Asheville Area Chamber Of Commerce Community Betterment Foundation
- Assets
- $2.2m
- Revenue
- $3.8m
- Investments
- $0.0
- Employees
- 0
- Location
- Asheville, NC
- Founding
- 04/1992
- Data as of
- 06/2023
- EIN
- 56-1762978
Organization Overview
Asheville Area Chamber Of Commerce Community Betterment Foundation is located in Asheville, NC. The organization was established in 1992. According to its NTEE Classification (T31) the organization is classified as: Community Foundations, under the broad grouping of Philanthropy, Voluntarism & Grantmaking Foundations and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Asheville Area Chamber Of Commerce Community Betterment Foundation 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, Asheville Area Chamber Of Commerce Community Betterment Foundation generated $3.8m in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 22.4% each year . All expenses for the organization totaled $4.0m during the year ending 06/2023. While expenses have increased by 24.2% 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
DEVELOP AND ACCELERATE GROWTH & EMPLOYMENT OPPORTUNITIES FOR THE COMMUNITY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
1 FUNDED THE FOLLOWING ACTIVITY THROUGH THE ASHEVILLE AREA CHAMBER OF COMMERCE: 1) WORKFORCE PREPAREDNESS AND DEVELOPMENT, 2) ENTREPRENEUR AND STARTUP DEVELOPMENT, 3) RECRUITMENT OF NEW INDUSTRY, 4) EXPANSION OF EXISTING INDUSTRY, AND 5) SITE DEVELOPMENT.2 RECEIVED FUNDS FROM THE GOLDEN LEAF FOUNDATION AND DISBURSED SAID FUNDS TO THE ASHEVILLE CHAMBER TO OPERATE INCLUSIVE HIRING PARTNERS, A RESOURCE TO CLOSE THE OPPORTUNITY GAP THAT CONNECTS BUNCOMBE COUNTY RESIDENTS EXPERIENCING EMPLOYMENT BARRIERS LIKE FORMER JUSTICE INVOLVEMENT, PREVIOUS INCARCERATION, SUBSTANCE USE DISORDER RECOVERY, INTERGENERATIONAL POVERTY, LONG-TERM UNEMPLOYMENT, OR LONG-TERM UNDEREMPLOYMENT WITH WELL-PAYING CAREERS IN HIGH-DEMAND INDUSTRIES.3 RECEIVED FUNDS FROM THE GOLDEN LEAF FOUNDATION AND BILTMORE FARMS LLC AND PAID SAID FUNDS TO CONSTRUCTION VENDORS BUILDING A BRIDGE SPANNING THE FRENCH BROAD RIVER THAT WILL PROVIDE ACCESS TO A PRATT & WHITNEY MANUFACTURING FACILITY. 4 PROVIDED BUSINESSES OWNED BY PEOPLE OF COLOR ADVERTISING BENEFITS AND MEMBERSHIPS IN THE ASHEVILLE CHAMBER THROUGH THE PEOPLE'S COMMUNITY AND INCLUSION INITIATIVE. 5 IN COOPERATION WITH THE FOLK HERITAGE COMMITTEE, PROMOTED TRADITIONAL MOUNTAIN MUSIC AND DANCE THROUGH THE SHINDIG ON THE GREEN PERFORMANCES AND THE MOUNTAIN DANCE AND FOLK FESTIVAL.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Janice Brumit Chair | OfficerTrustee | 1 | $0 |
John F A V Cecil Vice Chair | OfficerTrustee | 1 | $0 |
Suzanne Deferie Treasurer | OfficerTrustee | 1 | $0 |
Ben Hamrick Board Member | Trustee | 1 | $0 |
W Louis Bissette Board Member | Trustee | 1 | $0 |
Tracy Buchanan Board Member | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Wright Brothers Construction Construction | 6/29/21 | $4,005,417 |
Nc Department Of Transportation Construction | 6/29/21 | $400,000 |
Tgs Engineers Engineers | 6/29/21 | $307,801 |
Trc Construction | 6/29/21 | $227,398 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $375,000 |
| All other contributions, gifts, grants, and similar amounts not included above | $2,779,301 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $3,154,301 |
| Total Program Service Revenue | $573,857 |
| Investment income | $21,707 |
| 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 | $3,782,364 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $491,147 |
| 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 | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| 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 | $0 |
| Advertising and promotion | $0 |
| 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 | $0 |
| Total functional expenses | $4,013,723 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $108,338 |
| Savings and temporary cash investments | $1,036,230 |
| Pledges and grants receivable | $971,477 |
| Accounts receivable, net | $165 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $3,430 |
| Prepaid expenses and deferred charges | $5,327 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $26,312 |
| Total assets | $2,151,279 |
| Accounts payable and accrued expenses | $2,461 |
| Grants payable | $0 |
| Deferred revenue | $971,476 |
| 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 | $53,284 |
| Total liabilities | $1,027,221 |
| Net assets without donor restrictions | $1,124,058 |
| 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 | $2,151,279 |
Grants Awarded
Over the last fiscal year, Asheville Area Chamber Of Commerce Community Betterment Foundation has awarded $527,273 in support to 3 organizations.
| Grant Recipient | Amount |
|---|---|
ASHEVILLE AREA CHAMBER OF COMMERCE PURPOSE: PROMOTE ECONOMIC DEVELOPMENT | $386,302 |
ASHEVILLE AREA CHAMBER OF COMMERCE PURPOSE: INCLUSIVE HIRING PARTNERS | $122,771 |
ASHEVILLE AREA CHAMBER OF COMMERCE PURPOSE: PEOPLE'S COMMUNITY AND INCLUSION INITIATIVE | $18,200 |