Greater Lowell Chamber Of Commerce Inc is located in Lowell, MA. The organization was established in 1996. 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 06/2022, Greater Lowell Chamber Of Commerce Inc employed 2 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Greater Lowell 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 06/2022, Greater Lowell Chamber Of Commerce Inc generated $348.6k in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 2.6% each year. All expenses for the organization totaled $343.4k during the year ending 06/2022. While expenses have increased by 2.1% per year over the past 7 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
PROMOTING AND SHAPING THE FUTURE GROWTH OF GREATER LOWELL'S AREA BUSINESSES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROMOTION OF GREATER LOWELL BUSINESSES
Name (title) | Role | Hours | Compensation |
---|---|---|---|
Danielle Mcfadden President | Officer | 40 | $111,116 |
Kristen Laurin Vice Chairwo | OfficerTrustee | 5 | $0 |
Patty Coffey Director | Trustee | 2 | $0 |
Max Ward Director | Trustee | 2 | $0 |
Ray Wrobel Director | Trustee | 2 | $0 |
Roberta Barnes Chairwoman | OfficerTrustee | 5 | $0 |
Statement of Revenue | |
---|---|
Federated campaigns | $0 |
Membership dues | $0 |
Fundraising events | $0 |
Related organizations | $0 |
Government grants | $48,000 |
All other contributions, gifts, grants, and similar amounts not included above | $30,000 |
Noncash contributions included in lines 1a–1f | $0 |
Total Revenue from Contributions, Gifts, Grants & Similar | $78,000 |
Total Program Service Revenue | $182,333 |
Investment income | $51 |
Tax Exempt Bond Proceeds | $0 |
Royalties | $0 |
Net Rental Income | $0 |
Net Gain/Loss on Asset Sales | $0 |
Net Income from Fundraising Events | $85,067 |
Net Income from Gaming Activities | $0 |
Net Income from Sales of Inventory | $0 |
Miscellaneous Revenue | $0 |
Total Revenue | $348,614 |
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. | $111,116 |
Compensation of current officers, directors, key employees. | $0 |
Compensation to disqualified persons | $0 |
Other salaries and wages | $50,965 |
Pension plan accruals and contributions | $4,327 |
Other employee benefits | $26,280 |
Payroll taxes | $11,582 |
Fees for services: Management | $0 |
Fees for services: Legal | $1,045 |
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 | $0 |
Advertising and promotion | $43,138 |
Office expenses | $25,470 |
Information technology | $3,873 |
Royalties | $0 |
Occupancy | $23,045 |
Travel | $0 |
Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
Conferences, conventions, and meetings | $1,671 |
Interest | $0 |
Payments to affiliates | $0 |
Depreciation, depletion, and amortization | $1,635 |
Insurance | $0 |
All other expenses | $0 |
Total functional expenses | $343,353 |
Balance Sheet | |
---|---|
Cash—non-interest-bearing | $189,965 |
Savings and temporary cash investments | $0 |
Pledges and grants receivable | $0 |
Accounts receivable, net | $67,888 |
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 | $1,122 |
Net Land, buildings, and equipment | $1,789 |
Investments—publicly traded securities | $0 |
Investments—other securities | $0 |
Investments—program-related | $0 |
Intangible assets | $0 |
Other assets | $0 |
Total assets | $260,764 |
Accounts payable and accrued expenses | $19,495 |
Grants payable | $0 |
Deferred revenue | $136,400 |
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 | $155,895 |
Net assets without donor restrictions | $0 |
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 | $19,451 |
Retained earnings, endowment, accumulated income, or other funds | $85,418 |
Total liabilities and net assets/fund balances | $260,764 |