Massachusetts Lgbt Chamber Of Commerce Inc is located in Boston, MA. The organization was established in 2019. 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 12/2020, Massachusetts Lgbt Chamber Of Commerce Inc employed 5 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Massachusetts Lgbt Chamber Of Commerce Inc 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 12/2020, Massachusetts Lgbt Chamber Of Commerce Inc generated $331.2k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 3 years, the organization has seen revenues fall by an average of (10.4%) each year. All expenses for the organization totaled $530.4k during the year ending 12/2020. 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
2020
Describe the Organization's Mission:
Part 3 - Line 1
THE MASSACHUSETTS LGBT CHAMBER OF COMMERCE, INC. WORKS TO CREATE A FULLY INCLUSIVE STATE BY PROMOTING GROWTH AND OPPORTUNITIES FOR THE LGBT-OWNED AND ALLIED BUSINESSES, ORGANIZATIONS AND INDIVIDUALS. THE CHAMBER WILL WORK TO BE THE MASSACHUSETTS LGBT BUSINESS COMMUNITY ADVOCATE FOR THE ENTIRE STATE. THE CHAMBER WILL ALSO WORK WITH CORPORATIONS IN MASSACHUSETTS TO ENRICH THEIR EDUCATION ABOUT LGBT PEOPLE AND BUSINESS OWNERS IN ORDER TO ENCOURAGE BUSINESS DEVELOPMENT AMONG THEM AND OUR MEMBER BUSINESSES. WE WILL PROVIDE OPPORTUNITIES FOR COLLABORATION AND SUPPLIER DIVERSITY INCLUSION OF LGBT BUSINESSES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE ORGANIZATION PROMOTED ECONOMIC GROWTH AND OPPORTUNITIES THROUGH MEMBERSHIP SERVICES, EDUCATION, PUBLIC AWARENESS, NETWORKING AND PUBLIC POLICY THROUGH THE FOLLOWING ACTIVITIES: - ANNUAL FOUNDING MEMBER MEETING: ROUNDTABLE DISCUSSION AND WORKSHOP LEAD BY OUR PARTNERS FROM BABSON BUSINESS COLLEGE WITH OUR FOUNDING SMALL BUSINESS MEMBERS TO DISCUSS THE DIVERSE NEEDS OF THEIR BUSINESSES. AT THIS MEETING WE DISCUSSED THE CORE IDEAS FOR OUR VALUE PROPOSITION FOR SMALL BUSINESSES. JENNIFER BETHEL, PROFESSOR OF FINANCE AT BABSON COLLEGE, RAN A SUCCESSFUL CASE STUDY TO BETTER EDUCATE OUR FOUNDING SMALL BUSINESSES ABOUT BEST AND NEXT BUSINESS PRACTICES WHEN IT COMES TO DIVERSITY AND INCLUSION. (CONTINUED ON SCHEDULE O)(CONTINUED FROM 990 PAGE 2, LINE 4A) - EQUALITY AND EQUITY: ADVANCING THE LGBT COMMUNITY IN MASSACHUSETTS: BOARD MEMBER KAREN YOUNG PARTICIPATED IN A PANEL HOSTED BY THE BOSTON FOUNDATION TO DISCUSS THE ECONOMIC AND SOCIAL STATUS OF THE LGBT COMMUNITY OF MASSACHUSETTS. THE PANEL WAS PART OF A LARGER EVENT CENTERED AROUND THE RELEASE OF THE BOSTON FOUNDATION'S "STATE OF THE LGBT COMMUNITY IN MA" REPORT. KAREN TOOK PART IN THE PANEL EXAMINING THE REPORT'S FINDINGS REGARDING TOPICS SUCH AS DISCRIMINATION AGAINST THE TRANSGENDER COMMUNITY AND THE LACK OF SUPPORT SYSTEMS FOR ELDERLY LGBT PEOPLE. - WORKING #OUTHERE PANEL: GRACE MORENO WAS A PANELIST ON THE WORKING #OUTHERE PANEL, HOSTED BY OUT IN TECH AND LIBERTY MUTUAL. THE PANEL BROUGHT TOGETHER NOTABLE LGBT PROFESSIONALS AND ALLIES AND FOCUSED ON NOTIONS OF SELF-IDENTITY AND BEING OPENLY LGBT IN THE WORKPLACE. GRACE PARTICIPATED AS AN OUT-AND-PROUD EXECUTIVE AND REPRESENTATIVE OF THE MA LGBT CHAMBER. - CORPORATE ROUNDTABLE: HOSTED AT 50 MILK STREET, THIS ROUNDTABLE FOCUSED ON AND ACCOMPLISHED THE FOLLOWING GOALS. IDENTIFYING, ENGAGING WITH, AND COMMUNICATING THE NEEDS OF LGBT-OWNED AND ALLIED BUSINESSES. ADVANCING CORPORATE SUPPLIER MANAGEMENT PRACTICES TO BETTER INCLUDE LGBT-OWNED BUSINESSES. AND LASTLY, COLLECTIVELY SHARING BEST PRACTICES AND ESTABLISHING PRACTICAL PRACTICES - LIKE JOB BOARDS - THAT WILL ENABLE CORPORATIONS TO DELIVER THEIR COMMITMENT TO HIRING LGBT TALENT. - THE MA LGBT CHAMBER OF COMMERCE - PUBLIC LAUNCH: PUBLICLY ANNOUNCED THE LAUNCH OF THE MA LGBT CHAMBER OF COMMERCE AT THE FEDERAL RESERVE BANK. THIS PROGRAM GARNERED PUBLIC AND MEDIA ATTENTION TO OUR ORGANIZATION, AND WE HIGHLIGHTED THE CIVIC IMPORTANCE OF DIVERSITY AND INCLUSION WITH A SPEECH FROM MAYOR OF HOLYOKE, ALEX B. MORSE. WE ALSO PROVIDED A NETWORKING OPPORTUNITY FOR SMALL LGBT AND ALLY-OWNED BUSINESSES TO MEET WITH OUR FOUNDING CORPORATE PARTNERS AND SPONSORS. - INNER CITY CAPITAL CONNECTIONS CONFERENCE: THREE MEMBER BUSINESSES AND THE EXECUTIVE DIRECTOR OF THE MALGBTCC PARTICIPATED IN THE ICIC COHORT OF 2018, GAINING APPRECIATION AND KNOWLEDGE OF THE PROGRAM. THE SMALL BUSINESSES WERE ABLE TO GAIN THE SKILLS TO STRENGTHEN THEIR COMPANIES AND THE CHAMBER FOUND ADDITIONAL WAYS TO PARTNER WITH THE ORGANIZATION.
