Wichita Falls Chamber Of Commerce And Industry
- Assets
- $1.5m
- Revenue
- $1.5m
- Investments
- $0.0
- Employees
- 17
- Location
- Wichita Falls, TX
- Founding
- 08/1964
- Data as of
- 12/2022
- EIN
- 75-1102461
Organization Overview
Wichita Falls Chamber Of Commerce And Industry is located in Wichita Falls, TX. The organization was established in 1964. According to its NTEE Classification (S03) the organization is classified as: Professional Societies & Associations, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 12/2022, Wichita Falls Chamber Of Commerce And Industry employed 17 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Wichita Falls Chamber Of Commerce And Industry 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 12/2022, Wichita Falls Chamber Of Commerce And Industry generated $1.5m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 3.1% each year. All expenses for the organization totaled $1.5m during the year ending 12/2022. While expenses have increased by 2.4% per year over the past 8 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
THE PROMOTION OF BUSINESS & COMMUNITY DEVELOPMENT.
Describe the Organization's Program Activity:
Part 3 - Line 4a
CHAMBER SERVICES INCLUDE HELPING EXISTING SECONDARY EMPLOYERS MAINTAIN AND BUILD THEIR PROFITABILITY.
ADDITIONAL CHAMBER SERVICES INCLUDE WORKING WITH SHEPPARD AIR FORCE BASE AND DEVELOPING WORKFORCE INITATIVES.
ECONOMIC DEVELOPMENT INCLUDES MAINTAINING AND BUILDING A ROBUST LOCAL ECONOMY BY RETAINING AND EXPANDING EXISTING INDUSTRIES, AS WELL AS PROMOTING BUSINESS EXPANSION AND ATTRACTING NEW EMPLOYERS.
THE GOAL OF THE COMMUNITY-WIDE MARKETING CAMPAIGN IS TO ENABLE WICHITA FALLS TO DEVELOP THE NEW COMMUNITY-WIDE BRAND, INSTILL A RENEWED SENSE OF PRIDE, MARKET OUR GREAT CITY, CREATE EXCITING PROMOTIONS AND UNDERTAKE AN INTEGREATED MARKETING COMMUNICATIONS CAMPAIGN TO DRIVE ECONOMIC GROWTH.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Gordon Drake Chair | OfficerTrustee | 2 | $0 |
Colby Schwartz Vice Chair | OfficerTrustee | 1.5 | $0 |
Lacey Morgan Past Chair | OfficerTrustee | 1 | $0 |
Jerry Mcgee Treasurer | OfficerTrustee | 2 | $0 |
Tracy Barrells Secretary | OfficerTrustee | 1.5 | $0 |
Kerry Maroney At-Large Member | OfficerTrustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $31,500 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $31,500 |
| Total Program Service Revenue | $1,366,872 |
| Investment income | $7,314 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $1,573 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $36,219 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,479,960 |
| 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 | $137,071 |
| Other salaries and wages | $501,483 |
| Pension plan accruals and contributions | $25,456 |
| Other employee benefits | $59,506 |
| Payroll taxes | $60,452 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $28,878 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $78,999 |
| Advertising and promotion | $1,366 |
| Office expenses | $58,739 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $67,575 |
| Travel | $13,622 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $15,058 |
| Interest | $731 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $9,713 |
| Insurance | $6,022 |
| All other expenses | $20,434 |
| Total functional expenses | $1,458,542 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $175,858 |
| Savings and temporary cash investments | $696,448 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $85,535 |
| 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 | $2,072 |
| Net Land, buildings, and equipment | $492,303 |
| Investments—publicly traded securities | $71,354 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $1,523,570 |
| Accounts payable and accrued expenses | $101,735 |
| 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 | $545,229 |
| Total liabilities | $646,964 |
| Net assets without donor restrictions | $876,606 |
| 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 | $1,523,570 |