Lake Norman Chamber Of Commerce
- Assets
- $487.0k
- Revenue
- $418.5k
- Investments
- $0.0
- Employees
- 0
- Location
- Cornelius, NC
- Founding
- 07/1989
- Data as of
- 12/2021
- EIN
- 56-1574848
Organization Overview
Lake Norman Chamber Of Commerce is located in Cornelius, NC. The organization was established in 1989. 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. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Lake Norman 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, Lake Norman Chamber Of Commerce generated $418.5k in total revenue. The organization has seen a slow decline revenue. Over the past 7 years, revenues have fallen by an average of (2.0%) each year. All expenses for the organization totaled $412.0k during the year ending 12/2021. As we would expect to see with falling revenues, expenses have declined by (2.6%) 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 PROVIDE SERVICES FOR AND PROMOTE THE BUSINESS ACTIVITIES OF ITS MEMBERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO PROVIDE SERVICES FOR AND PROMOTE THE BUSINESS ACTIVITIES OF ITS MEMBERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
William Russell President | Officer | 40 | $84,220 |
Sylvia Spury Executive VP | Officer | 40 | $47,014 |
Jack Stevens Membership S | Officer | $0 | |
Gail Williams VP | Officer | $0 | |
Karen Bentley Vice Chairma | Trustee | $0 | |
Sally Ashworth Director | Trustee | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $244,616 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| 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 | $244,616 |
| Total Program Service Revenue | $100,917 |
| Investment income | $1,108 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $54,349 |
| 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 | $418,463 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| 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. | $131,234 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $38,505 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $29,539 |
| Payroll taxes | $14,258 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $7,215 |
| Fees for services: Accounting | $2,069 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $10,520 |
| Office expenses | $5,552 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $104,677 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $139 |
| Insurance | $3,482 |
| All other expenses | $12,148 |
| Total functional expenses | $412,039 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $21,164 |
| Savings and temporary cash investments | $457,517 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $850 |
| 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 | $6,570 |
| Net Land, buildings, and equipment | $868 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $486,969 |
| Accounts payable and accrued expenses | $3,822 |
| Grants payable | $0 |
| Deferred revenue | $2,607 |
| 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 | $6,429 |
| Net assets without donor restrictions | $480,540 |
| 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 | $486,969 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Lake Norman Chamber Of Commerce has recieved totaling $12,000.
| Awarding Organization | Amount |
|---|---|
Presbyterian Hospital Winston Salem, NC PURPOSE: COMMUNITY OUTREACH | $12,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
National Federation Of Independent Business Inc Nashville, TN | $77,203,691 | $109,079,617 |
North American Electric Reliabilitycorporation Atlanta, GA | $65,227,333 | $81,782,902 |
Gsma Ltd Atlanta, GA | $262,728,803 | $123,320,595 |
Packaging Machinery Manufacturers Institute Inc Herndon, VA | $71,869,344 | $62,733,082 |
Consumer Technology Association Arlington, VA | $357,760,838 | $25,474,279 |
Srcco Inc Durham, NC | $42,497,453 | $49,465,239 |
Fs-Isac Inc Reston, VA | $27,418,346 | $31,957,295 |
National Association Of Convenience Stores Inc Alexandria, VA | $81,131,547 | $56,800,862 |
National Association Of State Boards Of Accountancy Inc Nashville, TN | $83,126,370 | $38,317,801 |
Air-Conditioning Heating And Refrigeration Institute Arlington, VA | $58,066,234 | $32,390,159 |
Southern Motor Carriers Association Inc Peachtree City, GA | $87,365,051 | $35,375,343 |
Unc Management Company Inc Chapel Hill, NC | $53,097,067 | $30,528,524 |