Lorain County Chamber Of Commerce Inc
- Assets
- $306.6k
- Revenue
- $345.6k
- Investments
- $0.0
- Employees
- 3
- Location
- Elyria, OH
- Founding
- 08/1988
- Data as of
- 12/2021
- EIN
- 34-1557587
Organization Overview
Lorain County Chamber Of Commerce Inc is located in Elyria, OH. The organization was established in 1988. 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 12/2021, Lorain County Chamber Of Commerce Inc employed 3 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Lorain County Chamber Of Commerce Inc 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 12/2021, Lorain County Chamber Of Commerce Inc generated $345.6k in total revenue. The organization has seen a slow decline revenue. Over the past 7 years, revenues have fallen by an average of (1.3%) each year. All expenses for the organization totaled $357.0k during the year ending 12/2021. 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO ENHANCE THE QUALITY OF LIFE IN LORAIN COUNTY THROUGH A UNIFIED AND COORDINATED REGIONAL ECONOMIC DEVELOPMENT PROGRAM THAT PROVIDES LEADERSHIP, MAXIMIZES RESOURCES, AND EMPHASIZES COOPERATION.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO ENHANCE THE QUALITY OF LIFE IN LORAIN COUNTY THROUGH A UNIFIED AND COORDINATED REGIONAL ECONOMIC DEVELOPMENT PROGRAM THAT PROVIDES LEADERSHIP, MAXIMIZED RESOURCES, AND EMPHASIZES COOPERATION.
TO ENHANCE THE QUALITY OF LIFE IN LORAIN COUNTY THROUGH A UNIFIED AND COORDINATED REGIONAL ECONOMIC DEVELOPMENT PROGRAM THAT PROVIDES LEADERSHIP, MAXIMIZED RESOURCES, AND EMPHASIZES COOPERATION.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Anthony Gallo President | Officer | 40 | $98,161 |
Philip Amos Vice Charima | Trustee | $0 | |
Marcia Ballinger Trustee | Trustee | $0 | |
Jason Coe Trustee | Trustee | $0 | |
Jon Cromling Trustee | Trustee | $0 | |
Ryan Flanigan Trustee | Trustee | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $220,672 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $5,000 |
| 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 | $225,672 |
| Total Program Service Revenue | $45,307 |
| Investment income | $0 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $66,108 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $345,590 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $187,888 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $61,191 |
| Payroll taxes | $13,956 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $3,975 |
| Fees for services: Accounting | $4,615 |
| 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 | $7,932 |
| Information technology | $8,513 |
| Royalties | $0 |
| Occupancy | $20,000 |
| 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 | $1,800 |
| Insurance | $5,539 |
| All other expenses | $7,985 |
| Total functional expenses | $357,010 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $304,497 |
| 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 | $2,150 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $306,647 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $28,000 |
| Deferred revenue | $0 |
| 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 | $29,202 |
| Other liabilities | $12,497 |
| Total liabilities | $69,699 |
| Net assets without donor restrictions | $236,948 |
| 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 | $306,647 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Lorain County Chamber Of Commerce Inc has recieved totaling $1,000.
| Awarding Organization | Amount |
|---|---|
Stocker Foundation Elyria, OH PURPOSE: TOWARD EDUCATIONAL PROGRAMMING | $1,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Society Of Manufacturing Engineers Southfield, MI | $77,116,365 | $66,156,404 |
Regional Industrial Development Corporation Of Sw Pa Pittsburgh, PA | $178,323,730 | $33,758,702 |
Leap Lansing, MI | $5,631,252 | $15,493,708 |
Greater Cleveland Partnership Cleveland, OH | $36,035,820 | $14,402,868 |
Philadelphia Industrial Development Corp Philadelphia, PA | $40,435,799 | $13,493,986 |
Board Of Certified Safety Professionals Of The Americas Inc Indianapolis, IN | $35,079,358 | $17,695,377 |
The Right Place Inc Grand Rapids, MI | $10,135,241 | $14,178,677 |
Pocono Mountains Vacation Bureau Inc Stroudsburg, PA | $11,737,684 | $15,325,542 |
Central Indiana Corporate Partnership Inc Indianapolis, IN | $8,694,724 | $11,696,503 |
National Kitchen & Bath Assoc Bethlehem, PA | $28,104,693 | $9,331,415 |
Automotive Industry Action Group Southfield, MI | $14,204,782 | $10,849,803 |
Detroit Regional Chamber Foundation Inc Detroit, MI | $6,324,468 | $12,985,195 |