Richmond Chamber Of Commerce Inc
- Assets
- $210.3k
- Revenue
- $222.7k
- Investments
- $0.0
- Employees
- 5
- Location
- Richmond, KY
- Founding
- 02/1991
- Data as of
- 12/2023
- EIN
- 61-0397625
Organization Overview
Richmond Chamber Of Commerce Inc is located in Richmond, KY. The organization was established in 1991. According to its NTEE Classification (S41) the organization is classified as: Chambers of Commerce & Business Leagues, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 12/2023, Richmond Chamber Of Commerce Inc employed 5 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Richmond Chamber Of Commerce 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, Richmond Chamber Of Commerce Inc generated $222.7k in total revenue. The organization has seen a slow decline revenue. Over the past 9 years, revenues have fallen by an average of (2.3%) each year. All expenses for the organization totaled $224.0k during the year ending 12/2023. As we would expect to see with falling revenues, expenses have declined by (2.0%) per year over the past 9 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
THE RICHMOND CHAMBER OF COMMERCE PROVIDES VISION AND LEADERSHIP THROUGH COLLABORATION AND SUPPORT TO ADD VALUE TO OUR MEMBERSHIP.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE ORGANIZATION WAS ESTABLISHED IN NOVEMBER 1931 TO PROVIDE VISION AND LEADERSHIP FOR RICHMOND AND MADISON COUNTY WITH FIRM COMMITMENT TO SUPPORT ECONOMIC DEVELOPMENT, A POSITIVE BUSINESS CLIMATE AND STABILITY AND GROWTH FOR ITS MEMBERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jeremy Brown Voting Membe | Trustee | 1 | $0 |
Matt Browning Voting Membe | Trustee | 1 | $0 |
Colleen Chaney Voting Membe | Trustee | 1 | $0 |
Rodney Davis Past Chair | OfficerTrustee | 1 | $0 |
Jeff Fultz Voting Membe | Trustee | 1 | $0 |
Greg D Gerard Board Chair | OfficerTrustee | 5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $90,935 |
| 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 | $90,935 |
| Total Program Service Revenue | $130,451 |
| Investment income | $563 |
| 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 | $222,684 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $108,044 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $9,365 |
| Payroll taxes | $9,089 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $13,000 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $7,006 |
| Office expenses | $522 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $9,640 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $67 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $4,637 |
| Insurance | $5,305 |
| All other expenses | $7,822 |
| Total functional expenses | $223,970 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $25,839 |
| Savings and temporary cash investments | $108,783 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| 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 | $0 |
| Net Land, buildings, and equipment | $75,704 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $210,326 |
| Accounts payable and accrued expenses | $13,126 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| 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 | $13,126 |
| Net assets without donor restrictions | $197,200 |
| 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 | $210,326 |