Kennebec Valley Chamber Of Commerce
- Assets
- $602.9k
- Revenue
- $626.2k
- Investments
- $0.0
- Employees
- 6
- Location
- Hallowell, ME
- Founding
- 08/1945
- Data as of
- 12/2023
- EIN
- 01-0022415
Organization Overview
Kennebec Valley Chamber Of Commerce is located in Hallowell, ME. The organization was established in 1945. 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 12/2023, Kennebec Valley Chamber Of Commerce employed 6 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Kennebec Valley 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, Kennebec Valley Chamber Of Commerce generated $626.2k in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 2.1% each year. All expenses for the organization totaled $619.6k during the year ending 12/2023. While expenses have increased by 1.8% 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
ENHANCING QUALITY OF LIFE IN THE KENNEBEC VALLEY BY STRENGTHENING OUR REGIONAL ECONOMY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
ANNUAL AWARDS BANQUET-A MAJOR RECOGNITION PROGRAM TO HONOR DESERVING BUSINESS PEOPLE IN THE COMMUNITY. OVER 500 IN ATTENDANCE AND TELEVISED ON LOCAL STATIONS.
KENNEBEC LEADERSHIP INSTITUTE-TRAINING OF POTENTIAL FUTURE LEADERS. EXPENSES 31,164 INCLUDING GRANTS OF 0 REVENUE 33,000 CUSTOMER SERVICES-PROVIDES INFORMATION RESOURCES FOR ALL THOSE INTERESTED IN THE KENNEBEC VALLEY REGION. EXPENSES 46,512 INCLUDING GRANTS OF 0 REVENUE 0 WOMEN'S NETWORK/CYNERGY WOMEN'S NETWORK-PROVIDES A WOMEN'S LUNCHEON TO HELP BUILD NETWORKING RELATIONSHIPS BETWEEN WOMEN IN BUSINESS. CYNERGY-A PROGRAM FOR YOUNG PEOPLE (AGE 20-40) OF THE CAPITAL AREA TO CONNECT AND FOSTER CAREER, SOCIAL AND COMMUNITY BETTERMENT. EXPENSES 30,928 INCLUDING GRANTS OF 0 REVENUE 30,934 OTHER PROGRAMS-THE ORGANIZATION SERVES AS A LIASON BETWEEN VARIOUS ORGANIZATIONS. EXPENSES 104,044 INCLUDING GRANTS 0 REVENUE 22,300
ECONOMIC DEVELOPMENT-THE ORGANIZATION WORKS WITH PROSPECTIVE BUSINESSES AND INDUSTRIES CONSIDERING LOCATING WITHIN THE AREA. THE ORGANIZATION WORKS CLOSELY WITH BUSINESS MEMBERS AND STATE AND LOCAL GOVERNMENTS TO HELP ASSURE A STRONG BUSINESS ENVIRONMENT.
MEMBERSHIP SERVICES-PROVIDE NETWORKING AND BUSINESS INFORMATION SERVICES FOR BUSINESS MEMBERS THROUGH MEETINGS AND SEMINARS. OVER 500 MEMBERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Katie Doherty President & | Officer | 40 | $110,562 |
Randall Anderson Director | Trustee | 0.5 | $0 |
Joyce Blanchard Director | Trustee | 0.5 | $0 |
Karen E Boston Director | Trustee | 0.5 | $0 |
Dennis Carrillo Special Coun | Trustee | 1 | $0 |
Nathan Cotnoir Director | Trustee | 0.5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $213,259 |
| 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 | $213,259 |
| Total Program Service Revenue | $222,474 |
| Investment income | $309 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $68,139 |
| Net Income from Fundraising Events | $54,679 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $626,160 |
| 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. | $117,633 |
| Compensation of current officers, directors, key employees. | $8,705 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $183,653 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $52,010 |
| Payroll taxes | $24,574 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $7,261 |
| Advertising and promotion | $6,579 |
| Office expenses | $4,915 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $27,876 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $6,637 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $5,792 |
| Insurance | $6,030 |
| All other expenses | $57,393 |
| Total functional expenses | $619,584 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $46,175 |
| Savings and temporary cash investments | $421,261 |
| 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 | $2,832 |
| Investments—publicly traded securities | $132,617 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $602,885 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $0 |
| Deferred revenue | $43,130 |
| 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 | $8,796 |
| Total liabilities | $51,926 |
| Net assets without donor restrictions | $550,959 |
| 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 | $602,885 |