Commerce Lexington Inc
- Assets
- $6.5m
- Revenue
- $4.7m
- Investments
- $0.0
- Employees
- 20
- Location
- Lexington, KY
- Founding
- 02/1942
- Data as of
- 12/2021
- EIN
- 61-0258800
Organization Overview
Commerce Lexington Inc is located in Lexington, KY. The organization was established in 1942. 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 12/2021, Commerce Lexington Inc employed 20 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Commerce Lexington 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 12/2021, Commerce Lexington Inc generated $4.7m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 3.4% each year. All expenses for the organization totaled $3.7m during the year ending 12/2021. 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO REPRESENT OUR MEMBERS, CREATING THE ENVIRONMENT AND OPPORTUNITY FOR ECONOMIC PROSPERITY AND QUALITY LIVING IN CENTRAL KENTUCKY
Describe the Organization's Program Activity:
Part 3 - Line 4a
COMMERCE LEXINGTON PROVIDES SERVICES TO ITS MEMBER ORGANIZATIONS INCLUDING SUCH ACTIVITIES AS CONFERENCES, MONTHLY PROGRAMS, ANNUAL MEETINGS & PUBLICATIONS.
PROMOTION OF ECONOMIC DEVELOPMENT AND JOBS CREATION IN CENTRAL KENTUCKY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Robert L Quick President & CEO | OfficerTrustee | 40 | $249,496 |
Gina Greathouse Executive Vice President | 40 | $154,429 | |
Lynda Bebrowsky Executive Vice President, | 40 | $134,432 | |
Andi Johnson Chief Policy Officer & Dir | 40 | $123,388 | |
Tyrone Tyra Senior Vice President, Com | 40 | $120,407 | |
Mark Turner Chief Communications Offic | 40 | $117,981 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $1,151,647 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $1,064,433 |
| All other contributions, gifts, grants, and similar amounts not included above | $572,303 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $2,788,383 |
| Total Program Service Revenue | $1,672,509 |
| Investment income | $5,442 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $93,942 |
| 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 | $4,699,929 |
| 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. | $263,476 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,325,244 |
| Pension plan accruals and contributions | $38,341 |
| Other employee benefits | $228,819 |
| Payroll taxes | $117,989 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $26,175 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $147,039 |
| Office expenses | $89,228 |
| Information technology | $78,520 |
| Royalties | $0 |
| Occupancy | $193,307 |
| Travel | $18,148 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $8,800 |
| Interest | $46,212 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $75,282 |
| Insurance | $2,251 |
| All other expenses | $172,602 |
| Total functional expenses | $3,695,690 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,456,314 |
| Savings and temporary cash investments | $2,844,178 |
| Pledges and grants receivable | $176,985 |
| Accounts receivable, net | $192,680 |
| 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 | $67,607 |
| Net Land, buildings, and equipment | $1,777,430 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $15,600 |
| Other assets | $0 |
| Total assets | $6,530,794 |
| Accounts payable and accrued expenses | $393,781 |
| Grants payable | $0 |
| Deferred revenue | $990,266 |
| 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 | $1,166,403 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $2,550,450 |
| Net assets without donor restrictions | $660,286 |
| Net assets with donor restrictions | $3,320,058 |
| 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 | $6,530,794 |
Grants Recieved
Over the last fiscal year, we have identified 2 grants that Commerce Lexington Inc has recieved totaling $523,470.
| Awarding Organization | Amount |
|---|---|
Lexington Strides Ahead Foundation Lexington, KY PURPOSE: PROMOTE AND FUND ECONOMIC DEVELOPMENT IN LEXINGTON AND SURROUNDING AREAS | $519,970 |
Lexington Clinic Foundation For Medical Education And Research Inc Lexington, KY PURPOSE: MENTAL HEALTH MINUTE PROGRAM SPONSOR | $3,500 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Cincinnati Usa Regional Chamber Cincinnati, OH | $21,203,474 | $18,734,397 |
Greater Columbus Convention & Visitors Bureau Columbus, OH | $8,565,444 | $15,584,006 |
Williamsburg Area Chamber Of Commerce Williamsburg, VA | $14,757,466 | $13,076,106 |
Naiop Inc Herndon, VA | $24,051,800 | $11,820,157 |
Association Of Small Business Development Centers Burke, VA | $3,386,085 | $9,990,521 |
Indiana Chamber Of Commerce Inc Indianapolis, IN | $7,894,910 | $10,261,881 |
Greater Indianapolis Chamber Of Commerce Inc Indianapolis, IN | $15,080,070 | $11,498,115 |
German-American Chamber Of Commerce Of The Midwest Chicago, IL | $9,537,423 | $9,672,106 |
The Chicago Association Of Realtors Inc Chicago, IL | $11,107,922 | $7,821,690 |
Illinois Small Business Growth Corporation Springfield, IL | $2,478,514 | $7,890,542 |
Mainstreet Organization Of Realtors Downers Grove, IL | $23,598,352 | $9,176,226 |
American Seed Trade Association Alexandria, VA | $7,353,007 | $6,785,185 |