Somerset County Chamber Of Commerce
- Assets
- $1.2m
- Revenue
- $837.6k
- Investments
- $0.0
- Employees
- 7
- Location
- Bridgewater, NJ
- Founding
- 11/1942
- Data as of
- 12/2021
- EIN
- 22-1532588
Organization Overview
Somerset County Chamber Of Commerce is located in Bridgewater, NJ. The organization was established in 1942. 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 12/2021, Somerset County Chamber Of Commerce employed 7 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Somerset County 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 12/2021, Somerset County Chamber Of Commerce generated $837.6k in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 2.4% each year. All expenses for the organization totaled $646.6k during the year ending 12/2021. While expenses have increased by 1.1% 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
THE MISSION OF THE SOMERSET COUNTY BUSINESS PARTNERSHIP IS TO CREATE VIBRANT CONNECTIONS AMONG OUR PUBLIC/PRIVATE PARTNERS, MEMBERS AND BUSINESS COMMUNITY THAT WILL ENABLE US TO BUILD A PROSPEROUS AND SUSTAINABLE FUTURE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE SOMERSET COUNTY BUSINESS PARTNERSHIP PROVIDES OUR MEMBERS AND THE BUSINESS COMMUNITY WITH A WIDE RANGE OF BUSINESS RESOURCES INCLUDING NETWORKING, EDUCATIONAL EVENTS AND EDUCATIONAL SERVICES. OUR TOP THREE PROGRAM AREAS ARE MEMBER SERVICES, TOURISM AND ECONOMIC DEVELOPMENT.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Chris Edwards President & CEO | Officer | 25 | $125,000 |
Edward Dolan Chairperson | OfficerTrustee | 2 | $0 |
Chris Zarelli Vice Chairperson | OfficerTrustee | 2 | $0 |
Audris Francis Secretary | OfficerTrustee | 2 | $0 |
Tom Elliott Treasurer | OfficerTrustee | 2 | $0 |
Catherine Ricker Immediate Past Chairperson | OfficerTrustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $262,257 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $10,000 |
| All other contributions, gifts, grants, and similar amounts not included above | $334,705 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $606,962 |
| Total Program Service Revenue | $145,190 |
| Investment income | $7,443 |
| 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 | $837,555 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $4,332 |
| 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. | $175,000 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $114,387 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $55,135 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $6,250 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $37,990 |
| Advertising and promotion | $3,854 |
| Office expenses | $102,818 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $60,044 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $3,536 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $83,274 |
| Total functional expenses | $646,620 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $653,981 |
| Savings and temporary cash investments | $363,609 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $56,801 |
| 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 | $140,409 |
| Total assets | $1,214,800 |
| Accounts payable and accrued expenses | $16,105 |
| Grants payable | $0 |
| Deferred revenue | $15,900 |
| 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 | $161,000 |
| Other liabilities | $13,576 |
| Total liabilities | $206,581 |
| Net assets without donor restrictions | $1,008,219 |
| 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 | $1,214,800 |
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| Organization Name | Assets | Revenue |
|---|---|---|
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Unsatisfied Claims & Judgement Fund Basking Ridge, NJ | $69,007,782 | $67,404,449 |
Gs1 Us Inc Ewing, NJ | $478,037,755 | $93,863,501 |
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 |
Global Associations Of Risk Proffesionals Inc Jersey City, NJ | $66,882,119 | $55,059,565 |
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 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 |
Workers Compensation Security Fund Basking Ridge, NJ | $229,766,675 | $28,644,741 |