Hobbs Chamber Of Commerce Inc
- Assets
- $281.5k
- Revenue
- $281.1k
- Investments
- $0.0
- Employees
- 5
- Location
- Hobbs, NM
- Founding
- 02/1968
- Data as of
- 06/2022
- EIN
- 85-0043220
Organization Overview
Hobbs Chamber Of Commerce Inc is located in Hobbs, NM. The organization was established in 1968. 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 06/2022, Hobbs 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. Hobbs 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 06/2022, Hobbs Chamber Of Commerce Inc generated $281.1k in total revenue. The organization has seen a slow decline revenue. Over the past 7 years, revenues have fallen by an average of (2.9%) each year. All expenses for the organization totaled $242.6k during the year ending 06/2022. As we would expect to see with falling revenues, expenses have declined by (4.9%) per year over the past 7 years. 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
TO PROVIDE THE TOOLS AND TO CREATE THE ENVIRONMENT FOR HOBBS-AREA BUSINESSES TO THRIVE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO PROMOTE BUSINESS AND COMMUNITY GROWTH AND DEVELOPMENT IN THE HOBBS, NEW MEXICO AREA.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Patricia Collins President And CEO | Officer | 40 | $59,350 |
Dustin Armstrong Chair Elect | OfficerTrustee | 1 | $0 |
Carol Snider Treasurer | OfficerTrustee | 1 | $0 |
Scotty Holloman Chair & Legal Counsel | OfficerTrustee | 1 | $0 |
Scott Windham Secretary | OfficerTrustee | 1 | $0 |
Yesenia Garcia Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $75,000 |
| All other contributions, gifts, grants, and similar amounts not included above | $70,500 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $145,500 |
| Total Program Service Revenue | $111,868 |
| Investment income | $174 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | -$26,754 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $281,137 |
| 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. | $59,350 |
| Compensation of current officers, directors, key employees. | $5,935 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $62,509 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $7,231 |
| Payroll taxes | $9,083 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $10,000 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $24,841 |
| Office expenses | $15,379 |
| Information technology | $928 |
| Royalties | $0 |
| Occupancy | $9,705 |
| Travel | $815 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $148 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $799 |
| Insurance | $5,846 |
| All other expenses | $154 |
| Total functional expenses | $242,619 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $194,549 |
| Savings and temporary cash investments | $37,110 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $14,469 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $8,007 |
| Prepaid expenses and deferred charges | $1,526 |
| Net Land, buildings, and equipment | $25,842 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $281,503 |
| Accounts payable and accrued expenses | $6,067 |
| Grants payable | $0 |
| Deferred revenue | $4,897 |
| 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 | $0 |
| Total liabilities | $10,964 |
| Net assets without donor restrictions | $270,539 |
| 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 | $281,503 |
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