Commerce Lexington Inc
- Assets
- $7.1m
- Revenue
- $4.6m
- Investments
- $0.0
- Employees
- 23
- Location
- Lexington, KY
- Founding
- 02/1942
- Data as of
- 12/2023
- 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 12/2023, Commerce Lexington Inc employed 23 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 12/2023, Commerce Lexington Inc generated $4.6m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 2.3% each year. All expenses for the organization totaled $4.7m during the year ending 12/2023. While expenses have increased by 2.3% per year over the past 9 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
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 | $242,208 |
Keeana Boarman At Large | Trustee | 1 | $0 |
Cassidy Rosenthal Board Chair | OfficerTrustee | 1 | $0 |
Debbie Smith Treasurer | OfficerTrustee | 1 | $0 |
Branden Gross General Counsel | OfficerTrustee | 1 | $0 |
Carla Blanton Vice Chair, Public Policy | OfficerTrustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Interspace Limited Interior Design | 12/30/23 | $533,880 |
Equity Solutions Group Consulting Services | 12/30/23 | $329,068 |
Development Counsellors International Marketing | 12/30/23 | $192,484 |
Kebco General Contractor | 12/30/23 | $498,455 |
330 E Main Condo Association Inc Property Management | 12/30/23 | $149,122 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $1,259,670 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $657,512 |
| All other contributions, gifts, grants, and similar amounts not included above | $623,716 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $2,540,898 |
| Total Program Service Revenue | $1,742,693 |
| Investment income | $94,283 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $72,722 |
| 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 | $4,585,100 |
| 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. | $270,027 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,630,279 |
| Pension plan accruals and contributions | $75,905 |
| Other employee benefits | $234,266 |
| Payroll taxes | $136,152 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $34,023 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $196,304 |
| Office expenses | $106,860 |
| Information technology | $142,490 |
| Royalties | $0 |
| Occupancy | $205,666 |
| Travel | $42,163 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $16,110 |
| Interest | $42,299 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $107,603 |
| Insurance | $2,665 |
| All other expenses | $121,303 |
| Total functional expenses | $4,655,848 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $952,212 |
| Savings and temporary cash investments | $2,681,285 |
| Pledges and grants receivable | $176,219 |
| Accounts receivable, net | $416,557 |
| 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 | $101,646 |
| Net Land, buildings, and equipment | $2,792,701 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $15,600 |
| Other assets | $0 |
| Total assets | $7,136,220 |
| Accounts payable and accrued expenses | $481,734 |
| Grants payable | $0 |
| Deferred revenue | $1,351,873 |
| 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 | $1,521,442 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $21,556 |
| Total liabilities | $3,376,605 |
| Net assets without donor restrictions | $745,087 |
| Net assets with donor restrictions | $3,014,528 |
| 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 | $7,136,220 |