Faribault Chamber Of Commerce Inc
- Assets
- $392.3k
- Revenue
- $555.3k
- Investments
- $0.0
- Employees
- 4
- Location
- Faribault, MN
- Founding
- 05/1942
- Data as of
- 12/2021
- EIN
- 41-0246230
Organization Overview
Faribault Chamber Of Commerce Inc is located in Faribault, MN. The organization was established in 1942. 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 12/2021, Faribault Chamber Of Commerce Inc employed 4 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Faribault Chamber Of Commerce Inc 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 12/2021, Faribault Chamber Of Commerce Inc generated $555.3k in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 0.3% each year. All expenses for the organization totaled $538.7k during the year ending 12/2021. 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
PROMOTE THE FARIBAULT AREA TO TOURISTS AND POTENTIAL BUSINESSES AND TO BRING LOCAL BUSINESS OWNERS TOGETHER.
Describe the Organization's Program Activity:
Part 3 - Line 4a
COMMITTEES: THE CHAMBER INITIATIVES ARE GUIDED BY MEMBER COMMITTEES. IN EACH COMMITTEE THE MEMBERS SET THE PRIORITIES AND ESTABLISH GOALS IN KEEPING WITH THE OVERALL MISSION OF THE CHAMBER AS DEFINED BY THE BOARD OF DIRECTORS.
TOURISM: THE TOURISM COMMITTEE IS A DIVISION OF THE FARIBAULT CHAMBER OF COMMERCE, ORGANIZED TO ENHANCE THE LOCAL ECONOMY BY ATTRACTING VISITORS THROUGH MULTIMEDIA PROMOTIONS, CONVENTIONS, TRAVEL SHOWS AND PUBLICATIONS.
EVENTS: THE CHAMBER PRODUCES A NUMBER OF EVENTS EACH YEAR, BRINGING MEMBERS TOGETHER FOR NETWORKING, RECOGNITION AND ENJOYMENT. FOR EVERY EVENT A MEMBER TASK FORCE LEADS THE WAY IN PLANNING, EXECUTION AND EVALUATION. MEMBERS CAN JOIN AN EVENT TASK FORCE TO HELP PLAN THE CHAMBER BUSINESS EXPO, TASTE OF FARIBAULT, GOLF OUTING, ANNUAL GALA OR THE BUSINESS AWARDS LUCHEON.
PROMOTE THE FARIBAULT AREA TO TOURISTS AND POTENTIAL BUSINESSES AND TO BRING LOCAL BUSINESS OWNERS TOGETHER.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Nort Johnson President | Officer | 40 | $102,500 |
Tom Klemer Past Chair | Officer | 1 | $0 |
Bart Jackson Chair | Officer | 1 | $0 |
Natalie Ginter-Secraw Secretary/treasurer | Officer | 1 | $0 |
Suzanne Terry Vice Chair | Officer | 1 | $0 |
Tara Langevin Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $274,038 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $32,500 |
| All other contributions, gifts, grants, and similar amounts not included above | $56,147 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $362,685 |
| Total Program Service Revenue | $76,145 |
| Investment income | $62 |
| 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 | $249 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $555,327 |
| 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 | $199,656 |
| Pension plan accruals and contributions | $5,025 |
| Other employee benefits | $30,919 |
| Payroll taxes | $14,966 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $4,675 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $413 |
| Office expenses | $20,212 |
| Information technology | $15,339 |
| Royalties | $0 |
| Occupancy | $31,350 |
| Travel | $0 |
| 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 | $21,097 |
| Insurance | $6,352 |
| All other expenses | $21,699 |
| Total functional expenses | $538,673 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $57,239 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $50,000 |
| 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 | $285,016 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $392,255 |
| Accounts payable and accrued expenses | $19,412 |
| Grants payable | $0 |
| Deferred revenue | $11,561 |
| 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 | $5,726 |
| Total liabilities | $36,699 |
| Net assets without donor restrictions | $331,014 |
| Net assets with donor restrictions | $24,542 |
| 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 | $392,255 |
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