Discover Torrance
- Assets
- $1.4m
- Revenue
- $769.3k
- Investments
- $0.0
- Employees
- 8
- Location
- Torrance, CA
- Founding
- 08/2010
- Data as of
- 12/2022
- EIN
- 32-0305113
Organization Overview
Discover Torrance is located in Torrance, CA. 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 12/2022, Discover Torrance employed 8 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Discover Torrance 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, Discover Torrance generated $769.3k in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 2.3% each year. All expenses for the organization totaled $903.6k during the year ending 12/2022. While expenses have increased by 6.6% 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO PROMOTE TRAVEL AND TOURISM IN THE CITY OF TORRANCE AND ENHANCE THE HOTEL AND LODGING INDUSTRY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE ENTITY'S EFFORTS TO MARKET THE CITY OF TORRANCE THROUGH SOCIAL MEDIA HAS ACHIEVED POSITIVE RESULTS EVIDENCED BY INCREASING INTERNET TRAFFIC TO THEIR WEBSITES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Linda Amato Chairman | Officer | 0.5 | $0 |
Mike Patel Treasurer | Officer | 0.5 | $0 |
Neera Chanani Vice Chair | Officer | 0.5 | $0 |
Fran Fulton Executive Dir. | Officer | 0.5 | $0 |
Maria Himebaugh Secretary | Officer | 0.5 | $0 |
Shahi Chowdhury Director | Trustee | 0.5 | $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 | $764,992 |
| Investment income | $4,305 |
| 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 | $769,297 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $125,760 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $10,312 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $940 |
| Fees for services: Accounting | $24,126 |
| Fees for services: Lobbying | $10,000 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $7,595 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $876 |
| 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 | $4,398 |
| All other expenses | $18,502 |
| Total functional expenses | $903,620 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,433,785 |
| 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 | $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 | $1,433,785 |
| 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 | $477 |
| Total liabilities | $477 |
| Net assets without donor restrictions | $1,433,308 |
| 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 | $1,433,785 |
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