Norwegian-American Chamber Of Commerce Mid-Atlantic Chapter Inc
- Assets
- $139.1k
- Revenue
- $142.1k
- Investments
- $0.0
- Employees
- 0
- Location
- Point Of Rocks, MD
- Founding
- 10/2005
- Data as of
- 12/2023
- EIN
- 05-0536672
Organization Overview
Norwegian-American Chamber Of Commerce Mid-Atlantic Chapter Inc is located in Point Of Rocks, MD. The organization was established in 2005. 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. Norwegian-American Chamber Of Commerce Mid-Atlantic Chapter 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 12/2023, Norwegian-American Chamber Of Commerce Mid-Atlantic Chapter Inc generated $142.1k in total revenue. This organization has experienced exceptional growth, as over the past 9 years, it has increased revenue by an average of 12.9% each year . All expenses for the organization totaled $134.9k during the year ending 12/2023. While expenses have increased by 21.4% per year over the past 9 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
NACC MA IS THE PREMIER FORUM FOR NORWEGIAN AND U.S. MEMBER COMPANIES ENGAGED IN INTERNATIONAL TRADE AND MARKET EXPANSION IN THE WASHINGTON D.C. METROPOLITAN AREA.
Describe the Organization's Program Activity:
Part 3 - Line 4a
A COLLABORATION BETWEEN NACCMA AND THE NORWEGIAN EMBASSY ON ANNUAL TEAM NORWAY EVENTS INCLUDING QUARTELY RECEPTIONS AND SEMINARS FOCUSING ON SELECT TOPICS OF PRIORITY TO THE U.S. AND NORWEGIAN TRADE COOPERATION AND PARTNERSHIP. THESE INCLUDE 'NORWAY MEANS BUSINESS','NORDIC INNOVATION FORUM', 'EMBASSY ROUNDTABLE', AND MORE.
A COLLABORATION WITH NACCMA, THE EMBASSY, WASHINGTON PERFORMING ARTS AND UNION STATION COMPRISING THE ANNUAL NORWEGIAN CHRISTMAS TREE LIGHTING AT UNION STATIONS AS WELL AS THE AMBASSADOR'S RECEPTION. EVENT(S) MEANT TO STRENGTHEN THE NORWEGIAN-AMERICAN TIES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Idar G Voldnes President | OfficerTrustee | 0.5 | $0 |
Einar Gustafson Board Member | Trustee | 0.5 | $0 |
Nate Teti Board Member | Trustee | 0.5 | $0 |
Eirik Tord Jensen Board Member | Trustee | 0.5 | $0 |
Alex Saklambanakis Board Member | Trustee | 0.5 | $0 |
Stephanie Driscoll Board Member | Trustee | 0.5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $64,513 |
| 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 | $64,513 |
| Total Program Service Revenue | $77,496 |
| Investment income | $41 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $142,050 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $48,962 |
| 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 | $1,912 |
| Fees for services: Accounting | $1,925 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $795 |
| Office expenses | $2,241 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $7,020 |
| Travel | $5,369 |
| 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 | $0 |
| Insurance | $0 |
| All other expenses | $66,682 |
| Total functional expenses | $134,906 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $88,294 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $46,847 |
| 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 | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $3,945 |
| Total assets | $139,086 |
| Accounts payable and accrued expenses | $18,031 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| 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 | $18,031 |
| Net assets without donor restrictions | $121,055 |
| 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 | $139,086 |