Montgomery County Chamber Of Commerce
- Assets
- $2.7m
- Revenue
- $2.4m
- Investments
- $0.0
- Employees
- 18
- Location
- Rockville, MD
- Founding
- 10/1981
- Data as of
- 06/2023
- EIN
- 52-0735621
Organization Overview
Montgomery County Chamber Of Commerce is located in Rockville, MD. The organization was established in 1981. According to its NTEE Classification (S01) the organization is classified as: Alliances & Advocacy, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 06/2023, Montgomery County Chamber Of Commerce employed 18 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Montgomery County 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 06/2023, Montgomery County Chamber Of Commerce generated $2.4m in total revenue. The organization has seen a slow decline revenue. Over the past 8 years, revenues have fallen by an average of (0.2%) each year. All expenses for the organization totaled $2.6m during the year ending 06/2023. 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
SEE PART III, LINE 1.
Describe the Organization's Program Activity:
Part 3 - Line 4a
CHAMBER EVENTS:THE CHAMBER SPONSORS SEVERAL EVENTS THROUGHOUT THE YEAR. IN FY23, EVENTS HELD WERE THE BUSINESS AWARDS BROADCAST, A PUBLIC SAFETY AWARDS BROADCAST AND AN IN-PERSON ANNUAL DINNER . TABLE SPONSORS ON BROADCASTED EVENTS WERE CONVERTED TO PRODUCTION SPONSORS ALONG WITH THE AWARD SPONSORS.
COMMUNICATIONS AND MARKETING--PROVIDES EVENT SPONSORS WITH COLLATERAL USED FOR BROADCAST PRODUCTION.
MEMBERSHIP:A LIST OF CHAMBER MEMBERSHIP FOR USE BY OTHER MEMBERS OF THE CHAMBER.
LEGISLATIVE AFFAIRS AND ADVOCACY
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Georgette Godwin President & CEO | OfficerTrustee | 40 | $327,162 |
Lowell Yoder Board Chair | OfficerTrustee | 1 | $0 |
Annice Cody Secretary | OfficerTrustee | 1 | $0 |
Andrew S Bridge Treasurer | OfficerTrustee | 1 | $0 |
James P Martinko Chair Audit Committee | Trustee | 1 | $0 |
Andre Jaundoo Co-Chair Audit Committee | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $103,025 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $103,025 |
| Total Program Service Revenue | $2,271,763 |
| Investment income | $21,904 |
| 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 | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $2,396,992 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $1,500 |
| 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. | $695,103 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $543,066 |
| Pension plan accruals and contributions | $8,925 |
| Other employee benefits | $13,342 |
| Payroll taxes | $69,142 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $20,217 |
| Fees for services: Lobbying | $64,900 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $59,301 |
| Advertising and promotion | $0 |
| Office expenses | $83,328 |
| Information technology | $44,653 |
| Royalties | $0 |
| Occupancy | $217,042 |
| Travel | $3,323 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $710,469 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $29,081 |
| Insurance | $8,633 |
| All other expenses | $0 |
| Total functional expenses | $2,604,124 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $799,112 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $330,325 |
| 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 | $78,728 |
| Net Land, buildings, and equipment | $53,355 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,486,766 |
| Total assets | $2,748,286 |
| Accounts payable and accrued expenses | $535,273 |
| Grants payable | $0 |
| Deferred revenue | $314,660 |
| 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 | $1,494,977 |
| Total liabilities | $2,344,910 |
| Net assets without donor restrictions | $403,376 |
| 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 | $2,748,286 |