Milford Chamber Of Commerce Inc
- Assets
- $59.4k
- Revenue
- $172.3k
- Investments
- $0.0
- Employees
- 4
- Location
- Milford, MA
- Founding
- 09/1979
- Data as of
- 12/2020
- EIN
- 04-2435427
Organization Overview
Milford Chamber Of Commerce Inc is located in Milford, MA. The organization was established in 1979. 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 12/2020, Milford Chamber Of Commerce Inc employed 4 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Milford 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 12/2020, Milford Chamber Of Commerce Inc generated $172.3k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 5 years, the organization has seen revenues fall by an average of (6.8%) each year. All expenses for the organization totaled $193.1k during the year ending 12/2020. As we would expect to see with falling revenues, expenses have declined by (3.1%) per year over the past 5 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
2020
Describe the Organization's Mission:
Part 3 - Line 1
ADVANCING THE COMMERCIAL, INDUSTRIAL, CIVIC, PROFESSIONAL,AGRICULTURAL, CULTURAL, EDUCATIONAL AND SOCIAL WELFARE OF THE PEOPLEOF GREATER MILFORD, MA.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE MILFORD AREA CHAMBER OF COMMERCE HAS APPROXIMATELY 400 MEMBERS AND PROVIDES A WIDE PROGRAM OF BENEFITS AND NETWORKING SERVICES TO ITS MEMBERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jamie Doucette Schmidt Treasurer | OfficerTrustee | 1 | $0 |
Rose Buckley Vice Chairperson | OfficerTrustee | 1 | $0 |
Sandra Biagetti Chair | OfficerTrustee | 1 | $0 |
Beth Patras Secretary | OfficerTrustee | 1 | $0 |
Laura Ocallaghan President & CEO | Officer | 40 | $0 |
Jeff Katz Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $26,955 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $3,000 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $29,955 |
| Total Program Service Revenue | $146,419 |
| Investment income | $5 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | -$4,117 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $172,262 |
| 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. | $80,411 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $55,338 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $11,371 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $2,570 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $185 |
| Advertising and promotion | $2,383 |
| Office expenses | $3,545 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $20,031 |
| Travel | $1,560 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $138 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $2,585 |
| All other expenses | $2,406 |
| Total functional expenses | $193,065 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $31,282 |
| Savings and temporary cash investments | $14,876 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $6,519 |
| 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 | $6,763 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $59,440 |
| Accounts payable and accrued expenses | $5,628 |
| Grants payable | $0 |
| Deferred revenue | $4,490 |
| 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 | $8,750 |
| Total liabilities | $18,868 |
| Net assets without donor restrictions | $40,572 |
| 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 | $59,440 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Milford Chamber Of Commerce Inc has recieved totaling $500.
| Awarding Organization | Amount |
|---|---|
White Companies Charitable Trust Auburn, MA PURPOSE: SPONSOR HONOR SCHOLARS | $500 |
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 |