Clear Lake Chamber Of Commerce
- Assets
- $893.2k
- Revenue
- $1.1m
- Investments
- $0.0
- Employees
- 7
- Location
- Clear Lake, IA
- Founding
- 08/1951
- Data as of
- 12/2023
- EIN
- 42-0478075
Organization Overview
Clear Lake Chamber Of Commerce is located in Clear Lake, IA. The organization was established in 1951. 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, Clear Lake Chamber Of Commerce employed 7 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Clear Lake 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, Clear Lake Chamber Of Commerce generated $1.1m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 6.9% each year. All expenses for the organization totaled $930.3k during the year ending 12/2023. While expenses have increased by 4.8% 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
THE MISSION OF THE CLEAR LAKE AREA CHAMBER OF COMMERCE IS TO SERVE OUR MEMBERSHIP AND PROVIDE VALUE THROUGH OPPORTUNITIES IN NETWORKING, ADVOCACY AND BUSINESS RESOURCES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TOURISM - AIDS THE RESIDENTS IN THE CITY OF CLEAR LAKE, IOWA (POP. APPROX. 7,700) THROUGH INCREASED CONVENTIONEERING AND TOURISM.
TRIATHLON CLEAR LAKE - ATTRACTS OTHERS TO CLEAR LAKE PROMOTING HEALTH AND FITNESS.
FOURTH OF JULY CELEBRATION - PROVIDES CULTURAL BENEFITS TO THE PEOPLE OF NORTHERN IOWA AS WELL AS INCREASED TRADE TO THE CHAMBER'S MEMBERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Stacy Doughan CEO | Officer | 40 | $96,459 |
Denni Sue Erickson Board Member | Trustee | 0 | $0 |
Kristi Miles Board Member | Trustee | 0 | $0 |
Robert Barber Vice Chair | OfficerTrustee | 0 | $0 |
Carrie Shannon Board Member | Trustee | 0 | $0 |
Amanda Kasten Board Member | Trustee | 0 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $214,421 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| 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 | $214,421 |
| Total Program Service Revenue | $847,386 |
| Investment income | $1,307 |
| 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 | $10,304 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,073,418 |
| 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. | $96,459 |
| Compensation of current officers, directors, key employees. | $96,459 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $230,915 |
| Pension plan accruals and contributions | $7,499 |
| Other employee benefits | $28,874 |
| Payroll taxes | $24,730 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $17,707 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $51,756 |
| Office expenses | $21,564 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $8,931 |
| 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 | $9,268 |
| Insurance | $10,036 |
| All other expenses | $65,370 |
| Total functional expenses | $930,331 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $642,993 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $154,609 |
| 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 | $29,130 |
| Net Land, buildings, and equipment | $66,478 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $893,210 |
| Accounts payable and accrued expenses | $46,953 |
| Grants payable | $0 |
| Deferred revenue | $177,515 |
| 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 | $224,468 |
| Net assets without donor restrictions | $668,742 |
| 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 | $893,210 |