Torrance Chamber Of Commerce
- Assets
- $619.0k
- Revenue
- $551.5k
- Investments
- $0.0
- Employees
- 8
- Location
- Torrance, CA
- Founding
- 06/1940
- Data as of
- 06/2022
- EIN
- 95-1302850
Organization Overview
Torrance Chamber Of Commerce is located in Torrance, CA. The organization was established in 1940. 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, Torrance Chamber Of Commerce employed 8 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Torrance 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 06/2022, Torrance Chamber Of Commerce generated $551.5k in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 0.4% each year. All expenses for the organization totaled $478.9k during the year ending 06/2022. 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 ORGANIZATION'S PRIMARY EXEMPT PURPOSE IS TO PROMOTE THE WELFARE OF THE COMMUNITY VIA CIVIC AND BUSINESS ACTIVITIES PURSUANT TO THE CHAMBER'S CHARTER.
Describe the Organization's Program Activity:
Part 3 - Line 4a
MEMBERSHIP: MEMBERSHIP IN THE ORGANIZATION IS A VERY VITAL PART OF THE ONGOING TAX-EXEMPT PURPOSE. IT GIVES ITS MEMBERS OPPORTUNITIES TO NETWORK AND GET TRAINING IN BUSINESS DEVELOPMENT. IT ALLOWS ITS MEMBERS TO TAKE ADVANTAGE OF ALL THE RESOURCES AVAILABLE TO THEM BY THE OTHER MEMBERS. MEMBERS BECOME AN INTEGRAL PART OF THE SOUTH BAY COMMERCE.
PROGRAMS AND EVENTS: THE ORGANIZATION SPONSORS A NUMBER OF ANNUAL EVENTS, INCLUDING BLACK HISTORY CELEBRATION, CHINESE NEW YEAR CELEBRATION, GOURMET FOOD AND WINE FESTIVAL, AND THE JAPANESE RECEPTION. THE PROGRAMS INCLUDE NETWORKING AT NOON, LEGISLATIVE LUNCHES, BUSINESS EXPO, ECONOMIC SUMMIT, GREEN EXPO, STATE OF THE REGION, STATE OF EDUCATION, AND STATE OF THE CITY. THE ORGANIZATION HAS ONGOING PARTICIPATION IN RIBBON CUTTINGS AND OPEN HOUSES FOR NEW BUSINESSES. IT IS COMMITTED TO BEING A VALUABLE RESOURCE TO ITS MEMBERS BY SPONSORING BREAKFAST MEETINGS AND SPECIALLY FOCUSED GROUPS TO PROMOTE MEMBERS' INTERESTS AND CAUSES.DUE TO COVID CLOSURES, THESE WERE NOT AVAILABLE IN 2020-2021
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Serena Josel Chairperson | Trustee | 8 | $0 |
Kirk Rossberg Imm Past Chair | Trustee | 8 | $0 |
Minal Mondkar Chair Elect | Trustee | 8 | $0 |
Linda Amato Board Member | Trustee | 8 | $0 |
Dan Armendariz Board Member | Trustee | 8 | $0 |
Michael Brenk Board Member | Trustee | 8 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $361,076 |
| Investment income | $661 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $189,722 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $551,459 |
| Statement of Expenses | |
|---|---|
| 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. | $174,135 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $97,489 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $20,850 |
| Payroll taxes | $25,258 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| 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 | $1,070 |
| Office expenses | $2,453 |
| Information technology | $3,073 |
| Royalties | $0 |
| Occupancy | $116,396 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $288 |
| Interest | $353 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $614 |
| Insurance | $5,561 |
| All other expenses | $0 |
| Total functional expenses | $478,862 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $273,219 |
| Savings and temporary cash investments | $339,336 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $836 |
| 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 | $1,980 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1 |
| Total assets | $618,995 |
| Accounts payable and accrued expenses | $3,949 |
| Grants payable | $0 |
| Deferred revenue | $29,065 |
| 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 | $143,490 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $12,000 |
| Total liabilities | $188,504 |
| Net assets without donor restrictions | $430,491 |
| 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 |
| Total liabilities and net assets/fund balances | $430,491 |