVENTS: THE CHAMBER HOSTS SEVERAL EVENTS THROUGHOUT THE YEAR, GENERATING REVENUE FROM SPONSORSHIPS, EXHIBITION BOOTH SALES AND GENERAL ADMISSION. THE LARGEST EVENTS INCLUDE THE VERMONT ECONOMIC CONFERENCE, THE MANUFACTURING TRADE SHOW AND THE CITIZEN OF THE YEAR AWARDS. EXPENSES RELATED TO EVENTS ARE RELATED TO EVENT MANAGEMENT AND SUPPORT PERSONNEL, AS WELL AS FACILITY RENTAL, CATERING AND PROMOTIONAL COSTS.
MEMBERSHIP: THE CHAMBER'S MEMBERSHIP BASE IS COMPRISED OF ROUGHLY 1,000 VERMONT BUSINESSES THAT PAY DUES ANNUALLY IN AN AMOUNT BASED ON THE SIZE OF THE BUSINESS. MEMBERSHIP PROGRAM EXPENSES CONSIST PRIMARILY OF THOSE RELATING TO SALES PERSONNEL AND MEMBER RECRUITMENT AND RETENTION.
GOVERNMENTAL AFFAIRS: THERE ARE FOUR LOBBYISTS EMPLOYED BY THE CHAMBER WHO ADVOCATE ON BEHALF OF VERMONT BUSINESSES ON ISSUES IDENTIFIED AS IMPORTANT TO MEMBERS. THIS IS VIEWED AS A SIGNIFICANT BENEFIT OF MEMBERSHIP IN THE CHAMBER AND DOES NOT GENERATE DIRECT REVENUE. CERTAIN LEGISLATIVE-RELATED EVENTS AND PUBLICATIONS, SUCH AS THE LEGISLATIVE LUNCH AND THE LEGISLATIVE HANDBOOK, DO PROVIDE A SMALL AMOUNT OF REVENUE TO THE CHAMBER. EXPENSES ARE PRIMARILY PERSONNEL-RELATED, AND ALSO INCLUDE ANY OUTSIDE CONSULTING FEES PAID. VACE: THE CHAMBER WAS THE ADMINISTRATOR FOR THE VACE INSURANCE PROGRAM, A GROUP DENTAL AND VISION INSURANCE ASSOCIATION PLAN. THE VACE ASSOCIATION PLAN COVERED NEARLY 1,000 SMALL BUSINESSES IN VERMONT. ALL PREMIUM BILLING, ENROLLMENTS AND CUSTOMER SERVICE WERE HANDLED BY THE CHAMBER STAFF. REVENUE TO THE CHAMBER WAS IN THE FORM OF MONTHLY ADMINISTRATIVE CONTRACT FEES BASED ON THE NUMBER OF SUBSCRIBERS AT THE END OF EACH MONTH. EXPENSES RELATE TO SALARIES, BENEFITS AND POSTAGE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Bethany Bishop President/se | OfficerTrustee | 40 | $190,079 |
Tom Dunn Vice Chair | OfficerTrustee | 1 | $0 |
Peter Mcdougall Chair | OfficerTrustee | 1 | $0 |
Sharon Rossi Treasurer | OfficerTrustee | 1 | $0 |
Rick Bibens Executive Co | OfficerTrustee | 1 | $0 |
Kim Donahue Executive Co | OfficerTrustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| 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 | $0 |
| Total Program Service Revenue | $1,420,330 |
| Investment income | $24,020 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,449,444 |
| 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. | $209,733 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $844,949 |
| Pension plan accruals and contributions | $14,401 |
| Other employee benefits | $85,183 |
| Payroll taxes | $75,425 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $25,400 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $6,239 |
| Advertising and promotion | $136,240 |
| Office expenses | $29,884 |
| Information technology | $68,108 |
| Royalties | $0 |
| Occupancy | $36,911 |
| Travel | $14,852 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $26,573 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $14,587 |
| Insurance | $13,707 |
| All other expenses | $785 |
| Total functional expenses | $1,625,246 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $300 |
| Savings and temporary cash investments | $837,774 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $151,226 |
| 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 | $11,205 |
| Net Land, buildings, and equipment | $361,954 |
| Investments—publicly traded securities | $788,775 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $2,151,234 |
| Accounts payable and accrued expenses | $157,964 |
| Grants payable | $0 |
| Deferred revenue | $277,169 |
| 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 | $4,338 |
| Other liabilities | $0 |
| Total liabilities | $439,471 |
| Net assets without donor restrictions | $1,711,763 |
| Net assets with donor restrictions | $0 |
| 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 | $2,151,234 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Vermont Chamber Of Commerce has recieved totaling $20,000.
| Awarding Organization | Amount |
|---|---|
University Of Vermont Medical Center Inc Burlington, VT PURPOSE: COMMUNITY HEALTH IMPROVEMENT | $20,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Telecom Infra Project Inc Wakefield, MA | $19,363,144 | $19,879,167 |
Northeast Gas Association Inc Needham, MA | $15,830,312 | $17,592,560 |
International Trademark Association Inc New York, NY | $31,452,258 | $17,397,846 |
American Association Of Advertising Agencies Inc New York, NY | $18,840,338 | $16,325,912 |
Northeast Power Coordinating Council Inc New York, NY | $13,480,521 | $16,289,125 |
Global Seafood Alliance Inc Portsmouth, NH | $16,114,958 | $17,110,603 |
The Toy Association Inc New York, NY | $44,631,259 | $11,487,921 |
Private Label Manufacturers Association New York, NY | $11,255,640 | $8,374,810 |
Mohawk Valley Health System Utica, NY | $546,149,518 | $137,473,732 |
Acord Corporation Pearl River, NY | $47,591,189 | $27,875,680 |
Loan Syndications And Trading Association Inc New York, NY | $32,443,554 | $12,995,504 |
Chartered Alternative Investment Analyst Association Inc Amherst, MA | $10,766,695 | $9,878,929 |