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Nonprofiteer
← NORTH CAROLINA CHAMBER FOUNDATION

Form 990 for tax year 2024

Filed by NORTH CAROLINA CHAMBER FOUNDATION.

Totals

Total revenue
$3,301,288
Total expenses
$1,195,241
Contributions and grants received
$3,102,221
Grants paid
$100,000
Program service revenue
$0
Investment income
$199,067
Other revenue
$0
Total assets, end of year
$7,595,896
Total liabilities, end of year
$416,309
Net assets or fund balances, end of year
$7,179,587
Program services expenses (Part IX)
$887,920
Management and general expenses
$307,321
Fundraising expenses
$0
Program service expenses (Part III)
$887,920

Program services were 74.3% 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.

  • 1f · All other contributions, gifts and grants

    $3,102,221

  • 3 · Investment income

    total $206,552 · excluded $206,552

  • 7b · Less cost or other basis and sales expenses

    securities $7,485

  • 7c · Gain or loss

    securities -$7,485

  • 7d · Net gain or loss

    total -$7,485 · excluded -$7,485

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $100,000 · program services $100,000

  • 7 · Other salaries and wages

    total $646,853 · program services $458,430 · management and general $188,423

  • 8 · Pension plan contributions

    total $21,823 · program services $15,466 · management and general $6,357

  • 9 · Other employee benefits

    total $34,922 · program services $24,749 · management and general $10,173

  • 10 · Payroll taxes

    total $39,750 · program services $28,171 · management and general $11,579

  • 11b · Fees: legal

    total $438 · program services $345 · management and general $93

  • 11f · Fees: investment management

    total $11,609 · management and general $11,609

  • 11g · Fees: other

    total $279,249 · program services $219,866 · management and general $59,383

  • 12 · Advertising and promotion

    total $10,714 · program services $8,436 · management and general $2,278

  • 13 · Office expenses

    total $12,757 · program services $10,929 · management and general $1,828

  • 14 · Information technology

    total $106 · program services $83 · management and general $23

  • 17 · Travel

    total $33,524 · program services $19,146 · management and general $14,378

  • 24a · Other expenses: DUES

    total $3,496 · program services $2,299 · management and general $1,197

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $2,305,546 · end of year $911,307

  • 2 · Savings and temporary cash investments

    beginning of year $3,006,267 · end of year $2,075,898

  • 3 · Pledges and grants receivable

    beginning of year $233,757 · end of year $1,350,071

  • 9 · Prepaid expenses and deferred charges

    end of year $2,900

  • 10a · Land, buildings and equipment: cost or other basis

    $82,500

  • 10b · Land, buildings and equipment: accumulated depreciation

    $82,500

  • 10c · Land, buildings and equipment, net

    beginning of year $0 · end of year $0

  • 12 · Investments: other securities

    end of year $3,255,720

  • 17 · Accounts payable and accrued expenses

    beginning of year $29,156 · end of year $32,020

  • 25 · Other liabilities

    beginning of year $674,098 · end of year $384,289

  • 28 · Net assets with donor restrictions

    beginning of year $4,842,316 · end of year $7,179,587

Mission and programs · 2024

Mission

THE PURPOSE AND MISSION OF THE ORGANIZATION IS TO PROMOTE THE SOCIAL WELFARE OF THE STATE OF NORTH CAROLINA AND ITS CITIZENS BY IDENTIFYING, INVESTIGATING, STUDYING, RESEARCHING, AND ANALYZING IN A NONPARTISAN MANNER THE FACTORS THAT ENHANCE THE BUSINESS CLIMATE, WORKFORCE DEVELOPMENT, AND QUALITY OF LIFE OF THE STATE, INCLUDING THE PROSPECTS FOR THE CREATION AND RETENTION OF JOBS FOR THE STATE'S CITIZENS, AND EDUCATING AND INSTRUCTING THE BUSINESS COMMUNITY AND GENERAL PUBLIC BY DISSEMINATING AND PUBLISHING THE KNOWLEDGE GAINED AS A RESULT OF THOSE ACTIVITIES. THE ORGANIZATION WILL NOT DIRECT ITS EFFORTS OR EXPEND FUNDS IN MAKING ANY LEGISLATIVE RECOMMENDATIONS, PREPARING PROSPECTIVE LEGISLATION, OR CONTACTING LEGISLATORS OR OTHER ELECTED OFFICIALS FOR THE PURPOSE OF INFLUENCING LEGISLATION.

