Lubbock Chamber Of Commerce Foundation
- Assets
- $770.9k
- Revenue
- $273.0k
- Investments
- $0.0
- Employees
- 0
- Location
- Lubbock, TX
- Founding
- 04/1987
- Data as of
- 12/2022
- EIN
- 75-2081274
Organization Overview
Lubbock Chamber Of Commerce Foundation is located in Lubbock, TX. The organization was established in 1987. 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. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Lubbock Chamber Of Commerce Foundation is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 12/2022, Lubbock Chamber Of Commerce Foundation generated $273.0k in total revenue. This organization has experienced exceptional growth, as over the past 4 years, it has increased revenue by an average of 38.9% each year . All expenses for the organization totaled $287.7k during the year ending 12/2022. While expenses have increased by 20.6% per year over the past 4 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
990PF
Mission & Program ActivityExcerpts From the 990PF Filing
TAX YEAR
2022
Describe the Organization's Program Activity:
Part 3 - Line 4a
TOTAL PIPELINE MANAGEMENT - THE LUBBOCK TALENT PIPELINE MANAGEMENT (TPM) INITIATIVE IS A PARTNERSHIP WITH THE LUBBOCK ECONOMIC DEVELOPMENT ALLIANCE (LEDA). TPM WAS STARTED IN 2014 BY THE U.S. CHAMBER OF COMMERCE AS AN EFFORT TO MOBILIZE THE BUSINESS COMMUNITY TO CLOSE THE SKILLS GAP BY APPLYING LESSONS LEARNED FROM SUPPLY CHAIN MANAGEMENT TO EDUCATION AND WORKFORCE PARTNERSHIPS. EMPLOYER COLLABORATIONS PLAY AN EXPANDED ROLE AS "END-CUSTOMERS" OF A TALENT SUPPLY CHAIN, THUS THEY BECOME MORE EFFECTIVE AT DETERMINING THEIR MOST CRITICAL WORKING NEEDS, COMMUNICATING THOSE NEEDS TO TRUSTED PARTNERS, AND MANAGING AND IMPROVING PERFORMANCE. THE SECOND IMPORTANT INITIATIVE INVOLVES THE COMMUNITY WORKFORCE PARTNERSHIP OF WHICH THE LUBBOCK CHAMBER, LEDA AND WORKFORCE SOLUTIONS SOUTH PLAINS ARE MEMBERS. SINCE 2015, THESE PARTNERS HAVE COLLABORATED TO PROVIDE AREA SCHOOL DISTRICTS WITH CAREER AND TECHNICAL EDUCATION EQUIPMENT FOR TRAINING IN TARGETED IN-DEMAND JOBS. THIS INITIATIVE HAS LEVERAGED O
LEADERSHIP LUBBOCK - THIS CAMPAIGN IS DESIGNED TO INCREASE THE PARTICIPATION ACROSS BOTH THE FOUNDATION AND THE CHAMBER AND ALL OF THEIR EVENTS. THE TOTAL AMOUNT OF TUITION, SPONSORSHIPS, AND BANQUET SPONSORSHIPS RECEIVED FOR LEADERSHIP LUBBOCK CAN VARY FROM YEAR TO YEAR. THIS APPEARS REASONABLE DUE TO THE SPONSORSHIPS BEING VOLUNTARY, AND THE RECEIPT OF THE SPONSORSHIPS IS SPORADIC.
CITY-WIDE BRANDING CAMPAIGN STARTED IN 2021. THE FOUNDATION WILL CONTINUE TO GROW PARTCIPATION AND SPONSORSHIPS IN THE FUTURE.
REGIONAL MONUMENT OF COURAGE - THE REGIONAL MONUMENT OF COURAGE FUND RAISING CAMPAIGN STARTED IN 2022. FUNDRAISING EFFORTS ARE DIRECTED TOWARDS VETERAN PROGRAMS. THE FOUNDATION SERVES AS AN "AGENTX AND COLLECTS FUNDS, PAYS EXPENSES DIRECTLY ASSOCIATED WITH FUNDRAISING ACTIVITIES, AND DISBURSES NET PROCEEDS TO QUALIFIED VETERAN ORGANIZATIONS. NO FOUNDATION RESOURCES ARE EXPENDED TOWARDS SUCH EFFORTS EXCEPT FOR ADMINISTRATIVE SUPPORT.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Steve Beck Chair Elect | 1 | $0 | |
Rey Carrasco Vice Chairman | 1 | $0 | |
Chris Chambers Vice Chairman | 1 | $0 | |
Robert Wood Director | 1 | $0 | |
Kay Mcdowell Secretary | 1 | $0 | |
Dana Madison Vice Chairwoman | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $0 |
| Interest on Savings | $9,070 |
| Dividends & Interest | $0 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $0 |
| Capital Gain Net Income | $0 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $263,908 |
| Total Revenue | $272,978 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $0 |
| Other employee salaries and wages | $0 |
| Pension plans, employee benefits | $0 |
| Interest | $0 |
| Taxes | $0 |
| Depreciation | $0 |
| Occupancy | $0 |
| Travel, conferences, and meetings | $0 |
| Printing and publications | $0 |
| Other expenses | $282,359 |
| Total operating and administrative expenses | $287,714 |
| Contributions, gifts, grants paid | $0 |
| Total expenses and disbursements | $287,714 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $748,998 |
| Savings and temporary cash investments | $0 |
| Net Accounts receivable | $19,189 |
| Net Pledges Receivable | $0 |
| Grants receivable | $0 |
| Receivables from Officers, Directors, or Controlling Persons | $0 |
| Net other notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $2,700 |
| Net Investments - land, buildings, equipment | $0 |
| Investments—mortgage loans | $0 |
| Investments—other | $0 |
| Net Land, buildings, and equipment | $0 |
| Other assets | $0 |
| Total assets | $770,887 |
| Accounts payable and accrued expenses | $6,425 |
| Grants payable | $0 |
| Deferred revenue | $178,750 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Mortgages and other notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $185,175 |