Mckinney Chamber Of Commerce
- Assets
- $1.7m
- Revenue
- $1.2m
- Investments
- $0.0
- Employees
- 10
- Location
- Mckinney, TX
- Founding
- 12/1947
- Data as of
- 12/2023
- EIN
- 75-0428690
Organization Overview
Mckinney Chamber Of Commerce is located in Mckinney, 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 12/2023, Mckinney Chamber Of Commerce employed 10 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Mckinney 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 12/2023, Mckinney Chamber Of Commerce generated $1.2m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 2.0% each year. All expenses for the organization totaled $1.4m during the year ending 12/2023. While expenses have increased by 3.7% 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 LEAD, CONNECT AND EMPOWER OUR STAKEHOLDERS TO ADVANCE BUSINESS AND COMMUNITY EXCELLENCE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROMOTE TOURISM, BUSINESS RETENTION AND EXPANSION, NETWORKING AND LEADERSHIP DEVELOPMENT.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Lisa M Hermes President | Officer | 40 | $146,059 |
Linda Imai-Dixon Fin/adm Dir | Officer | 40 | $102,919 |
Katherine Blank Vice President | Officer | 40 | $19,581 |
Nate Pike Imm Past Chair | OfficerTrustee | 1 | $0 |
Judson Duncan Director | Trustee | 1 | $0 |
Marvin Mchellon Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $702,865 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,379 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $704,244 |
| Total Program Service Revenue | $416,766 |
| Investment income | $17,534 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$1,292 |
| Net Income from Fundraising Events | $105,026 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,242,842 |
| 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. | $313,989 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $308,611 |
| Pension plan accruals and contributions | $955 |
| Other employee benefits | $29,065 |
| Payroll taxes | $48,156 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $620 |
| Fees for services: Accounting | $18,000 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $2,346 |
| Advertising and promotion | $0 |
| Office expenses | $9,184 |
| Information technology | $16,799 |
| Royalties | $0 |
| Occupancy | $91,618 |
| Travel | $0 |
| 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 | $19,108 |
| Insurance | $3,645 |
| All other expenses | $89,431 |
| Total functional expenses | $1,403,357 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $349,918 |
| Savings and temporary cash investments | $507,639 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $3,325 |
| 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 | $147,236 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $717,884 |
| Total assets | $1,726,002 |
| Accounts payable and accrued expenses | $80,259 |
| Grants payable | $0 |
| Deferred revenue | $11,175 |
| 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 | $773,703 |
| Total liabilities | $865,137 |
| Net assets without donor restrictions | $570,550 |
| Net assets with donor restrictions | $290,315 |
| 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 | $1,726,002 |