Petoskey Chamber Of Commerce
- Assets
- $575.4k
- Revenue
- $534.3k
- Investments
- $0.0
- Employees
- 5
- Location
- Petoskey, MI
- Founding
- 06/1947
- Data as of
- 12/2022
- EIN
- 38-0924480
Organization Overview
Petoskey Chamber Of Commerce is located in Petoskey, MI. The organization was established in 1947. 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 12/2022, Petoskey Chamber Of Commerce employed 5 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Petoskey 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 12/2022, Petoskey Chamber Of Commerce generated $534.3k in total revenue. The organization has seen a slow decline revenue. Over the past 7 years, revenues have fallen by an average of (1.2%) each year. All expenses for the organization totaled $475.7k during the year ending 12/2022. 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
THE CHAMBER'S MISSION IS TO HELP BUSINESSES IN THE PETOSKEY REGION SUCCEED WHILE PROTECTING OUR COMMUNITY'S QUALITY OF LIFE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDED OPPORTUNITIES FOR AREA WOMEN BUSINESS LEADERS AND BUSINESS OWNERS TO LEARN, FORM CONNECTIONS, SHARE IDEAS AND PROVIDE OPPORTUNITIES FOR PERSONAL AND PROFESSIONAL GROWTH. THE GROUP ALSO PROMOTED INITIATIVES OF FEMALE STUDENTS BY PROVIDING "GO GRANTS" WHICH SERVED AS SCHOLARSHIPS TO SEND YOUNG WOMEN TO CAMPS, CLASSES AND OTHER PROGRAMS THAT PROMOTE THE ADVANCEMENT OF YOUNG WOMEN.
OTHER PROGRAM SERVICES INCLUDE THE FOLLOWING:ART SHOW - A JURIED ART SHOW IS HELD EACH YEAR WHICH ATTRACTS WELL KNOWN ARTISTS AND BRINGS TOURISTS TO THE AREA. LLT - THE CHAMBER SPONSORS A LEADERSHIP PROGRAM CALLED LEADERSHIP LITTLE TRAVERSE. THIS PROGRAM IS OFFERED EACH YEAR FOR A CLASS OF 16 EMPLOYEES OF CHAMBER MEMBERS AND PROVIDES LEADERSHIP TRAINING.
THE CHAMBER SPONSORED A GOLF OUTING IN SEPTEMBER. THE EVENT WAS INTENDED TO PROVIDE A NETWORKING OPPORTUNITY FOR ITS MEMBERS.
A COMMUNITY AWARDS PROGRAM CELEBRATED ITS 31TH ANNIVERSARY. THE EVENT HONORED CHAMBER MEMBER BUSINESSES AND INDIVIDUALS. A NUMBER OF AWARDS WERE PRESENTED THROUGHOUT THE CEREMONY THAT CELEBRATED THE OUTSTANDING ACCOMPLISHMENTS OF ITS BUSINESS COMMUNITY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Becky Philip-Kranig Director | Trustee | 2 | $0 |
Phil Harmon Director | Trustee | 2 | $0 |
Brian Bates Director | Trustee | 2 | $0 |
Mary Foster Director | Trustee | 2 | $0 |
Keith Braddock Director | Trustee | 2 | $0 |
Scott Shearer Director | Trustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $296,142 |
| 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 | $296,142 |
| Total Program Service Revenue | $196,103 |
| Investment income | $116 |
| 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 | $534,291 |
| 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. | $85,039 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $148,864 |
| Pension plan accruals and contributions | $3,506 |
| Other employee benefits | $16,026 |
| Payroll taxes | $17,643 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $16,909 |
| 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 | $24,961 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $14,634 |
| Travel | $3,754 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $1,631 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $3,017 |
| Insurance | $7,163 |
| All other expenses | $0 |
| Total functional expenses | $475,658 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $475,556 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $24,130 |
| 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 | $68,955 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $6,805 |
| Total assets | $575,446 |
| Accounts payable and accrued expenses | $20,828 |
| Grants payable | $0 |
| 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 | $0 |
| Other liabilities | $11,263 |
| Total liabilities | $32,091 |
| Net assets without donor restrictions | $0 |
| 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 | $543,355 |
| Total liabilities and net assets/fund balances | $575,446 |