Gaston Business Association Inc
- Assets
- $614.0k
- Revenue
- $1.1m
- Investments
- $13.0
- Employees
- 14
- Location
- Gastonia, NC
- Founding
- 10/1942
- Data as of
- 12/2022
- EIN
- 56-0232990
Organization Overview
Gaston Business Association Inc is located in Gastonia, NC. The organization was established in 1942. 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 12/2022, Gaston Business Association Inc employed 14 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Gaston Business Association 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 12/2022, Gaston Business Association Inc generated $1.1m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 9.4% each year. All expenses for the organization totaled $947.3k during the year ending 12/2022. While expenses have increased by 6.4% 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
THE GASTON REGIONAL CHAMBER OF COMMERCE'S MISSION IS TO CHAMPION ECONOMIC PROSPERITY FOR OUR MEMBERS AND THE GASTON COUNTY COMMUNITY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO PROMOTE BUSINESS, EDUCATION, AND COMMUNITY DEVELOPMENT IN GASTON COUNTY
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Patrick Mumford CEO | Officer | 40 | $154,200 |
Angel Baez Director | OfficerTrustee | 1 | $0 |
Dan Boyd Chariman | OfficerTrustee | 3 | $0 |
Eric Clay Chair Elect | OfficerTrustee | 2 | $0 |
Terry Cox Director | Trustee | 1 | $0 |
Brad Drury Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $594,980 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $200,000 |
| All other contributions, gifts, grants, and similar amounts not included above | $48,130 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $843,110 |
| Total Program Service Revenue | $88,903 |
| Investment income | $8 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $3,600 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $133,082 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,072,138 |
| 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 | $536,664 |
| Pension plan accruals and contributions | $9,739 |
| Other employee benefits | $53,557 |
| Payroll taxes | $40,506 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $11,460 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $31,643 |
| Advertising and promotion | $13,626 |
| Office expenses | $15,874 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $42,618 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $21,366 |
| Interest | $4,827 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $25,443 |
| Insurance | $0 |
| All other expenses | $11,229 |
| Total functional expenses | $947,261 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $324,806 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| 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 | $289,209 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $13 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $614,028 |
| Accounts payable and accrued expenses | $0 |
| 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 | $229,471 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $229,471 |
| Net assets without donor restrictions | $384,557 |
| 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 | $614,028 |