Asheville Area Chamber of Commerce Inc

What it reported doing in 2024

Showcased our community and local businesses to visitors. Welcomed more than 100,000 visitors at the Asheville Visitor Center and referred them to local businesses. Leveraged the Asheville Shop to feature local products. Showcased products and designs of 200+ local businesses, including BIPOC members and Venture Asheville Elevate companies. Advanced important policy issues and engaged members Implemented a successful campaign for the City of Asheville's General Obligation Bonds, which passed with 80% voter support in November 2024. Business Improvement District: Passage of local legislation to establish a Business Improvement District following years of advocacy, research, and public education Selected as a partner in implementing the BID through the formation of the Asheville Downtown Improvement District (ADID) Advocated for funding for business recovery and support Stayed in close contact with elected officials and staff to communicate needs for business support and recovery resources Monitored local, state and federal funding to ensure inclusion of business and economic support in disaster recovery bills and CDBG-DR Action Plans Successfully advocated for an increase in business support, with the City of Asheville adding an additional $2,000,000 to its CDBG-DR Action Plan Re-envisioned key events to meet the moment and align with "Business Voices for WNC Recovery" messaging In partnership with Regional Chambers of Commerce, featured organizations from across WNC through panel discussions and live podcast in Swannanoa in January Highlighted local partner organizations and their work to raise funds and awareness, and support stakeholders at a special Policy on Tap event in March Toured effected areas and identified opportunities and challenges for rebuilding at Tours, Talks, and Taps event - a replacement for the Intercity Visit - in May Partnered with 13 Regional Chambers of Commerce to bring more than 70 representatives from across WNC to Raleigh in April to meet with Legislators and advocate for continued support and funding through a shared policy agenda Traveled to Wilmington to participate as a panelist at the Metro Mayor's Conference to share Asheville's story about Hurricane Helene response and recovery Bolstered the Chamber's Advocacy Voice Traveled to Washington DC in September to meet with Legislators and advocate for important policy issues, build relationships, and garner support Increased the meeting frequency of the Advocacy + Policy Committee and improved member engagement by inviting speakers such as Mayor Esther Manheimer, City Attorney Brad Branham, and Chris Millis, Director of Regulatory Affairs for the NC Home Builders Association to address key policy issues and provide timely insights Developed a draft 2025-2027 Policy Agenda by gathering member feedback through surveys, committee discussions, and review by the Board of Directors Built relationships with local electeds and staff through one-on-one meetings, communications, and attendance at local meetings of City Council and County Commission Monitored state, local and federal legislative action and reported to membership through weekly policy newsletter, general newsletter and meetings. Supported a thriving economy through business recruitment and local business expansions. Developed and relaunched the AVL 5x5 2030 Plan for Economic Recovery. Representing a nine-month collaboration with EY Economic Development Advisory Services, the strategy incorporates projects to accelerate economic recovery of Buncombe County post-Hurricane Helene. Supported local industry expansions and company relocations furthering the AVL 5x5 strategic goals of job creation and diversifying the economy: * Pratt & Whitney announced $285 Million Expansion, supporting 325 new high wage jobs. * GE Aerospace announced $20 Million Expansion in local facilities. Celebrated National MFG Day welcoming 250 Students, educators, and community leaders to GE Aerospace, exploring high-tech,

Financial Efficiency

• Mission deployment rate: Limited
• Program expense ratio: Limited
• Fundraising efficiency: Limited

Transparency & Controls

• Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
• Pay-setting controls: 3 of 6 controls in place; rating input score 50
  • Compensation committee: Pass
  • Independent consultant: Missing
  • Other Form 990s reviewed: Missing
  • Written employment contract: Pass
  • Compensation survey or study: Missing
  • Board or committee approval: Pass
• Foreign activity oversight: Limited
• Grant itemization coverage: Limited
• Major donor itemization: Yes; rating input score 100
• Related-party transparency: Yes; rating input score 100

Accountability

• Independent voting board: 96.2%; rating input score 96; 26th percentile among comparable filings
• Governance controls: 8 of 9 controls in place; rating input score 89
  • Conflict-of-interest policy: Pass
  • Whistleblower policy: Pass
  • Document-retention policy: Pass
  • CEO compensation review process: Pass
  • Other executive compensation review process: Fail
  • Form 990 shared with the board: Pass
  • Board meeting minutes documented: Pass
  • Audit committee oversight: Pass
  • Independent financial-statement audit: Pass

Sustainability

• Operating margin: -2.4%; rating input score 26; 26th percentile among comparable filings
• Total-asset coverage ratio: 1.03; rating input score 38; 38th percentile among comparable filings
• Liabilities to assets ratio: 0.18; rating input score 47; 47th percentile among comparable filings
• Officer compensation ratio: 22.9%; rating input score 10; 10th percentile among comparable filings

Growth

• Program expense growth: Limited
• Revenue growth: 0.1% per year; rating input score 100; 12th percentile among comparable filings
• Asset growth: -4.2% per year; rating input score 0; 4th percentile among comparable filings