Greater Sioux Falls Chamber Of Commerce
- Assets
- $12.1m
- Revenue
- $4.0m
- Investments
- $665.0
- Employees
- 69
- Location
- Sioux Falls, SD
- Founding
- 08/1942
- Data as of
- 09/2023
- EIN
- 46-0189300
Organization Overview
Greater Sioux Falls Chamber Of Commerce is located in Sioux Falls, SD. The organization was established in 1942. 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 09/2023, Greater Sioux Falls Chamber Of Commerce employed 69 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Greater Sioux Falls 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 09/2023, Greater Sioux Falls Chamber Of Commerce generated $4.0m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 8 years, the organization has seen revenues fall by an average of (5.1%) each year. All expenses for the organization totaled $3.8m during the year ending 09/2023. As we would expect to see with falling revenues, expenses have declined by (5.1%) per year over the past 8 years. 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
BUILD A STRONG COMMUNITY THROUGH MEMBER-DRIVEN PROGRAMMING THAT FOCUSES ON ECONOMIC HELP AND QUALITY OF LIFE IN OUR AREA.
Describe the Organization's Program Activity:
Part 3 - Line 4a
MEMBER SERIVICES - MEMBERS SERVICES CONSISTS OF COMMITTEES SUCH AS THE AMBASSADOR COMMITTEE (PROVIDES A STABLE SOURCE OF INCOME VIA DUES BY SECURING NEW CHAMBER MEMBERSHIPS); DIPLOMAT COMMITTEE (MAINTAINS MEMBERSHIP STRENGTH IN THE GREAT SIOUX FALLS CHAMBER OF COMMERCE); MILITARY AND VERTERANS AFFAIRS COMMITTEE (IMPROVES THE EQUALITY OF LIFE FOR ALL ACTIVE, GUARD, RESERVE, RETIRED AND DISABLED MILITARY PERSONNEL AND THEIR FAMILIES). THE MEMBERS SERVICES DIVISION SPONSORED THE FOLLOWING EVENTS: ANNUAL MEETING (MEMBERSHIP-WIDE EVENT TO CELEBRATE THE PAST YEAR'S SUCCESSES AND INTRODUCE NEW LEADERS AND PLANS FOR THE UPCOMING FISCAL YEAR; MORNING MINGLES, IN PERSON EVENTS, AND VIRTUAL EVENTS.
THE AGRIBUSINESS DIVISION'S MISSION IS TO ADVANCE AND PROMOTE THE SIOUX EMPIRE AS AN AGRICULTURAL CENTER THROUGH EVENTS THAT PROVIDE A HIGHER VISIBILITY OF THE INDUSTRY AND PROGRAMS TO ENRICH THE ECONOMIC STABILITY OF RURAL SOCIETY AND THOSE ASSOCIATED WITH BUSINESS INVOLVED WITH AGRICULTURE. EXAMPLES OF ANNUAL AGRIBUSINESS DIVISION EVENTS THAT CAPITALIZE ON THE DIVISION'S TRUE PURPOSE: SIOUX EMPIRE LIVESTOCK SHOW, AG APPRECIATION DAY AND NATIONAL FARMER'S DAY AT THE BARN. WHILE ADVANCING AND PROMOTING THE AGRIGCULTURE INDUSTRY STAND AS THE PRIMARY GOAL OF THE AGRIBUSINESS DIVISION, ALL ACTIVITIES AND FUNCTIONS OF THE DIVISION SERVE AS OPPORTUNITIES FOR FURTHER AGRICULTURAL EDUCATION AND COMMUNICATION BETWEEN THE CITY AND THE COMMUNITY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jeffrey Griffin CEO | Officer | 40 | $215,116 |
Joan Bartling Finance Dire | Officer | 40 | $121,190 |
Michael Lynch Executive Di | Officer | 40 | $105,151 |
Miles Beacom Vice Chair | OfficerTrustee | 1 | $0 |
Joe Bunkers Director | Trustee | 1 | $0 |
Kim Burma Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $1,616,303 |
| 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 | $1,616,303 |
| Total Program Service Revenue | $1,488,371 |
| Investment income | $41,188 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $481,636 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $3,983,306 |
| 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. | $441,457 |
| Compensation of current officers, directors, key employees. | $242,802 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $992,067 |
| Pension plan accruals and contributions | $76,498 |
| Other employee benefits | $112,837 |
| Payroll taxes | $103,401 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $335,504 |
| Advertising and promotion | $102,309 |
| Office expenses | $114,650 |
| Information technology | $122,413 |
| Royalties | $0 |
| Occupancy | $397,687 |
| Travel | $42,430 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $240,388 |
| Interest | $198,803 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $203,065 |
| Insurance | $32,665 |
| All other expenses | $16,284 |
| Total functional expenses | $3,784,052 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $401,187 |
| Savings and temporary cash investments | $592,413 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $201,115 |
| 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 | $58,090 |
| Net Land, buildings, and equipment | $6,032,670 |
| Investments—publicly traded securities | $1,774,716 |
| Investments—other securities | $665 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $3,014,765 |
| Total assets | $12,075,621 |
| Accounts payable and accrued expenses | $286,897 |
| Grants payable | $0 |
| Deferred revenue | $821,397 |
| 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 | $4,291,401 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $5,399,695 |
| Net assets without donor restrictions | $3,645,151 |
| Net assets with donor restrictions | $3,030,775 |
| 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 | $12,075,621 |