Michigan State Chamber Of Commerce
- Assets
- $7.9m
- Revenue
- $4.6m
- Investments
- $2.7m
- Employees
- 38
- Location
- Lansing, MI
- Founding
- 03/1961
- Data as of
- 06/2022
- EIN
- 38-1626029
Organization Overview
Michigan State Chamber Of Commerce is located in Lansing, MI. The organization was established in 1961. 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 06/2022, Michigan State Chamber Of Commerce employed 38 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Michigan State 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 06/2022, Michigan State Chamber Of Commerce generated $4.6m in total revenue. The organization has seen a slow decline revenue. Over the past 7 years, revenues have fallen by an average of (1.0%) each year. All expenses for the organization totaled $4.2m during the year ending 06/2022. As we would expect to see with falling revenues, expenses have declined by (1.0%) per year over the past 7 years. You can explore the organizations financials more deeply in the financial statements section below.
Since 2015, Michigan State Chamber Of Commerce has awarded 65 individual grants totaling $4,119,757. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO PROMOTE CONDITIONS FAVORABLE TO JOB CREATION AND BUSINESS SUCCESS IN MICHIGAN.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SIGNIFICANT ACTIVITIES INCLUDE BUSINESS ADVOCACY, MEMBER SERVICES, AND EDUCATIONAL AND COMPLIANCE SERVICES. BUSINESS ADVOCACY INVOLVES THE SUPPORT OF PRO-BUSINESS LEGISLATION THAT ENCOURAGES JOB CREATION AND ECONOMIC GROWTH IN MICHIGAN. MEMBER SERVICES INVOLVES COST SAVINGS PROGRAMS SUCH AS INSURANCE BENEFITS, DISCOUNTED CREDIT CARD PROCESSING AND UTILITY SAVINGS. EDUCATIONAL AND COMPLIANCE SERVICES INVOLVES OFFERING LABOR LAW PUBLICATIONS AND PROVIDING EDUCATIONAL SEMINARS ON BUSINESS RELATED TOPICS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
James Holcomb President & CEO (began 01/22) | OfficerTrustee | 34 | $345,622 |
Richard Studley President & CEO (ended 12/21) | OfficerTrustee | 34 | $457,632 |
Brenda Rowley Chair | OfficerTrustee | 0.1 | $0 |
Steve Mitchell Immediate Past Chair | OfficerTrustee | 0.1 | $0 |
Eric Eishen Treasurer | OfficerTrustee | 0.6 | $0 |
Patrick Duerr Vice Chair | OfficerTrustee | 0.1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $200,510 |
| All other contributions, gifts, grants, and similar amounts not included above | $286,985 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $487,495 |
| Total Program Service Revenue | $3,945,511 |
| Investment income | $28,851 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $98,000 |
| 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 | $4,561,982 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $207,111 |
| 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. | $1,045,698 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $941,796 |
| Pension plan accruals and contributions | $25,785 |
| Other employee benefits | $150,054 |
| Payroll taxes | $112,330 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $279,744 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $17,273 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $109,393 |
| Office expenses | $99,049 |
| Information technology | $254,140 |
| Royalties | $0 |
| Occupancy | $378,410 |
| Travel | $53,149 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $25,080 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $179,687 |
| Insurance | $22,486 |
| All other expenses | $8,553 |
| Total functional expenses | $4,210,972 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,692,785 |
| Savings and temporary cash investments | $1,824,757 |
| Pledges and grants receivable | $173,092 |
| Accounts receivable, net | $141,932 |
| 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 | $63,447 |
| Net Land, buildings, and equipment | $1,278,750 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $2,733,487 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $7,908,250 |
| Accounts payable and accrued expenses | $61,189 |
| Grants payable | $0 |
| Deferred revenue | $2,266,747 |
| 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 | $24,981 |
| Total liabilities | $2,352,917 |
| Net assets without donor restrictions | $5,555,333 |
| 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 | $7,908,250 |
Grants Awarded
Over the last fiscal year, Michigan State Chamber Of Commerce has awarded $202,111 in support to 6 organizations.
| Grant Recipient | Amount |
|---|---|
GRAND RAPIDS CHAMBER FOUNDATION PURPOSE: GENERAL CONTRIBUTION TO SUPPORT THE ORGANIZATION'S MISSION. | $20,000 |
MICHIGAN REDISTRICTING INSTITUTE PURPOSE: GENERAL CONTRIBUTION TO SUPPORT THE ORGANIZATION'S MISSION. | $60,000 |
JUDICIAL INTEGRITY PROJECT PURPOSE: GENERAL CONTRIBUTION TO SUPPORT THE ORGANIZATION'S MISSION. | $10,000 |
VOTERS FOR TRANSPARENCY AND TERM LIMITS PURPOSE: GENERAL CONTRIBUTION TO SUPPORT THE ORGANIZATION'S MISSION. | $10,000 |
MICHIGAN FAMILIES UNITED PURPOSE: GENERAL CONTRIBUTION TO SUPPORT THE ORGANIZATION'S MISSION. | $25,000 |
MICHIGAN CHAMBER FOUNDATION PURPOSE: AMOUNTS FORGIVEN DURING THE YEAR ENDED JUNE 30,2022 OWED BY MICHIGAN CHAMBER FOUNDATION. | $77,111 |