Greater Winston-Salem Chamber Of Commerce
- Assets
- $3.0m
- Revenue
- $1.8m
- Investments
- $762.9k
- Employees
- 20
- Location
- Winstonsalem, NC
- Founding
- 09/1942
- Data as of
- 12/2021
- 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 12/2021, Greater Winston-Salem Chamber Of Commerce employed 20 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 12/2021, Greater Winston-Salem Chamber Of Commerce generated $1.8m in total revenue. The organization has seen a slow decline revenue. Over the past 7 years, revenues have fallen by an average of (2.3%) each year. All expenses for the organization totaled $1.7m during the year ending 12/2021. As we would expect to see with falling revenues, expenses have declined by (2.5%) per year over the past 7 years. 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 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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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Mark Owens President/ce | Officer | 24 | $256,800 |
Nick Reed CFO | Officer | 24 | $155,149 |
Laura Lee SVP Of Econo | 0 | $128,400 | |
David Neill Chair | OfficerTrustee | 1 | $0 |
John Davenport Jr Treasurer | OfficerTrustee | 1 | $0 |
Cathy Pace Chair Elect | OfficerTrustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $659,469 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $659,469 |
| Total Program Service Revenue | $1,100,161 |
| Investment income | $13,334 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| 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 | $1,786,038 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $25,000 |
| Grants and other assistance to domestic individuals. | $1,200 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $290,722 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $572,339 |
| Pension plan accruals and contributions | $79,533 |
| Other employee benefits | $144,213 |
| Payroll taxes | $98,679 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $1,054 |
| Fees for services: Accounting | $17,378 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $3,322 |
| Fees for services: Other | $5,631 |
| Advertising and promotion | $104,958 |
| Office expenses | $25,674 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $160,253 |
| Travel | $328 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $2,291 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $53,852 |
| Insurance | $6,987 |
| All other expenses | $794 |
| Total functional expenses | $1,688,741 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,672,436 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $278,252 |
| 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 | $32,113 |
| Net Land, buildings, and equipment | $95,517 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $762,910 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $121,971 |
| Total assets | $2,963,199 |
| Accounts payable and accrued expenses | $63,914 |
| Grants payable | $0 |
| Deferred revenue | $471,475 |
| 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 | $23,418 |
| Total liabilities | $558,807 |
| Net assets without donor restrictions | $2,317,392 |
| Net assets with donor restrictions | $87,000 |
| 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 | $2,963,199 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Greater Winston-Salem Chamber Of Commerce has recieved totaling $20,000.
| Awarding Organization | Amount |
|---|---|
Forsyth Memorial Hospital Inc Winston Salem, NC PURPOSE: COMMUNITY OUTREACH | $20,000 |
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 |