Martinsville-Henry County Chambers Partnership For Economic Growth
- Assets
- $1.0m
- Revenue
- $431.1k
- Investments
- $0.0
- Employees
- 0
- Location
- Martinsville, VA
- Founding
- 01/1993
- Data as of
- 06/2023
- EIN
- 54-1627126
Organization Overview
Martinsville-Henry County Chambers Partnership For Economic Growth is located in Martinsville, VA. The organization was established in 1993. According to its NTEE Classification (S20) the organization is classified as: Community & Neighborhood Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Martinsville-Henry County Chambers Partnership For Economic Growth is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 06/2023, Martinsville-Henry County Chambers Partnership For Economic Growth generated $431.1k in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 3.8% each year. All expenses for the organization totaled $414.3k during the year ending 06/2023. While expenses have increased by 5.5% 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
ECONOMIC DEVELOPMENT
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDING FUNDS FOR ECONOMIC DEVELOPMENT PROJECTS IN MARTINSVILLE-HENRY COUNTY, VIRGINIA, AND ENCOURAGEMENT, PROMOTION, AND ASSISTANCE WITH ECONOMIC, CIVIC, AND CULTURAL DEVELOPMENT.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Amanda Witt-Cox President | OfficerTrustee | 3 | $0 |
Mike Grogan Immediate Past President | Trustee | 2 | $0 |
John Parkinson Secretary/treasurer | OfficerTrustee | 2 | $0 |
W Clay Campbell Director | Trustee | 2 | $0 |
Steve Draper Director | Trustee | 2 | $0 |
Timothy Martin Director | Trustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $7,250 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $119,525 |
| All other contributions, gifts, grants, and similar amounts not included above | $122,605 |
| Noncash contributions included in lines 1a–1f | $22,000 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $249,380 |
| Total Program Service Revenue | $147,915 |
| Investment income | $33,756 |
| 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 | $431,051 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $117,252 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $17,897 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $2,505 |
| Fees for services: Management | $24,872 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $8,100 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $410 |
| Office expenses | $0 |
| Information technology | $0 |
| 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 | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $29,596 |
| Total functional expenses | $414,296 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $353,829 |
| Savings and temporary cash investments | $1,558 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $129,594 |
| 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 | $0 |
| Investments—publicly traded securities | $531,664 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $1,016,645 |
| Accounts payable and accrued expenses | $63,837 |
| 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 | $6,306 |
| Total liabilities | $70,143 |
| Net assets without donor restrictions | $881,502 |
| Net assets with donor restrictions | $65,000 |
| 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 | $1,016,645 |
Grants Awarded
Over the last fiscal year, Martinsville-Henry County Chambers Partnership For Economic Growth has awarded $33,376 in support to 3 organizations.
| Grant Recipient | Amount |
|---|---|
PATRICK HENRY COMMUNITY COLLEGE PURPOSE: ENTREPRENURIAL BOOT CAMP FOR START-UP BUSINESSES | $15,000 |
LAWLESS WELDING & FABRICATION LLC PURPOSE: START UP MARTINSVILLE-HENRY COUNTY CASH AWARD FOR START-UP BUSINESSES | $11,399 |
REED ELECTRICAL SOLUTIONS PURPOSE: START UP MARTINSVILLE-HENRY COUNTY CASH AWARD FOR START-UP BUSINESSES | $6,977 |