Springfield Regional Chamber Of Commerce Inc
- Assets
- $664.2k
- Revenue
- $435.4k
- Investments
- $305.0
- Employees
- 0
- Location
- Springfield, MA
- Founding
- 05/1963
- Data as of
- 06/2021
- EIN
- 04-2281920
Organization Overview
Springfield Regional Chamber Of Commerce Inc is located in Springfield, MA. The organization was established in 1963. 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. Springfield Regional Chamber Of Commerce Inc 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 06/2021, Springfield Regional Chamber Of Commerce Inc generated $435.4k 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 (10.1%) each year. All expenses for the organization totaled $372.9k during the year ending 06/2021. As we would expect to see with falling revenues, expenses have declined by (12.0%) per year over the past 6 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 PROMOTE, SUPPORT AND ENHANCE THE ECONOMIC HEALTH OF THE GREATER SPRINGFIELD AREA.
Describe the Organization's Program Activity:
Part 3 - Line 4a
OUTLOOK - AN ANNUAL PROGRAM THAT BRINGS LOCAL, STATE AND NATIONAL NEWS MAKERS TOGETHER TO CANDIDLY ADDRESS LEGISLATIVE ISSUES AFFECTING LOCAL, STATE AND NATIONAL ECONOMIES. IN FISCAL YEAR ENDED 6/30/21, THE PROGRAM WAS HELD VIRTUALLY WHICH IMPACTED BOTH REVENUE AND EXPENSES AS COMPARED TO PRIOR YEARS.
LEADERSHIP PROGRAM FOR FUTURE BUSINESS LEADERS. THIS IS A PROGRAM THAT WAS DEVELOPED IN PARTNERSHIP WITH WESTERN NEW ENGLAND UNIVERSITY AIMED AT TEACHING MID AND UPPER- LEVEL MANAGERS CRUCIAL THINKING AND PROBLEM SOLVING SKILLS NEEDED TO BECOME EFFECTIVE LEADERS IN THEIR COMMUNITY AND WORKPLACE.
THE CHAMBER HOSTS VARIOUS EDUCATIONAL PROGRAMS TO INFORM THE PUBLIC ABOUT CURRENT EVENTS IN THE REGION THAT MAY IMPACT THEIR BUSINESS. DURING THE FISCAL YEAR ENDED 6/30/21, THE CHAMBER WAS UNABLE TO HOST SEVERAL OF ITS PROGRAMS DUE TO THE PANDEMIC INCLUDING ITS SUPER SIXTY EVENT AND THE BREAKFAST CLUB. IT IS HOPING TO RESUME THESE EVENTS IN THE NEXT FISCAL YEAR END.
THE SPRINGFIELD REGIONAL CHAMBER HOSTS VARIOUS SOCIAL EVENTS, PROVIDES VARIOUS NETWORKING OPPORTUNITIES TO APPROXIMATELY 500 BUSINESS ORGANIZATIONS IN WESTERN MASSACHUSETTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Mark French Chairman | OfficerTrustee | 0.5 | $0 |
Barbara-Jean Deloria Vice-Chairman | OfficerTrustee | 0.5 | $0 |
Patrick Leary Treasurer | OfficerTrustee | 0.5 | $0 |
David Parke Clerk | OfficerTrustee | 0.5 | $0 |
Patricia Canavan Director | OfficerTrustee | 0.5 | $0 |
Brian Duffey CFO | Officer | 37.5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $61,434 |
| All other contributions, gifts, grants, and similar amounts not included above | $2,500 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $63,934 |
| Total Program Service Revenue | $348,648 |
| Investment income | $2,106 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $1,068 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $435,443 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $9,600 |
| Fees for services: Lobbying | $33,593 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $233,082 |
| Advertising and promotion | $200 |
| Office expenses | $10,132 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $26,753 |
| Travel | $1,343 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $17,393 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $3,293 |
| Insurance | $8,327 |
| All other expenses | $0 |
| Total functional expenses | $372,878 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $192,231 |
| Savings and temporary cash investments | $312,537 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $22,360 |
| 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 | $12,641 |
| Net Land, buildings, and equipment | $6,751 |
| Investments—publicly traded securities | $117,348 |
| Investments—other securities | $305 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $664,173 |
| Accounts payable and accrued expenses | $109,985 |
| Grants payable | $0 |
| Deferred revenue | $157,844 |
| 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 | $267,829 |
| Net assets without donor restrictions | $396,344 |
| 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 | $664,173 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Springfield Regional Chamber Of Commerce Inc has recieved totaling $61,434.
| Awarding Organization | Amount |
|---|---|
Economic Development Council Of Western Massachusetts Inc Springfield, MA PURPOSE: TO PROVIDE ECONOMIC SUPPORT. | $61,434 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
International Swaps And Derivatives Association Inc New York, NY | $118,665,756 | $65,806,525 |
Association Of National Advertisers Inc New York, NY | $38,717,598 | $50,547,394 |
Ll Global Inc Of Connecticut Windsor, CT | $82,107,687 | $49,999,799 |
Natural Diamond Council Usa Inc New York, NY | $2,361,726 | $45,450,043 |
Better Health For Northeast New York Inc Albany, NY | $1,699,036 | $0 |
Hamaspik Of Orange County Inc Monroe, NY | $56,250,916 | $69,931,985 |
International Association Of Privacy Professionals Portsmouth, NH | $95,531,598 | $42,238,853 |
International Council Of Shopping Centers Inc New York, NY | $167,282,013 | $15,292,706 |
Housing Works Inc Brooklyn, NY | $30,231,683 | $31,989,444 |
Key Human Services Inc Wethersfield, CT | $14,644,434 | $25,649,507 |
Network Inc Andover, CT | $11,161,726 | $23,443,256 |
Broadway Cares-Equity Fights Aids Inc New York, NY | $15,399,806 | $32,018,599 |