Sherwood Chamber Of Commerce
- Assets
- $61.4k
- Revenue
- $220.7k
- Investments
- $0.0
- Employees
- 0
- Location
- Little Rock, AR
- Founding
- 07/1973
- Data as of
- 12/2022
- EIN
- 23-7298285
Organization Overview
Sherwood Chamber Of Commerce is located in Little Rock, AR. The organization was established in 1973. 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. Sherwood 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 12/2022, Sherwood Chamber Of Commerce generated $220.7k in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 5.4% each year. All expenses for the organization totaled $220.3k during the year ending 12/2022. While expenses have increased by 6.5% 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
THE MISSION OF THE SHERWOOD AREA CHAMBER OF COMMERCE IS TO ENHANCE THE BUSINESS ENVIRONMENT, THE ECONOMIC WELL-BEING AND QUALITY OF LIKE FOR THE SHERWOOD AREA. OUR ASSOCIATION CONSISTS OF BUSINESSES, ORGANIZATIONS, AND INDIVIDUALS THAT WORK TOWARD THE INTEREST OF OUR BUSINESS COMMUNITY. WE CONTINUE TO FOCUS ON GROWING THE LOCAL ECONOMY, ADVOCATING ON BEHALF OF OUR MEMBERS AT ALL LEVELS OF GOVERNMENT AS WELL AS OUR EDUCAITONAL ESTABLISHMENTS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE CHAMBER IMPLEMENTED AN ECONOMIC DEVELOPMENT PROGRAM, FUNDED BY THE CITY OF SHERWOOD, TO PROMOTE SHERWOOD. WE STRIVE TO BE THE "GO TO ORGANIZATION FOR BUSINESS NETWORKING, BUSINESS EXPANSION, PROFESSIONAL DEVELOPMENT AND COMMUNITY RELATIONSHIPS. MEMBERSHIP PARTICIPATION HELPS TO INCREASE THE AWARENESS OF ECONOMIC GROWTH IN THE SHERWOOD AND PULASKI COUNTY AREA. OUR OFFICE OF ECONOMIC DEVELOPMENT HAS INVESTED TIME, ENERGY, AND RESOURCES TO ATTRACT JOBS, RETAIN BUSINESSES AND GENERATE ECONOMIC DEVELOPMENT FOR THE ENTIRE COMMUNITY.
SIGNIFICANT ACTIVITIES INCLUDE BUSINESS ADVOCACY, MEMBER SERVICES, AND EDUCATIONAL AND COMPLIANCE SERVICES. BUSINESS ADVOCACY INVOLVES THE SUPPORT OF PRO-BUSINESS LEGISLATION THAT ENCOURAGES JOB CREATION AND ECONOMIC GROWTH IN SHERWOOD. MEMBER SERVICES INVOLVE COST SAVINGS PROGRAMS SUCH AS INSURANCE BENEFITS, DISCOUNTS WITHIN BUSINESS COMMUNITY, AND NETWORKING OPPORTUNITIES TO CONNECT MEMBERS WITH THE LOCAL COMMUNITY. EDUCAITONAL AND COMPLIANCE SERVICES INVOLVE PROVIDING EDUCATINAL SEMINARS ON BUSINESS RELATED TOPICS TO KEEP MEMBERS AS WELL AS THE LOCAL BUSINESS COMMUNITY INFORMED.
WE OFFER A VARIETY OF EVENTS THAT PROVIDE VALUABLE NETWORKING OPPORTUNITIES AND AVENUES FOR BUSINESS EXPOSURE. THESE EVENTS SERVE FOUR PRIMARY FUNCTIONS FOR OUR MEMBERS AND THE COMMUNITY: PROMOTE, HONOR, CONNECT AND GROW. THE EVENTS INCLUDE A SERVICE AWARDS LUNCHEON TO HONOR OUR LOCAL FIRST RESPONDERS, AN ANNUAL BANQUET TO HONOR CHAMBER AND COMMUNITY LEADERS, AN ACADEMIC SIGNING DAY RECOGNIZING STUDENT ACHIEVEMENT IN OUR LOCAL SCHOOLS, A GOLF TOURNAMENT SHOWCASING OUT BEAUTIFUL CITY-OWNED GOLF COURSE, A COMMUNITY FISH FRY CONNECTING THE BUSINESS COMMUNITY WITH LOCAL RESIDENTS AND A VETERANS' DAY PARADE TO HONOR LOCAL AND STATE VETERANS ORGANIZATIONS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Teri Cox Chairman Of The Board | OfficerTrustee | 0.25 | $0 |
Dillon Eberle Incoming Chair | Trustee | 1 | $0 |
Myra Randolph Treasurer | OfficerTrustee | 0.25 | $0 |
Drew Williams Executive Board | Trustee | 0.25 | $0 |
Paul Wilson Executive Board | Trustee | 0.25 | $0 |
Shawn Barnett Executive Board | Trustee | 0.25 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $89,885 |
| 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 | $89,885 |
| Total Program Service Revenue | $49,811 |
| Investment income | $124 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $52,755 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $220,745 |
| 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. | $62,500 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $37,200 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $2,404 |
| Payroll taxes | $7,771 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $1,102 |
| Fees for services: Accounting | $2,410 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $3,265 |
| Office expenses | $8,785 |
| Information technology | $10,979 |
| Royalties | $0 |
| Occupancy | $27,871 |
| Travel | $2,284 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $21,897 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $2,249 |
| All other expenses | $6,317 |
| Total functional expenses | $220,288 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $36,338 |
| Savings and temporary cash investments | $23,536 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $442 |
| 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 | $1,100 |
| Total assets | $61,416 |
| Accounts payable and accrued expenses | $0 |
| 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 | $0 |
| Net assets without donor restrictions | $61,416 |
| 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 | $61,416 |