Greater Bloomington Chamber of Commerce Foundation Inc

Nonprofit profile at a glance

EIN
352066449
IRS 990 coverage
2015–2024
Forms available
Form 990 2024
Location
Bloomington, IN, USA
Phone
8123366381
Rating
80
Verdict
STRONG
Rating confidence
Moderate
Sector
Student Services, Organizations of Students

Reported finances

Revenue
$103,745
Expenses
$109,104
Assets
$135,300
Liabilities
$23,857

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

Leadership & pay

6 people listed

Executive titles in this filing

  • ERIC SPOONMORE (PRESIDENT)

Highest reported compensation

  • ERIC SPOONMORE (PRESIDENT): $119,840 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 create and promote partnerships and career education between the greater bloomington business community, educational system, and community at large; and, to encourage career awareness, lifelong learning, financial literacy, and workforce development.

What it reported doing in 2024

In 2024, the foundation helped to fund our work in our county schools, including mccsc and rbbcs. Over 1,000 students participate in activities designed to expose them to work/job skills, career awareness, and job experience. The success school navigated covid-19 by establishing a virtual library of career exploration, financial literacy and job skills videos and made them available to all 20,000 students served by the districts.

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

STRONG - A large share of available resources goes toward mission work and the filed numbers largely add up. Some filing-based governance responses are negative or unanswered and expenses are high relative to revenue.

Rating breakdown

  • Financial Efficiency: 77
  • Transparency & Controls: 92
  • Accountability: 74
  • Sustainability: 34
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 88.3%; rating input score 88
  • Program expense ratio: 83.6%; rating input score 84
  • Fundraising efficiency: Limited

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: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 83.3%; rating input score 83; 22nd percentile among comparable filings
  • Governance controls: 5 of 8 controls in place; rating input score 62
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • 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: Fail

Sustainability

  • Operating margin: -5.2%; rating input score 29; 29th percentile among comparable filings
  • Total-asset coverage ratio: 1.24; rating input score 46; 46th percentile among comparable filings
  • Liabilities to assets ratio: 0.18; rating input score 21; 21st percentile among comparable filings
  • Officer compensation ratio: 3.8%; rating input score 34; 34th percentile among comparable filings

Growth

  • Program expense growth: 0.3% per year; rating input score 100; 32nd percentile among comparable filings
  • Revenue growth: 0.8% per year; rating input score 100; 28th percentile among comparable filings
  • Asset growth: 11.3% per year; rating input score 100; 69th percentile among comparable filings

Details

  • Where the money goes: 88.3% of revenue deployed · 83.6% of spending went to programs
  • Governance: 5 of 6 board members independent · 5 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $91K in reported program spending
  • Leadership: top reported pay $120K · 6 people listed
  • Consistency: 21 of 21 current checks pass
  • Schedules: 5 filed schedules · includes major donors
  • Filing history: 10 filing years from 2015 to 2024
  • Contacts: How to reach this organization
  • Money network: Resolved incoming and outgoing counterparties from filed money flows.
  • Related organizations: 1 filed related-organization link
  • 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.

  • Review — Accountability: Governance controls: 3 of 8 not reported.
  • High — Sustainability: Operating margin scored 29/100.
  • Moderate — Sustainability: Total-asset coverage ratio scored 46/100.
  • High — Sustainability: Liabilities to assets ratio scored 21/100.
  • Moderate — Sustainability: Officer compensation ratio scored 34/100.