Midland Chamber Of Commerce Foundation Inc
- Assets
- $6.9m
- Revenue
- $819.0k
- Investments
- $0.0
- Employees
- 0
- Location
- Midland, TX
- Founding
- 12/1987
- Data as of
- 09/2023
- EIN
- 75-2181063
Organization Overview
Midland Chamber Of Commerce Foundation Inc is located in Midland, 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. Midland Chamber Of Commerce Foundation Inc 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 09/2023, Midland Chamber Of Commerce Foundation Inc generated $819.0k 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 (11.5%) each year. All expenses for the organization totaled $393.1k during the year ending 09/2023. As we would expect to see with falling revenues, expenses have declined by (8.5%) per year over the past 8 years. You can explore the organizations financials more deeply in the financial statements section below.
Form
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
THE MIDLAND CHAMBER OF COMMERCE FOUNDATION PROVIDES VISION AND LEADERSHIP TO STRENGTHEN AND ENHANCE THE QUALITY OF LIFE AND ECONOMIC DEVELOPMENT FOR BUSINESSES AND INDIVIDUALS IN THE COMMUNITY.
Describe the Organization's Program Activity:
THE MIDLAND CHAMBER OF COMMERCE FOUNDATION SPONSORS LEADERSHIP MIDLAND, WHICH IS A COMMUNITY LEADERSHIP DEVELOPMENT PROGRAM THAT PROVIDES EXPOSURE AND INSIGHT TO PEOPLE WHO WILL OCCUPY LEADERSHIP POSITIONS WITHIN OUR COMMUNITY.
THE MIDLAND CHAMBER OF COMMERCE FOUNDATION SPONSORS THE TEACHER ADOPTION PROGRAM AND PARTNERS IN EDUCATION PROGRAM. THE TEACHER ADOPTION PROGRAM WAS FORMED WITH THE GOAL TO STRENGTHEN TEACHERS' TIES TO THE COMMUNITY THROUGH ENCOURAGEMENT AND DEVELOPMENT OF RELATIONSHIPS. PARTNERS IN EDUCATION EXISTS TO PROVIDE LIAISONS BETWEEN LOCAL CAMPUSES AND BUSINESSES. A GRANTING PROGRAM IS ALSO HOUSED UNDER THE UMBRELLA OF PARTNERS IN EDUCATION WHICH PROVIDES FUNDS FOR TEACHER PROJECTS THAT MEET SPECIFIC CRITERIA ESTABLISHED AND VETTED BY THE MIDLAND CHAMBER'S EDUCATION COMMITTEE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Abraham Gutierrez Chair | OfficerTrustee | 2 | $0 |
Adrian Carrasco Vice Chair - Business Support | OfficerTrustee | 1 | $0 |
Brian Stubbs Vice Chair - Promotion | OfficerTrustee | 1 | $0 |
Chad Mcallaster Member At-Large | Trustee | 1 | $0 |
Cole Harrison Vice Chair - Advocacy | OfficerTrustee | 1 | $0 |
Darin Wood Vice Chair - Community Dev | 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 | $248,306 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $248,306 |
| Total Program Service Revenue | $39,750 |
| Investment income | $132,104 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $229,379 |
| Net Rental Income | $169,413 |
| 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 | $818,952 |
| 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 | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $9,000 |
| Fees for services: Legal | $11,795 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $1,442 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $304,824 |
| 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 | $0 |
| Insurance | $5,000 |
| All other expenses | $0 |
| Total functional expenses | $393,132 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $3,342,582 |
| Savings and temporary cash investments | $3,250,000 |
| 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 | $272,955 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $6,865,537 |
| Accounts payable and accrued expenses | $0 |
| 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 | $19,000 |
| Total liabilities | $19,000 |
| Net assets without donor restrictions | $6,498,556 |
| Net assets with donor restrictions | $347,981 |
| 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 | $6,865,537 |
Grants Awarded
Over the last fiscal year, Midland Chamber Of Commerce Foundation Inc has awarded $325,532 in support to 22 organizations.
| Grant Recipient | Amount |
|---|---|
323 MINISTRIES PURPOSE: SPORTS&ENTERTAINMENT | $25,000 |
JOHN KEITH HOYLE PURPOSE: SPORTS&ENTERTAINMENT | $15,000 |
MHS BOYS SOCCER BOOSTER CLUB PURPOSE: SPORTS&ENTERTAINMENT | $8,754 |
MHS GOLF BOOSTERS PURPOSE: SPORTS&ENTERTAINMENT | $10,000 |
JR CALF ROPING CHAMPIONSHIP PURPOSE: SPORTS&ENTERTAINMENT | $15,000 |
PROFESSIONAL ARMED FORCES RODEO AS PURPOSE: SPORTS&ENTERTAINMENT | $15,000 |