Cary Chamber of Commerce

Nonprofit profile at a glance

EIN
560989726
IRS 990 coverage
2015–2024
Forms available
Form 990 2024
Location
Cary, NC, USA
Phone
9194671016
Rating confidence
Limited

Official website

Reported finances

Revenue
$1,483,574
Expenses
$1,526,019
Assets
$1,492,880
Liabilities
$295,042

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

Leadership & pay

25 people listed

Executive titles in this filing

  • MARK LAWSON (PRESIDENT)

Highest reported compensation

  • MARK LAWSON (PRESIDENT): $228,699 total reported compensation

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

Overview

Mission

The cary chamber of commerce promotes economic growth through actively engaging existing and future businesses and supporting civic activities that contribute to the quality of life in cary.

What it reported doing in 2024

Staffing and maintaining a single-purpose economic development organization to implement and maintain a robust economic development action plan for cary. This organization serves as the business recruitment, retention, and expansion organization for cary.

Operating model

Revenue model
Mixed. Its operating money came from several sources; no one source provided a clear majority.
Distribution model
Cannot be determined from the filing. The filing does not provide enough consistent spending detail to tell whether the nonprofit works directly or through others.
  • Includes noncash contributions: Reported contributions include donated property or goods.

The verdict

- The available evidence is not sufficient to produce an overall rating for this filing. This is not a warning sign.

Rating breakdown

  • Financial Efficiency: NotEnoughData
  • Transparency & Controls: 66
  • Accountability: 100
  • Sustainability: 32
  • Growth: 60

Detailed rating inputs

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: 1 of 6 controls in place; rating input score 17
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Missing
    • Board or committee approval: Pass
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
  • Governance controls: 8 of 8 controls in place; rating input score 100
    • 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: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: -2.9%; rating input score 28; 28th percentile among comparable filings
  • Total-asset coverage ratio: 0.98; rating input score 42; 42nd percentile among comparable filings
  • Liabilities to assets ratio: 0.2; rating input score 32; 32nd percentile among comparable filings
  • Officer compensation ratio: 15%; rating input score 23; 23rd percentile among comparable filings

Growth

  • Program expense growth: Limited
  • Revenue growth: 1.6% per year; rating input score 100; 22nd percentile among comparable filings
  • Asset growth: 2.4% per year; rating input score 100; 27th percentile among comparable filings

Details

  • Where the money goes: Financial trends and filed revenue, expense, asset, and liability detail
  • Governance: 24 of 24 board members independent · 8 of 8 filing controls reported
  • Programs: 3 filed program accomplishments
  • Leadership: top reported pay $229K · 25 people listed · 1 of 6 pay-setting controls reported
  • Consistency: 13 of 13 current checks pass
  • Schedules: 4 filed schedules · includes executive pay
  • Filing history: 10 filing years from 2015 to 2024
  • Contacts: How to reach this organization
  • Money network: 1 filed money-flow record
  • 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 — Sustainability: Operating margin scored 28/100.
  • Moderate — Sustainability: Total-asset coverage ratio scored 42/100.
  • High — Sustainability: Officer compensation ratio scored 23/100.
  • Moderate — Sustainability: Liabilities to assets ratio scored 32/100.