Form 990 for tax year 2023
Filed by SOUTH SHORE CHAMBER OF COMMERCE INC.
Totals
- Total revenue
- $1,393,333
- Total expenses
- $1,336,417
- Contributions and grants received
- $905,838
- Grants paid
- $0
- Program service revenue
- $168,458
- Investment income
- $81,792
- Other revenue
- $237,245
- Total assets, end of year
- $1,934,905
- Total liabilities, end of year
- $885,975
- Net assets or fund balances, end of year
- $1,048,930
- Program services expenses (Part IX)
- $1,108,013
- Management and general expenses
- $228,404
- Fundraising expenses
- $0
- Program service expenses (Part III)
- $1,108,013
Program services were 82.9% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.
Line items
Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.
Revenue
Part VIII, the statement of revenue.
-
1b · Membership dues
$414,942
-
1f · All other contributions, gifts and grants
$490,896
-
2a · Program service revenue: NETWORKING PROGRAMS
total $168,458 · related or exempt $168,458
-
3 · Investment income
total $31,734 · excluded $31,734
-
7a · Gross sales of assets other than inventory
securities $480,319
-
7b · Less cost or other basis and sales expenses
securities $430,261
-
7c · Gain or loss
securities $50,058
-
7d · Net gain or loss
total $50,058 · excluded $50,058
-
11a · Other revenue: MANAGEMENT FEES
total $191,734 · related or exempt $191,734
-
11b · Other revenue: OTHER INCOME
total $41,604 · related or exempt $41,604
-
11c · Other revenue: EMAIL & WEBSITE ADVERT
total $3,907 · unrelated business $3,907
-
11e · Other revenue, total
$237,245
Functional expenses
Part IX, the statement of functional expenses.
-
5 · Compensation of officers, directors and key employees
total $184,990 · program services $160,941 · management and general $24,049
-
7 · Other salaries and wages
total $470,921 · program services $409,702 · management and general $61,219
-
8 · Pension plan contributions
total $22,508 · program services $19,582 · management and general $2,926
-
10 · Payroll taxes
total $56,203 · program services $48,897 · management and general $7,306
-
11c · Fees: accounting
total $24,000 · management and general $24,000
-
11f · Fees: investment management
total $13,118 · management and general $13,118
-
12 · Advertising and promotion
total $22,299 · program services $20,684 · management and general $1,615
-
13 · Office expenses
total $63,185 · program services $53,337 · management and general $9,848
-
16 · Occupancy
total $125,380 · program services $106,573 · management and general $18,807
-
17 · Travel
total $4,444 · program services $4,444
-
20 · Interest
total $2,444 · management and general $2,444
-
23 · Insurance
total $157,006 · program services $139,735 · management and general $17,271
-
24a · Other expenses: DIRECT PROGRAM EXPENSE
total $77,637 · program services $77,637
-
24b · Other expenses: POST RETIREMENT BENEFIT
total $50,576 · program services $34,392 · management and general $16,184
-
24c · Other expenses: AUTO EXPENSE
total $12,685 · program services $9,514 · management and general $3,171
-
24d · Other expenses: CREDIT CARD PROCESSING
total $12,463 · management and general $12,463
-
24e · All other expenses
total $36,558 · program services $22,575 · management and general $13,983
Balance sheet
Part X, book values.
-
1 · Cash, non-interest-bearing
beginning of year $51,462 · end of year $25,472
-
2 · Savings and temporary cash investments
beginning of year $15,989 · end of year $37,304
-
4 · Accounts receivable
beginning of year $38,863 · end of year $55,410
-
9 · Prepaid expenses and deferred charges
beginning of year $14,375 · end of year $12,476
-
10a · Land, buildings and equipment: cost or other basis
$143,873
-
10b · Land, buildings and equipment: accumulated depreciation
$143,873
-
10c · Land, buildings and equipment, net
beginning of year $0 · end of year $0
-
11 · Investments: publicly traded securities
beginning of year $1,274,035 · end of year $1,457,714
-
15 · Other assets
beginning of year $151,075 · end of year $346,529
-
17 · Accounts payable and accrued expenses
beginning of year $44,111 · end of year $47,088
-
19 · Deferred revenue
beginning of year $246,541 · end of year $306,726
-
25 · Other liabilities
beginning of year $399,453 · end of year $532,161
-
27 · Net assets without donor restrictions
beginning of year $855,694 · end of year $1,048,930
Mission and programs · 2023
Mission
HELPING MEMBERS GROW THEIR BUSINESSES AND IMPROVING THE BUSINESS CLIMATE IN THE REGION.
Activities or mission (Part I)
TO PROMOTE THE EXPANSION AND GROWTH OF BUSINESSES ON THE SOUTH SHORE.
-
PROGRAM EVENTS - ANNUAL IN PERSON AND VIRTUAL EVENTS HELD, INCLUDING REAL ESTATE CONFERENCE, RESTAURANT AND FOOD PROGRAMS, AND PRESENTATIONS ON ECONOMIC FORECASTING, ECONOMIC DEVELOPMENT AND TRANSPORTATION.
