Guilford Merchants Association Inc
- Assets
- $178.7k
- Revenue
- $639.8k
- Investments
- $0.0
- Employees
- 4
- Location
- Greensboro, NC
- Founding
- 08/1957
- Data as of
- 12/2022
- EIN
- 56-6062537
Organization Overview
Guilford Merchants Association Inc is located in Greensboro, NC. The organization was established in 1957. According to its NTEE Classification (S03) the organization is classified as: Professional Societies & Associations, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 12/2022, Guilford Merchants Association Inc employed 4 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Guilford Merchants 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, Guilford Merchants Association Inc generated $639.8k in total revenue. The organization has seen a slow decline revenue. Over the past 8 years, revenues have fallen by an average of (2.9%) each year. All expenses for the organization totaled $753.1k during the year ending 12/2022. As we would expect to see with falling revenues, expenses have declined by (0.6%) per year over the past 8 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
THE ASSOCIATION'S GOAL IS TO ASSIST MEMBERS AND THE BUSINESS COMMUNITY TO GROW AND PROSPER.
Describe the Organization's Program Activity:
Part 3 - Line 4a
MEMBERSHIP - RECRUITING NEW GMA MEMBERS AND ASSIST WITH SUPPORTING AND DIRECTING THEIR DEVELOPMENT. MEMBERSHIP ALSO ASSISTS IN EDUCATING THE COMMUNITY ON THE BENEFITS OF GMA MEMBERSHIP AND IDENTIFYING WAYS TO GROW MEMBERSHIP AND SERVICES.
TRAINING AND PROFESSIONAL DEVELOPMENT - RESPONSIBLE FOR GMA'S POPULAR WORKPLACE WORKSHOPS, THIS PROGRAM FINDS EXPERT SPEAKERS TO MOTIVATE, EDUCATE AND DEVELOP MEMBERS AND THEIR EMPLOYEES.
BUSINESS SUPPORT - PLANNING AND ORGANIZING SEMINARS AND WORKSHOPS TO PROVIDE THE LATEST INFORMATION ON TOPICS RELEVANT TO OPERATING YOUR BUSINESS. LOCAL CONSULTANTS, ATTORNEYS, CPAS, AND INDUSTRY EXPERTS WILL ADDRESS SUCH ISSUES AS HUMAN RESOURCES, MARKETING, TECHNOLOGY AND FINANCE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Mark Prince President & CEO | OfficerTrustee | 10 | $0 |
Clarence Mcdonald Board Chair | OfficerTrustee | 3 | $0 |
Richard Beard Board Vice Chair | OfficerTrustee | 2 | $0 |
David Parrish Board Treasurer | OfficerTrustee | 2 | $0 |
Ford Bowers Board Immediate Past Chair | OfficerTrustee | 2 | $0 |
Nathan Duggins Board Past Chair | OfficerTrustee | 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 | $689,898 |
| Investment income | $0 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | -$71,040 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $639,808 |
| 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. | $99,557 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $118,844 |
| Pension plan accruals and contributions | $9,879 |
| Other employee benefits | $70,877 |
| Payroll taxes | $16,102 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $14,847 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $79,550 |
| Office expenses | $26,145 |
| Information technology | $65,696 |
| Royalties | $0 |
| Occupancy | $34,419 |
| Travel | $7,554 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $194,552 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $8,562 |
| Insurance | $6,504 |
| All other expenses | $0 |
| Total functional expenses | $753,088 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $131,020 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $26,904 |
| 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 | $1,756 |
| Net Land, buildings, and equipment | $18,998 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $178,678 |
| Accounts payable and accrued expenses | $59,811 |
| Grants payable | $0 |
| Deferred revenue | $84,301 |
| 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 | $4,597 |
| Total liabilities | $148,709 |
| Net assets without donor restrictions | $29,969 |
| 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 | $178,678 |