Forney Area Chamber of Commerce

Nonprofit profile at a glance

EIN
752068832
IRS 990 coverage
2013–2024
Forms available
Form 990 2024, Form 990-EZ 2022
Location
Forney, TX, USA
Phone
9725642233
Rating
66
Verdict
SUPPORTED
Rating confidence
Moderate

Reported finances

Revenue
$165,039
Expenses
$140,326
Assets
$174,817
Liabilities
$0

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

Leadership & pay

14 people listed

Highest reported compensation

  • MEG ADAMS (Executive Dir.): $63,715 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 purpose of the Forney Area Chamber of Commerce is to promote area businesses and to introduce the Forney, Texas area to potential new businesses. This is accomplished through monthly meetings, annual events, and dissemination of information, including maps, directories, etc. Annual events include an auction, golf tournament, and banquet. These events generate operating revenue for the Chamber of Commerce and provide networking opportunities of local businesses and individuals.

What it reported doing in 2024

Forney Area Chamber of Commerce promoted business activity and involvement in the Forney, Texas area. Promotion was accomplished via monthly meetings and various annual events/fundraisers. The Chamber of Commerce worked in conjunction with the City of Forney and the Forney Economic Development Corporation.

Operating model

Revenue model
Mixed. Its operating money came from several sources; no one source provided a clear majority.
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

SUPPORTED - The filed numbers largely add up and most voting board members are independent. A relatively small share of available resources goes toward mission work and a relatively small share of total spending goes to programs.

Rating breakdown

  • Financial Efficiency: 33
  • Transparency & Controls: 90
  • Accountability: 90
  • Sustainability: 56
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 34.4%; rating input score 34
  • Program expense ratio: 40.9%; rating input score 41
  • Fundraising efficiency: $0.69 raised per $1 spent on fundraising; rating input score 5; 5th percentile among comparable filings

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 64th percentile among comparable filings
  • Pay-setting controls: Limited
  • 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: 6 of 8 controls in place; rating input score 75
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Fail
    • CEO compensation review process: NotApplicable
    • Other executive compensation review process: Pass
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: 15%; rating input score 68; 68th percentile among comparable filings
  • Total-asset coverage ratio: 1.25; rating input score 46; 46th percentile among comparable filings
  • Liabilities to assets ratio: 0; rating input score 80; 80th percentile among comparable filings
  • Officer compensation ratio: 45.4%; rating input score 5; 5th percentile among comparable filings

Growth

  • Program expense growth: 14.5% per year; rating input score 100; 78th percentile among comparable filings
  • Revenue growth: 4.1% per year; rating input score 100; 48th percentile among comparable filings
  • Asset growth: 1.7% per year; rating input score 100; 32nd percentile among comparable filings

Details

  • Where the money goes: 34.4% of revenue deployed · 40.9% of spending went to programs
  • Governance: 13 of 13 board members independent · 6 of 8 filing controls reported
  • Programs: 1 filed program accomplishment
  • Leadership: top reported pay $64K · 14 people listed
  • Consistency: 22 of 22 current checks pass
  • Schedules: 3 filed schedules
  • Filing history: 3 filing years from 2013 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.

  • Moderate — Financial Efficiency: Mission deployment rate scored 34/100.
  • Moderate — Financial Efficiency: Program expense ratio scored 41/100.
  • High — Financial Efficiency: Fundraising efficiency scored 5/100.
  • Review — Accountability: Governance controls: 2 of 8 not reported.
  • Moderate — Sustainability: Total-asset coverage ratio scored 46/100.
  • High — Sustainability: Officer compensation ratio scored 5/100.