Georgia Chamber of Commerce Foundation Inc

What it reported doing in 2024

The Georgia chamber of commerce foundation, the research arm of the Georgia chamber of commerce, dedicates itself to producing in-depth economic analysis, actionable insights, and proactive solutions to better prepare Georgia's business and community leaders for our future challenges, increasing the state's competitiveness and economic prosperity. In 2024 the Georgia chamber foundation produced its second economic competitiveness redbook which provides economic and demographic data to compare Georgia to every other state in the nation to analyze opportunities for strategic investments to propel the state forward. An updated format was utilized to ensure the content was highly engaging and provided top insights for business leadership. County level data was also included to enable local leaders to have tailored insights to understand the greatest challenges and strengths of their communities. Along those same lines, the foundation also produced its second executive insights survey, which garnered feedback from top business leaders about the top opportunities for the state of Georgia to continue strong economic growth. This year's survey included year over year insights which was very valuable to better understand which issues are consistently top of mind. Additionally, the foundation produced quarterly economic reports centered around the chamber's strategic plan to give stakeholders a clear picture of where solutions are needed to further economic prosperity. Research was also released on the state of housing in Georgia as a result of the work of the housing affordability and access task force that convened in 2023. The foundation convened members through 6 policy committees and 3 policy councils to discuss key issues and emerging trends and establish actionable solutions to move forward. New in 2024, the foundation hosted curated luncheons on the topics of workforce development and freight and logistics transportation to highlight the research of the foundation and ensure members and partners were aware of actionable solutions and next steps. The future of small business was another new event supported by the research of the foundation that was launched in 2024. Foundation staff provided testimony to numerous Georgia general assembly study committees on workforce and small business issues. In 2024, the foundation received investment for two grant projects to support k-12 workforce development initiatives. First, the Georgia department of education provided funds allowing the Georgia chamber foundation to deploy more than $2 million dollars to 64 rural school districts for their workforce preparedness programs. The foundation also received $50,000 from truist charitable fund to support increased access to skilled trades training programs and entrepreneurial education through, be pro be proud and flex Georgia, two partners of the Georgia chamber.

Financial Efficiency

• Mission deployment rate: 90.1%; rating input score 90
• Program expense ratio: 88%; rating input score 88
• Fundraising efficiency: $18.99 raised per $1 spent on fundraising; rating input score 58; 58th percentile among comparable filings

Transparency & Controls

• Consistency checks: 92.9%; rating input score 93; 13th percentile among comparable filings
• Pay-setting controls: 0 of 6 controls in place; rating input score 0
  • Compensation committee: Missing
  • Independent consultant: Missing
  • Other Form 990s reviewed: Missing
  • Written employment contract: Missing
  • Compensation survey or study: Missing
  • Board or committee approval: Missing
• Foreign activity oversight: Limited
• Grant itemization coverage: 51%; rating input score 51; 16th percentile among comparable filings
• Major donor itemization: Yes; rating input score 100
• 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 9 controls in place; rating input score 67
  • Conflict-of-interest policy: Pass
  • Whistleblower policy: Pass
  • Document-retention policy: Pass
  • CEO compensation review process: Fail
  • Other executive compensation review process: Fail
  • Form 990 shared with the board: Fail
  • 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: 0.57; rating input score 20; 20th percentile among comparable filings
• Liabilities to assets ratio: 1.15; rating input score 3; 3rd percentile among comparable filings
• Officer compensation ratio: 3%; rating input score 69; 69th percentile among comparable filings

Growth

• Program expense growth: 26.7% per year; rating input score 100; 91st percentile among comparable filings
• Revenue growth: 13.9% per year; rating input score 100; 79th percentile among comparable filings
• Asset growth: 4.3% per year; rating input score 100; 31st percentile among comparable filings