Palestine Chamber of Commerce
- Assets
- $283.0k
- Revenue
- $312.3k
- Investments
- $0.0
- Employees
- 1
- Location
- Palestine, IL
- Founding
- Data as of
- 12/2023
- EIN
- 37-6047535
Organization Overview
Palestine Chamber of Commerce is located in Palestine, IL. Palestine Chamber 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 12/2023, Palestine Chamber of Commerce generated $312.3k in total revenue. This organization has experienced exceptional growth, as over the past 6 years, it has increased revenue by an average of 29.0% each year . All expenses for the organization totaled $264.0k during the year ending 12/2023. While expenses have increased by 35.5% per year over the past 6 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
TO RAISE FUNDS FOR CIVIC IMPROVEMENT AND HELP ATTRACT NEW INDUSTRY TO PALESTINE, IL.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROJECTS UNDERTAKEN, WHICH INCLUDES THE ANNUAL LABOR DAY RODEO, AND DONATIONS MADE WITHIN PALESTINE, IL TO PROMOTE VISITS TO THE VILLAGE AND INCREASE BUSINESS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Clint Knoblett 1 Year Director | Trustee | 5 | $0 |
Brant Fuller 1 Year Director | Trustee | 5 | $0 |
Cindy York 1 Year Director | Trustee | 5 | $0 |
Marcus Deckard 2 Year Director | Trustee | 5 | $0 |
Robert York 2 Year Director | Trustee | 5 | $0 |
Luke Mcnair 2 Year Director | Trustee | 5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $1,685 |
| Fundraising events | $50,720 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $85 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $52,490 |
| Total Program Service Revenue | $251,850 |
| Investment income | $2,811 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $250 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $3,605 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $312,287 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $4,673 |
| 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 | $19,787 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $1,626 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $1,000 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $1,000 |
| Advertising and promotion | $13,436 |
| Office expenses | $32,494 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $22,999 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $264 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $8,099 |
| Insurance | $13,213 |
| All other expenses | $0 |
| Total functional expenses | $264,032 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $250 |
| Savings and temporary cash investments | $252,359 |
| 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 | $30,392 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $283,001 |
| Accounts payable and accrued expenses | -$4 |
| 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 | $6,599 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $6,595 |
| Net assets without donor restrictions | $276,406 |
| 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 | $283,001 |