Activities or mission (Part I)

TO PROMOTE SOCIAL WELFARE IN NORTH CAROLINA

  • PROACTIVELY DELIVER PRO-BUSINESS SOLUTIONS FOR NORTH CAROLINA'S MOST DAUNTING ECONOMIC CHALLENGES TO EFFECTIVELY PRODUCE MEANINGFUL OUTCOMES. DRIVE IMPLEMENTATION OF NC LEADS: DRIVING JOB CREATION, INCREASING PROSPERITY", DEVELOPED WITH THE INVOLVEMENT OF TOP NORTH CAROLINA BUSINESS LEADERS, LOCAL CHAMBERS OF COMMERCE AND KEY STAKEHOLDERS. PROMOTE ACCOUNTABILITY, TRANSPARENCY AND CLEAR METRICS KEY FOR MEASURING PROGRESS THATIS ACCESSIBLE TO CITIZENS, POLITICIANS, ASSOCIATIONS, UNIVERSITIES AND ANYONE WHO HAS AN INTERNET ENABLED DEVICE.

    Expenses $887,920 · Grants $100,000

As filed on the 2024 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Meredith Archie

    FOUNDATION PRESIDENT

    Total calculated
    $224,185
    From this org
    $0
    From related orgs
    $206,633
    Other
    $17,552
    Hours/week
    3 + 36.5 related

    Schedule J breakdown matched by us

    Base
    $0 + $206,633 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $8,243 related
    Nontaxable benefits
    $0 + $9,309 related
    Filer's total
    $0 + $224,185 related

  • Gary J Salamido Ms

    BOARD MEMBER

    Total calculated
    $472,100
    From this org
    $0
    From related orgs
    $448,754
    Other
    $23,346
    Hours/week
    1 + 36.5 related

    Schedule J breakdown matched by us

    Base
    $0 + $448,754 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $12,873 related
    Nontaxable benefits
    $0 + $10,473 related
    Filer's total
    $0 + $472,100 related

  • Frank Holding

    CHAIR

    Total calculated
    $0
    Hours/week
    2

  • Janel Pough

    SECRETARY

    Total calculated
    $0
    Hours/week
    2

  • Laura Bunn

    TREASURER

    Total calculated
    $0
    Hours/week
    2

  • Jule Smith

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Jim Hansen

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Dr Tunde Sotunde MD MBA Faap

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Derek B Steed

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Rusty Harris

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Jodie Hughes

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Oliver Brooks

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Indira Everett

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Dale Jenkins

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

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

None.

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

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

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.

  • NORTH CAROLINA CHAMBER POLITICAL ACTION COMMITTEE

    527 · SEC. 527 POLITICAL ORGANIZATION · NC

    Directly controlled by NC CHAMBER

  • NORTH CAROLINA CHAMBER LEGAL INSTITUTE

    501(C)(6) · RESEARCH, EDUCATION & JUDICIAL ADVOCACY · NC · controlled entity

    Directly controlled by NC CHAMBER

  • NORTH CAROLINA CHAMBER INDEPENDENT EXPENDITURE

    527 · SEC. 527 POLITICAL ORGANIZATION · NC · controlled entity

    Directly controlled by NC CHAMBER

  • NC CHAMBER

    501(C)(6) · RESEARCH AND EDUCATION · NC

    Directly controlled by NC CHAMBER

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

  • NORTH CAROLINA CHAMBER SERVICES

    C · SERVICES · NC · 100% owned · share of income $161,278 · share of assets $76,614 · controlled entity

    Directly controlled by NORTH CAROLINA CHAMBER

Provenance

Return type
form_990
Tax year
2024
Filed
13 November 2025
IRS schema version
2024v5.2
Source object
202533179349306148

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