Owatonna Area Chamber Of Commerce
- Assets
- $1.5m
- Revenue
- $1.6m
- Investments
- $0.0
- Employees
- 7
- Location
- Owatonna, MN
- Founding
- 01/1950
- Data as of
- 12/2023
- EIN
- 41-0639369
Organization Overview
Owatonna Area Chamber Of Commerce is located in Owatonna, MN. The organization was established in 1950. 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 12/2023, Owatonna Area Chamber Of Commerce employed 7 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Owatonna Area 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, Owatonna Area Chamber Of Commerce generated $1.6m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 9.8% each year. All expenses for the organization totaled $969.6k during the year ending 12/2023. While expenses have increased by 4.2% per year over the past 9 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 PRODUCE CONTINUING BUSINESS DEVELOPMENT AND TO PROVIDE SERVICES FOR THE COMMUNITY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO PROVIDE SERVICES TO BUSINESSES AND INDIVIDUALS IN THE COMMUNITY.
TO PROVIDE ENHANCEMENT OF TOURISM TO THE AREA.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Brad Meier CEO | Officer | 40 | $107,399 |
Kelly Boomgarden Director | Trustee | 1 | $0 |
Shannon Cliff Director | Trustee | 1 | $0 |
Bonnie Cole Director | Trustee | 1 | $0 |
Brian Deml Director | Trustee | 1 | $0 |
Randall Doyal Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $353,629 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $695,489 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,049,118 |
| Total Program Service Revenue | $554,299 |
| Investment income | $4,979 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$34,567 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,573,829 |
| 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. | $107,399 |
| Compensation of current officers, directors, key employees. | $12,888 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $250,083 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $57,300 |
| Payroll taxes | $30,759 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $24,718 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $134,613 |
| Office expenses | $49,893 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $52,284 |
| Travel | $2,012 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $630 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $12,608 |
| Insurance | $5,876 |
| All other expenses | $26,479 |
| Total functional expenses | $969,632 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $662,606 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $80,467 |
| 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 | $28,334 |
| Net Land, buildings, and equipment | $700,752 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $1,472,159 |
| Accounts payable and accrued expenses | $161,421 |
| Grants payable | $0 |
| Deferred revenue | $153,556 |
| 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 | $0 |
| Total liabilities | $314,977 |
| Net assets without donor restrictions | $1,157,182 |
| 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 | $1,472,159 |