Storm Lake Chamber And Development Inc is located in Storm Lake, IA. The organization was established in 2010. 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, Storm Lake Chamber And Development Inc employed 7 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Storm Lake Chamber And Development 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 12/2021, Storm Lake Chamber And Development Inc generated $278.8k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (5.0%) each year. All expenses for the organization totaled $277.2k during the year ending 12/2021. As we would expect to see with falling revenues, expenses have declined by (2.5%) per year over the past 7 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO PROMOTE THE STORM LAKE AREA AND ATTRACT NEW BUSINESS AND RESIDENTS
Describe the Organization's Program Activity:
Part 3 - Line 4a
STORM LAKE UNITED IS INVOLVED IN ECONOMIC DEVELOPMENT, INCLUDING PROMOTION OF THE STORM LAKE AREA AND ATTRACT NEW BUSINESSES AND RESIDENTS.
Name (title) | Role | Hours | Compensation |
---|---|---|---|
Lee Dutfield Executive Director | OfficerTrustee | 40 | $48,533 |
Inder Singh President | OfficerTrustee | 2 | $0 |
Mike Rust Vice President | OfficerTrustee | 2 | $0 |
Dan Jones Director | Trustee | 2 | $0 |
Raegan Launderville Director | Trustee | 2 | $0 |
Gary Sterling Director | Trustee | 2 | $0 |
Statement of Revenue | |
---|---|
Federated campaigns | $0 |
Membership dues | $110,565 |
Fundraising events | $9,807 |
Related organizations | $0 |
Government grants | $151,620 |
All other contributions, gifts, grants, and similar amounts not included above | $4,853 |
Noncash contributions included in lines 1a–1f | $0 |
Total Revenue from Contributions, Gifts, Grants & Similar | $276,845 |
Total Program Service Revenue | $0 |
Investment income | $1,976 |
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 | $278,821 |
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. | $48,533 |
Compensation of current officers, directors, key employees. | $0 |
Compensation to disqualified persons | $0 |
Other salaries and wages | $41,369 |
Pension plan accruals and contributions | $0 |
Other employee benefits | $10,615 |
Payroll taxes | $7,121 |
Fees for services: Management | $0 |
Fees for services: Legal | $75 |
Fees for services: Accounting | $2,477 |
Fees for services: Lobbying | $0 |
Fees for services: Fundraising | $0 |
Fees for services: Investment Management | $0 |
Fees for services: Other | $0 |
Advertising and promotion | $66,520 |
Office expenses | $0 |
Information technology | $10,825 |
Royalties | $0 |
Occupancy | $0 |
Travel | $640 |
Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
Conferences, conventions, and meetings | $688 |
Interest | $0 |
Payments to affiliates | $0 |
Depreciation, depletion, and amortization | $1,096 |
Insurance | $8,469 |
All other expenses | $22,036 |
Total functional expenses | $277,243 |
Balance Sheet | |
---|---|
Cash—non-interest-bearing | $339,473 |
Savings and temporary cash investments | $481,177 |
Pledges and grants receivable | $0 |
Accounts receivable, net | $14,169 |
Loans from Officers, Directors, or Controlling Persons | $0 |
Loans from Disqualified Persons | $0 |
Notes and loans receivable | $24,168 |
Inventories for sale or use | $0 |
Prepaid expenses and deferred charges | $4,972 |
Net Land, buildings, and equipment | $38,771 |
Investments—publicly traded securities | $0 |
Investments—other securities | $0 |
Investments—program-related | $1 |
Intangible assets | $0 |
Other assets | $0 |
Total assets | $902,731 |
Accounts payable and accrued expenses | $8,725 |
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 | $8,725 |
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 | $0 |
Retained earnings, endowment, accumulated income, or other funds | $894,006 |
Total liabilities and net assets/fund balances | $902,731 |
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