Greater Winston-Salem Chamber Of Commerce
- Assets
- $3.8m
- Revenue
- $2.8m
- Investments
- $832.4k
- Employees
- 18
- Location
- Winstonsalem, NC
- Founding
- 09/1942
- Data as of
- 12/2023
- EIN
- 56-0459820
Organization Overview
Greater Winston-Salem Chamber Of Commerce is located in Winstonsalem, NC. The organization was established in 1942. 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 12/2023, Greater Winston-Salem Chamber Of Commerce employed 18 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Greater Winston-Salem 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 12/2023, Greater Winston-Salem Chamber Of Commerce generated $2.8m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 3.2% each year. All expenses for the organization totaled $2.5m during the year ending 12/2023. While expenses have increased by 2.2% per year over the past 9 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
TO PROMOTE AND ENCOURAGE BUSINESS DEVELOPMENT IN WINSTON-SALEM AND FORYSTH COUNTY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
MEMBERSHIP SERVICES: TO INCREASE AND SUPPORT MEMBERSHIP IN GREATER WINSTON-SALEM INC. THROUGH VARIOUS ACTIVITIES AND EVENTS SUCH AS SMALL BUSINESS FORUMS, EXECUTIVE DIALOG GROUPS, SMALL BUSINESS RESOURCES, AND MEMBER NETWORKING EVENTS.
ECONOMIC AND EDUCATIONAL DEVELOPMENT: TO PROMOTE AND INCREASE LOCAL BUSINESS WITHIN THE WINSTON-SALEM/FORSYTH COUNTY AREA, SPECIFICALLY FOCUSING ON DEVELOPING HIGH-TECH OPPORTUNITIES/BUSINESS BASE AND THE NECESSARY COMMUNITY INFRASTRUCTURE THROUGH EDUCATIONAL AND COMMUNITY PARTNERSHIPS DESIGNED TO ENSURE THE PROFICIENCY OF THE CURRENT AND FUTURE WORKFORCE FOR LOCAL MANUFACTURING/SERVICE INDUSTRIES AND NEW BUSINESS INITIATIVES.
COMMUNICATION AND PUBLIC POLICY: TO KEEP LOCAL BUSINESSES INFORMED ON PUBLIC POLICY ISSUES, INCLUDING BUSINESS INCENTIVES, EDUCATION, GOVERNMENT REGULATION, TAXES AND LOCAL INITIATIVES, AND TO PRODUCE VARIOUS WRITTEN/MEDIA COMMUNICATIONS FOR GREATER WINSTON-SALEM INC.'S ACTIVITIES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Mark Owens President/ce | Officer | 24 | $285,430 |
Nick Reed CFO | Officer | 28 | $165,512 |
Laura Lee SVP Of Econo | 0 | $132,856 | |
Steve Lineberger Director | Trustee | 1 | $0 |
Chris Fox Director | Trustee | 1 | $0 |
Scott Sewell Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $1,167,743 |
| All other contributions, gifts, grants, and similar amounts not included above | $15,425 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,183,168 |
| Total Program Service Revenue | $1,550,449 |
| Investment income | $54,994 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$9,204 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $2,788,702 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $352,401 |
| 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. | $316,625 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $539,593 |
| Pension plan accruals and contributions | $94,447 |
| Other employee benefits | $166,900 |
| Payroll taxes | $109,557 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $9,676 |
| Fees for services: Accounting | $20,553 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $2,964 |
| Fees for services: Other | $0 |
| Advertising and promotion | $131,077 |
| Office expenses | $27,700 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $99,804 |
| Travel | $9,544 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $2,208 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $22,330 |
| Insurance | $22,909 |
| All other expenses | $566 |
| Total functional expenses | $2,450,058 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $1,410,952 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $365,660 |
| 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 | $30,065 |
| Net Land, buildings, and equipment | $927,601 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $832,416 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $269,973 |
| Total assets | $3,836,667 |
| Accounts payable and accrued expenses | $147,967 |
| Grants payable | $0 |
| Deferred revenue | $633,929 |
| 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 | $781,896 |
| Net assets without donor restrictions | $2,839,931 |
| Net assets with donor restrictions | $214,840 |
| 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 | $3,836,667 |
Grants Awarded
Over the last fiscal year, Greater Winston-Salem Chamber Of Commerce has awarded $316,721 in support to 5 organizations.
| Grant Recipient | Amount |
|---|---|
SIGHTSOURCE LLC PURPOSE: TECH RECRUITMENT | $17,500 |
WINSTON-SALEM STATE UNIVERSITY PURPOSE: TECH RECRUITMENT | $10,000 |
GREATER WINSTON-SALEM DEVELOPMENTCORP PURPOSE: OPERATING SUPPORT | $267,221 |
BRINTER INC PURPOSE: TECH RECRUITMENT | $10,000 |
GOLER COMMUNITY DEVELOPMENTCORPORATION PURPOSE: TECH RECRUITMENT | $12,000 |