Greensboro Area Chamber Of Commerce
- Assets
- $4.0m
- Revenue
- $2.7m
- Investments
- $15.0k
- Employees
- 23
- Location
- Greensboro, NC
- Founding
- 08/1944
- Data as of
- 12/2021
- 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 12/2021, Greensboro Area Chamber Of Commerce employed 23 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 12/2021, Greensboro Area Chamber Of Commerce generated $2.7m in total revenue. The organization has seen a slow decline revenue. Over the past 7 years, revenues have fallen by an average of (0.5%) each year. All expenses for the organization totaled $3.6m during the year ending 12/2021. 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 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 |
|---|---|---|---|
James B Christensen President/ceo | Officer | 40 | $301,800 |
Deborah Hooper Chief Operating Officer | Officer | 40 | $207,700 |
Tracy Myers Executive VP Of Member Engagement | Officer | 40 | $142,800 |
Marvin Price Executive VP Of Economic Development | Officer | 40 | $139,000 |
Lou Anne Flanders-Stec Executive VP Of Launch Greensboro | Officer | 40 | $138,600 |
Sandra Post Controller | Officer | 40 | $103,000 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $421,650 |
| All other contributions, gifts, grants, and similar amounts not included above | $677,120 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,098,770 |
| Total Program Service Revenue | $1,354,613 |
| Investment income | $3,119 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $7,500 |
| Net Rental Income | $2,910 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $2,653,398 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $55,000 |
| 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. | $1,124,243 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $741,103 |
| Pension plan accruals and contributions | $31,951 |
| Other employee benefits | $98,946 |
| Payroll taxes | $121,510 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $400 |
| Fees for services: Accounting | $15,000 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $24,459 |
| Advertising and promotion | $0 |
| Office expenses | $49,484 |
| Information technology | $47,888 |
| Royalties | $0 |
| Occupancy | $184,220 |
| Travel | $14,044 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $16,487 |
| Interest | $8,071 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $41,624 |
| Insurance | $30,711 |
| All other expenses | $0 |
| Total functional expenses | $3,608,860 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $330,746 |
| Savings and temporary cash investments | $2,457,315 |
| Pledges and grants receivable | $1,161,118 |
| 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 | $18,466 |
| Net Land, buildings, and equipment | $50,738 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $15,000 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $4,033,383 |
| Accounts payable and accrued expenses | $347,535 |
| Grants payable | $0 |
| Deferred revenue | $154,423 |
| 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 | $155,018 |
| Total liabilities | $656,976 |
| Net assets without donor restrictions | $2,141,457 |
| Net assets with donor restrictions | $1,234,950 |
| 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 | $4,033,383 |
Grants Awarded
Over the last fiscal year, Greensboro Area Chamber Of Commerce has awarded $64,000 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
Greensboro, NC PURPOSE: TO SUPPORT CAMPUS GREENSBORO FELLOWS PROGRAM AND TO MARKET THE UNIQUE ASPECTS OF GREENSBORO. | $39,000 |
Greensboro, NC PURPOSE: SUPPORT OF NC FOLK FESTIVAL. | $25,000 |
Grants Recieved
Over the last fiscal year, we have identified 5 grants that Greensboro Area Chamber Of Commerce has recieved totaling $277,314.
| Awarding Organization | Amount |
|---|---|
The Joseph M Bryan Foundation Of Greater Greensboro Inc Greensboro, NC PURPOSE: PLEDGE INSTALLMENT | $150,000 |
Bell Foundation Inc 1025874768 Greensboro, NC PURPOSE: GENERAL OPERATING & LEADERSHIP GREENSBORO PROGRAM | $65,000 |
The Joseph M Bryan Foundation Of Greater Greensboro Inc Greensboro, NC PURPOSE: MEMBERSHIP DUES, STATE OF OUR COMMUNITY PLATINUM SPONSOR, GROW PLEDGE INSTALLMENT | $55,189 |
Smith Family Foundation Greensboro, NC PURPOSE: GIFT | $5,000 |
Dawn S Chaney Foundation Greensboro, NC PURPOSE: GENERAL FUND | $2,125 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Metropolitan Atlanta Chamber Of Commerce Inc Atlanta, GA | $19,028,351 | $14,011,506 |
Williamsburg Area Chamber Of Commerce Williamsburg, VA | $14,757,466 | $13,076,106 |
Savannah Area Chamber Of Commerce Savannah, GA | $13,537,143 | $16,865,609 |
Naiop Inc Herndon, VA | $24,051,800 | $11,820,157 |
Association Of Small Business Development Centers Burke, VA | $3,386,085 | $9,990,521 |
Charlotte Regional Realtor Association Inc Charlotte, NC | $53,438,404 | $12,494,849 |
Hilton Head Island Bluffton Chamber Of Commerce Hilton Head Island, SC | $3,721,536 | $8,774,772 |
North Carolina Association Of Realtors Inc Greensboro, NC | $31,160,587 | $11,391,480 |
The North Carolina Community Action Association Raleigh, NC | $4,811,006 | $8,169,285 |
American Seed Trade Association Alexandria, VA | $7,353,007 | $6,785,185 |
Virginia Association Of Realtors Richmond, VA | $25,601,642 | $9,283,805 |
Visitgreenville Sc Greenville, SC | $7,299,998 | $9,046,809 |