Hillsboro Chamber Of Commerce
- Assets
- $99.2k
- Revenue
- $120.8k
- Investments
- $0.0
- Employees
- 4
- Location
- Hillsboro, TX
- Founding
- 03/1947
- Data as of
- 09/2023
- EIN
- 74-0553157
Organization Overview
Hillsboro Chamber Of Commerce is located in Hillsboro, TX. The organization was established in 1947. 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 09/2023, Hillsboro Chamber Of Commerce employed 4 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Hillsboro 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 09/2023, Hillsboro Chamber Of Commerce generated $120.8k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 8 years, the organization has seen revenues fall by an average of (6.6%) each year. All expenses for the organization totaled $137.0k during the year ending 09/2023. As we would expect to see with falling revenues, expenses have declined by (5.0%) 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
COMMUNITY SERVICE AND DEVELOPMENT
Describe the Organization's Program Activity:
Part 3 - Line 4a
COMMUNITY SERVICE, DEVELOPMENT AND TOURISM
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Tim Weeden Chair As Of 2/2023 | OfficerTrustee | 4 | $0 |
Tim Weeden Past Chair Thru 1/2023 | OfficerTrustee | 4 | $0 |
Sanjay Bala Chair Thru 1/2023 | OfficerTrustee | 4 | $0 |
Sanjay Bala Past Chair As Of 2/2023 | OfficerTrustee | 4 | $0 |
Kerry Schindler Vice Chair As Of 1/2023 | OfficerTrustee | 2 | $0 |
Kerry Schindler Treasurer Thru 12/2022 | OfficerTrustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $39,877 |
| Fundraising events | $38,500 |
| Related organizations | $0 |
| Government grants | $57,276 |
| 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 | $135,653 |
| Total Program Service Revenue | $0 |
| Investment income | $264 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | -$15,294 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $120,835 |
| 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. | $49,000 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $390 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $3,959 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $11,850 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $19,987 |
| Advertising and promotion | $8,465 |
| Office expenses | $18,405 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $19,786 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $1,277 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $139 |
| Insurance | $3,571 |
| All other expenses | $126 |
| Total functional expenses | $136,955 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $99,133 |
| 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 | $70 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $99,203 |
| Accounts payable and accrued expenses | $14,711 |
| 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 | $14,711 |
| Net assets without donor restrictions | $0 |
| 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 | $84,492 |
| Total liabilities and net assets/fund balances | $99,203 |
Grants Awarded
Over the last fiscal year, Hillsboro Chamber Of Commerce has awarded $20,000 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
CITY OF HILLSBORO TEXAS - MAIN STREET PROGRAM PURPOSE: ASSIST WITH EXPENSES OF THE 2019 COTTON PICKIN' FAIR EVENT | $9,000 |
ROADSIDE AMERICA MUSEUM PURPOSE: TO ASSIST WITH THE EXPENSES OF THE 2019 ANNUAL ROD RUN CAR SHOW EVENT | $11,000 |