Ocean City Chamber Of Commerce Foundation Inc
- Assets
- $399.1k
- Revenue
- $30.2k
- Investments
- $0.0
- Employees
- 0
- Location
- Ocean City, MD
- Founding
- 05/2010
- Data as of
- 08/2023
- EIN
- 27-2151222
Organization Overview
Ocean City Chamber Of Commerce Foundation Inc is located in Ocean City, MD. The organization was established in 2010. According to its NTEE Classification (B82) the organization is classified as: Scholarships & Student Financial Aid, under the broad grouping of Education and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Ocean City Chamber Of Commerce Foundation Inc is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 08/2023, Ocean City Chamber Of Commerce Foundation Inc generated $30.2k in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 3.0% each year. All expenses for the organization totaled $48.0k during the year ending 08/2023. While expenses have increased by 7.9% 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
CHARITABLY FORMED TO ENCOURAGE, FOSTER, AND PROMOTE THE GROWTH AND DEVELOPMENT OF THE OCEAN CITY BUSINESS COMMUNITY, THE EDUCATIONAL DEVELOPMENT OF THE WORKFORCE, THE BEAUTIFICATION AND ENVIRONMENTAL PROTECTION OF THE OCEAN CITY AREA, AND THE GROWTH AND DEVELOPMENT OF THE OCEAN CITY WORKFORCE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SCHOLARSHIP PROGRAM AVAILABLE TO AREA RESIDENTS TO APPLY AND USED TO OFFSET COST OF TUITION AT POST SECONDARY INSTITUTIONS.
ALLOCATION OF OCCUPANCY EXPENSE. THE USE OF OFFICE SPACE AND OFFICE EQUIPMENT ALLOWS THE FOUNDATION TO OBTAIN CERTAIN CONTRIBUTIONS, SELL MERCHANDIES AND CONDUCT ACTIVITIES.
CHRISTMAS SPIRIT CAMPAIGN PROVIDES HOLIDAY GIFTS FOR UNDERPRIVILEGED CHILDREN IN WORCESTER COUNTY WHO HAVE BEEN IDENTIFIED AS IN-NEED AND AT RISK.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Kristi Connell Director | Trustee | 1 | $0 |
Chrissy Maddy Director | Trustee | 1 | $0 |
Bunk Mann Director | Trustee | 1 | $0 |
Ricky Pollitt Director | Trustee | 1 | $0 |
Allison Sappington Director | Trustee | 1 | $0 |
Marge Steele Director | 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 | $7,000 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $7,000 |
| Total Program Service Revenue | $9,079 |
| Investment income | $12,152 |
| 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 | $1,963 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $30,194 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $1,500 |
| 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 | $9,876 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $1,500 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $16,524 |
| 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 | $1,148 |
| All other expenses | $0 |
| Total functional expenses | $48,029 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $38,004 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $361,137 |
| 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 | $399,141 |
| Accounts payable and accrued expenses | $2,999 |
| 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 | $2,999 |
| Net assets without donor restrictions | $396,142 |
| 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 | $399,141 |