Maryland Chamber Of Commerce Inc
- Assets
- $1.9m
- Revenue
- $2.4m
- Investments
- $0.0
- Employees
- 15
- Location
- Annapolis, MD
- Founding
- 12/1995
- Data as of
- 12/2023
- EIN
- 52-1784310
Organization Overview
Maryland Chamber Of Commerce Inc is located in Annapolis, MD. The organization was established in 1995. 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 12/2023, Maryland Chamber Of Commerce Inc employed 15 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Maryland 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 12/2023, Maryland Chamber Of Commerce Inc generated $2.4m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 5.8% each year. All expenses for the organization totaled $2.2m during the year ending 12/2023. While expenses have increased by 4.3% 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 MARYLAND CHAMBER OF COMMERCE IS TO ADVANCE INCLUSIVE PARTNERSHIPS FOR A MARYLAND WHERE ALL BUSINESSES AND THEIR COMMUNITIES THRIVE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROGRAMS & EVENTS - VARIOUS PROGRAMS AND EVENTS THROUGHOUT THE YEAR, THE LARGEST BEING THE "MARYLAND BUSINESS OUTLOOK".
SERVICES - CONDUCT VARIOUS SEMINARS TO EDUCATE AND INFORM MEMBERS.
PUBLICATIONS - THE LEGISLATIVE DIRECTORY, LEGISLATIVE BRIEFING DOCUMENT, AND MARYLAND COMPETITIVENESS BOOKLET ARE REVISED ANNUALLY AND DISTRIBUTED ELECTRONICALLY AND/OR IN PRINT TO MEMBER ORGANIZATIONS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Mary Kane President/ceo | OfficerTrustee | 37.5 | $247,170 |
Misty Allen Chairman | OfficerTrustee | 1 | $0 |
Amir Ahmadzadeh Vice-Chairman | OfficerTrustee | 1 | $0 |
Damita Robinson Treasurer | OfficerTrustee | 1 | $0 |
Fiona Ong Counsel | OfficerTrustee | 1 | $0 |
Bill Chambers Local Chamber Rep | OfficerTrustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $209,996 |
| 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 | $209,996 |
| Total Program Service Revenue | $2,012,027 |
| Investment income | $10,462 |
| 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 | $2,383,753 |
| 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. | $588,670 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $612,203 |
| Pension plan accruals and contributions | $35,456 |
| Other employee benefits | $128,777 |
| Payroll taxes | $87,838 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $73,374 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $33,044 |
| Office expenses | $98,171 |
| Information technology | $40,575 |
| Royalties | $0 |
| Occupancy | $184,619 |
| Travel | $2,682 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $36,966 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $9,178 |
| Insurance | $13,644 |
| All other expenses | $26,748 |
| Total functional expenses | $2,249,646 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $888,397 |
| Savings and temporary cash investments | $202,406 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $2,547 |
| 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 | $38,683 |
| Net Land, buildings, and equipment | $58,953 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $742,533 |
| Total assets | $1,933,519 |
| Accounts payable and accrued expenses | $101,601 |
| 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 | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $1,419,964 |
| Total liabilities | $1,521,565 |
| Net assets without donor restrictions | $411,954 |
| 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 | $1,933,519 |