Greater Florence Chamber of Commerce Inc

Nonprofit profile at a glance

EIN
860683213
IRS 990 coverage
2022–2023
Forms available
Form 990 2023, Form 990-EZ 2020
Location
Florence, AZ, USA
Rating
76
Verdict
SUPPORTED
Rating confidence
Moderate

Reported finances

Revenue
$191,273
Expenses
$193,748
Assets
$62,806
Liabilities
$654

Source: IRS Form 990. Selected filing: tax year 2023. Amounts in USD.

Leadership & pay

6 people listed

Executive titles in this filing

  • ROGER C BIEDE III (EXECUTIVE DIRECTOR)

Highest reported compensation

  • ROGER C BIEDE III (EXECUTIVE DIRECTOR): $60,000 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2023. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

The greater florence chamber of commerce promotes, unites, and advocates for our business members to achieve economic growth and prosperity.

What it reported doing in 2023

The greater florence chamber of commerce hosted the memories on main classics and customs car and bike show; a one day only event. Approximately 400 exhibitors from around the us parked their classic and custom rides on historic main street in downtown florence and showed them off to the estimated 4,000 spectators. In addition to the car show, the attendees were entertained with live music and had ample opportunity to shop and eat with the various vendors and main street storefront businesses and restaurants. Drawing a crowd of approximately 4,000 to downtown historic florence was of great economic benefit to florence business owners. In addition, many attendees were first-time visitors to florence so this was an opportunity to introduce them to florence businesses that they may choose to come patronize again in future.

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 a large share of available resources goes toward mission work. Fundraising costs are high for each dollar raised and some filing-based governance responses are negative or unanswered.

Rating breakdown

  • Financial Efficiency: 64
  • Transparency & Controls: 92
  • Accountability: 84
  • Sustainability: 30
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 70.5%; rating input score 70
  • Program expense ratio: 66.6%; rating input score 67
  • Fundraising efficiency: $5.27 raised per $1 spent on fundraising; rating input score 23; 23rd percentile among comparable filings

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

Accountability

  • Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
  • Governance controls: 5 of 8 controls in place; rating input score 62
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • 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: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: -1.3%; rating input score 38; 38th percentile among comparable filings
  • Total-asset coverage ratio: 0.32; rating input score 17; 17th percentile among comparable filings
  • Liabilities to assets ratio: 0.01; rating input score 47; 47th percentile among comparable filings
  • Officer compensation ratio: 31%; rating input score 10; 10th percentile among comparable filings

Growth

  • Program expense growth: 8.9% per year; rating input score 100; 67th percentile among comparable filings
  • Revenue growth: 8.1% per year; rating input score 100; 67th percentile among comparable filings
  • Asset growth: 5.7% per year; rating input score 100; 51st percentile among comparable filings

Details

  • Where the money goes: 70.5% of revenue deployed · 66.6% of spending went to programs
  • Governance: 5 of 5 board members independent · 5 of 8 filing controls reported
  • Programs: 2 filed program accomplishments · $129K in reported program spending
  • Leadership: top reported pay $60K · 6 people listed
  • Consistency: 25 of 25 current checks pass
  • Schedules: 4 filed schedules · includes major donors
  • Filing history: 2 filing years from 2022 to 2023
  • Contacts: How to reach this organization
  • Money network: 2 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 — Financial Efficiency: Fundraising efficiency scored 23/100.
  • Review — Accountability: Governance controls: 2 of 7 not reported.
  • Moderate — Sustainability: Operating margin scored 38/100.
  • High — Sustainability: Total-asset coverage ratio scored 17/100.
  • High — Sustainability: Officer compensation ratio scored 10/100.
  • Moderate — Sustainability: Liabilities to assets ratio scored 47/100.