Greater Farmington Area Chamber Of Commerce
- Assets
- $87.9k
- Revenue
- $165.3k
- Investments
- $0.0
- Employees
- 1
- Location
- Farmington, MI
- Founding
- 09/2011
- Data as of
- 12/2022
- EIN
- 27-0922560
Organization Overview
Greater Farmington Area Chamber Of Commerce, operating under the name Of Commerce, is located in Farmington, MI. The organization was established in 2011. 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. 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, Of Commerce generated $165.3k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 8 years, the organization has seen revenues fall by an average of (12.0%) each year. All expenses for the organization totaled $179.2k during the year ending 12/2022. As we would expect to see with falling revenues, expenses have declined by (10.6%) per year over the past 8 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
THE GREATER FARMINGTON AREA CHAMBER OF COMMERCE IS A CONDUIT FOR ITS MEMBERS TO CONNECT WITH FELLOW BUSINESSES AND COMMUNITY PARTNERS THROUGH POWERFUL NETWORKING, PROMOTION, AND EDUCATION, TO ACHIEVE THEIR GOALS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PUBLISH AND DISTRIBUTE COMMUNITY BASED PUBLICATIONS, SUCH AS INTERCOM, DIRECT MAIL, BUSINESS DIRECTORY, MAPS AND RELOCATION GUIDE TO MEMBERS AND RESIDENTS OF THE COMMUNITY.
ORGANIZE AND SPONSOR OTHER PROGRAMS AND ACTIVITIES, SUCH AS THE GOLF OUTING, WHERE MEMEBERS CAN INTERACT WITH COMMUNITY BUSINESS PEOPLE.
ORGANIZE AND SPONSOR THE ANNUAL FESTIVALS TO PROMOTE THE COMMUNITY AND ATTRACT LOCAL RESIDENTS AND VISITORS TO THE DOWNTOWN AREA.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Joe Larussa Board Member | Trustee | 1 | $0 |
Andrew Buck Board Member | Trustee | 1 | $0 |
Vicki Barnett Board Member | Trustee | 1 | $0 |
Bethany Parish Board Member | Trustee | 1 | $0 |
Priya Playle Board Member | Trustee | 1 | $0 |
Annette Compo Board Member | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| 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 | $0 |
| Total Program Service Revenue | $164,971 |
| Investment income | $305 |
| 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 | $165,276 |
| 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. | $92,344 |
| 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 | $1,778 |
| Payroll taxes | $10,107 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $1,440 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $5,321 |
| Office expenses | $9,076 |
| Information technology | $3,640 |
| Royalties | $0 |
| Occupancy | $14,461 |
| Travel | $0 |
| 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 | $3,705 |
| All other expenses | $2,580 |
| Total functional expenses | $179,176 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $11,468 |
| Savings and temporary cash investments | $63,136 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $13,250 |
| 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 | $0 |
| Total assets | $87,854 |
| Accounts payable and accrued expenses | $1,112 |
| 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 | $65,200 |
| Total liabilities | $66,312 |
| 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 | $21,542 |
| Total liabilities and net assets/fund balances | $87,854 |