Minot Chamber Of Commerce
- Assets
- $18.2m
- Revenue
- $2.7m
- Investments
- $0.0
- Employees
- 15
- Location
- Minot, ND
- Founding
- 12/1940
- Data as of
- 12/2022
- EIN
- 45-0166410
Organization Overview
Minot Chamber Of Commerce is located in Minot, ND. The organization was established in 1940. 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, Minot Chamber Of Commerce employed 15 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Minot 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, Minot Chamber Of Commerce generated $2.7m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 5.7% each year. All expenses for the organization totaled $2.4m during the year ending 12/2022. While expenses have increased by 7.8% 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 ADVOCATE FOR AND INVEST IN BUSINESS ACTIVITY BY BEING A COLLABORATIVE PARTNER IN THE COMMUNITY, FOCUSED ON IMPROVING QUALITY OF LIFE FOR ALL.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO BE THE GO-TO ORGANIZATION FOR OUR BUSINESS COMMUNITY TO DRIVE KEY INITIATIVES THAT BUILD AND STRENGTHEN OUR ECONOMY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Ryan Ackerman Director | Trustee | 0.5 | $0 |
Jason Zimmerman Director | Trustee | 0.5 | $0 |
Bucky Anderson Director | Trustee | 0.5 | $0 |
Randy Hauck Chair | OfficerTrustee | 0.5 | $0 |
Missy Feist Erickson Treasurer | OfficerTrustee | 0.5 | $0 |
Dr Mark Vollmer Director | Trustee | 0.5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $346,448 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $935,000 |
| All other contributions, gifts, grants, and similar amounts not included above | $87,000 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,368,448 |
| Total Program Service Revenue | $688,686 |
| Investment income | $2,619 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $420,786 |
| Net Gain/Loss on Asset Sales | -$272 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $2,681,791 |
| 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. | $196,593 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $648,023 |
| Pension plan accruals and contributions | $57,415 |
| Other employee benefits | $130,749 |
| Payroll taxes | $61,982 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $22,910 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $196,334 |
| Advertising and promotion | $94,724 |
| Office expenses | $19,524 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $104,164 |
| Travel | $122,768 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $110,474 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $285,809 |
| Insurance | $0 |
| All other expenses | $116,599 |
| Total functional expenses | $2,443,390 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,283,594 |
| Savings and temporary cash investments | $1,132,917 |
| 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 | $15,799,823 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $18,216,334 |
| Accounts payable and accrued expenses | $9,616 |
| 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 | $8,513,271 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $8,522,887 |
| Net assets without donor restrictions | $9,449,857 |
| Net assets with donor restrictions | $243,590 |
| 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 | $18,216,334 |