Expenses $409,535 · Revenue $168,459
-
ECONOMIC DEVELOPMENT - ADVANCED THE SOUTH SHORE 2030 ECONOMIC COMPETITIVENESS PROJECT WITH CONTINUED EDUCATION AND ECONOMIC PROGRAMS ON HOUSING, STARTING THE PROCESS FOR A TRANSPORTATION AGENDA, AS WELL AS A STUDY ON WATER/WASTEWATER CAPACITY.
Expenses $256,850 · Revenue $191,734
-
MEMBERSHIP SERVICES - VIRTUAL MEETINGS FOR PEER CONNECTIONS, BEST PRACTICES FOR BUSINESSES, AND PROFESSIONAL DEVELOPMENT.
Expenses $441,628 · Revenue $67,745
As filed on the 2023 return.
Listed in Part VII
-
MICHELLE HATCH
TREASURER
- Total calculated
- $0
- Hours/week
- 1
-
RICHARD FERNANDEZ
CHAIR
- Total calculated
- $0
- Hours/week
- 1
-
DAVID ROBINSON
VICE CHAIR
- Total calculated
- $0
- Hours/week
- 1
-
JOSEPH GRATTA
VICE CHAIR
- Total calculated
- $0
- Hours/week
- 1
-
RYAN BRISTOL
VICE CHAIR
- Total calculated
- $0
- Hours/week
- 1
-
BONNIE SIMMONS
VICE CHAIR
- Total calculated
- $0
- Hours/week
- 1
-
JENIFER PINKHAM
VICE CHAIR
- Total calculated
- $0
- Hours/week
- 1
-
DEIRDRE W SAVAGE
IMMEDIATE PAST CHAIR
- Total calculated
- $0
- Hours/week
- 1
-
JILL AMATO
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
STANLEY BLACKMUR
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
PETER BROWN
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
JASON BROWN
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
KAITLIN CLIFFORD
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
LISA CORRIGAN
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
ROBERT CINNANTE
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
NANCY CURRY
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
SUSAN DAILEADER
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
STEPHEN DIPRETE
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
DARYL ELLIOTT
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
PETER GRAPE
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
LILY HSU
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
JIM JENKINS
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
DENNIS KEOHANE
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
MICHELLE MARKOWITZ
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
BRIAN MOLISSE
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
KATHRYN MURPHY
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
MARK OLIVIERI
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
TAMUNOMEIBAKA OPUIYO
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
ABIGAIL PARRILLA
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
PATRICK POWERS
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
ANDREA PYKE
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
CYNTHIA SIERRA
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
TREY STURTEVANT
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
PATRICIA TIMILTY
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
KRISTIN WEST
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
FRANK ZONA
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
PETER FORMAN
PRESIDENT/CEO & SECRETARY
- Total calculated
- $184,990
- From this org
- $178,348
- From related orgs
- $0
- Other
- $6,642
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $172,700
- Bonus
- $0
- Other
- $5,648
- Deferred
- $0
- Nontaxable benefits
- $6,642
- Filer's total
- $184,990
Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.
Schedule J
Answered yes
- 3 · Compensation committee
- 3 · Approval by the board or compensation committee
- 4b · Supplemental nonqualified retirement plan
Answered no
- 4a · Severance or change-of-control payment
- 4c · Equity-based compensation arrangement
The filer's explanations (Part III)
- PART I, LINE 4B
- THE PRESIDENT & CEO AND THE CHAMBER ENTERED INTO A DEFERRED COMPENSATION AGREEMENT, WHEREBY UPON RETIREMENT, THE CHAMBER WILL PAY HIM $40,000 ANNUALLY OVER A PERIOD OF TEN YEARS. THE CHAMBER IS ACCRUING A LIABILITY FOR THE ESTIMATED NET PRESENT VALUE OF THE EARNED BENEFIT, WHICH IS A BALANCE OF $290,647 AT DECEMBER 31, 2023.
Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.
Grants on this return
No itemized grants to organizations on this return.
Related organizations on this return
Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.
-
SOUTH SHORE ECONOMIC DEVELOPMENT CORPORATION
501(C)(4) · PROMOTE ECONOMIC DEVELOPMENT IN THE SOUTH SHORE OF MASSACHUSETTS · MA · controlled entity
Directly controlled by SOUTH SHORE CHAMBER OF COMMERCE INC
-
SOUTH SHORE CHAMBER OF COMMERCE FOUNDATION
501(C)(3) · BUSINESS EDUCATION · MA · controlled entity
Directly controlled by SOUTH SHORE CHAMBER OF COMMERCE INC
Provenance
- Return type
- form_990
- Tax year
- 2023
- Filed
- 30 July 2024
- IRS schema version
- 2023v5.1
- Source object
- 202422209349301147
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