Minot Chamber Of Commerce
- Assets
- $9.7m
- Revenue
- $3.0m
- Investments
- $0.0
- Employees
- 13
- Location
- Minot, ND
- Founding
- 12/1940
- Data as of
- 12/2021
- EIN
- 45-0166410
Organization Overview
Minot Chamber Of Commerce is located in Minot, ND. The organization was established in 1940. 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, Minot Chamber Of Commerce employed 13 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Minot 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 12/2021, Minot Chamber Of Commerce generated $3.0m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 8.3% each year. All expenses for the organization totaled $2.3m during the year ending 12/2021. While expenses have increased by 8.2% per year over the past 7 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO ADVOCATE FOR AND INVEST IN BUSINESS ACTIVITY BY BEING A COLLABORATIVE PARTNER IN THE COMMUNITY, FOCUSED ON IMPROVING QUALITY OF LIFE FOR ALL.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO BE THE GO-TO ORGANIZATION FOR OUR BUSINESS COMMUNITY TO DRIVE KEY INITIATIVES THAT BUILD AND STRENGTHEN OUR ECONOMY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
John Macmartin President & Corporate Secretary | Officer | 40 | $116,435 |
Missy Feist Erickson Treasurer | OfficerTrustee | 0.5 | $0 |
Randy Hauck Chair | OfficerTrustee | 0.5 | $0 |
Cassidy Hjelmstad Vice-Chair | OfficerTrustee | 0.5 | $0 |
Kevin Black Chair-Elect | OfficerTrustee | 0.5 | $0 |
Ryan Ackerman Director | Trustee | 0.5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $340,947 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $1,328,500 |
| All other contributions, gifts, grants, and similar amounts not included above | $7,000 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,676,447 |
| Total Program Service Revenue | $791,175 |
| Investment income | $4,936 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $223,752 |
| Net Gain/Loss on Asset Sales | $515 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $3,024,271 |
| 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. | $116,435 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $552,429 |
| Pension plan accruals and contributions | $55,079 |
| Other employee benefits | $154,301 |
| Payroll taxes | $47,313 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $27,135 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $194,202 |
| Advertising and promotion | $82,387 |
| Office expenses | $13,812 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $72,096 |
| Travel | $69,766 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $929 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $164,854 |
| Insurance | $0 |
| All other expenses | $93,284 |
| Total functional expenses | $2,329,251 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,886,711 |
| Savings and temporary cash investments | $1,411,919 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| 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 | $6,370,834 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $9,669,464 |
| Accounts payable and accrued expenses | $6,439 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| 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 | $20,153 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $187,826 |
| Total liabilities | $214,418 |
| Net assets without donor restrictions | $8,174,909 |
| Net assets with donor restrictions | $1,280,137 |
| 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 | $9,669,464 |
Grants Recieved
Over the last fiscal year, we have identified 2 grants that Minot Chamber Of Commerce has recieved totaling $30,350.
| Awarding Organization | Amount |
|---|---|
Minot Community Foundation Minot, ND PURPOSE: TO ASSIST THE ORGANIZATION WITH CARRYING OUT OF ITS TAX EXEMPT MISSION. | $15,175 |
Minot Community Foundation Minot, ND PURPOSE: TO ASSIST THE ORGANIZATION WITH CARRYING OUT OF ITS TAX EXEMPT MISSION. | $15,175 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Society Of Corporate Compliance And Ethics & Health Care Compliance Eden Prairie, MN | $30,768,192 | $19,415,043 |
Saint Paul Rivercentre Convention And Visitors Authority St Paul, MN | $10,775,339 | $12,198,491 |
Minnesota Hospital Association St Paul, MN | $27,636,744 | $11,552,322 |
Aca International Eagan, MN | $12,262,505 | $9,311,579 |
Minneapolis Downtown Improvement District Minneapolis, MN | $3,331,993 | $8,257,561 |
Greater Sioux Falls Chamber Of Commerce Sioux Falls, SD | $10,050,793 | $7,933,347 |
American Simmental Association Bozeman, MT | $18,730,338 | $6,575,498 |
Minnesota Association Of Professional Employees Mape Shoreview, MN | $22,099,313 | $6,757,766 |
Minnesota Chamber Of Commerce And Industry St Paul, MN | $7,317,783 | $6,035,761 |
Lignite Energy Council Bismarck, ND | $4,866,875 | $4,452,905 |
National Association Of Tower Erectors Watertown, SD | $8,490,002 | $4,294,406 |
Grain Elevator & Processing Society Golden Valley, MN | $3,501,132 | $5,479,710 |