Greater Minneapolis Chamber Of Commerce
- Assets
- $2.1m
- Revenue
- $3.7m
- Investments
- $0.0
- Employees
- 35
- Location
- Minneapolis, MN
- Founding
- 10/1955
- Data as of
- 12/2022
- EIN
- 41-0414520
Organization Overview
Greater Minneapolis Chamber Of Commerce is located in Minneapolis, MN. The organization was established in 1955. According to its NTEE Classification (S01) the organization is classified as: Alliances & Advocacy, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 12/2022, Greater Minneapolis Chamber Of Commerce employed 35 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Greater Minneapolis 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 12/2022, Greater Minneapolis Chamber Of Commerce generated $3.7m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 5.8% each year. All expenses for the organization totaled $3.6m during the year ending 12/2022. While expenses have increased by 5.9% 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
CREATING POWERFUL ADVOCACY TO ENHANCE ECONOMIC VITALITY IN THE MINNEAPOLIS-ST. PAUL REGION.
Describe the Organization's Program Activity:
Part 3 - Line 4a
COMMUNITY LEADERSHIP: MRC ORGANIZED AND LED DELEGATION OF 100 COMMUNITY, GOVERNMENT AND BUSINESS LEADERS TO CHARLOTTE, NC FOR AN INTERCITY LEADERSHIP VISIT, IN WHICH LEADERS HEARD PRESENTATIONS OF CHARLOTTE'S ECONOMIC GROWTH STRATEGIES, AMENITIES AND ATTRACTIONS. THE KEYSTONE PROGRAM RECOGNIZED AND HONORED COMPANIES THAT DONATE AT LEAST 2% OF THEIR PRE-TAX EARNINGS TO THE COMMUNITY. OVER 33 YEARS AGO, 23 MN COMPANIES CREATED THIS PROGRAM TO RECOGNIZE AND ENCOURAGE CHARITABLE GIVING AND TO SET AN EXAMPLE FOR THEIR BUSINESS COLLEAGUES. KEYSTONE CELEBRATED ITS 46TH YEAR AND ENROLLED 200 MEMBERS. THE KEYSTONE EVENT IN DECEMBER ATTRACTED 480 ATTENDEES. NORTHEAST MINNEAPOLIS PARADE STARTED IN 1929 AS A STREET CAR PARADE AND RETURNED IN 2022 FOR ANOTHER SUCCESSFUL COMMUNITY EVENT.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Alex Cecchini Director | Trustee | 0.5 | $0 |
Alison Pence Director | Trustee | 0.5 | $0 |
Andy Grey Director | Trustee | 0.5 | $0 |
Ben Shardlow Director | Trustee | 0.5 | $0 |
Breanna Schafer Director | Trustee | 0.5 | $0 |
Brett Hanson Director | Trustee | 0.5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $13,034 |
| Related organizations | $0 |
| Government grants | $155,687 |
| All other contributions, gifts, grants, and similar amounts not included above | $527,501 |
| Noncash contributions included in lines 1a–1f | $13,034 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $696,222 |
| Total Program Service Revenue | $1,391,865 |
| Investment income | $5,797 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $10,213 |
| Net Income from Gaming Activities | -$5 |
| Net Income from Sales of Inventory | $1,004 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $3,657,190 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $154,972 |
| 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. | $288,089 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,881,532 |
| Pension plan accruals and contributions | $59,076 |
| Other employee benefits | $96,813 |
| Payroll taxes | $169,123 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $2,500 |
| Fees for services: Accounting | $14,740 |
| Fees for services: Lobbying | $15,000 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $124,481 |
| Advertising and promotion | $9,110 |
| Office expenses | $53,579 |
| Information technology | $84,210 |
| Royalties | $0 |
| Occupancy | $265,113 |
| Travel | $50,653 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $121,775 |
| Interest | $595 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $49,975 |
| Insurance | $18,380 |
| All other expenses | $46,507 |
| Total functional expenses | $3,641,783 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $296,928 |
| Savings and temporary cash investments | $416,624 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $510,506 |
| 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 | $95,101 |
| Net Land, buildings, and equipment | $365,848 |
| Investments—publicly traded securities | $38,891 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $355,341 |
| Total assets | $2,079,239 |
| Accounts payable and accrued expenses | $318,669 |
| Grants payable | $0 |
| Deferred revenue | $407,019 |
| 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 | $679,586 |
| Total liabilities | $1,405,274 |
| Net assets without donor restrictions | $673,965 |
| 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 | $2,079,239 |
Grants Awarded
Over the last fiscal year, Greater Minneapolis Chamber Of Commerce has awarded $18,500 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
FIREFIGHTERS FOR HEALING PURPOSE: GENERAL SUPPORT | $8,500 |
MINNESOTA INDEPENDENT VENUE ALLIANCE PURPOSE: GENERAL SUPPORT | $10,000 |