Myrtle Beach Area Chamber Of Commerce is located in Myrtle Beach, SC. The organization was established in 1984. According to its NTEE Classification (S01) the organization is classified as: Alliances & Advocacy, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 12/2022, Myrtle Beach Area Chamber Of Commerce employed 54 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Myrtle Beach Area 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, Myrtle Beach Area Chamber Of Commerce generated $68.5m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 9.4% each year. All expenses for the organization totaled $66.3m during the year ending 12/2022. While expenses have increased by 10.5% 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 ORGANIZATION PROMOTES, PROTECTS AND POSITIVELY IMPACTS ITS MEMBER BUSINESSES AND THE GRAND STRAND ECONOMY THROUGH A VARIETY OF ACTIVITIES AND PROGRAMS, INCLUDING ADVOCACY OF PUBLIC POLICY, TOURISM PROMOTION, DESTINATION ADVERTISING, DESTINATION BRANDING, BUSINESS PROMOTION, NETWORKING, LEADERSHIP DEVELOPMENT, BUSINESS TRAINING, CONVENTION/MEETING SALES, RESEARCH, BUSINESS SERVICES, JOB CREATION AND OTHER ACTIVITIES RELATED TO BUSINESS AND ECONOMIC DEVELOPMENT, AS IDENTIFIED IN ITS ORGANIZATIONAL MISSION STATEMENT.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROMOTED THE GRAND STRAND AREA FOR THE BENEFIT OF ALL AREA BUSINESSES.
Name (title) | Role | Hours | Compensation |
---|---|---|---|
Karen Riordan President & CEO | OfficerTrustee | 37.5 | $414,188 |
Alex Husner Chairman | OfficerTrustee | 1 | $0 |
Billy Mcgonigal Immediate Past Chairman | OfficerTrustee | 1 | $0 |
John Rutenberg Treasurer | OfficerTrustee | 1 | $0 |
Rachel Beckerman Director | Trustee | 1 | $0 |
Woody Brownson Director | Trustee | 1 | $0 |
Statement of Revenue | |
---|---|
Federated campaigns | $0 |
Membership dues | $2,793,424 |
Fundraising events | $0 |
Related organizations | $0 |
Government grants | $61,474,661 |
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 | $64,268,085 |
Total Program Service Revenue | $3,955,800 |
Investment income | $281,871 |
Tax Exempt Bond Proceeds | $30,891 |
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 | $68,536,647 |
Statement of Expenses | |
---|---|
Grants and other assistance to domestic organizations and domestic governments. | $14,999 |
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 | $3,533,989 |
Pension plan accruals and contributions | $125,946 |
Other employee benefits | $612,268 |
Payroll taxes | $219,034 |
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 | $57,416,737 |
Office expenses | $0 |
Information technology | $0 |
Royalties | $0 |
Occupancy | $0 |
Travel | $139,951 |
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 | $75,639 |
All other expenses | $475,592 |
Total functional expenses | $66,307,487 |
Balance Sheet | |
---|---|
Cash—non-interest-bearing | $275 |
Savings and temporary cash investments | $37,385,485 |
Pledges and grants receivable | $0 |
Accounts receivable, net | $448,620 |
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 | $1,023,925 |
Net Land, buildings, and equipment | $831,260 |
Investments—publicly traded securities | $0 |
Investments—other securities | $8,028,644 |
Investments—program-related | $0 |
Intangible assets | $872,500 |
Other assets | $0 |
Total assets | $48,590,709 |
Accounts payable and accrued expenses | $2,084,844 |
Grants payable | $0 |
Deferred revenue | $35,709,799 |
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 | $37,794,643 |
Net assets without donor restrictions | $10,796,066 |
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 | $48,590,709 |