Greater Madison Chamber Of Commerce
- Assets
- $82.8k
- Revenue
- $441.4k
- Investments
- $0.0
- Employees
- 3
- Location
- Madison, SD
- Founding
- 08/1986
- Data as of
- 12/2021
- EIN
- 46-0160860
Organization Overview
Greater Madison Chamber Of Commerce is located in Madison, SD. The organization was established in 1986. 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, Greater Madison Chamber Of Commerce employed 3 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Greater Madison 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, Greater Madison Chamber Of Commerce generated $441.4k in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 7.0% each year. All expenses for the organization totaled $452.3k during the year ending 12/2021. While expenses have increased by 7.7% per year over the past 7 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO PROMOTE MEMBERS, THE COMMUNITY, AND ECONOMIC DEVELOPMENT RESULTING IN A BETTER QUALITY OF LIFE IN THE MADISON, SD AREA
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE MAIN PURPOSE OF THE EVENT COMMITTEE IS TO INCREASE INTERACTION BETWEEN MEMBERS AND THE COMMUNITY AND TO PROMOTE A GENUINE CAMARADERIE AMONG THE CITIZENS OF LAKE COUNTY. THE LARGEST EVENT IN 2021 WAS AN EVENT CALLED DOWNTOWN IN MADTOWN, WHICH IS A FAMILY FRIENDLY SUMMER CONCERT SERIES THAT INCLUDES KIDS ACTIVITIES AND FOOD BOOTHS FROM APPROXIMATELY 50 MADISON VENDORS. THE OBJECTIVE OF THE EVENT IS TO GET PEOPLE INTO DOWNTOWN MADISON. THE EVENT AVERAGED ABOUT 2500-3000 PEOPLE IN EACH OF THE SIX WEEKS IT WAS HELD.
THE COMMUNITY PROMO COMMITTEE WAS SET UP TO PROMOTE RETAIL EVENTS WITH AN EMPHASIS ON BRINGING INDIVIDUALS FROM OUT OF TOWN, INTO MADISON TO SHOP AND DINE. AN EVENT CALLED THE BACON BASH WAS ONE OF THE MOST NOTABLE ACCOMPLISHMENTS OF THIS COMMITTEE IN 2021. IT WAS A ONE DAY EVENT WITH FOOD, SHOPPING, MUSIC AND ACTIVITIES ALL AROUND THE TOWN OF MADISON. IT IS BELIEVED THAT THIS EVENT AIDED IN THE RISE OF SALES TAX REVENUE IN MADISON FROM 2020 TO 2021. IN ADDITION TO THIS EVENT, THE GIFT CARDS FOR GOOD PROGRAM CARRIED OVER INTO 2021 AND GENERATED ALMOST 25,000 IN REVENUES BETWEEN PARTICIPATING VENDORS.
THE VISITORS GUIDE IS A PUBLICATION OF INFORMATIONAL PACKETS PUT TOGETHER FOR POTENTIAL VISITORS TO THE MADISON AREA. THE GUIDE CAN BE FOUND IN SEVERAL MADISON BUSINESSES AS WELL AS SEVERAL REST STOPS ACROSS THE STATE OF SOUTH DAKOTA. IT IS THE ONE STOP SHOP FOR EVERYTHING IN MADISON. BETWEEN 8,000 TO 10,000 COPIES ARE PRINTED AND DISTRIBUTED ANNUALLY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Eric Hortness Executive Director | OfficerTrustee | 40 | $70,217 |
Sarah Cronin Vice President | OfficerTrustee | 1 | $0 |
Stacey Krusemark President | OfficerTrustee | 1 | $0 |
Derek Dudley Secretary/treasurer | OfficerTrustee | 1 | $0 |
Travis Olson Director | Trustee | 1 | $0 |
Sharon Patch Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $122,792 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,575 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $124,367 |
| Total Program Service Revenue | $304,071 |
| Investment income | $104 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $12,825 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $441,367 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $6,250 |
| Grants and other assistance to domestic individuals. | $1,000 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $64,217 |
| Compensation of current officers, directors, key employees. | $32,109 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $78,557 |
| Pension plan accruals and contributions | $7,126 |
| Other employee benefits | $14,916 |
| Payroll taxes | $12,225 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $2,879 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $27,100 |
| Advertising and promotion | $133,108 |
| Office expenses | $47,614 |
| Information technology | $1,086 |
| Royalties | $0 |
| Occupancy | $7,290 |
| Travel | $2,406 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $8,283 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $5,776 |
| Insurance | $5,586 |
| All other expenses | $0 |
| Total functional expenses | $452,253 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $13,487 |
| Savings and temporary cash investments | $69,353 |
| 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 | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $82,840 |
| Accounts payable and accrued expenses | $17,157 |
| Grants payable | $0 |
| Deferred revenue | $4,067 |
| 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 | $21,224 |
| Net assets without donor restrictions | $61,616 |
| 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 | $82,840 |
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