Name (title) | Role | Hours | Compensation |
---|---|---|---|
Grace Moreno Executive Director | Officer | 40 | $177,884 |
James Lopata President | OfficerTrustee | 3 | $0 |
Nancy Stager Treasurer | OfficerTrustee | 4 | $0 |
Susu Wong Director | Trustee | 3 | $0 |
Benjamin Perkins Director | Trustee | 3 | $0 |
Stephen Chan Director | Trustee | 2 | $0 |
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 | $0 |
Noncash contributions included in lines 1a–1f | $0 |
Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
Total Program Service Revenue | $331,152 |
Investment income | $0 |
Tax Exempt Bond Proceeds | $0 |
Royalties | $0 |
Net Rental Income | $0 |
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 | $331,152 |
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 | $31,200 |
Compensation of current officers, directors, key employees. | $177,884 |
Compensation of current officers, directors, key employees. | $0 |
Compensation to disqualified persons | $188,499 |
Other salaries and wages | $0 |
Pension plan accruals and contributions | $0 |
Other employee benefits | $0 |
Payroll taxes | $27,955 |
Fees for services: Management | $0 |
Fees for services: Legal | $0 |
Fees for services: Accounting | $2,750 |
Fees for services: Lobbying | $0 |
Fees for services: Fundraising | $0 |
Fees for services: Investment Management | $0 |
Fees for services: Other | $22,500 |
Advertising and promotion | $0 |
Office expenses | $4,712 |
Information technology | $6,135 |
Royalties | $0 |
Occupancy | $34,293 |
Travel | $2,100 |
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 | $4,000 |
All other expenses | $153 |
Total functional expenses | $530,417 |
Balance Sheet | |
---|---|
Cash—non-interest-bearing | $66,634 |
Savings and temporary cash investments | $0 |
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 | $0 |
Investments—publicly traded securities | $0 |
Investments—other securities | $0 |
Investments—program-related | $0 |
Intangible assets | $0 |
Other assets | $1,585 |
Total assets | $68,219 |
Accounts payable and accrued expenses | $154 |
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 | $125,000 |
Other liabilities | $0 |
Total liabilities | $125,154 |
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 | -$56,935 |
Total liabilities and net assets/fund balances | $68,219 |
Over the last fiscal year, we have identified 1 grants that Massachusetts Lgbt Chamber Of Commerce Inc has recieved totaling $10,000.
Awarding Organization | Amount |
---|---|
Hanover Insurance Group Foundation Inc Worcester, MA PURPOSE: CHARITABLE CONTRIBUTION | $10,000 |
Organization Name | Assets | Revenue |
---|---|---|
International Swaps And Derivatives Association Inc New York, NY | $118,665,756 | $65,806,525 |
Association Of National Advertisers Inc New York, NY | $38,717,598 | $50,547,394 |
Ll Global Inc Of Connecticut Windsor, CT | $82,107,687 | $49,999,799 |
Natural Diamond Council Usa Inc New York, NY | $2,361,726 | $45,450,043 |
Better Health For Northeast New York Inc Albany, NY | $1,699,036 | $0 |
Hamaspik Of Orange County Inc Monroe, NY | $56,250,916 | $69,931,985 |
International Association Of Privacy Professionals Portsmouth, NH | $95,531,598 | $42,238,853 |
International Council Of Shopping Centers Inc New York, NY | $167,282,013 | $15,292,706 |
Housing Works Inc Brooklyn, NY | $30,231,683 | $31,989,444 |
Key Human Services Inc Wethersfield, CT | $14,644,434 | $25,649,507 |
Network Inc Andover, CT | $11,161,726 | $23,443,256 |
Broadway Cares-Equity Fights Aids Inc New York, NY | $15,399,806 | $32,018,599 |