Business High Point Inc
- Assets
- $4.2m
- Revenue
- $5.2m
- Investments
- $0.0
- Employees
- 20
- Location
- High Point, NC
- Founding
- 11/1944
- Data as of
- 12/2022
- EIN
- 56-0473292
Organization Overview
Business High Point Inc is located in High Point, NC. The organization was established in 1944. 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, Business High Point Inc employed 20 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Business High Point 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, Business High Point Inc generated $5.2m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 32.1% each year . All expenses for the organization totaled $1.5m during the year ending 12/2022. While expenses have increased by 7.1% 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
THE MISSION OF THE HIGH POINT CHAMBER OF COMMERCE IS TO BE THE CHAMPION OF FREE ENTERPRISE FOR HIGH POINT AND THE TRIAD REGION. THE CHAMBER WANTS TO ASSIST ALL OF OUR MEMBERS AND THE COMMUNITY AT LARGE TO PROSPER AND ADVANCE BY PROVIDING SERVICE TO SUPPORT AND FOSTER AN ENVIRONMENT IN WHICH THE COMMUNITY CAN THRIVE. THE CHAMBER STRIVES TO CONTINUOUSLY BE INFORMED AND KEEP MEMBERS INFORMED OF THE ISSUES THAT EFFECT BUSINESS TODAY. THE CHAMBER OFFERS ACCESS TO EXPERT ADVICE THROUGH FORUMS AND SEMINARS, AS WELL AS ASSISTANCE CONNECTING MEMBERS TO EXPERTS THROUGH OUR MEMBERSHIP NETWORK.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE HIGH POINT CHAMBER OF COMMERCE, INC. ENCOURAGES A POSITIVE BUSINESS ENVIRONMENT IN THE HIGH POINT AREA. IT SUPPORTS BUSINESS LEADERSHIP DEVELOPMENT. IT ALSO FOSTERS INTERACTION AMONG VARIOUS MEMBERS OF THE BUSINESS COMMUNITY THROUGH FORUMS SUCH AS "BUSINESS AFTER HOURS AND THE "BUSINESS EXPO."
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Scott Tilley Past Chairman | OfficerTrustee | 5 | $0 |
David Congdon Past Chairman | OfficerTrustee | 5 | $0 |
Darlene Leonard Treasurer/director | OfficerTrustee | 2 | $0 |
Amy Smith Director | Trustee | 1 | $0 |
Dr Jim Hoestra Director | Trustee | 1 | $0 |
Kristin Dailey Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $4,466,839 |
| 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 | $4,466,839 |
| Total Program Service Revenue | $597,343 |
| Investment income | $12,187 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$264 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $5,247,992 |
| 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. | $124,759 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $489,142 |
| Pension plan accruals and contributions | $22,296 |
| Other employee benefits | $60,913 |
| Payroll taxes | $44,718 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $33,640 |
| Advertising and promotion | $0 |
| Office expenses | $6,221 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $70,000 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $4,086 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $3,805 |
| Insurance | $10,269 |
| All other expenses | $81,571 |
| Total functional expenses | $1,470,786 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $3,212,409 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $145,839 |
| Accounts receivable, net | $223,348 |
| 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 | $569,598 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $4,151,194 |
| Accounts payable and accrued expenses | $977,714 |
| 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 | $0 |
| Total liabilities | $977,714 |
| Net assets without donor restrictions | -$286,512 |
| Net assets with donor restrictions | $3,459,992 |
| 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 | $4,151,194 |