Boone Area Chamber of Commerce

Nonprofit profile at a glance

EIN
560517450
IRS 990 coverage
2020–2024
Forms available
Form 990 2024
Location
Boone, NC, USA
Phone
8282642225
Rating
85
Verdict
STRONG
Rating confidence
Standard
Sector
Chambers of Commerce & Business Leagues

Official website

Reported finances

Revenue
$863,577
Expenses
$856,526
Assets
$327,709
Liabilities
$14,682

Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.

Leadership & pay

28 people listed

Executive titles in this filing

  • DAVID JACKSON (PRESIDENT & CEO)

Highest reported compensation

  • DAVID JACKSON (PRESIDENT & CEO): $84,751 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

To advance economic prosperity and to encourage public/private cooperation that will broaden the economic base and enhance the quality of life in the local community.

What it reported doing in 2024

Business development: to use member expertise and resources in the support of existing business growth and prosperity and to assist entreprenuers and companies seeking to expand/relocate to the high country. Program service is accomplished by 1)initiating programs and services targeted to the advancement of small business 2)participating in community-based business councils to provide value-added local services 3)acting as a referral/distribution/communication source of business-beneficial information 4)partnering with tourism promotion organizations in the development of the high country as a major tourist destination and 5) parterning with local regional workforce development organizations.

Operating model

Revenue model
Earned-program. 95% of the money available for current operations came from fees and other program revenue.
Distribution model
Direct operator. The filing allocates 100% of reported program-service expenses outside its grant, affiliate-payment, and member-benefit lines. This expense classification does not rule out separately announced grant awards.

The verdict

STRONG - A large share of available resources goes toward mission work and the filed numbers largely add up. Fundraising costs are high for each dollar raised and expenses are high relative to revenue.

Rating breakdown

  • Financial Efficiency: 78
  • Transparency & Controls: 100
  • Accountability: 90
  • Sustainability: 34
  • Growth: 80

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 87.1%; rating input score 87
  • Program expense ratio: 87.8%; rating input score 88
  • Fundraising efficiency: $0 raised per $1 spent on fundraising; rating input score 1; 1st percentile among comparable filings

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Limited
  • Related-party transparency: Yes; rating input score 100

Accountability

  • Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
  • Governance controls: 6 of 8 controls in place; rating input score 75
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: 0.8%; rating input score 38; 38th percentile among comparable filings
  • Total-asset coverage ratio: 0.38; rating input score 18; 18th percentile among comparable filings
  • Liabilities to assets ratio: 0.04; rating input score 53; 53rd percentile among comparable filings
  • Officer compensation ratio: 9.9%; rating input score 37; 37th percentile among comparable filings

Growth

  • Program expense growth: 16.5% per year; rating input score 100; 78th percentile among comparable filings
  • Revenue growth: 12.5% per year; rating input score 100; 73rd percentile among comparable filings
  • Asset growth: -6.8% per year; rating input score 0; 5th percentile among comparable filings

Details

  • Where the money goes: 87.1% of revenue deployed · 87.8% of spending went to programs
  • Governance: 26 of 26 board members independent · 6 of 8 filing controls reported
  • Programs: 4 filed program accomplishments · $752K in reported program spending
  • Leadership: top reported pay $85K · 28 people listed
  • Consistency: 25 of 25 current checks pass
  • Schedules: 4 filed schedules · includes related organizations
  • Filing history: 5 filing years from 2020 to 2024
  • Contacts: How to reach this organization
  • Money network: 1 filed money-flow record
  • Related organizations: 2 filed related-organization links
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • High — Financial Efficiency: Fundraising efficiency scored 1/100.
  • Moderate — Sustainability: Operating margin scored 38/100.
  • High — Sustainability: Total-asset coverage ratio scored 18/100.
  • Review — Accountability: Governance controls: Independent financial-statement audit not reported.
  • High — Growth: Asset growth scored 0/100.
  • Moderate — Sustainability: Officer compensation ratio scored 37/100.
  • Review — Sustainability: Liabilities to assets ratio scored 53/100.