Lake Gaston Chamber Of Commerce
- Assets
- $178.8k
- Revenue
- $119.4k
- Investments
- $0.0
- Employees
- 3
- Location
- Littleton, NC
- Founding
- 10/1989
- Data as of
- 12/2022
- EIN
- 56-1634124
Organization Overview
Lake Gaston Chamber Of Commerce, operating under the name Lake Gaston Regional Chamber of Commerce, is located in Littleton, NC. The organization was established in 1989. 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, Lake Gaston Regional Chamber of Commerce employed 3 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Lake Gaston Regional Chamber of Commerce 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, Lake Gaston Regional Chamber of Commerce generated $119.4k in total revenue. The organization has seen a slow decline revenue. Over the past 7 years, revenues have fallen by an average of (2.4%) each year. All expenses for the organization totaled $123.0k during the year ending 12/2022. As we would expect to see with falling revenues, expenses have declined by (1.8%) per year over the past 7 years. 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
TO PROMOTE AND ADVANCE THE INDUSTRIAL, COMMERCIAL, CIVIC AND GENERAL BUSINESS INTEREST IN THE LAKE GASTON COMMUNITY AND IT'S SURROUNDING AREA
Describe the Organization's Program Activity:
Part 3 - Line 4a
MEMBER SERVICES ARE PRIMARILY DESIGNED TO HELP LOCAL SMALL BUSINESSES PROSPER WHICH INCLUDES PROMOTION OF MEMBERS AND THEIR SMALL BUSINESSES VIA A VERY ACTIVE WEBSITE, SMART PHONE APPLICATION, BUSINESS EXPOS, PROMOTIONAL MATERIALS, NETWORKING EVENTS, EDUCATIONAL SEMINARS, AND EMAIL ADVERTISING. SERVICES ARE PROVIDED BY 1 FULL TIME AND 2 PARTTIME EMPLOYEES. WE ALSO PROMOTE AND ASSIST MUNICIPALITIES, CIVIC CLUBS, NON-PROFITS, CHURCHES, HEALTH CARE ENTITIES, SCHOOLS, UTILITIES, AND INDUSTRIES AS WELL, BUT ESPECIALLY IN THIS ARE, SMALL BUSINESSES ARE THE DRIVING FORCE OF A HEALTY ECONOMY.
THE ORGANIZATION PURCHASED IT'S BUILDING WITH EXTRA OFFICE SPACE TO BE ABLE TO OFFER THE MANY SMALL BUSINESSES AND NON-PROFIT ORGANIZATIONS IN OUR RURAL AREA WITH A LOW-COST RENT SOLUTION. THE OFFICE SPACE OFFERED IS CURRENTLY FULLY RENTED TO FOUR SMALL BUSINESSES AND ONE NON-PROFIT. IN ADDITION TO PROVIDING MUCH-NEEDED, LOW COST OFFICE SPACE SOLUITONS, WE ALSO MAINTAIN THREE DIFFERENT MEETING SPACE OPTIONS FOR USE BY THE CHAMBER, CHAMBER MEMBERS, AND PUBLIC OFFICIALS. MEETING SPACE IN RURAL LAKE GASTON RGIONS IS ALSO LIMITED
THE LAKE GASTON REGIONAL CHAMBER OF COMMERCE ALSO OPERATES THE ONLY NON-STATE, NON-COUNTY AFFILIATED OR FUNDED VISITORS CENTER, OFFERING CRUCIAL INFORMATION FOR THE ENTIRE TWO-STAT, FIVE COUNTY LAKE GASTON REGION. WE ASSIST THOSE SEEKING INFORMATION ON RELOCATION, VACATION, LOCAL GOODS AND SERVICES, AND GENERAL SERVICE QUESTIONS REGARDING PERMITS, DIRECTIONS, ETC. WE ALSO OFFER OUR GUEST FREE WIFI SERVICE, WHICH IS BERY LIMITED IN THIS REGION, A LITTLE FREE LIBRARY FOR FREE BOOKS, A VILLAGE POST OFFICE FOR RELIABLE AND QUICK MAIL SERVICES (AS OUR POST OFFICES ARE LOCATED QUITE A DISTANCE APART AND HAVE VARYING HOURS OF OPERATION), AND OTHER NEEDED AND LIMITED SERVICES, SUCH AS COPYING, FAXING, AND NOTARY SERVICES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Scott Watson Interim President | Trustee | 2 | $0 |
Paul Owens Past Board President | Trustee | 4 | $0 |
Mary Lou Kellogg Board Secretary | Trustee | 3 | $0 |
Julia Allsbrook Board Treasurer | Trustee | 2 | $0 |
Angie Acree Board Vice President | Trustee | 3 | $0 |
Sarah Evans Board Director | Trustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| 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 | $0 |
| Total Program Service Revenue | $113,015 |
| Investment income | $50 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $3,014 |
| Net Income from Gaming Activities | $3,346 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $119,425 |
| 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. | $54,125 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $22,991 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $789 |
| Payroll taxes | $5,463 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $1,605 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $2,053 |
| Office expenses | $7,276 |
| Information technology | $2,294 |
| Royalties | $0 |
| Occupancy | $13,645 |
| 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 | $2,902 |
| Insurance | $563 |
| All other expenses | $511 |
| Total functional expenses | $122,982 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $93,055 |
| 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 | $5,000 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $80,710 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $178,765 |
| Accounts payable and accrued expenses | $386 |
| 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 | $386 |
| Net assets without donor restrictions | $0 |
| 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 | $178,379 |
| Total liabilities and net assets/fund balances | $178,765 |