Nantucket Island Chamber Of Commerce
- Assets
- $1.1m
- Revenue
- $1.3m
- Investments
- $0.0
- Employees
- 9
- Location
- Nantucket, MA
- Founding
- 05/1979
- Data as of
- 06/2023
- EIN
- 04-2189081
Organization Overview
Nantucket Island Chamber Of Commerce is located in Nantucket, MA. The organization was established in 1979. 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, Nantucket Island Chamber Of Commerce employed 9 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Nantucket Island 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, Nantucket Island Chamber Of Commerce generated $1.3m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 8.2% each year. All expenses for the organization totaled $1.3m during the year ending 06/2023. While expenses have increased by 7.7% 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
THE MISSION OF THE NANTUCKET ISLAND CHAMBER OF COMMERCE IS PROMOTING THE INTERESTS AND VIABILITY OF ITS NEARLY 700 MEMBERS. THE MEMBERS ARE COMPRISED OF BUSINESSES, NON-PROFIT ORGANIZARTIONS, INDIVIDUALS, AND THE ISLAND BUSINESS COMMUNITY AS A WHOLE. THE CHAMBER PROMOTES THE HISTORIC, CULTURAL, AND RECREATIONAL FEATURES THAT POSITION NANTUCKET AS A PRIME TOURIST DESTINATION.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PRODUCTION OF TOURISM GUIDEBOOKS, SPONSOR EVENTS AND PROGRAMS WITH LOCAL BUSINESSES AND THE TOURISM AND LEISURE INDUSTRY TO PROMOTE TOURISM AND BUSINESS ON THE NANTUCKET ISLAND, MA.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Peter Burke Executive Di | Officer | 40 | $110,423 |
Matt Baty Director | Trustee | 2 | $0 |
Jenny Benzie Director | Trustee | 2 | $0 |
Carl Bois Director | Trustee | 2 | $0 |
Patty Molloy Brorup Director | Trustee | 2 | $0 |
Alicia Carney Director | Trustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $248,223 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $791,336 |
| All other contributions, gifts, grants, and similar amounts not included above | $47,880 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,087,439 |
| Total Program Service Revenue | $211,453 |
| Investment income | $0 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | -$589 |
| 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 | $1,752 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,301,887 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $112,325 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $393,951 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $86,802 |
| 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 | $190,826 |
| Advertising and promotion | $189,348 |
| Office expenses | $23,561 |
| Information technology | $55,992 |
| Royalties | $0 |
| Occupancy | $87,146 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $9,299 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $3,066 |
| Insurance | $5,099 |
| All other expenses | -$79,766 |
| Total functional expenses | $1,283,340 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $943,113 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $25,517 |
| 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 | $2,026 |
| Net Land, buildings, and equipment | $7,992 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $88,362 |
| Total assets | $1,067,010 |
| Accounts payable and accrued expenses | $43,643 |
| Grants payable | $0 |
| Deferred revenue | $537,182 |
| 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 | $90,462 |
| Total liabilities | $671,287 |
| Net assets without donor restrictions | $351,027 |
| Net assets with donor restrictions | $44,696 |
| 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 | $1,067,010 |