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Nonprofiteer
← INDIAN LAKE CHAMBER OF COMMERCE INC

Form 990 for tax year 2024

Filed by INDIAN LAKE CHAMBER OF COMMERCE INC.

Totals

Total revenue
$294,714
Total expenses
$308,484
Contributions and grants received
$193,815
Grants paid
$0
Program service revenue
$0
Investment income
$1
Other revenue
$100,898
Total assets, end of year
$43,617
Total liabilities, end of year
$4,099
Net assets or fund balances, end of year
$39,518
Program services expenses (Part IX)
$136,620
Management and general expenses
$171,864
Fundraising expenses
$0
Program service expenses (Part III)
$136,620

Program services were 44.3% 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.

  • 1b · Membership dues

    $56,815

  • 1e · Government grants (contributions)

    $137,000

  • 3 · Investment income

    total $1 · related or exempt $1

  • 8c · Net income from fundraising events

    total $0

  • 10a · Gross sales of inventory

    $110,768

  • 10b · Cost of goods sold

    $9,870

  • 10c · Net income from sales of inventory

    total $100,898 · related or exempt $100,898

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $92,049 · management and general $92,049

  • 7 · Other salaries and wages

    total $42,526 · management and general $42,526

  • 8 · Pension plan contributions

    total $6,366 · management and general $6,366

  • 9 · Other employee benefits

    total $200 · management and general $200

  • 10 · Payroll taxes

    total $11,053 · management and general $11,053

  • 11c · Fees: accounting

    total $2,277 · management and general $2,277

  • 12 · Advertising and promotion

    total $158 · management and general $158

  • 13 · Office expenses

    total $294 · management and general $294

  • 16 · Occupancy

    total $11,400 · management and general $11,400

  • 23 · Insurance

    total $2,734 · management and general $2,734

  • 24a · Other expenses: BANK CHARGES

    total $255 · management and general $255

  • 24b · Other expenses: GRANT DIST - TORNADO

    total $136,620 · program services $136,620

  • 24c · Other expenses: DUES AND SUBSCRIPTIONS

    total $390 · management and general $390

  • 24d · Other expenses: EQUIPMENT RENTAL

    total $2,162 · management and general $2,162

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $29,416 · end of year $12,066

  • 4 · Accounts receivable

    beginning of year -$3,165 · end of year -$3,386

  • 9 · Prepaid expenses and deferred charges

    beginning of year -$70 · end of year -$70

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

    $4,521

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

    $4,521

  • 10c · Land, buildings and equipment, net

    beginning of year $632

  • 11 · Investments: publicly traded securities

    beginning of year $35,007 · end of year $35,007

  • 25 · Other liabilities

    beginning of year $8,532 · end of year $4,099

  • 31 · Retained earnings, endowment or other funds

    beginning of year $53,288 · end of year $39,518

Mission and programs · 2024

Mission

PROMOTING AREA BUSINESSES

  • PROMOTION OF OVER 240 RETAIL AND MANUFACTURING BUSINESSES BY SPONSERING FUND RAISING EVENTS THAT ATTRACT SEVERAL THOUSAND PEOPLE TO THE AREA, WHO IN TURN PATRONIZE THE LOCAL BUSINESSES. TO HELP WITH GRANTS FOR SMALL BUSINESSES AFTER THE MARCH 14, 2024 EF3 TORNADO THAT DEVASTATED THE AREA.

    Expenses $136,620 · Revenue $137,000

As filed on the 2024 return.

Listed in Part VII

  • Kola Grandi

    CHAIR

    Total calculated
    $0
    Hours/week
    2

  • Amber Fagan

    PRESIDENT

    Total calculated
    $0
    Hours/week
    40

  • Brendon Cunningham

    VICE CHAIR

    Total calculated
    $0
    Hours/week
    2

  • Kraig Buffenbarger

    SECRETARY

    Total calculated
    $0
    Hours/week
    2

  • Rick Core

    TREASURER

    Total calculated
    $0
    Hours/week
    2

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.

Grants on this return

No itemized grants to organizations on this return.

Provenance

Return type
form_990
Tax year
2024
Filed
12 May 2025
IRS schema version
2024v5.1
Source object
202501359349307545

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