Troy Chamber Of Commerce
- Assets
- $484.9k
- Revenue
- $530.5k
- Investments
- $0.0
- Employees
- 5
- Location
- Troy, MI
- Founding
- 12/1971
- Data as of
- 12/2022
- EIN
- 38-1973921
Organization Overview
Troy Chamber Of Commerce is located in Troy, MI. The organization was established in 1971. 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, Troy Chamber Of Commerce employed 5 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Troy 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, Troy Chamber Of Commerce generated $530.5k in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 2.6% each year. All expenses for the organization totaled $471.0k during the year ending 12/2022. While expenses have increased by 1.3% 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO PROMOTE THE GENERAL WELFARE OF THE COMMERICAL AND INDUSTRIAL DEVELOPMENT AND GENERAL INTERESTS OF THE CITY OF TROY AND TRADE AREA.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO PROMOTE GROWTH AND DEVELOPMENT OF BUSINESS IN THE CITY OF TROY
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Stephen R Mihalik Treasurer | OfficerTrustee | 2 | $0 |
Nelson Lagerbohm Immediate Past Chair | OfficerTrustee | 3 | $0 |
Karen Manardo Director | Trustee | 1 | $0 |
Charles Vercellone Director | Trustee | 1 | $0 |
Lisa Ouellette Director | Trustee | 1 | $0 |
Tara Tomcsik President | Trustee | 37.5 | $122,600 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $279,816 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $64,270 |
| 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 | $344,086 |
| Total Program Service Revenue | $136,489 |
| Investment income | $717 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $49,250 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $530,542 |
| 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. | $122,600 |
| Compensation of current officers, directors, key employees. | $98,080 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $178,668 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $14,275 |
| Payroll taxes | $25,496 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $6,108 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $1,442 |
| Advertising and promotion | $15,982 |
| Office expenses | $2,487 |
| Information technology | $12,784 |
| Royalties | $36,141 |
| Occupancy | $0 |
| Travel | $856 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $4,072 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $5,787 |
| Insurance | $0 |
| All other expenses | $4,294 |
| Total functional expenses | $470,955 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $249,016 |
| Savings and temporary cash investments | $193,911 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $16,860 |
| 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 | $7,713 |
| Net Land, buildings, and equipment | $16,420 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $960 |
| Total assets | $484,880 |
| Accounts payable and accrued expenses | $14,378 |
| Grants payable | $0 |
| Deferred revenue | $64,629 |
| 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 | $79,007 |
| Net assets without donor restrictions | $405,873 |
| 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 | $484,880 |