Schaumburg Business Association
- Assets
- $510.9k
- Revenue
- $776.3k
- Investments
- $0.0
- Employees
- 7
- Location
- Schaumburg, IL
- Founding
- 08/2002
- Data as of
- 12/2022
- EIN
- 36-4445515
Organization Overview
Schaumburg Business Association is located in Schaumburg, IL. The organization was established in 2002. 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, Schaumburg Business Association employed 7 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Schaumburg Business Association 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, Schaumburg Business Association generated $776.3k in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 0.5% each year. All expenses for the organization totaled $711.6k during the year ending 12/2022. 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 THE DEVELOPMENT OF THE ECONOMIC AND BUSINESS ENVIRONMENT OF THE VILLAGE OF SCHAUMBURG, ILLINOIS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TOAST OF SCHAUMBURG
GOOD MORNING SCHAUMBURG, COFFEE AND CONTACTS, BUSINESS AFTER HOURS, NEW MEMBER ORIENTATION, LUNCH & LEARN, CABANG, SIGNATURE-CHALLENGE, PINEWOOD DERBY.
GOLF OUTING
SIGNATURE WINE TASTING
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Lisa Goranson Gilbert President | Officer | 40 | $103,796 |
Scott Felgenhauer Trustee/dire | Trustee | $0 | |
Matt Frank Vice Chair P | Trustee | $0 | |
Sandra Gallardo Trustee/dire | Trustee | $0 | |
Matt Hancock Vice Chair P | Trustee | $0 | |
Tim Koelzer Trustee/dire | Trustee | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $454,188 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,500 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $455,688 |
| Total Program Service Revenue | $289,108 |
| Investment income | $182 |
| 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 | $776,316 |
| 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 | $307,053 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $75,690 |
| Payroll taxes | $28,792 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $6,666 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $89,725 |
| Advertising and promotion | $97 |
| Office expenses | $38,685 |
| Information technology | $16,377 |
| Royalties | $0 |
| Occupancy | $31,814 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $108,591 |
| Interest | $43 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,510 |
| Insurance | $6,519 |
| All other expenses | $0 |
| Total functional expenses | $711,562 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $478,909 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $24,450 |
| 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 | $7,041 |
| Net Land, buildings, and equipment | $531 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $510,931 |
| 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 | $2,000 |
| Other liabilities | $126,616 |
| Total liabilities | $128,616 |
| 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 | $382,315 |
| Total liabilities and net assets/fund balances | $510,931 |