Franklin Area Chamber of Commerce

Nonprofit profile at a glance

EIN
560902302
IRS 990 coverage
2020–2024
Forms available
Form 990 2024
Location
Franklin, NC, USA
Phone
8285243161
Rating
59
Verdict
MIXED
Rating confidence
Moderate

Reported finances

Revenue
$904,971
Expenses
$854,981
Assets
$1,794,667
Liabilities
$143,082

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

Leadership & pay

3 people listed

Executive titles in this filing

  • LINDA C HARBUCK (EXECUTIVE DIRECTOR)

Highest reported compensation

  • LINDA C HARBUCK (EXECUTIVE DIRECTOR): $60,188 total reported compensation
  • MARTHA D BALDWIN (AMDINISTRATIVE ASST): $47,407 total reported compensation
  • CYNTHIA L CAVENDAR (MARKETING DIRECTOR): $45,279 total reported compensation

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

Overview

Mission

Area chamber of commerce

What it reported doing in 2024

Local occupancy room tax-administered by the macon county nc govt-distributed to chamber monthly and is used for tourism promotion only regulated under state statute. Directory/publications sponsored by chamber members for area promotion purposes.

Operating model

Revenue model
Earned-program. 71% 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

MIXED - The filed numbers largely add up and program spending has grown recently. A relatively small share of voting board members are independent and a relatively small share of available resources goes toward mission work.

Rating breakdown

  • Financial Efficiency: 49
  • Transparency & Controls: 100
  • Accountability: 9
  • Sustainability: 51
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 53.9%; rating input score 54
  • Program expense ratio: 58%; rating input score 58
  • Fundraising efficiency: Limited

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: Limited

Accountability

  • Independent voting board: 0%; rating input score 0; 5th percentile among comparable filings
  • Governance controls: 2 of 9 controls in place; rating input score 22
    • Conflict-of-interest policy: Fail
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • CEO compensation review process: Fail
    • Other executive compensation review process: Fail
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: 5.5%; rating input score 51; 51st percentile among comparable filings
  • Total-asset coverage ratio: 2.1; rating input score 66; 66th percentile among comparable filings
  • Liabilities to assets ratio: 0.08; rating input score 46; 46th percentile among comparable filings
  • Officer compensation ratio: 17.9%; rating input score 18; 18th percentile among comparable filings

Growth

  • Program expense growth: 28.1% per year; rating input score 100; 89th percentile among comparable filings
  • Revenue growth: 10.7% per year; rating input score 100; 69th percentile among comparable filings
  • Asset growth: 16.6% per year; rating input score 100; 76th percentile among comparable filings

Details

  • Where the money goes: 53.9% of revenue deployed · 58% of spending went to programs
  • Governance: 0 of 15 board members independent · 2 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $496K in reported program spending
  • Leadership: top reported pay $60K · 3 people listed
  • Consistency: 26 of 26 current checks pass
  • Schedules: 3 filed schedules
  • Filing history: 5 filing years from 2020 to 2024
  • Contacts: How to reach this organization
  • Money network: 3 filed money-flow records
  • 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 — Accountability: Independent voting board scored 0/100.
  • Review — Financial Efficiency: Mission deployment rate scored 54/100.
  • Review — Financial Efficiency: Program expense ratio scored 58/100.
  • High — Accountability: Governance controls: 6 of 8 not reported.
  • Review — Sustainability: Operating margin scored 51/100.
  • High — Sustainability: Officer compensation ratio scored 18/100.
  • Moderate — Sustainability: Liabilities to assets ratio scored 46/100.