Greensboro Area Chamber Of Commerce
- Assets
- $7.5m
- Revenue
- $7.8m
- Investments
- $15.0k
- Employees
- 25
- Location
- Greensboro, NC
- Founding
- 08/1944
- Data as of
- 12/2022
- EIN
- 56-0245040
Organization Overview
Greensboro Area Chamber Of Commerce is located in Greensboro, NC. The organization was established in 1944. According to its NTEE Classification (S01) the organization is classified as: Alliances & Advocacy, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 12/2022, Greensboro Area Chamber Of Commerce employed 25 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Greensboro Area 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, Greensboro Area Chamber Of Commerce generated $7.8m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 14.0% each year . All expenses for the organization totaled $4.1m during the year ending 12/2022. While expenses have increased by 3.8% 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO SERVE AS GREENSBORO, NORTH CAROLINA'S PRINCIPAL ECONOMIC AND COMMUNITY DEVELOPMENT ORGANIZATION. OUR GOAL IS TO STRATEGICALLY DEVELOP A VIBRANT COMMUNITY THAT CREATES, EXPANDS, AND ATTRACTS BUSINESS WHILE ADVANCING THE QUALITY OF LIFE FOR ALL.
Describe the Organization's Program Activity:
Part 3 - Line 4a
ECONOMIC DEVELOPMENT: FOCUSES ON CREATING NEW JOBS AND NEW CAPITAL INVESTMENT, AS WELL AS FACILITATING WORKFORCE DEVELOPMENT INITIATIVES IN GREENSBORO AND GUILFORD COUNTY. IT MARKETS GREENSBORO NATIONALLY AND INTERNATIONALLY AS A DESTINATION FOR NEW ENTERPRISES WHILE HELPING EXISTING GREENSBORO AREA COMPANIES REMAIN AND EXPAND LOCALLY.
MEMBER ENGAGEMENT: IS DEDICATED TO HELPING MEMBERS ACHIEVE SUCCESS THROUGH BUSINESS EDUCATION, LEADERSHIP TRAINING, ADVOCACY, MARKETING OPPORTUNITIES, AND UNIQUE BUSINESS RESOURCES. IT WORKS TO CULTIVATE A THRIVING BUSINESS ENVIRONMENT IN THE GREENSBORO AREA.
LAUNCH GREENSBORO: ACCELERATES GROWTH FOR ENTREPRENEURS STARTING BUSINESSES IN THE GREENSBORO/TRIAD AREA BY PROVIDING EDUCATION, MENTORING, AND ACCESS TO CAPITAL. IT ACCOMPLISHES THIS THROUGH THREE PILLARS OF WORK: RESOURCES, EXPERTISE, AND COMMUNITY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Anita Bachmann Chair | OfficerTrustee | 2 | $0 |
Cantey Alexander Chair Elect | OfficerTrustee | 2 | $0 |
Sherri Thomas Secretary/treasurer | OfficerTrustee | 2 | $0 |
Suzy Adkins Director | Trustee | 1 | $0 |
Allen Atchley Director | Trustee | 1 | $0 |
Scott Baxter Director | Trustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $375,500 |
| All other contributions, gifts, grants, and similar amounts not included above | $5,706,744 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $6,082,244 |
| Total Program Service Revenue | $1,396,662 |
| Investment income | $20,275 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $7,500 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$1,505 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $7,766,217 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $36,750 |
| 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. | $1,218,666 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $488,792 |
| Pension plan accruals and contributions | $36,442 |
| Other employee benefits | $93,412 |
| Payroll taxes | $131,646 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $943 |
| Fees for services: Accounting | $19,875 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $253,025 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $55,598 |
| Advertising and promotion | $0 |
| Office expenses | $50,423 |
| Information technology | $44,757 |
| Royalties | $0 |
| Occupancy | $219,858 |
| Travel | $15,777 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $45,206 |
| Interest | $4,219 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $26,788 |
| Insurance | $32,167 |
| All other expenses | $0 |
| Total functional expenses | $4,141,276 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $438,597 |
| Savings and temporary cash investments | $2,557,166 |
| Pledges and grants receivable | $4,161,797 |
| 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 | $28,334 |
| Net Land, buildings, and equipment | $23,950 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $15,000 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $295,851 |
| Total assets | $7,520,695 |
| Accounts payable and accrued expenses | $539,995 |
| Grants payable | $0 |
| Deferred revenue | $148,684 |
| 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 | $447,396 |
| Total liabilities | $1,136,075 |
| Net assets without donor restrictions | $1,144,620 |
| Net assets with donor restrictions | $5,240,000 |
| 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 | $7,520,695 |
Grants Awarded
Over the last fiscal year, Greensboro Area Chamber Of Commerce has awarded $64,000 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
ACTION GREENSBORO PURPOSE: TO SUPPORT CAMPUS GREENSBORO FELLOWS PROGRAM AND TO MARKET THE UNIQUE ASPECTS OF GREENSBORO. | $39,000 |
NC FOLK FESTIVAL PURPOSE: SUPPORT OF NC FOLK FESTIVAL. | $25,000 |