New Ulm Chamber Of Commerce
- Assets
- $1.2m
- Revenue
- $377.7k
- Investments
- $20.0
- Employees
- 9
- Location
- New Ulm, MN
- Founding
- 10/1945
- Data as of
- 12/2021
- EIN
- 41-0632848
Organization Overview
New Ulm Chamber Of Commerce is located in New Ulm, MN. The organization was established in 1945. 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, New Ulm Chamber Of Commerce employed 9 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. New Ulm 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 12/2021, New Ulm Chamber Of Commerce generated $377.7k in total revenue. The organization has seen a slow decline revenue. Over the past 7 years, revenues have fallen by an average of (2.2%) each year. All expenses for the organization totaled $283.3k during the year ending 12/2021. As we would expect to see with falling revenues, expenses have declined by (5.2%) 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO PROMOTE COMMERCE WITHIN THE CITY OF NEW ULM AND SURROUNDING AREA
Describe the Organization's Program Activity:
Part 3 - Line 4a
TOURISM- IN AN EFFORT TO EXPAND OUR TOURISM BASE AND ENTICE VISITORS FOR OVERNIGHT STAYS, WE ADVERTISE USING MAGAZINES, BILLBOARDS, TRADE SHOWS, AND FAM TOURS. WE ALSO DEVELOPED SEVERAL NEW EVENTS. RESULT- OVER 60,000 PEOPLE STAY IN OUR CITY. COVID-19 PANDEMIC CONTINUED TO IMPACT TOURISM IN 2021.
HOME SHOW- NORMALLY BRINGS IN 7,500-8,000 PEOPLE TO THE AREA TO SEE THE PRODUCTS AND SERVICES OF AREA BUSINESSES WHICH IS IMPORTANT FOR CONTINUED RETAIL GROWTH. USUALLY HAVE 125 VENDORS FILLED 154 BOOTHS IN TWO ARENAS. HOME SHOW WAS CANCELLED DUE TO COVID-19 PANDEMIC IN 2021.
OKTOBERFEST- THIS FESTIVAL BROUGHT IN OVER 1,500 PEOPLE TO NEW ULM, WHICH HELPS OUR LOCAL BUSINESSES INCLUDING HOTELS, SHOPS, AND RESTAURANTS. THIS EVENT HELPS SUPPORT OUR CHAMBER ACTIVITIES AND EDUCATIONAL PROGRAMS. OKCTOBERFEST WAS IMPACTED DUE TO THE COVID-19 PANDEMIC IN 2021.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Michael Looftsarah Warmka CEO | Officer | 40 | $69,513 |
Heather Hacker-Hammer Chairperson | OfficerTrustee | 3 | $0 |
Erin Lafferty Vice Chair | OfficerTrustee | 1 | $0 |
Jeff Amundson Treasurer | OfficerTrustee | 2 | $0 |
Les Schultz Director | Trustee | 1 | $0 |
Kristine Rueckert Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $158,861 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $10,000 |
| 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 | $168,861 |
| Total Program Service Revenue | $165,404 |
| Investment income | $3,652 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $4,500 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $2,490 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $377,650 |
| 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. | $69,513 |
| Compensation of current officers, directors, key employees. | $69,513 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,012 |
| Pension plan accruals and contributions | $3,788 |
| Other employee benefits | $0 |
| Payroll taxes | $11,984 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $4,541 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $14,779 |
| Office expenses | $21,467 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $28,537 |
| Travel | $191 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $3,411 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $10,138 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $283,308 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $259,098 |
| Savings and temporary cash investments | $784,672 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $33,675 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $2,002 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $93,953 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $20 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $1,173,420 |
| Accounts payable and accrued expenses | $212,206 |
| Grants payable | $0 |
| Deferred revenue | $102,508 |
| 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 | $149,900 |
| Total liabilities | $464,614 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $616,706 |
| Paid-in or capital surplus, or land, building, or equipment fund | $92,100 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $1,173,420 |
Grants Recieved
Over the last fiscal year, we have identified 2 grants that New Ulm Chamber Of Commerce has recieved totaling $17,750.
| Awarding Organization | Amount |
|---|---|
Aarp Washington, DC PURPOSE: Grant to support AARP's livable communities initiative | $12,000 |
Minnesota Chamber Foundation St Paul, MN PURPOSE: BEN PROGRAM FUNDING | $5,750 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Statewide Energy Efficiency Andrenewables Administration Inc Madison, WI | $63,794,129 | $99,926,553 |
Iowa Soybean Association Ankeny, IA | $41,040,308 | $49,594,198 |
North Central States Regional Council Of Carpenters St Paul, MN | $80,577,529 | $40,138,567 |
Association Of Equipment Manufacturers Milwaukee, WI | $65,690,987 | $35,929,615 |
International Foundation Of Employee Benefit Plans Inc Brookfield, WI | $45,052,685 | $24,056,813 |
Dane Buy Local Foundation Inc Madison, WI | $199,958 | $19,130,759 |
Society Of Corporate Compliance And Ethics & Health Care Compliance Eden Prairie, MN | $30,768,192 | $19,415,043 |
Asqexcellence Inc Milwaukee, WI | $6,648,120 | $11,915,494 |
Saint Paul Rivercentre Convention And Visitors Authority St Paul, MN | $10,775,339 | $12,198,491 |
National Association Of Tax Professionals Inc Appleton, WI | $15,322,195 | $11,606,289 |
Minnesota Hospital Association St Paul, MN | $27,636,744 | $11,552,322 |
International Dairy-Deli-Bakery Association Madison, WI | $22,953,024 | $8,197,084 |