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Nonprofiteer
← HIGH POINT CHAMBER FOUNDATION INC

Form 990 for tax year 2022

Filed by HIGH POINT CHAMBER FOUNDATION INC.

Totals

Total revenue
$2,874,139
Total expenses
$2,667,767
Contributions and grants received
$2,293,654
Grants paid
$0
Program service revenue
$0
Investment income
-$600,005
Other revenue
$1,180,490
Total assets, end of year
$10,130,151
Total liabilities, end of year
$3,615,855
Net assets or fund balances, end of year
$6,514,296
Program services expenses (Part IX)
$2,667,767
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
$2,667,767

Program services were 100.0% 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.

  • 1e · Government grants (contributions)

    $2,293,654

  • 3 · Investment income

    total $20,424 · excluded $20,424

  • 6a · Gross rents

    real property $1,321,429

  • 6b · Less rental expenses

    real property $174,057

  • 6c · Rental income or loss

    real property $1,147,372

  • 6d · Net rental income or loss

    total $1,147,372 · excluded $1,147,372

  • 7a · Gross sales of assets other than inventory

    other assets $2,000,000

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

    other assets $2,620,429

  • 7c · Gain or loss

    other assets -$620,429

  • 7d · Net gain or loss

    total -$620,429 · related or exempt -$620,429

  • 11a · Other revenue: MISCELLANEOUS INCOME

    total $20,248 · related or exempt $20,248

  • 11b · Other revenue: MEI SPONSORSHIP

    total $10,000 · related or exempt $10,000

  • 11c · Other revenue: LEADERSHIP

    total $1,820 · related or exempt $1,820

  • 11d · All other revenue

    total $1,050 · related or exempt $1,050

  • 11e · Other revenue, total

    $33,118

Functional expenses

Part IX, the statement of functional expenses.

  • 7 · Other salaries and wages

    total $395,900 · program services $395,900

  • 10 · Payroll taxes

    total $30,524 · program services $30,524

  • 11a · Fees: management

    total $34,923 · program services $34,923

  • 11b · Fees: legal

    total $18,699 · program services $18,699

  • 11c · Fees: accounting

    total $5,275 · program services $5,275

  • 11g · Fees: other

    total $19,617 · program services $19,617

  • 12 · Advertising and promotion

    total $103,183 · program services $103,183

  • 13 · Office expenses

    total $7,668 · program services $7,668

  • 16 · Occupancy

    total $24,000 · program services $24,000

  • 20 · Interest

    total $45,604 · program services $45,604

  • 22 · Depreciation, depletion and amortization

    total $177,007 · program services $177,007

  • 23 · Insurance

    total $91,045 · program services $91,045

  • 24a · Other expenses: GRANT EXPENSES

    total $929,048 · program services $929,048

  • 24b · Other expenses: PLANT 7 EXPENSES

    total $233,622 · program services $233,622

  • 24c · Other expenses: UTILITIES

    total $195,099 · program services $195,099

  • 24d · Other expenses: ECONOMIC DEVELOPMENT

    total $92,250 · program services $92,250

  • 24e · All other expenses

    total $264,303 · program services $264,303

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $3,748,941 · end of year $3,911,558

