Lakewood Area Chamber Of Commerce
- Assets
- $86.1k
- Revenue
- $266.9k
- Investments
- $0.0
- Employees
- 5
- Location
- Lakewood, WA
- Founding
- 02/1975
- Data as of
- 08/2022
- EIN
- 91-0892937
Organization Overview
Lakewood Area Chamber Of Commerce is located in Lakewood, WA. The organization was established in 1975. 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 08/2022, Lakewood Area Chamber Of Commerce employed 5 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Lakewood Area Chamber Of Commerce 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 08/2022, Lakewood Area Chamber Of Commerce generated $266.9k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (4.3%) each year. All expenses for the organization totaled $320.3k during the year ending 08/2022. As we would expect to see with falling revenues, expenses have declined by (2.2%) 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
THE CHAMBER OF COMMERCE IS USED TO PROMOTE AND DEVELOP THE ECONOMIC, COMMERCIAL, INDUSTRIAL, CULTURAL, AND CIVIC WELFARE OF THE COMMUNITY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
WORKED WITH MEMBERS TO PROMOTE TOURISM OPPORTUNITIES IN LAKEWOOD AND
PROVIDED GENERAL NETWORKING AND LEARNING OPPORTUNITIES FOR CHAMBER
OFFERED HOLIDAY CHEER BY DECORATING THE DOWNTOWN AREA WHILE
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Linda K Smith President | 40 | $84,380 | |
Scott Jomson Office Manager | Officer | 40 | $51,917 |
Betty Boguszew Member Service | Officer | 40 | $27,609 |
Elizabeth Kinn Member Service | Officer | 20 | $7,809 |
Tod Wolf Board Chair | Officer | 3 | $0 |
Trudy Cofchin Treasurer | Officer | 3 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $114,568 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $29,443 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $144,011 |
| Total Program Service Revenue | $0 |
| 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 | $266,876 |
| 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. | $163,906 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $7,609 |
| Pension plan accruals and contributions | $3,981 |
| Other employee benefits | $22,569 |
| Payroll taxes | $16,478 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $3,600 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $775 |
| Office expenses | $3,520 |
| Information technology | $3,427 |
| Royalties | $0 |
| Occupancy | $29,396 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $1,478 |
| Interest | $4,059 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $2,396 |
| All other expenses | $19,192 |
| Total functional expenses | $320,283 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $16,257 |
| Savings and temporary cash investments | $23,344 |
| 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 | $46,534 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $86,135 |
| Accounts payable and accrued expenses | $5,607 |
| Grants payable | $0 |
| Deferred revenue | $5,352 |
| 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 | $145,986 |
| Other liabilities | $0 |
| Total liabilities | $156,945 |
| 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 | -$70,810 |
| Total liabilities and net assets/fund balances | $86,135 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Lakewood Area Chamber Of Commerce has recieved totaling $500.
| Awarding Organization | Amount |
|---|---|
Lemay Family Collection Foundation Tacoma, WA PURPOSE: FUNDRAISER SUPPORT | $500 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Travel Portland Portland, OR | $18,865,244 | $9,767,566 |
Association Of Washington Business Olympia, WA | $45,170,529 | $11,595,511 |
Master Builders Association Of King And Snohomish Counties Bellevue, WA | $50,140,289 | $12,586,024 |
Greater Seattle Chamber Of Commerce Seattle, WA | $24,652,320 | $11,051,510 |
Wafla Lacey, WA | $11,233,432 | $9,712,213 |
Portland Business Alliance Portland, OR | $2,909,182 | $8,830,293 |
Cloud Security Alliance Seattle, WA | $2,184,209 | $7,501,153 |
Northwest Power Pool Portland, OR | $3,491,594 | $6,118,374 |
Archbright Seattle, WA | $17,744,548 | $6,553,314 |
Associated General Contractors Of Washington Seattle, WA | $55,149,734 | $7,565,354 |
Fido Alliance Inc Beaverton, OR | $3,413,033 | $5,016,391 |
Usb Implementers Forum Inc Beaverton, OR | $6,239,445 | $5,610,966 |