Magnolia Chamber Of Commerce
- Assets
- $159.5k
- Revenue
- $381.4k
- Investments
- $0.0
- Employees
- 2
- Location
- Seattle, WA
- Founding
- 10/1978
- Data as of
- 12/2022
- EIN
- 91-1034563
Organization Overview
Magnolia Chamber Of Commerce is located in Seattle, WA. The organization was established in 1978. 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 12/2022, Magnolia Chamber Of Commerce employed 2 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Magnolia 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 12/2022, Magnolia Chamber Of Commerce generated $381.4k in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 35.4% each year . All expenses for the organization totaled $331.3k during the year ending 12/2022. While expenses have increased by 30.7% per year over the past 8 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
THE MAGNOLIA CHAMBER OF COMMERCE ADDS TO THE VIBRANCY OF THE COMMUNITY BY FOSTERING CONNECTIONS BETWEEN MAGNOLIA'S BUSINESSES, RESIDENTS, AND COMMUNITY GROUPS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
COMMUNITY ENGAGEMENT EVENTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Daniela Eng President | OfficerTrustee | 6 | $0 |
Tom Powell Vice President | OfficerTrustee | 5 | $0 |
Bill Whitham Treasurer | OfficerTrustee | 25 | $0 |
Taylor Schmidt Secretary | OfficerTrustee | 1 | $0 |
Cheryl Mcquiston Board Member | Trustee | 20 | $0 |
David Mcdonald Board Member | Trustee | 4 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $70,925 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $94,371 |
| Noncash contributions included in lines 1a–1f | $4,480 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $165,296 |
| Total Program Service Revenue | $213,574 |
| Investment income | $131 |
| 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 | $2,405 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $381,406 |
| 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. | $59,149 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $5,267 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $5,918 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $9,884 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $2,384 |
| Office expenses | $475 |
| Information technology | $1,465 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $6,489 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $3,513 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $1,358 |
| All other expenses | $48,094 |
| Total functional expenses | $331,269 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $86,240 |
| Savings and temporary cash investments | $70,727 |
| 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 | $2,567 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $159,534 |
| Accounts payable and accrued expenses | $2,644 |
| 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 | $2,644 |
| Net assets without donor restrictions | $63,033 |
| Net assets with donor restrictions | $93,857 |
| 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 | $159,534 |