  • 2 · Savings and temporary cash investments

    beginning of year $4,487 · end of year $4,487

  • 7 · Other notes and loans receivable

    beginning of year $696,052 · end of year $988,217

  • 9 · Prepaid expenses and deferred charges

    beginning of year $422

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

    $5,513,852

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

    $287,963

  • 10c · Land, buildings and equipment, net

    beginning of year $7,054,723 · end of year $5,225,889

  • 17 · Accounts payable and accrued expenses

    end of year $280

  • 19 · Deferred revenue

    beginning of year $254,663

  • 23 · Secured mortgages and notes payable

    beginning of year $4,942,038 · end of year $3,500,000

  • 25 · Other liabilities

    beginning of year $0 · end of year $115,575

  • 27 · Net assets without donor restrictions

    beginning of year $6,307,924 · end of year $3,740,498

  • 28 · Net assets with donor restrictions

    end of year $2,773,798

Mission and programs · 2022

Mission

HIGH POINT CHAMBER FOUNDATION PURPOSE IS TO ASSIST THE HIGH POINT CHAMBER OF COMMERCE. THE PURPOSE OF THE ORGANIZATION IS TO ANALYZE AND MAKE RECOMMENDATIONS REGARDING WAYS TO IMPROVE PUBLIC EDUCATION ENVIRONMENT IN THE LOCAL AREA, TO PROVIDE COMPUTERS AND COMPUTER EQUIPMENT TO REWARD LOCAL RECIPIENTS OF THE GENERAL EDUCATIONAL DEVELOPMENT CERTIFICATION, TO SURVEY LOCAL FACILITIES AND INFRASTRUCTURE IN ORDER TO ESTABLISH A PERPETUAL INDEX TO INFORM COMPANIES TO ATTRACT JOBS TO THE LOCAL AREA, AND TO DEVELOP EFFECTIVE LEADERS FOR THE COMMUNITY.

Activities or mission (Part I)

(1) TO PROMOTE THE ADVANCEMENT AND DISSEMINATION OF KNOWLEDGE AND UNDERSTANDING IN ECONOMICS, FINANCE, EDUCATION & TRAINING, SCIENCE, AND TECHNOLOGY THROUGHOUT THE COMMUNITY OF HIGH POINT, NORTH CAROLINA AND ITS REGION WITH REGARD TO SOLVING COMMUNITY PROBLEMS AND EXPLORING ECONOMIC OPPORTUNITIES.(2)TO COMBAT COMMUNITY DETERIORATION AND PROMOTE THE DEVELOPMENT OF A BROADLY-BASED ECONOMY IN HIGH POINT, NORTH CAROLINA AND ITS REGION.(3)TO ENGAGE IN OTHER CHARITABLE, EDUCATIONAL AND SCIENTIFIC ACTIVITIES FOR THE BENEFIT OF HIGH POINT, NORTH CAROLINA AND ITS REGION.

  • THE HIGH POINT CHAMBER FOUNDATION IS HOST TO MEETINGS FOR VARIOUS CIVIC ORGANIZATIONS IN HIGH POINT. THE CIVIC ORGANIZATIONS WHO HAVE THESE MEETINGS AT THE CHAMBER HAVE A PURPOSE CONSISTENT WITH THE HIGH POINT CHAMBER FOUNDATION'S MISSION. IN 2018, THE FOUNDATION ALSO BEGAN DEVELOPING A FACILITY TO BE USED FOR BUSINESS DEVELOPMENT AND ECONOMIC STIMULATION OF THE DOWNTOWN CORE AREA OF HIGH POINT.

    Expenses $2,667,767 · Revenue -$587,311

As filed on the 2022 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Frank Thomas

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Darlene Leonard

    TREASURER

    Total calculated
    $0
    Hours/week
    1 + 5 related

  • Alex Moore

    CHAIRMAN

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Megan Oglesby

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Rachel Moss Collins

    CEO

    Total calculated
    $137,033
    From this org
    $0
    From related orgs
    $129,407
    Other
    $7,626
    Hours/week
    1 + 40 related

  • Greg York

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Patrick Chapin

    FORMER CEO

    Total calculated
    $190,242
    From this org
    $0
    From related orgs
    $185,449
    Other
    $4,793
    Hours/week
    1 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $185,449 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0 + $4,793 related
    Filer's total
    $0 + $190,242 related

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

No itemized grants to organizations on this return.

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.

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

  • HP365 LLC

    FURNITURE SHOWROOM · NC · income $1,231,428 · assets $6,089,204

    Directly controlled by HIGH POINT CHAMBER FOUNDATION

Provenance

Return type
form_990
Tax year
2022
Filed
10 October 2023
IRS schema version
2022v5.0
Source object
202313199349305056

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