Chincoteague Chamber Of Commerce Inc
- Assets
- $607.4k
- Revenue
- $490.7k
- Investments
- $0.0
- Employees
- 6
- Location
- Chincoteague, VA
- Founding
- 06/1957
- Data as of
- 12/2023
- EIN
- 54-6052499
Organization Overview
Chincoteague Chamber Of Commerce Inc is located in Chincoteague, VA. The organization was established in 1957. 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 12/2023, Chincoteague Chamber Of Commerce Inc employed 6 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Chincoteague 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, Chincoteague Chamber Of Commerce Inc generated $490.7k in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 7.8% each year. All expenses for the organization totaled $374.1k during the year ending 12/2023. While expenses have increased by 3.8% per year over the past 9 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
PROMOTION OF COMMERCE ON CHINCOTEAGUE ISLAND, VIRGINIA - TOURISM, SEAFOOD, FOOD SERVICES, ENVIRONMENTAL APPRECIATION AND PROMOTION, HOSPITALITY INDUSTRY, AND GENERAL COMMERCE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SERVED THE PUBLIC AND BUSINESSES THROUGH DISSEMINATION OF INFORMATION AND FACILITATION OF COMMERCIAL ACTIVITY.
SERVED THE PUBLIC AND BUSINESSES THROUGH DISSEMINATION OF INFORMATION AND FACILITATION OF COMMERCIAL ACTIVITY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Angie Abell Director | Trustee | $0 | |
Austin Brodin Director | Trustee | $0 | |
Lee Chisholm Director | Trustee | $0 | |
Jocelyn Grover Director | Trustee | $0 | |
Dustin Mears Vice Preside | OfficerTrustee | $0 | |
Kate Moot Director | Trustee | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $65,825 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $203,790 |
| All other contributions, gifts, grants, and similar amounts not included above | $17,042 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $286,657 |
| Total Program Service Revenue | $0 |
| Investment income | $1,643 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $177,922 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $490,701 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $142,565 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $11,191 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $6,875 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $144,230 |
| Office expenses | $18,171 |
| Information technology | $3,903 |
| Royalties | $0 |
| Occupancy | $10,976 |
| Travel | $802 |
| 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 | $3,169 |
| Insurance | $12,082 |
| All other expenses | $6,250 |
| Total functional expenses | $374,138 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $43,950 |
| Savings and temporary cash investments | $453,650 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $440 |
| 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 | $68,590 |
| Net Land, buildings, and equipment | $40,778 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $607,408 |
| Accounts payable and accrued expenses | $25,497 |
| Grants payable | $0 |
| Deferred revenue | $160,803 |
| 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 | $5,926 |
| Total liabilities | $192,226 |
| Net assets without donor restrictions | $415,182 |
| 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 | $607,408 |