Lakeville Chamber Of Commerce
- Assets
- $858.4k
- Revenue
- $800.3k
- Investments
- $0.0
- Employees
- 5
- Location
- Lakeville, MN
- Founding
- 04/1986
- Data as of
- 12/2022
- EIN
- 41-0902928
Organization Overview
Lakeville Chamber Of Commerce, operating under the name Lakeville Area Chamber Of Commerce, is located in Lakeville, MN. The organization was established in 1986. 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 12/2022, Lakeville Area Chamber Of Commerce employed 5 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Lakeville 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 12/2022, Lakeville Area Chamber Of Commerce generated $800.3k in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 5.6% each year. All expenses for the organization totaled $705.9k during the year ending 12/2022. While expenses have increased by 4.1% 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
TO SERVE AS THE ADVOCATE, RESOURCE AND LEADER FOR ITS MEMBERS AND THE BUSINESS COMMUNITY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDE COMMUNITY SUPPORT AND INFORMATIONAL PROGRAMS AND EVENTS OPEN TO THE PUBLIC TO STIMULATE INTEREST IN COMMUNITY BUSINESS AND AWARENESS. ATTENDED BY APPROXIMATELY 7,000 ANNUALY. THE ORGANIZATION CREATED A MAIL DIRECTORY THAT WENT OUT TO OVER 3,500 PEOPLE.
HOST GENERAL MEMBERSHIP SEMINARS AND MEETINGS TO KEEP MEMBER AND INTERESTED CITIZENS INFORMED ON LOCAL, STATE, AND PROFESSIONAL MATTERS AFFECTING THE AREA. APPROXIMATELY 800 PEOPLE ATTEND ANNUALLY. HOST NETWORKING EVENTS AND MARKETING OPPORTUNITIES FOR MEMBERS. APPROXIMATELY 3,000 PEOPLE ATTEND ANNUALLY.
LAKEVILLE WORKS - A PROGRAM TO ADDRESS THE SKILLED LABOR WORKFORCE SHORTAGE IN LAKEVILLE. A GROUP OF DONORS HAVE GIVEN THE CHAMBER THE ABILITY TO PARTNER WITH THE SCHOOL DISTRICT AND CITY TO CREATE EXPOSURE TO STUDENTS, PARENTS, AND EDUCATORS ABOUT THE OPPORTUNITIES IN THE TRADES HERE IN LAKEVILLE. DONOR DOLLARS HELP TO FUND EQUIPMENT DONATION, MARKETING, SCHOLARSHIPS, WEBSITE DEVELOPMENT, PROFESSIONAL RESOURCES AND MORE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Mike Forbord Chair | OfficerTrustee | 1 | $0 |
Jack Matasosky Past Chair | OfficerTrustee | 1 | $0 |
Amy Erkenbrack Vice Chair | OfficerTrustee | 1 | $0 |
Brady Folkestad Secretary | OfficerTrustee | 1 | $0 |
Mike Utz Treasurer | OfficerTrustee | 1 | $0 |
Melissa Scoles Board Member | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $195,240 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $54,500 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $249,740 |
| Total Program Service Revenue | $486,319 |
| Investment income | $627 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $63,198 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $800,284 |
| 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. | $100,415 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $194,810 |
| Pension plan accruals and contributions | $8,542 |
| Other employee benefits | $4,746 |
| Payroll taxes | $24,724 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $30,891 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $13,042 |
| Advertising and promotion | $140,693 |
| Office expenses | $15,646 |
| Information technology | $4,782 |
| Royalties | $0 |
| Occupancy | $10,705 |
| Travel | $3,325 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $18,096 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $7,631 |
| Insurance | $6,894 |
| All other expenses | $12,661 |
| Total functional expenses | $705,870 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $172,863 |
| Savings and temporary cash investments | $435,562 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $79,261 |
| 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 | $14,491 |
| Net Land, buildings, and equipment | $156,264 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $858,441 |
| Accounts payable and accrued expenses | $114,988 |
| Grants payable | $0 |
| Deferred revenue | $27,062 |
| 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 | $142,050 |
| Net assets without donor restrictions | $716,391 |
| 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 | $858,441 |