Montgomery County Chamber Foundation Inc
- Assets
- $2.4m
- Revenue
- $1.4m
- Investments
- $0.0
- Employees
- 0
- Location
- Rockville, MD
- Founding
- 11/2009
- Data as of
- 06/2023
- EIN
- 30-0495881
Organization Overview
Montgomery County Chamber Foundation Inc is located in Rockville, MD. The organization was established in 2009. According to its NTEE Classification (P99) the organization is classified as: Human Services N.E.C., under the broad grouping of Human Services and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Montgomery County Chamber 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 06/2023, Montgomery County Chamber Foundation Inc generated $1.4m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 8.7% each year. All expenses for the organization totaled $1.5m during the year ending 06/2023. While expenses have increased by 10.6% per year over the past 8 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
SEE PART III, LINE 1.
Describe the Organization's Program Activity:
Part 3 - Line 4a
VETERAN'S INSTITUTE FOR PROCUREMENT - A NATIONAL EDUCATIONAL TRAINING PROGRAM FOR VETERAN BUSINESS OWNERS, PRINCIPALS AND C-LEVEL EXECUTIVES, PROVIDED AT NO COST TO PARTICIPANTS AND FUNDED ENTIRELY BY THE FOUNDATION AND VIP SPONSORS.
PSA SCHOLARSHIP - PROGRAM THAT PROVIDES SCHOLARSHIP FUNDS TO MONTGOMERY COLLEGE FOUNDATION, FOR THE USE OF THEIR PUBLIC SERVANTS' CHILDREN'S COLLEGE TUITION.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Barbara Ashe President | OfficerTrustee | 32 | $200,047 |
Georgette Godwin Treasurer | OfficerTrustee | 2 | $9,651 |
Wayne M Gatewood Director | Trustee | 1 | $0 |
Donna Dominguez Director | Trustee | 1 | $0 |
Antonio Franco Director | Trustee | 1 | $0 |
Donna Gandt Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $188,946 |
| Related organizations | $0 |
| Government grants | $896,488 |
| All other contributions, gifts, grants, and similar amounts not included above | $103,405 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,188,839 |
| Total Program Service Revenue | $149,238 |
| Investment income | $16,925 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | -$5,042 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,350,303 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $6,000 |
| 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. | $303,536 |
| Compensation of current officers, directors, key employees. | $81,448 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $438,461 |
| Pension plan accruals and contributions | $13,903 |
| Other employee benefits | $37,568 |
| Payroll taxes | $58,544 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $12,620 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $514,149 |
| Advertising and promotion | $0 |
| Office expenses | $25,473 |
| Information technology | $18,774 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $10,139 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $1,619 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $8,436 |
| Insurance | $3,560 |
| All other expenses | $0 |
| Total functional expenses | $1,472,556 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $116,392 |
| Savings and temporary cash investments | $2,068,162 |
| Pledges and grants receivable | $151,592 |
| Accounts receivable, net | $0 |
| 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 | $12,879 |
| Net Land, buildings, and equipment | $22,370 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $5,000 |
| Total assets | $2,376,395 |
| Accounts payable and accrued expenses | $125,300 |
| Grants payable | $0 |
| Deferred revenue | $1,821,112 |
| 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 | $262,338 |
| Total liabilities | $2,208,750 |
| Net assets without donor restrictions | $167,645 |
| 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 | $2,376,395 |