Towson Chamber Of Commerce Inc
- Assets
- $642.9k
- Revenue
- $547.1k
- Investments
- $0.0
- Employees
- 4
- Location
- Towson, MD
- Founding
- 07/1970
- Data as of
- 06/2022
- EIN
- 52-0821965
Organization Overview
Towson Chamber Of Commerce Inc is located in Towson, MD. The organization was established in 1970. 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 06/2022, Towson Chamber Of Commerce Inc employed 4 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Towson Chamber Of Commerce Inc 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 06/2022, Towson Chamber Of Commerce Inc generated $547.1k in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 2.4% each year. All expenses for the organization totaled $475.4k during the year ending 06/2022. While expenses have increased by 1.9% 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
PROMOTE BUSINESS RELATIONS WITH THE COMMUNITY; ENCOURAGE GROWTH & DEVELOPMENT OF BUSINESSES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SPONSORED "FEET ON THE STREET", WEEKLY BLOCK PARTIES HELD ON FRIDAY EVENINGS FROM MAY THROUGH SEPTEMBER. THE ORGANIZATION PROVIDES LIVE ENTERTAINMENT & CHILDREN'S ACTIVITIES FOR THE COMMUNITY IN ORDER TO PROMOTE LOCAL BUSINESSES.THE CHAMBER ALSO SPONSORED "ROCKTOBERFEST", A MUSIC FESTIVAL IN OCTOBER IN TOWSON, AS WELL AS A "GARDEN DAYX AND "SPRING FESTIVAL".ALL ACTIVITIES ARE TO PROMOTE LOCAL BUSINESSES AND MERCHANTS IN THE TOWSON AREA.
HELD BUSNESS NETWORKING EVENTS FOR MEMBERS OF THE CHAMBER TO PROMOTE LOCAL BUSINESSES & MERCHANTS, AND TO PROMOTE GROWTH OF BUSINESSES IN TOWSON, MARYLAND
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Nancy Hafford Executive Dir. | Officer | 40 | $107,093 |
Emily Brophy Vice President | Trustee | 3 | $0 |
Brandon Simpson President | Trustee | 2 | $0 |
Anthony Dimartino Treasurer | Trustee | 2 | $0 |
Tom Gronert Secretary | Trustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $72,088 |
| Fundraising events | $166,284 |
| 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 | $238,372 |
| Total Program Service Revenue | $179,965 |
| Investment income | $79 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $18,156 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $79,263 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $547,085 |
| 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. | $107,093 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $27,976 |
| Pension plan accruals and contributions | $3,213 |
| Other employee benefits | $0 |
| Payroll taxes | $12,360 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $4,750 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $9,584 |
| Office expenses | $18,986 |
| Information technology | $5,928 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $3,798 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $5,227 |
| All other expenses | $0 |
| Total functional expenses | $475,435 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $86,928 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $819 |
| 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 | $554,487 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $676 |
| Other assets | $0 |
| Total assets | $642,910 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $920 |
| 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 | $80,036 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $80,956 |
| Net assets without donor restrictions | $0 |
| 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 | $561,954 |
| Total liabilities and net assets/fund balances | $642,910 |