Lake Champlain Regional Chamber Of Commerce
- Assets
- $4.1m
- Revenue
- $2.3m
- Investments
- $0.0
- Employees
- 31
- Location
- Burlington, VT
- Founding
- 05/1943
- Data as of
- 09/2023
- EIN
- 03-0108780
Organization Overview
Lake Champlain Regional Chamber Of Commerce is located in Burlington, VT. The organization was established in 1943. 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 09/2023, Lake Champlain Regional Chamber Of Commerce employed 31 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Lake Champlain Regional 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 09/2023, Lake Champlain Regional Chamber Of Commerce generated $2.3m in total revenue. The organization has seen a slow decline revenue. Over the past 8 years, revenues have fallen by an average of (1.2%) each year. All expenses for the organization totaled $2.4m during the year ending 09/2023. As we would expect to see with falling revenues, expenses have declined by (0.6%) per year over the past 8 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
ADVOCATES FOR THE PRIVATE SECTOR ECONOMY FOR THE BENEFIT OF ITS MEMBERS AND COMMUNITY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TOURISM - THE CHAMBER OFFERS VARIOUS SUB-PROGRAMS TO DRIVE TOURISM IN THE AREA. THE OPERATING OF SEVERAL AREA WELCOME CENTERS IS A MAJOR PART OF THIS EFFORT. THE ORGANIZATION OPERATES FIVE REGIONAL WELCOME CENTERS ON INTERSTATE 89 AND US ROUTE 2. EACH LOCATION OFFERS A VARIETY OF TRAVELER INFORMATION FOR THE GREATER BURLINGTON AREA AND VERMONT. THE WILLISTON WELCOME CENTERS ARE STAFFED BY CHAMBER TOURISM PROFESSIONALS. IN ADDITION TO TRAVELER INFORMATION, THE FACILITIES HAVE RESTROOMS, VENDING MACHINES, FREE COFFEE, PAYPHONES AND WIRELESS INTERNET ACCESS. THE BURLINGTON REGIONAL MARKETING ORGANIZATION, DBA HELLO BURLINGTON, IS A DIVISION OF THE CHAMBER DEDICATED TO STIMULATING THE ECONOMIC VITALITY OF GREATER BURLINGTON BY GROWING THE CITY'S BRAND AND DEVELOPING A BALANCED YEAR ROUND TOURISM BUSINESS.
TALENTBTV - THE CHAMBER'S TALENTBTV INITIATIVE FOCUSES ON STRENGTHENING THE BUSINESS COMMUNITY'S TALENT RECRUITMENT AND RETENTION THROUGH PROGRAMMING AND CONNECTIONS. LEADERSHIP CHAMPLAIN IS AN ANNUAL 10-MONTH PROFESSIONAL DEVELOPMENT AND COMMUNITY ENGAGEMENT PROGRAM OF THE CHAMBER WITH A MISSION TO FOSTER GROWTH AND LEADERSHIP IN PROFESSIONALS WHO WILL SERVE THE COMMUNITY NOW AND IN THE FUTURE.
GOVERNMENT AFFAIRS - THE LAKE CHAMPLAIN REGIONAL CHAMBER OF COMMERCE ADVOCATES FOR A THRIVING PRIVATE SECTOR ECONOMY FOR THE BENEFIT OF OUR MEMBERS AND COMMUNITY THROUGH EDUCATION, ADVOCACY, AND PROGRAMS. THE GOVERNMENT AFFAIRS DIVISION ADVOCATES FOR THE ORGANIZATION, REPRESENTAING MEMBERS IN A NON-PARTISAN MANNER ON POLICY ISSUES AFFECTING BUSINESS AT THE LOCAL, REGIONAL, STATE AND FEDERAL LEVELS OF GOVERNMENT.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Dave Lane Chair (start 2022) | OfficerTrustee | 1 | $0 |
Heather Ross Vice Chair (start 2022) | OfficerTrustee | 1 | $0 |
Ashley Wainer Director | OfficerTrustee | 1 | $0 |
Gregory Maguire Director | Trustee | 1 | $0 |
Chris Leff Director | Trustee | 1 | $0 |
Michelle Buswell Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $7,585 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $7,585 |
| Total Program Service Revenue | $1,978,062 |
| Investment income | $61,981 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $127,256 |
| Net Rental Income | $18,387 |
| Net Gain/Loss on Asset Sales | $78,029 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $2,271,489 |
| 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. | $256,951 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $18,913 |
| Pension plan accruals and contributions | $2,163 |
| Other employee benefits | $7,086 |
| Payroll taxes | $22,564 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $7,390 |
| Fees for services: Accounting | $15,300 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $10,142 |
| Fees for services: Other | $20,581 |
| Advertising and promotion | $1,490 |
| Office expenses | $30,332 |
| Information technology | $16,974 |
| Royalties | $0 |
| Occupancy | $154,385 |
| Travel | $5,447 |
| 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 | $11,718 |
| Insurance | $10,275 |
| All other expenses | $204,154 |
| Total functional expenses | $2,378,774 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,368,437 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $88,037 |
| 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 | $36,699 |
| Net Land, buildings, and equipment | $21,447 |
| Investments—publicly traded securities | $1,681,053 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $890,083 |
| Total assets | $4,085,756 |
| Accounts payable and accrued expenses | $85,654 |
| Grants payable | $0 |
| Deferred revenue | $270,449 |
| 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 | $890,083 |
| Total liabilities | $1,246,186 |
| Net assets without donor restrictions | $2,839,570 |
| 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 | $4,085,756 |