North Central Massachusetts Chamber Foundation Incorporated
- Assets
- $653.8k
- Revenue
- $86.7k
- Investments
- $0.0
- Employees
- 0
- Location
- Fitchburg, MA
- Founding
- 05/1983
- Data as of
- 06/2022
- EIN
- 04-2774164
Organization Overview
North Central Massachusetts Chamber Foundation Incorporated is located in Fitchburg, MA. The organization was established in 1983. According to its NTEE Classification (B82) the organization is classified as: Scholarships & Student Financial Aid, under the broad grouping of Education and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. North Central Massachusetts Chamber Foundation Incorporated is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 06/2022, North Central Massachusetts Chamber Foundation Incorporated generated $86.7k in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 7.7% each year. All expenses for the organization totaled $54.3k during the year ending 06/2022. While expenses have increased by 2.1% per year over the past 7 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
SCHOLARSHIPS ARE AWARDED TO HIGHLIGHT THE ACADEMIC OF HIGH SCHOOL SENIORS IN THE COMMUNITY
Describe the Organization's Program Activity:
Part 3 - Line 4a
FUNDS SUPPORTING THE CHAMBER FOUNDATION COME PREDOMINANTLY FROM AREA COMPANIES AND INDIVIDUALS - OFTEN IN MEMORY OF A PARTICULAR PERSON, AND ARE EITHER ANNUAL AWARDS OR ENDOWMENTS. THE CHAMBER'S SCHOLARHSIP COMMITTEE SELECTS STUDENT WINNERS BASED ON ALL-AROUND EXCELLENCE, WITH DEMONSTRATED LEADERSHIP SKILLS, AN OUTSTANDING ACADEMIC RECORD AND OTHER ACHIEVMENTS AND ACTIVITIES, BOTH IN AND OUT OF SCHOOL.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Christopher Mccarthy Vice Chair | OfficerTrustee | 1 | $0 |
Roy Nasciemento President, Clerk | OfficerTrustee | 5 | $0 |
Rachel Lopez Chair | OfficerTrustee | 1 | $0 |
Steven Rocheleau Director | Trustee | 1 | $0 |
James Vander Hooven Director | Trustee | 1 | $0 |
Henry Tessman Director | Trustee | 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 | $68,505 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $68,505 |
| Total Program Service Revenue | $0 |
| Investment income | $18,177 |
| 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 | $86,682 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $52,000 |
| 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 | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| 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 | $0 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| 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 | $0 |
| Insurance | $0 |
| All other expenses | $2,260 |
| Total functional expenses | $54,260 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $94,492 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| 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 | $0 |
| Investments—publicly traded securities | $559,267 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $653,759 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $0 |
| Deferred revenue | $75,000 |
| 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 | $0 |
| Total liabilities | $75,000 |
| Net assets without donor restrictions | $19,998 |
| Net assets with donor restrictions | $558,761 |
| 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 | $653,759 |
Grants Recieved
Over the last fiscal year, we have identified 2 grants that North Central Massachusetts Chamber Foundation Incorporated has recieved totaling $13,000.
| Awarding Organization | Amount |
|---|---|
Umass Memorial Health Care Inc Worcester, MA PURPOSE: 8. Contribution to North Central MA Chamber Foundation - Scholarships to highlight Academic of High School Seniors in the community | $8,000 |
Workers Federal Credit Union Littleton, MA PURPOSE: CHARITABLE CONTRIBUTIONS | $5,000 |
Endowment Analysis
| Beg. Balance | $591,972 |
| Earnings | -$32,705 |
| Ending Balance | $559,267 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Vermont Student Development Fund Inc Winooski, VT | $17,468,961 | $10,359,436 |
The Teagle Foundation Incorporated New York, NY | $172,379,349 | $12,655,674 |
Jackie Robinson Foundation Inc New York, NY | $30,161,175 | $8,662,334 |
The Cape Cod Community College Educational Foundation Inc West Barnstable, MA | $15,428,827 | $3,042,413 |
Cape Cod Foundation Inc South Yarmouth, MA | $88,834,376 | $21,531,654 |
Gilder Lehrman Institute Of American History New York, NY | $67,600,972 | $8,993,543 |
Uaspire Inc Boston, MA | $8,161,176 | $8,929,537 |
Target Als Foundation Inc New York, NY | $26,527,264 | $6,977,665 |
Pursuit Transformation Company Inc Long Island City, NY | $13,294,970 | $6,856,404 |
Firemens Association Of The State New York Foundation Inc Albany, NY | $161,398,482 | $10,617,589 |
Morgan Stanley Foundation Inc New York, NY | $117,614,938 | $39,846,453 |
Stephen Phillips Memorial Scholarship Fund Inc Boston, MA | $45,790,109 | $8,308,700 |