Shoals Chamber Of Commerce Inc Fka Chamber Of Commerce Of Shoals
- Assets
- $1.9m
- Revenue
- $678.6k
- Investments
- $274.5k
- Employees
- 8
- Location
- Florence, AL
- Founding
- 11/1991
- Data as of
- 03/2022
- EIN
- 63-0943956
Organization Overview
Shoals Chamber Of Commerce Inc Fka Chamber Of Commerce Of Shoals is located in Florence, AL. The organization was established in 1991. 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. As of 03/2022, Shoals Chamber Of Commerce Inc Fka Chamber Of Commerce Of Shoals employed 8 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Shoals Chamber Of Commerce Inc Fka Chamber Of Commerce Of Shoals 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 03/2022, Shoals Chamber Of Commerce Inc Fka Chamber Of Commerce Of Shoals generated $678.6k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 6 years, the organization has seen revenues fall by an average of (5.1%) each year. All expenses for the organization totaled $876.5k during the year ending 03/2022. 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
THE CHAMBERS GOAL IS TO PROVIDE LEADERSHIP FOR A STRONG AND POSITIVE BUSINESS ENVIRONMENT THAT ENABLES NEW AND EXISTING BUSINESSES TO FLOURISH. AS AN ORGANIZATION OF INFLUENCE, OUR PROGRAMS AND SERVICES ENABLE SHOALS AREA BUSINESSES TO STRIVE FOR SUCCESS
Describe the Organization's Program Activity:
Part 3 - Line 4a
MEMBERSHIP SERVICE-SUCCESSFULLY PROMOTES THE AREAS ECONOMIC GROWTH FOR THE BENEFIT OF THE MEMBERS ENHANCES QUALITY OF LIFE FOR THE AREA CITIZENS BY RECRUITING RESIDENTS, BUSINESSES AND ACTIVITES TO THE COMMUNITY ENHANCES QUALITY OF LIFE FOR AREA CITIZENS BY RECRUITING RESIDENTS, BUSINESSES AND ACTIVITIES TO THE COMMUNITY
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Caitlin Holland President | Officer | 40 | $96,340 |
Mike Randall V Chair Government Affairs | Officer | 4 | $0 |
Kyle Buchanan Chairman Elect | Officer | 4 | $0 |
Ashley Morrow V Chair Business Growth | Officer | 2 | $0 |
Kim Lewis 2nd Chairman Elect | Officer | 2 | $0 |
Ryan Moore Past Chairman | Officer | 4 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $544,822 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $30,000 |
| 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 | $574,822 |
| Total Program Service Revenue | $102,636 |
| Investment income | $22,641 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | -$2,418 |
| Net Gain/Loss on Asset Sales | -$1,438 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $678,560 |
| 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. | $96,340 |
| Compensation of current officers, directors, key employees. | $96,340 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $287,839 |
| Pension plan accruals and contributions | $11,531 |
| Other employee benefits | $61,398 |
| Payroll taxes | $30,533 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $6,700 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $59,964 |
| Advertising and promotion | $27,625 |
| Office expenses | $48,228 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $38,539 |
| Travel | $16,287 |
| 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 | $40,701 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $876,519 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $301,538 |
| Savings and temporary cash investments | $600,057 |
| Pledges and grants receivable | $0 |
| 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 | $0 |
| Net Land, buildings, and equipment | $22,277 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $274,473 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $696,000 |
| Total assets | $1,894,345 |
| Accounts payable and accrued expenses | $4,892 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| 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 | $4,892 |
| Net assets without donor restrictions | $1,889,453 |
| 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 | $1,894,345 |
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